Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | First BanCorp. | |
Entity Central Index Key | 0001057706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock Shares Outstanding | 217,359,337 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Trading Symbol | FBP | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-14793 | |
Entity Tax Identification Number | 66-0561882 | |
Entity Address Address Line 1 | 1519 Ponce de León Avenue, Stop 23 | |
Entity Address City Or Town | Santurce | |
Entity Address Country | PR | |
Entity Address Postal Zip Code | 00908 | |
City Area Code | 787 | |
Local Phone Number | 729-8200 | |
Document Quarterly Report | true | |
Security 12b Title | Common Stock ($0.10 par value) | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Incorporation State Country Code | PR |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 878,206 | $ 578,613 |
Money market investments: | ||
Time deposits with other financial institutions | 300 | 300 |
Other short term investments | 97,431 | 7,290 |
Total money market investments | 97,731 | 7,590 |
Investment securities available for sale, at fair value: | ||
Securities pledged with creditors right to reledge | 131,963 | 182,735 |
Other Investment Securities Available For Sale | 1,604,600 | 1,759,833 |
Total investment securities available for sale | 1,736,563 | 1,942,568 |
Total investment securities held to maturity, fair value of $115,443 (2018- $125,658) | 138,676 | 144,815 |
Equity securities | 45,228 | 44,530 |
Total loans, net | 8,845,315 | 8,704,947 |
Loans, net of allowance for loan and lease losses of $165,575 (2018 - $196,362) | 8,802,845 | 8,661,761 |
Loans held for sale, at lower of cost or market | 42,470 | 43,186 |
Premises and equipment, net | 151,185 | 147,814 |
Other real estate owned | 103,033 | 131,402 |
Accrued interest receivable on loans and investments | 47,122 | 50,365 |
Deferred tax asset, net | 273,845 | 319,851 |
Other assets | 213,809 | 171,066 |
Total assets | 12,530,713 | 12,243,561 |
LIABILITIES | ||
Non-interest-bearing deposits | 2,270,250 | 2,395,481 |
Interest-bearing deposits | 6,862,649 | 6,599,233 |
Total deposits | 9,132,899 | 8,994,714 |
Securities sold under agreements to repurchase | 100,000 | 150,086 |
Advances from the Federal Home Loan Bank (FHLB) | 740,000 | 740,000 |
Other borrowings | 184,150 | 184,150 |
Accounts payable and other liabilities | 173,069 | 129,907 |
Total liabilities | 10,330,118 | 10,198,857 |
Preferred stock, authorized 50,000,000 shares: | ||
Non-cumulative Perpetual Monthly Income Preferred Stock: 22,004,000 shares issued, 1,444,146 shares outstanding, aggregate liquidation value of $36,104 | 36,104 | 36,104 |
Common stock, $0.10 par value, authorized, 2,000,000,000 shares; 222,103,721 shares issued(2018 - 221,789,509 shares issued) | 22,210 | 22,179 |
Less: Treasury stock (at par value) | (474) | (455) |
Common stock outstanding, 217,360,587 shares outstanding (2018 - 217,235,140 shares outstanding) | 21,736 | 21,724 |
Additional paid-in capital | 940,700 | 939,674 |
Retained earnings, includes legal surplus reserve of $80,191 as of each September 30, 2019 and December 31, 2018 | 1,196,931 | 1,087,617 |
Accumulated other comprehensive income (loss), net of tax of $7,752 as of September 30, 2019 and December 31, 2018 | 5,124 | (40,415) |
Total stockholders' equity | 2,200,595 | 2,044,704 |
Total liabilities and stockholders' equity | $ 12,530,713 | $ 12,243,561 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 115,443 | $ 125,658 |
Allowance for loan and lease losses | $ 165,575 | $ 196,362 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Non-cumulative Perpetual Monthly Income Preferred Stock: issued | 22,004,000 | 22,004,000 |
Non-cumulative Perpetual Monthly Income Preferred Stock, shares outstanding | 1,444,146 | 1,444,146 |
Non-cumulative Perpetual Monthly Income Preferred Stock, aggregate liquidation value | $ 36,104 | $ 36,104 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 222,103,721 | 221,789,509 |
Common stock, shares outstanding | 217,360,587 | 217,235,140 |
Legal surplus reserve amount | $ 80,191 | $ 80,191 |
Accumulated other comprehensive loss, net of tax | $ 7,752 | $ 7,752 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income: | ||||
Loans | $ 154,229 | $ 139,205 | $ 453,243 | $ 409,918 |
Investment securities | 13,985 | 15,121 | 44,723 | 43,840 |
Money market investments and interest-bearing cash accounts | 4,081 | 3,166 | 10,311 | 8,785 |
Total interest income | 172,295 | 157,492 | 508,277 | 462,543 |
Interest expense: | ||||
Deposits | 20,341 | 16,979 | 56,936 | 50,924 |
Securities sold under agreements to repurchase | 1,320 | 2,333 | 5,489 | 7,173 |
Advances from FHLB | 3,878 | 3,344 | 11,490 | 10,126 |
Other borrowings | 2,331 | 2,315 | 7,210 | 6,635 |
Total interest expense | 27,870 | 24,971 | 81,125 | 74,858 |
Net interest income | 144,425 | 132,521 | 427,152 | 387,685 |
Provision for loan and lease losses | 7,398 | 11,524 | 31,752 | 51,604 |
Net interest income after provision for loan and lease losses | 137,027 | 120,997 | 395,400 | 336,081 |
Non-interest income: | ||||
Service charges and fees on deposit accounts | 6,108 | 5,581 | 17,711 | 16,013 |
Mortgage banking activities | 4,396 | 4,551 | 12,418 | 13,551 |
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities: | ||||
Total OTTI losses | (557) | 0 | (557) | 0 |
Portion of OTTI recognized in other comprehensive income (OCI) | 60 | 0 | 60 | 0 |
Net impairment losses recognized in earnings | (497) | 0 | (497) | 0 |
Gain on early extinguishment of debt | 0 | 0 | 0 | 2,316 |
Insurance commission income | 1,983 | 1,493 | 8,258 | 6,628 |
Other non-interest income | 9,411 | 6,898 | 28,277 | 23,271 |
Total non-interest income | 21,401 | 18,523 | 66,167 | 61,779 |
Non-interest expenses: | ||||
Employees' compensation and benefits | 41,409 | 39,243 | 121,518 | 119,482 |
Occupancy and equipment | 15,129 | 14,660 | 47,018 | 43,511 |
Business promotion | 4,004 | 3,860 | 11,650 | 10,452 |
Professional fees | 12,467 | 11,502 | 34,448 | 31,755 |
Taxes, other than income taxes | 3,904 | 3,534 | 11,461 | 11,027 |
FDIC deposit insurance | 1,465 | 2,067 | 4,645 | 7,159 |
Net loss on OREO and OREO operations | 2,578 | 4,360 | 11,364 | 10,205 |
Credit and debit card processing expenses | 4,764 | 4,147 | 12,738 | 11,450 |
Communications | 1,834 | 1,642 | 5,300 | 4,706 |
Other non-interest expenses | 5,279 | 5,850 | 15,600 | 17,361 |
Total non-interest expenses | 92,833 | 90,865 | 275,742 | 267,108 |
Income before income taxes | 65,595 | 48,655 | 185,825 | 130,752 |
Income tax expense | 19,268 | 12,332 | 54,897 | 30,249 |
Net income | 46,327 | 36,323 | 130,928 | 100,503 |
Net income (loss) attributable to common stockholders | $ 45,658 | $ 35,654 | $ 128,921 | $ 98,496 |
Net income per common share: | ||||
Basic | $ 0.21 | $ 0.16 | $ 0.60 | $ 0.46 |
Diluted | $ 0.21 | $ 0.16 | $ 0.59 | $ 0.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Total, net of tax | $ 46,327 | $ 36,323 | $ 130,928 | $ 100,503 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on debt securities on which an ("OTTI") impairment has been recognized | (557) | 62 | (488) | 264 |
Reclassification adjustment for OTTI on debt securities included in net income | 497 | 0 | 497 | 0 |
All other unrealized holding (losses) gains on available-for-sale securities arising during the period | 7,622 | (10,842) | 45,530 | (42,542) |
Other comprehensive income (loss) for the period | 7,562 | (10,780) | 45,539 | (42,278) |
Total comprehensive income | $ 53,889 | $ 25,543 | $ 176,467 | $ 58,225 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 130,928 | $ 100,503 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreaciation amortization | 13,365 | 11,308 |
Amortization of intangible assets | 2,319 | 2,731 |
Provision for loan and lease losses | 31,752 | 51,604 |
Deferred income tax expense | 46,006 | 22,549 |
Stock-based compensation | 2,997 | 4,921 |
Gain on early extinguishment of debt | 0 | (2,316) |
OTTI on debt securities | 497 | 0 |
Unrealized gain on derivative instruments | (2,105) | (108) |
Net gain on sales of premises and equipment and other assets | (59) | (1,344) |
Net gain on sales of loans | (6,059) | (1,281) |
Net amortization/accretion of premiums, discounts and deferred loan fees and costs | (5,621) | (6,027) |
Originations and purchases of loans held for sale | (255,020) | (244,261) |
Sales and repayments of loans held for sale | 259,316 | 265,528 |
Amortization of broker placement fees | 557 | 948 |
Net amortization/accretion of premium and discounts on investment securities | 1,084 | 2,187 |
Decrease in accrued interest receivable | 1,767 | 9,732 |
Increase (decrease) in accrued interest payable | 785 | (756) |
Decrease (increase) in other assets | 31,411 | (2,348) |
(Decrease) increase in other liabilities | (18,236) | 253 |
Net cash provided by operating activities | 235,684 | 213,823 |
Cash flows from investing activities: | ||
Principal collected on loans | 2,286,139 | 1,880,633 |
Loans originated and purchased | (2,559,616) | (1,949,453) |
Proceeds from sale of loans held for investment | 66,891 | 55,526 |
Proceeds from sale of repossessed assets | 49,105 | 37,343 |
Purchases of available-for-sale securities | (233,316) | (475,077) |
Proceeds from principal repayments and maturities of available-for-sale securities | 483,275 | 309,994 |
Proceeds from principal repayments of held-to-maturity securities | 6,139 | 5,828 |
Additions to premises and equipment | (17,144) | (16,118) |
Proceeds from sale of premises and equipment and other assets | 95 | 2,508 |
Net redemptions/purchases of other investment securities | (680) | 1,256 |
Proceeds from the settlement of insurance claims | 202 | 7,614 |
Net cash provided by (used in) investing activities | 81,090 | (139,946) |
Cash flows from financing activities: | ||
Net increase in deposits | 146,526 | 117,762 |
Repayment of securities sold under agreements to repurchase | (50,086) | (200,000) |
Net FHLB advances repayments | 0 | (25,000) |
Repayment of junior subordinated debentures | 0 | (21,434) |
Repurchase of outstanding common stock | (1,959) | (2,821) |
Net cash provided by (used in) financing activities | 72,960 | (133,500) |
Net increase (decrease) in cash and cash equivalents | 389,734 | (59,623) |
Cash and cash equivalents at beginning of period | 586,203 | 716,395 |
Cash and cash equivalents at end of period | 975,937 | 656,772 |
Cash and cash equivalents include: | ||
Cash and Cash Equivalents, at Carrying Value, Total | 586,203 | 716,395 |
Common Stock [Member] | ||
Cash flows from financing activities: | ||
Dividends paid | (19,514) | 0 |
Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Dividends paid | $ (2,007) | $ (2,007) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Total stockholders' equity | $ 21,628 | $ 936,772 | $ 895,208 | $ (20,615) | ||
Balance at beginning of period at Dec. 31, 2017 | 21,628 | 936,772 | 895,208 | (20,615) | ||
Common stock issued as compensation | 27 | (27) | ||||
Common stock issued for exercised warrants | 73 | (73) | ||||
Common stock withheld for taxes | (43) | (2,778) | ||||
Restricted stock grants | 40 | (40) | ||||
Restricted stock forfeited | (1) | 1 | ||||
Stock-based compensation | 4,921 | |||||
Net income | $ 100,503 | 100,503 | ||||
Dividends on common stock | 0 | |||||
Dividends on preferred stock | (2,007) | (2,007) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | (6) | 6 | ||||
Other comprehensive income (loss), net of tax | (42,278) | (42,278) | ||||
Balance at end of period at Sep. 30, 2018 | 1,927,415 | $ 36,104 | 21,724 | 938,776 | 993,698 | (62,887) |
Total stockholders' equity | 1,927,415 | 36,104 | 21,628 | 936,772 | 895,208 | (20,615) |
Total stockholders' equity | 21,719 | 937,919 | 958,044 | (52,107) | ||
Balance at beginning of period at Jun. 30, 2018 | 21,719 | 937,919 | 958,044 | (52,107) | ||
Common stock issued as compensation | 0 | 0 | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (1) | (75) | ||||
Restricted stock grants | 6 | (6) | ||||
Restricted stock forfeited | 0 | 0 | ||||
Stock-based compensation | 938 | |||||
Net income | 36,323 | 36,323 | ||||
Dividends on common stock | 0 | |||||
Dividends on preferred stock | (669) | (669) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | (10,780) | (10,780) | ||||
Balance at end of period at Sep. 30, 2018 | 1,927,415 | 36,104 | 21,724 | 938,776 | 993,698 | (62,887) |
Total stockholders' equity | 1,927,415 | 36,104 | 21,719 | 937,919 | 958,044 | (52,107) |
Total stockholders' equity | 1,927,415 | 36,104 | 21,724 | 938,776 | 993,698 | (62,887) |
Total stockholders' equity | 2,044,704 | 21,724 | 939,674 | 1,087,617 | (40,415) | |
Balance at beginning of period at Dec. 31, 2018 | 2,044,704 | 21,724 | 939,674 | 1,087,617 | (40,415) | |
Common stock issued as compensation | 0 | 0 | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (18) | (1,941) | ||||
Restricted stock grants | 31 | (31) | ||||
Restricted stock forfeited | (1) | 1 | ||||
Stock-based compensation | 2,997 | |||||
Net income | 130,928 | 130,928 | ||||
Dividends on common stock | (19,607) | |||||
Dividends on preferred stock | (2,007) | (2,007) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 45,539 | 45,539 | ||||
Balance at end of period at Sep. 30, 2019 | 2,200,595 | 36,104 | 21,736 | 940,700 | 1,196,931 | 5,124 |
Total stockholders' equity | 2,044,704 | 36,104 | 21,724 | 939,674 | 1,087,617 | (40,415) |
Total stockholders' equity | 21,733 | 939,769 | 1,157,808 | (2,438) | ||
Balance at beginning of period at Jun. 30, 2019 | 21,733 | 939,769 | 1,157,808 | (2,438) | ||
Common stock issued as compensation | 0 | 0 | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (1) | (53) | ||||
Restricted stock grants | 5 | (5) | ||||
Restricted stock forfeited | (1) | 1 | ||||
Stock-based compensation | 988 | |||||
Net income | 46,327 | 46,327 | ||||
Dividends on common stock | (6,535) | |||||
Dividends on preferred stock | (669) | (669) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | 7,562 | 7,562 | ||||
Balance at end of period at Sep. 30, 2019 | 2,200,595 | 36,104 | 21,736 | 940,700 | 1,196,931 | 5,124 |
Total stockholders' equity | 2,200,595 | 36,104 | 21,733 | 939,769 | 1,157,808 | (2,438) |
Total stockholders' equity | $ 2,200,595 | $ 36,104 | $ 21,736 | $ 940,700 | $ 1,196,931 | $ 5,124 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Jul. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 |
Statement Of Stockholders Equity [Abstract] | |||
Common Stock Dividends Per Share Declared | $ 0.03 | $ 0.03 | $ 0.09 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements (unaudited) of First BanCorp. (the “Corporation”) have been prepared in conformity with the accounting policies stated in the Corporation’s Audited Consolidated Financial Statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report on Form 10-K”). Certain information and note disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from these statements pursuant to the rules and regulations of the SEC and, accordingly, these financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Corporation for the year ended December 31, 2018, which are included in the 2018 Annual Report on Form 10-K. All adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the statement of financial position, results of operations and cash flows for the interim periods have been reflected. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the quarter and nine-month period ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire year. Adoption of New Accounting Requirements and Recently Issued but Not Yet Effective Accounting Requirements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Corporation’s operations: Lease Accounting In February 2016, the FASB updated the FASB Accounting Standards Codification (“ASC” or the “Codification”) to replace ASC Topic 840, “Leases (Topic 840)” (“ASC Topic 840”), with new guidance for the financial reporting about leasing transactions. Under the new guidance, a lessee is required to recognize a right-of-use asset (“ROU”) and a lease liability for leases with lease terms of more than 12 months. Similar with the practice before the adoption of this guidance, a lessee’s recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily depend on the classification of the lease as a finance or operating lease. However, unlike previous guidance, which required the recognition of only capital leases on the balance sheet, the guidance requires both types of leases to be recognized on the balance sheet. The guidance also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information and additional information about the amounts recorded in the financial statements. The FASB issued an update in January 2018 providing an optional transition practical expedient under which an entity need not evaluate under new ASC Topic 842, “Leases” (“ASC Topic 842”), land easements that existed or expired before the entity’s adoption of ASC Topic 842 and were not previously accounted for as leases. In addition, the FASB issued an update in July 2018 that provides entities with an additional and optional transition method that allows entities to adopt the new standard prospectively as of the effective date, without adjusting comparative periods presented. Also, the amendments provide lessors with a practical expedient, by class of underlying asset, to not separate non lease components, subject to certain circumstances. Also in July 2018, the FASB issued an update that makes various technical corrections to clarify how to apply certain aspects of the new leases standard, such as reassessment of lease classification, variable lease payments that depend on an index or a rate, lease term and purchase options, and certain transition adjustments, among others. The guidance on leases took effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The update affected the Corporation’s consolidated financial statements since the Corporation has operating and lease arrangements for which it is a lessee. The new standard provides a number of optional practical expedients in transition. The Corporation adopted this guidance in 2019, and elected the optional transition approach to not apply the new lease standard in comparative periods presented and the package of practical expedients, which allows the Corporation not to reassess prior conclusions about lease classification and initial direct costs. The adoption of this standard in January 2019 resulted in the recognition of ROU assets and lease liabilities for operating leases of $ 59.6 million and $ 62.1 million, respectively, with the most significant impact from recognition of ROU assets and liabilities related to the operating leases for the Bank’s branches and automated teller machines (“ATMs”). The Corporation elected not to recognize ROU assets and lease liabilities that arise from short-term leases, primarily related to certain month-to-month ATM operating leases. Disclosures required by the standard have been included in Note 12 - Leases. Amortization of Premiums and Discounts on Callable Debt Securities In March 2017, the FASB updated the Codification to shorten the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. With respect to securities held at a discount, the amendments do not require an accounting change; thus, the discount continues to be amortized to maturity. The amendments in this update more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (that is, the security is trading at a premium) and price securities to maturity when the coupon is below market rates (that is, the security is trading at a discount) in anticipation that the borrower will act in its economic best interest. As a result, the amendments more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. For public business entities, the amendments in this update took effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this guidance during the first quarter of 2019, did not have a material effect on the Corporation’s consolidated statement of financial condition or results of operations. As of September 30, 2019, the Corporation does not have callable debt securities held at a premium. Derivatives and Hedging In August 2017, the FASB updated the Codification to: (i) expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities; (ii) decrease the complexity of preparing and understanding hedge results by eliminating the separate measurement and reporting of hedge ineffectiveness; (iii) enhance transparency, comparability, and understanding of hedge results through enhanced disclosures and a change in the presentation of hedge results to align the effects of the hedging instrument and the hedged item; and (iv) reduce the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. This update took effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply requirements to existing hedging relationships on the date of adoption, and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” to provide further clarification on previously issued updates. This Update addresses the following areas of the guidance: (i) partial-term fair value hedges; (ii) fair value hedge basis adjustments; (iii) not-for-profit entities and private companies; and (v) first-payments-received cash flow hedging. As of September 30, 2019, all of the derivatives held by the Corporation were considered economic undesignated hedges. The adoption of this guidance during the first quarter of 2019 did not have an effect on the Corporation’s consolidated statement of financial condition or results of operations. Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income In February 2018, the FASB updated the Codification to provide entities with an option to reclassify to retained earnings, tax effects that were stranded in accumulated other comprehensive income, pursuant to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). This guidance took effect for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This guidance could be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the corporate tax rate in the Tax Act is recognized. The adoption of this guidance during the first quarter of 2019 did not have an effect on the Corporation’s consolidated financial statements. Accounting for Financial Instruments – Credit Losses In June 2016, the FASB updated the Codification to introduce new guidance for the accounting for credit losses. The guidance changes the accounting for credit losses measurement on loans and debt securities. For loans and held-to-maturity debt securities, the guidance requires a current expected credit loss (“CECL”) measurement to estimate the allowance for credit losses (“ACL”) for the remaining estimated life of the financial asset (including off-balance sheet credit exposures). The estimate of expected credit losses (“ECL”) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The guidance eliminates the existing guidance for purchased credit-impaired (“PCI”) loans, but requires an allowance for purchased financial assets with more than insignificant credit deterioration since origination (“PCD”). In addition, the guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit. In general, the new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. However, prospective application is required for PCD assets previously accounted for under ASC Topic 310-30, “Receivables,” and for debt securities for which an OTTI was recognized prior to the date of adoption. The new guidance also provides transition relief that allows entities, through an accounting policy election, the choice of either maintaining existing PCI pools at adoption only or doing so at the time of adoption and on an ongoing basis after adoption. Entities that elect to maintain existing PCI pools after adoption would not be able to remove assets from the pool until they are paid off, written off or sold (consistent with the current practice), but would be required to follow the new guidance for purposes of interest income and ACL. The guidance will be effective for public business entities that are SEC filers in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption of the guidance is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Corporation plans to adopt this new standard as of January 1, 2020. The Corporation developed a project plan in order to comply on a timely basis with the implementation of this new CECL impairment model and expects to adopt the guidance in the first quarter of 2020. The implementation process is being conducted by a working group composed of members from multiple areas across the Corporation and includes the selection and development of loss forecasting models, evaluation of technical accounting topics, updates to the Corporation’s allowance documentation, reporting processes and related internal controls, and evaluation of the overall operational readiness for the adoption. The working group provides periodic updates to the Corporation’s CECL Executive Management Committee, which has oversight responsibilities for the implementation efforts. The CECL Executive Management Committee also reports to the Corporation’s Board of Directors Audit Committee progress of the implementation plan. Currently, the Corporation has substantially completed the development of the loss forecasting models for loan portfolios, as well as for available-for-sale and held-to-maturity debt securities and is in the process of conducting and validating the results of parallel runs, while continuing to develop the policies, systems and controls that will be required to implement the CECL standard. This process is expected to continue for the remainder of 2019. The Corporation’s current planned approach for estimating ECL for applicable loans and debt securities includes the following key components: An initial forecast period (“reasonable and supportable period”) of 2 years for Puerto Rico and the Virgin Islands and between 2 and 5 years for the Florida region. This period reflects management’s expectations of losses based on forward-looking economic scenarios over that time. A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segments and classes of financing receivables based on the change in key historical economic variables during representative historical expansionary and recessionary periods. A reversion period of up to 3 years, utilizing a straight-line approach and reverting back to the historical macroeconomic mean. The utilization of discounted cash flow (“DCF”) methods to measure credit impairment for loans modified in a troubled debt restructuring (“TDR”), unless they are collateral dependent and measured based on the fair value of the collateral. The DCF methods will provide the estimated life-time credit losses. For available-for-sale and held-to-maturity securities, the Corporation will utilize the DCF methods to measure the ACL. Based on the work completed to date, the Corporation’s loan portfolio and held-to-maturity and available-for-sale debt securities portfolio composition, and reasonable and supportable macroeconomic forecasts as of September 30, 2019, the Corporation expects that the adoption of the CECL standard will result in an overall increase in the ACL, at the adoption date, in a range of 57% to 67% from the reserves for credit losses as of September 30, 2019. The estimate primarily reflects an expected increase for longer duration residential mortgage and consumer loans and, to a lesser extent, the ACL that will be required for the Corporation’s held-to-maturity debt securities. This increase, net of income taxes, would be reflected as a decrease to opening retained earnings at January 1, 2020. The Corporation will continue to evaluate and refine the results of the loss estimates throughout 2019. The ultimate effect of the adoption of the CECL standard on the Corporation’s consolidated financial statements will depend on the size and composition of the Corporation’s loan portfolio and debt securities mix, credit quality, economic conditions and forecasted macroeconomic conditions on the date of adoption, as well as any refinements to the loss models based on continuing reviews of methodologies and assumptions, including the process around qualitative factors, and model validation exercises in process. The Corporation expects to have a cumulative-effect adjustment to retained earnings related to the change in the ACL, which will impact capital. An increase in the ACL will result in a reduction to the Corporation’s and banking subsidiary’s regulatory capital ratios. The Corporation expects to adopt the option that permits institutions to limit the initial regulatory capital day-one impact by allowing a three-year phase in period for this impact, on a straight-line basis. Considering the three-year phase in option allowed by the regulatory framework, and based on the upper point of the above-mentioned impact range, the Corporation’s common equity Tier 1 capital ratio, Tier 1 capital ratio, Total capital ratio, and Leverage ratio would have been lower by 16, 16, 15, and 12 basis points, respectively, as of September 30, 2019, still well in excess of minimum capital ratios. Subsequent Measurement of Goodwill In January 2017, the FASB updated the Codification to simplify the subsequent measurement of goodwill by eliminating Step 2 from the current two-step goodwill impairment test. This guidance provides that a goodwill impairment test must be conducted by comparing the fair value of a reporting unit with its carrying amount. Entities must recognize an impairment charge for goodwill equal to the excess of the carrying amount over the reporting unit’s fair value. Entities have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The effect of this guidance will depend upon the performance of the reporting units that have goodwill and the market conditions affecting the fair value of each reporting unit going forward. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB updated the Codification and amended ASC Topic 820, “Fair Value Measurement and Disclosures,” to add, remove, and modify fair value measurement disclosure requirements. The requirements that are removed for public entities include disclosure about: (i) transfers between Level 1 and Level 2 of the fair value hierarchy; (ii) the policy for determining when transfers between any of the three levels have occurred; and (iii) the valuation processes used for Level 3 measurements. The disclosure requirements that are modified for public entities include: (i) for certain investments in entities that calculate the net asset value, revisions to require disclosures about the timing of liquidation and lapses of redemption restrictions, if the latter has been communicated to the reporting entity; and (ii) revisions to clarify that the disclosure of Level 3 measurement uncertainty should communicate information about the uncertainty as of the balance sheet date. The additional or new disclosure requirements include: (i) the changes in unrealized gains and losses for the period must be included in other comprehensive income for recurring Level 3 instruments held as of the balance sheet date; and (ii) the range and weighted average of significant unobservable inputs used for Level 3 measurements must be disclosed, but an entity has the option to disclose other quantitative information in place of the weighted average to the extent that it would be a more reasonable and rational method to reflect the distribution of certain unobservable inputs. This update is effective for all entities in fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any of the removed or modified disclosures immediately even if adoption of the new disclosures is delayed until the effective date. In the third quarter of 2018, the Corporation early adopted the disclosure requirements that were removed or modified by this guidance. Collaborative Arrangements In November 2018, the FASB issued new guidance to clarify the interaction between Collaborative Arrangements (“ASC Topic 808”) and Revenue from Contracts with Customers (“ASC Topic 606”) standards. The guidance (i) clarifies that certain transactions between collaborative arrangement participants should be accounted for under the ASC Topic 606 guidance; (ii) adds unit of account guidance to ASC Topic 808 to align with ASC Topic 606; and (iii) clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under ASC Topic 606. The guidance is effective for annual reporting periods beginning after December 1, 2019, including interim reporting periods within these annual reporting periods, with early adoption permitted. The Corporation does not expect the adoption of this standard to have a material effect on its consolidated financial statements. |
POTENTIAL ACQUISITIONS BANCO SA
POTENTIAL ACQUISITIONS BANCO SANTANDER PUERTO RICO | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE 2 – POTENTIAL ACQUISITION OF BANCO SANTANDER PUERTO RICO On October 21, 2019, the Corporation announced the signing of a stock purchase agreement between FirstBank Puerto Rico (“FirstBank”) and Santander Holdings USA, Inc., pursuant to which FirstBank will acquire Santander Bancorp (“Santander Bancorp”), a wholly-owned subsidiary of Santander Holdings USA, Inc. and the holding company of Banco Santander Puerto Rico (“BSPR”). The purchase price will be a base amount of $ 425 million, or 117.5% of Santander Bancorp’s consolidated core tangible common equity as of June 30, 2019, which represents of a $ 63 million premium on the $ 362 million consolidated core tangible common equity, plus $ 638 million of Santander Bancorp’s consolidated excess capital as of June 30, 2019 paid at par, in an all cash transaction, subject to adjustment based on Santander Bancorp’s consolidated balance sheet as of the closing of the acquisition (the “Closing”). The transaction is structured as an acquisition of all of the issued and outstanding common stock of Santander Bancorp, the sole shareholder of BSPR, a corporation incorporated under the laws of the Commonwealth of Puerto Rico and sole shareholder of Santander Insurance Agency, Inc. (together with Santander Bancorp and BSPR, collectively the “Acquired Companies”). Immediately following the Closing, Santander Bancorp (a direct wholly-owned subsidiary of FirstBank following the Closing) will merge with and into FirstBank (the “HoldCo Merger”), with FirstBank surviving the HoldCo Merger (the “Surviving Bank”). Immediately following the effectiveness of the HoldCo Merger, BSPR (a direct wholly-owned subsidiary of the Surviving Bank following the effectiveness of the HoldCo Merger) will merge with and into FirstBank, with FirstBank as the surviving entity in the merger. Prior to the Closing, Santander Holdings USA, Inc., agreed to sell or otherwise transfer to Santander Holdings USA, Inc., any of its affiliates or any other third party (other than any Acquired Company) (i) all non-performing assets (along with all collateral and rights to collection related thereto) of BSPR (the “Non-Performing Assets Transfer”), and (ii) Santander Asset Management, LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico and a direct wholly-owned subsidiary of Santander Bancorp (the “Reorganization”). The Closing is conditioned on, among other things, consummation of the Non-Performing Assets Transfer and the Reorganization. The parties are working on a transition loan servicing agreement to have FirstBank service such non-performing assets effective on the Closing Date. In addition, the parties are working on a plan (the “Transition Plan”) for preparing the Acquired Companies for the transition of their respective business operations, facilities, employees and other assets to FirstBank, including from any dependency or reliance on services, systems or processes provided by Santander Holdings, USA, Inc. or its affiliates, or any of their respective third party service providers to FirstBank effective as of the Closing Date. The Transition Plan will describe the specific mutually agreed tasks, activities, and projects, and the timing for each of the foregoing, to be completed by each party in order to complete such transition in an orderly and efficient manner, as well as such plans and actions as may be required to prepare for the provision of services by Santander Holdings, USA, Inc. or its affiliates to the Acquired Companies or FirstBank, or from the Acquired Companies to Santander Holdings, USA, Inc. or its affiliates. The parties expect to agree on the final Transition Plan within 90 days from the date of the signing of the stock purchase agreement. The transaction has been unanimously approved by both companies’ Boards of Directors. The transaction is expected to close in the middle of 2020, subject to the satisfaction of customary closing conditions, including receipt of all required regulatory approvals. There can be no assurance that the regulatory approvals received will not contain a condition or requirement that results in a failure to satisfy the conditions to closing set forth in the stock purchase agreement. For further information, reference is made to the Form 8-K filed by the Company with the SEC on October 22, 2019. |
UPDATE ON IMPACTS OF NATURAL DI
UPDATE ON IMPACTS OF NATURAL DISASTERS | 9 Months Ended |
Sep. 30, 2019 | |
Update On Effects Of Natural Disasters [Abstract] | |
Natural Disasters [Text Block] | NOTE 3 – UPDATE ON EFFECTS OF NATURAL DISASTERS Two strong hurricanes affected the Corporation’s service areas during September 2017. The following summarizes the more significant continuing financial repercussions of these natural disasters for the Corporation and for its major subsidiary, FirstBank. Credit Quality and Allowance for Loan and Lease Losses During the first quarter of 2019, the Corporation recorded a loan loss reserve release of approximately $ 6.4 million in connection with revised estimates associated with the effects of the hurricanes. The revised estimates were primarily attributable to updated payment patterns and probability of default credit risk analyses applied to consumer borrowers, and updated assessments of financial performance and repayment prospects of certain individually-assessed commercial credits. The significant overall uncertainties in the early assessments of hurricane-related credit losses have been largely addressed and the hurricanes’ effect on credit quality is now reflected in the normal process for determining the allowance for loan and lease losses and not through a separate hurricane-related qualitative reserve. Casualty Losses and Related Insurance The Corporation incurred a variety of costs to operate in disaster response mode, and some facilities and their contents, including certain OREO properties, were damaged by the hurricanes. The Corporation maintains insurance for casualty losses, as well as for reasonable and necessary disaster response costs and certain revenue lost through business interruption. Insurance claim receivables were established for some of the individual costs, when incurred, based on management’s understanding of the underlying coverage and when realization of the claim was deemed probable. During the second and third quarters of 2019, the Corporation reached settlements on certain claims arising from the hurricanes. As a result, the Corporation received insurance proceeds of approximately $ 2.1 million, primarily involving repairs and maintenance costs, and impairments related to facilities in the U.S. and British Virgin Islands. The insurance proceeds were recorded against incurred losses or previously-established accounts receivable. Insurance recoveries are recorded in the same income statement caption as the incurred losses. Recoveries from insurance proceeds in excess of losses incurred, amounting to $ 0.6 million in the second quarter of 2019, were recognized as a gain from insurance proceeds and reported as part of Other non-interest income in the consolidated statements of income. As of September 30, 2019, the Corporation had an insurance claim receivable of $ 1.3 million (December 31, 2018 - $ 3.4 million), which is included as part of Other assets in the consolidated statements of financial condition. Management also believes that there is a possibility that some gains will be recognized with respect to casualty and lost revenue claims in future periods, but this is contingent on reaching agreements on the Corporation’s claims with the insurance carriers. During the first quarter of 2019, the Corporation recorded a $ 2.3 million credit against employees’ compensation and benefits expenses related to an employee retention benefit payment (the “Benefit”) received by the Corporation by virtue of the Disaster Tax Relief and Airport Extension Act of 2017, as amended (the “Act”). The Benefit was available to eligible employers affected by Hurricanes Irma and Maria. An eligible employer, as established in the Internal Revenue Circular Letter No. 18-11 issued by the Puerto Rico Department of Treasury, is an employer that (i) on September 16, 2017 (or September 4, 2017 for Hurricane Irma) was engaged in a trade or business in Puerto Rico; (ii) whose business became inoperable on any day after such date and before January 1, 2018, due to damage caused by Hurricane Irma or Maria; and (iii) continued to pay wages to its eligible employees during the period in which the business was inoperable. For purposes of the income tax return, the Benefit will not affect the Corporation’s right to claim a deduction on wages paid and the amount of the Benefit will not be treated as taxable income. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 4 – EARNINGS PER COMMON SHARE The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2019 and 2018 are as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share information) Net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Less: Preferred stock dividends ( 669) ( 669) ( 2,007) ( 2,007) Net income attributable to common stockholders $ 45,658 $ 35,654 $ 128,921 $ 98,496 Weighted-Average Shares: Average common shares outstanding 216,690 216,149 216,569 215,516 Average potential dilutive common shares 537 626 484 1,068 Average common shares outstanding - assuming dilution 217,227 216,775 217,053 216,584 Earnings per common share: Basic $ 0.21 $ 0.16 $ 0.60 $ 0.46 Diluted $ 0.21 $ 0.16 $ 0.59 $ 0.45 Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for any preferred stock dividends, including any dividends declared but not yet paid, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period. Basic weighted-average common shares outstanding exclude unvested shares of restricted stock that do not contain non-forfeitable dividend rights. Potential dilutive common shares consist of unvested shares of restricted stock that do not contain non-forfeitable dividend rights, warrants outstanding during the period and common stock issued under the assumed exercise of stock options using the treasury stock method. This method assumes that the potential dilutive common shares are issued and outstanding and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the numbers of potential dilutive shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Potential dilutive common shares also include performance units that do not contain non-forfeitable dividend rights if the performance condition is met as of the end of the reporting period. Unvested shares of restricted stock, stock options, and warrants outstanding during the period that result in lower potential dilutive shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. On May 17, 2018, the U.S. Treasury exercised its warrant to purchase 1,285,899 shares of the Corporation’s common stock on a cashless basis, resulting in the issuance of 730,571 shares of common stock. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 5 – STOCK-BASED COMPENSATION On May 24, 2016, the Corporation’s stockholders approved the amendment and restatement of the First BanCorp. Omnibus Incentive Plan, as amended (the “Omnibus Plan”), to, among other things, increase the number of shares of common stock reserved for issuance under the Omnibus Plan, extend the term of the Omnibus Plan to May 24, 2026 and re-approve the material terms of the performance goals under the Omnibus Plan for purposes of the then-effective Section 162(m) of the U.S. Internal Revenue Code of 1986, as amended. The Omnibus Plan provides for equity-based compensation incentives (the “awards”) through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, cash-based awards and other stock-based awards. The Omnibus Plan authorizes the issuance of up to 14,169,807 shares of common stock, subject to adjustments for stock splits, reorganizations and other similar events. As of September 30, 2019, 6,596,393 authorized shares of common stock were available for issuance under the Omnibus Plan. The Corporation’s Board of Directors, based on the recommendation of the Corporation’s Compensation and Benefits Committee, has the power and authority to determine those eligible to receive awards and to establish the terms and conditions of any awards, subject to various limits and vesting restrictions that apply to individual and aggregate awards. Restricted Stock Under the Omnibus Plan, the Corporation may grant restricted stock to plan participants, subject to forfeiture upon the occurrence of certain events until the dates specified in the participant’s award agreement. While the restricted stock is subject to forfeiture and does not contain non-forfeitable dividend rights, restricted stock participants may exercise full voting rights. The restricted stock granted under the Omnibus Plan is typically subject to a vesting period. During the first nine months of 2019, the Corporation awarded to its independent directors 51,841 shares of restricted stock that are subject to one year vesting periods. In addition, during the first nine months of 2019, the Corporation awarded 262,371 shares of restricted stock to employees; fifty percent ( 50%) of those shares vest on the two-year anniversary of the grant date and the remaining 50% vest on the three-year anniversary of the grant date. Included in those 262,371 shares of restricted stock granted during the first nine months of 2019 were 13,308 shares granted to retirement-eligible employees at the grant date. The total expense determined for the restricted stock awarded to retirement-eligible employees was charged against earnings at the grant date. The fair value of the shares of restricted stock granted in the first nine months of 2019 was based on the market price of the Corporation’s outstanding common stock on the date of the grant. The following table summarizes the restricted stock activity in the first nine months of 2019 under the Omnibus Plan: Nine-Month Period Ended September 30, 2019 Number of shares Weighted-Average of restricted Grant Date stock Fair Value Unvested shares outstanding at beginning of year 964,110 $ 4.79 Granted 314,212 10.97 Forfeited ( 12,750) 8.68 Vested ( 619,517) 3.97 Unvested shares outstanding as of September 30, 2019 646,055 $ 8.51 For the quarter and nine-month period ended September 30, 2019, the Corporation recognized $ 0.7 million and $ 2.2 million, respectively, of stock-based compensation expense related to restricted stock awards, compared to $ 0.8 million and $ 2.7 million for the same periods in 2018, respectively. As of September 30, 2019, there was $ 3.3 million of total unrecognized compensation cost related to unvested shares of restricted stock. The weighted average period over which the Corporation expects to recognize such cost is 1.6 years. During the first nine months of 2018, the Corporation awarded to its independent directors 65,447 shares of restricted stock that were subject to one year vesting periods. In addition, during the first nine months of 2018, the Corporation awarded 342,439 shares of restricted stock to employees; 50% of those shares vest on the two-year anniversary of the grant date and the remaining 50% vest on the three year anniversary of the grant date. Included in those 342,439 shares of restricted stock were 20,447 shares granted to retirement-eligible employees at the grant date. Stock-based compensation accounting guidance requires the Corporation to reverse compensation expense for any awards that are forfeited due to employee or director turnover. Quarterly changes in the estimated forfeiture rate may have a significant effect on stock-based compensation, as the effect of adjusting the rate for all expense amortization is recognized in the period in which the forfeiture estimate is changed. If the actual forfeiture rate is higher than the estimated forfeiture rate, an adjustment is made to increase the estimated forfeiture rate, which will result in a decrease in the expense recognized in the financial statements. If the actual forfeiture rate is lower than the estimated forfeiture rate, an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase in the expense recognized in the financial statements. Performance Units Under the Omnibus Plan, the Corporation may award performance units to Omnibus Plan participants. During the first nine months of 2019, the Corporation granted 200,053 units to executives, with each unit representing the value of one share of the Corporation’s common stock. The performance units granted in 2019 are for the performance period beginning January 1, 2019 and ending on December 31, 2021 and are subject to three year requisite service periods. These awards do not contain non-forfeitable rights to dividend equivalent amounts and can only be settled in shares of the Corporation’s common stock. The performance units will vest based on the achievement of a pre-established tangible book value per share target as of December 31, 2021. All of the performance units will vest if performance is at the pre-established performance target level or above. However, the participants may vest on 50% of the awards to the extent that performance is below the target but at 80% of the pre-established performance target level (the “80% minimum threshold”), which is measured based upon the growth in the tangible book value during the performance cycle. If performance is between the 80% minimum threshold and the pre-established performance target level, the participants will vest on a proportional amount. No performance units will vest if performance is below the 80% minimum threshold. During the first nine months of 2018, the Corporation awarded 304,408 performance units to executives. The performance units granted in 2018 are for the performance period beginning January 1, 2018 and ending on December 31, 2020 and are subject to three year requisite service periods and a pre-established performance target level as described above. The fair value of the performance units awarded during the first nine months of 2019 and 2018 was based on the market price of the Corporation’s outstanding common stock on the date of the grant. For the quarter and nine-month period ended September 30, 2019, the Corporation recognized $ 0.3 million and $ 0.8 million, respectively, of stock-based compensation expense related to performance units awards, compared to $ 0.1 million and $ 0.5 million for the same periods in 2018, respectively. As of September 30, 2019, there was $ 2.7 million of total unrecognized compensation cost related to unvested performance units that the Corporation expects to recognize over the next three years. The total amount of compensation expense recognized reflects management’s assessment of the probability that the pre-established performance goal will be achieved. A cumulative adjustment to compensation expense is recognized in the current period to reflect any changes in the probability of achievement of the performance goals. Salary stock Also, effective April 1, 2013, the Corporation’s Board of Directors determined to increase the salary amounts paid to certain executive officers, primarily by paying the increased salary amounts in the form of shares of the Corporation’s common stock issued under the Omnibus Plan, instead of cash. During the first nine months of 2018, the Corporation issued 268,709 shares of common stock with a weighted average market value per share of $ 6.51 as salary stock compensation. This resulted in compensation expense of $ 1.7 million recorded in the first nine months of 2018. Effective July 1, 2018, the Corporation ceased paying additional salary amounts in the form of stock in accordance with the previously disclosed revised executive compensation program. Shares withheld During the first nine months of 2019, the Corporation withheld 176,015 shares (first nine months of 2018 – 336,985 shares) of the restricted stock that vested during such period and withheld 96,377 shares from the common stock paid to certain senior officer as additional compensation in the first nine months of 2018 to cover employees’ payroll and income tax withholding liabilities; these shares are held as treasury shares. The Corporation paid in cash any fractional share of salary stock to which the officer was entitled. In the consolidated financial statements, the Corporation treats shares withheld for tax purposes as common stock repurchases. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2019 | |
Debt and Equity Securities [Abstract] | |
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure | NOTE 6 – INVESTMENT SECURITIES Investment Securities Available for Sale The amortized cost, non-credit loss component of OTTI recorded in OCI, gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted-average yield of investment securities available for sale by contractual maturities as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Fair value Gross Unrealized Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,476 $ - $ 9 $ - $ 7,485 2.42 U.S. government-sponsored agencies' obligations: Due within one year 128,376 - 5 318 128,063 1.40 After 1 to 5 years 81,802 - 422 77 82,147 2.13 After 5 to 10 years 75,289 - 588 90 75,787 2.63 After 10 years 25,819 - 4 93 25,730 2.40 Puerto Rico government obligations: After 5 to 10 years 4,000 - 245 - 4,245 5.12 After 10 years 4,280 - - 1,324 2,956 6.97 United States and Puerto Rico government obligations 327,042 - 1,273 1,902 326,413 2.09 Mortgage-backed securities (“MBS”): Freddie Mac (“FHLMC”) certificates: After 5 to 10 years 78,771 - 408 242 78,937 2.08 After 10 years 306,008 - 3,550 778 308,780 2.53 384,779 - 3,958 1,020 387,717 2.44 Ginnie Mae (“GNMA”) certificates: Due within one year 1 - - - 1 3.40 After 1 to 5 years 123 - 2 - 125 3.89 After 5 to 10 years 50,216 - 599 12 50,803 2.81 After 10 years 173,707 - 6,824 249 180,282 3.47 224,047 - 7,425 261 231,211 3.32 Fannie Mae (“FNMA”) certificates: After 1 to 5 years 19,784 - 468 - 20,252 2.79 After 5 to 10 years 148,192 - 1,527 683 149,036 2.13 After 10 years 543,355 - 8,333 1,092 550,596 2.65 711,331 - 10,328 1,775 719,884 2.55 Collateralized mortgage obligations issued or guaranteed by the FHLMC ` and GNMA: After 1 to 5 years 647 - - - 647 2.69 After 10 years 58,369 - 398 130 58,637 2.90 59,016 - 398 130 59,284 2.89 Private label MBS: After 10 years 16,971 5,417 - - 11,554 4.07 Total MBS 1,396,144 5,417 22,109 3,186 1,409,650 2.68 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,723,686 $ 5,417 $ 23,382 $ 5,088 $ 1,736,563 2.56 December 31, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Unrealized Fair value Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,489 $ - $ - $ 33 $ 7,456 1.29 U.S. government-sponsored agencies' obligations: Due within one year 191,531 - - 1,908 189,623 1.28 After 1 to 5 years 184,851 - 203 2,249 182,805 2.07 After 5 to 10 years 195,750 - 286 1,674 194,362 2.95 After 10 years 34,627 - - 217 34,410 2.68 Puerto Rico government obligations: After 5 to 10 years 4,000 - 128 - 4,128 5.12 After 10 years 4,185 - - 1,361 2,824 6.97 United States and Puerto Rico government obligations 622,433 - 617 7,442 615,608 2.18 MBS: FHLMC certificates: After 5 to 10 years 92,149 - 31 1,850 90,330 2.09 After 10 years 265,624 - 523 6,699 259,448 2.52 357,773 - 554 8,549 349,778 2.41 GNMA certificates: After 1 to 5 years 176 - 3 - 179 3.43 After 5 to 10 years 61,604 - 408 503 61,509 2.88 After 10 years 118,898 - 2,938 747 121,089 3.92 180,678 - 3,349 1,250 182,777 3.56 FNMA certificates: Due within one year 119 - 2 - 121 2.20 After 1 to 5 years 19,798 - 50 122 19,726 2.79 After 5 to 10 years 165,067 - 2 3,822 161,247 2.13 After 10 years 543,972 - 2,211 13,233 532,950 2.67 728,956 - 2,265 17,177 714,044 2.55 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA: After 1 to 5 years 6,530 - 1 18 6,513 3.15 After 10 years 59,020 - 474 60 59,434 3.22 65,550 - 475 78 65,947 3.22 Private label MBS After 10 years 19,340 5,426 - - 13,914 4.89 Total MBS: 1,352,297 5,426 6,643 27,054 1,326,460 2.71 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,975,230 $ 5,426 $ 7,260 $ 34,496 $ 1,942,568 2.55 Maturities of MBS are based on the period of final contractual maturity. Expected maturities of investments might differ from contractual maturities because they may be subject to prepayments and/or call options. The weighted-average yield on investment securities available for sale is based on amortized cost and, therefore, does not give effect to changes in fair value. The net unrealized gain or loss on securities available for sale and the noncredit loss component of OTTI are presented as part of OCI. The following tables show the Corporation’s available-for-sale investments’ fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2019 and December 31, 2018. The tables also include debt securities for which an OTTI was recognized and only the amount related to a credit loss was recognized in earnings. For unrealized losses for which OTTI was recognized, the related credit loss was charged against the amortized cost basis of the debt security. As of September 30, 2019 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico-government obligations $ - $ - $ 2,956 $ 1,324 $ 2,956 $ 1,324 U.S. Treasury and U.S. government agenciesʼ obligations 11,789 80 170,773 498 182,562 578 MBS: FNMA 31,860 141 200,733 1,634 232,593 1,775 FHLMC 15,054 75 74,495 945 89,549 1,020 GNMA 66,515 151 27,640 110 94,155 261 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA 14,075 130 - - 14,075 130 Private label MBS - - 11,554 5,417 11,554 5,417 $ 139,293 $ 577 $ 488,151 $ 9,928 $ 627,444 $ 10,505 As of December 31, 2018 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico-government obligations $ - $ - $ 2,824 $ 1,361 $ 2,824 $ 1,361 U.S. Treasury and U.S. government agenciesʼ obligations 16,669 77 468,094 6,004 484,763 6,081 MBS: FNMA 25,079 129 521,871 17,048 546,950 17,177 FHLMC 3,382 32 263,798 8,517 267,180 8,549 GNMA 3,364 15 57,535 1,235 60,899 1,250 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA 16,065 78 - - 16,065 78 Private label MBS - - 13,914 5,426 13,914 5,426 $ 64,559 $ 331 $ 1,328,036 $ 39,591 $ 1,392,595 $ 39,922 Assessment for OTTI Debt securities issued by U.S. government agencies, U.S. government-sponsored entities (“GSEs”), and the U.S. Treasury accounted for approximately 99% of the total available-for-sale portfolio as of September 30, 2019, and no credit losses are expected, given the explicit and implicit guarantees provided by the U.S. federal government. The Corporation’s OTTI assessment was concentrated mainly on private label MBS, and on Puerto Rico government debt securities, for which credit losses are evaluated on a quarterly basis. The Corporation considered the following factors in determining whether a credit loss exists and the period over which the debt security is expected to recover: The length of time and the extent to which the fair value has been less than the amortized cost basis; Any adverse change to the credit conditions and liquidity of the issuer, taking into consideration the latest information available about the financial condition of the issuer, credit ratings, the failure of the issuer to make scheduled principal or interest payments, any recent legislation and government actions affecting the issuer’s industry; and actions taken by the issuer to deal with the present economic climate; Changes in the near term prospects of the underlying collateral for a security, if any, such as changes in default rates, loss severity given default, and significant changes in prepayment assumptions; and The level of cash flows generated from the underlying collateral, if any, supporting the principal and interest payments of the debt securities. The Corporation recorded OTTI losses on available-for-sale debt securities as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Total OTTI losses $ ( 557) $ - $ ( 557) $ - Portion of OTTI recognized in OCI 60 - 60 - Net impairment losses recognized in earnings (1) $ ( 497) $ - $ ( 497) $ - (1) Associated with credit losses on private label MBS. The following tables summarize the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI was also recognized in OCI as of the indicated dates: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings on September 30, 2019 securities that have been 2019 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,842 $ 497 $ 7,339 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings on September 30, 2018 securities that have been 2019 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,842 $ 497 $ 7,339 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings September 30, 2018 on securities that have been 2018 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings September 30, 2017 on securities that have been 2018 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ 6,792 As of September 30, 2019, the Corporation’s available-for-sale investment securities portfolio included bonds of the Puerto Rico Housing Finance Authority (“PRHFA”) at an amortized cost of $ 8.3 million (fair value - $ 7.2 million). Approximately $ 4.3 million (fair value - $ 3.0 million) of these bonds consist of a residential pass-through MBS issued by the PRHFA that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. This bond was structured as a zero-coupon bond for the first ten years (up to July 2019). The underlying source of payment of this bond is second mortgage loans in Puerto Rico, not the central government, but PRHFA provides a guarantee in the event of default and subsequent foreclosure of the underlying property. Based on the quarterly analyses performed, management concluded that these obligations were not other-than-temporarily impaired as of September 30, 2019. In the event that the second mortgage loans insured by the PRHFA that serve as collateral for the aforementioned residential pass-through MBS default and the collateral is insufficient to satisfy the outstanding balance of this bond, PRHFA’s ability to honor its insurance will depend on, among other factors, the financial condition of PRHFA at the time such obligation become due and payable. A deterioration of the Puerto Rico economy or fiscal health of the PRHFA could further impact the value of these securities, resulting in losses to the Corporation. The Corporation does not have the intent to sell these debt securities prior to recovery of the amortized cost basis. The Corporation performed an OTTI assessment on its private label MBS, which are collateralized by fixed-rate mortgages on single-family residential properties in the United States. The interest rate on these private-label MBS is variable, tied to 3-month LIBOR and limited to the weighted-average coupon on the underlying collateral. The underlying mortgages are fixed-rate, single-family loans with original FICO scores (over 700) and moderate loan-to-value ratios (under 80%), as well as moderate delinquency levels. Based on the expected cash flows, and since the Corporation does not have the intention to sell the securities and has sufficient capital and liquidity to hold these securities until a recovery of the fair value occurs, only the credit loss component, if any, is reflected in earnings. Significant assumptions in the valuation of the private label MBS were as follows: As of As of September 30, 2019 December 31, 2018 Weighted Range Weighted Range Average Minimum Maximum Average Minimum Maximum Discount rate 13.7% 13.7% 13.7% 14.5% 14.5% 14.5% Prepayment rate 7.3% 6.2% 9.6% 11.4% 3.3% 20.9% Projected Cumulative Loss Rate 3.1% 0.0% 7.8% 3.0% 0.0% 6.8% Investments Held to Maturity The amortized cost, gross unrecognized gains and losses, estimated fair value, weighted-average yield and contractual maturities of investment securities held to maturity as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized cost Fair value Gross Unrecognized (Dollars in thousands) gains losses Weighted- average yield% Puerto Rico Municipal Bonds: Due within one year $ 321 $ - $ 7 $ 314 6.07 After 1 to 5 years 8,264 - 628 7,636 5.40 After 5 to 10 years 56,512 - 6,817 49,695 5.94 After 10 years 73,579 - 15,781 57,798 5.66 Total investment securities held to maturity $ 138,676 $ - $ 23,233 $ 115,443 5.76 December 31, 2018 Amortized cost Fair value Gross Unrecognized (Dollars in thousands) gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,100 $ - $ 435 $ 5,665 4.79 After 5 to 10 years 53,016 - 5,360 47,656 6.00 After 10 years 85,699 - 13,362 72,337 5.86 Total investment securities held to maturity $ 144,815 $ - $ 19,157 $ 125,658 5.86 The following tables show the Corporation’s held-to-maturity investments’ fair value and gross unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrecognized loss position, as of September 30, 2019 and December 31, 2018: As of September 30, 2019 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 115,443 $ 23,233 $ 115,443 $ 23,233 As of December 31, 2018 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 125,658 $ 19,157 $ 125,658 $ 19,157 The Corporation determines the fair market value of Puerto Rico Municipal Bonds based on a discounted cash flow analysis using risk-adjusted discount rates. A security with similar characteristics traded in the open market is used as a proxy for each municipal bond. Then, the cash flow is discounted at the average spread over the discount curve exhibited by the proxy security at the end of each quarter, plus any corresponding discount rate adjustments to reflect recent transactions or market yield expectations for these type of transactions. All of the Puerto Rico Municipal Bonds were performing and current as to scheduled contractual payments as of September 30, 2019. Approximately 70% of the held-to-maturity municipal bonds were issued by three of the largest municipalities in Puerto Rico. The vast majority of revenues of these three municipalities is independent of the Puerto Rico central government. These obligations typically are not issued in bearer form, nor are they registered with the SEC, and are not rated by external credit agencies. In most cases, these bonds have priority over the payment of operating costs and expenses of the municipality, which are required by law to levy special property taxes in such amounts as are required for the payment of all of their respective general obligation bonds and loans. The Corporation performs periodic credit quality reviews on these issuers. During the third quarter of 2019, the Corporation received scheduled principal payments amounting to approximately $6.0 million from these Puerto Rico Municipal Bonds. Based on the quarterly analysis performed, management concluded that no individual debt security held to maturity was other-than-temporarily impaired as of September 30, 2019. During the second quarter of 2019, the PROMESA oversight board announced the designation of the Puerto Rico’s 78 municipalities as covered instrumentalities under PROMESA. Meanwhile, the latest fiscal plan certified by the PROMESA oversight board did not contemplate a restructuring of the debt of Puerto Rico’s municipalities, but the plan did call for the gradual elimination of budgetary subsidies provided to municipalities by the central government. Furthermore, municipalities are also likely to be affected by the negative economic and other effects resulting from expense, revenue or cash management measures taken by the Puerto Rico government to address its fiscal and liquidity shortfalls, or measures included in fiscal plans of other government entities, such as the fiscal plans of the Government Development Bank for Puerto Rico (“GDB”) and the Puerto Rico Electric Power Authority (“PREPA”). Given the uncertain effect that the negative fiscal situation of the Puerto Rico central government and the measures taken, or to be taken, by other government entities may have on municipalities, the Corporation cannot be certain whether impairment charges relating to these securities will be required in the future. From time to time, the Corporation has securities held to maturity with an original maturity of three months or less that are considered cash and cash equivalents and are classified as money market investments in the consolidated statements of financial condition. As of September 30, 2019 and December 31, 2018, the Corporation had no outstanding securities held to maturity that were classified as cash and cash equivalents. |
EQUITY SECURITIES
EQUITY SECURITIES | 9 Months Ended |
Sep. 30, 2019 | |
Investments All Other Investments [Abstract] | |
OTHER EQUITY SECURITIES | NOTE 7 – EQUITY SECURITIES Institutions that are members of the FHLB system are required to maintain a minimum investment in FHLB stock. Such minimum investment is calculated as a percentage of aggregate outstanding mortgages, and the FHLB requires an additional investment that is calculated as a percentage of total FHLB advances, letters of credit, and the collateralized portion of outstanding interest-rate swaps. The stock is capital stock issued at $ 100 par value. Both stock and cash dividends may be received on FHLB stock. As of September 30, 2019 and December 31, 2018, the Corporation had investments in FHLB stock with a book value of $ 41.7 million and $ 41.9 million, respectively. Dividend income from FHLB stock for the quarters and nine-month periods ended September 30, 2019 and 2018 was $ 0.7 million and $ 2.0 million, respectively. The FHLB of New York issued the shares of FHLB stock owned by the Corporation. The FHLB of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned congressionally chartered banks. The FHLBs are all privately capitalized and operated by their member stockholders. The system is supervised by the Federal Housing Finance Agency, which is intended to ensure that the FHLBs operate in a financially safe and sound manner, remain adequately capitalized and able to raise funds in the capital markets, and carry out their housing finance mission. As of September 30, 2019 and December 31, 2018, the Corporation has equity securities with a readily determinable fair value of approximately $ 1.4 million and $ 0.4 million, respectively. During the quarter and nine-month period ended September 30, 2019, the Corporation recognized a marked-to-market loss of $ 2 thousand and a marked-to-market gain of $ 10 thousand associated with these securities, respectively, ($ 3 thousand and $ 13 thousand marked-to-market losses for the quarter and nine-month period ended September 30, 2018, respectively) recorded as part of Other non-interest income in the consolidated statements of income. In addition, the Corporation had other equity securities that do not have a readily-determinable fair value. The carrying value of such securities as of September 30, 2019 and December 31, 2018 was $ 2.1 million and $ 2.2 million, respectively. |
LOAN PORTFOLIO
LOAN PORTFOLIO | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOAN PORTFOLIO | NOTE 8 – LOANS HELD FOR INVESTMENT The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2019 2018 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 2,997,953 $ 3,163,208 Commercial loans: Construction loans 108,862 79,429 Commercial mortgage loans 1,439,362 1,522,662 Commercial and Industrial loans (1) 2,222,496 2,148,111 Total commercial loans 3,770,720 3,750,202 Finance leases 391,373 333,536 Consumer loans 1,808,374 1,611,177 Loans held for investment 8,968,420 8,858,123 Allowance for loan and lease losses ( 165,575) ( 196,362) Loans held for investment, net $ 8,802,845 $ 8,661,761 As of September 30, 2019 and December 31, 2018, includes $ 747.4 million and $ 796.8 million, respectively, of commercial loans that were secured by real estate but are not dependent upon the real estate for repayment. Loans held for investment on which accrual of interest income had been discontinued were as follows: As of As of September 30, December 31, (In thousands) 2019 2018 Nonaccrual loans: Residential mortgage $ 127,040 $ 147,287 Commercial mortgage 42,525 109,536 Commercial and Industrial 20,725 30,382 Construction: Land 5,021 6,260 Construction-residential 1,337 2,102 Consumer: Auto loans 10,511 11,212 Finance leases 1,340 1,329 Other consumer loans 7,728 7,865 Total nonaccrual loans held for investment (1)(2)(3) $ 216,227 $ 315,973 Excludes $ 6.9 million and $ 16.1 million of nonaccrual loans held for sale as of September 30, 2019 and December 31, 2018, respectively. Amount excludes purchased-credit impaired (“PCI”) loans with a carrying value of approximately $ 139.3 million and $ 146.6 million as of September 30, 2019 and December 31, 2018, respectively, primarily mortgage loans acquired from Doral Bank in the first quarter of 2015 and from Doral Financial in the second quarter of 2014, as further discussed below. These loans are not considered nonaccrual due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using an estimated cash flow analysis. Nonaccrual loans exclude $ 399.4 million and $ 478.9 million of TDR loans that were in compliance with modified terms and in accrual status as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019, the recorded investment of residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 166.5 million, including $ 41.2 million of loans insured by the U.S. Federal Housing Administration (“FHA”) or guaranteed by the U.S. Veterans Administration (“VA”), and $ 19.1 million of PCI loans. The Corporation commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent in accordance with the requirements of the Consumer Financial Protection Bureau (“CFPB”). Foreclosure procedures and timelines vary depending on whether the property is located in a judicial or non-judicial state. Judicial states ( i.e. , Puerto Rico, Florida and the USVI) require the foreclosure to be processed through the state’s court while foreclosure in non-judicial states ( i.e. , the BVI) is processed without court intervention. Foreclosure timelines vary according to local jurisdiction law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays and title issues. The Corporation’s aging of the loans held for investment portfolio is as follows: Purchased Credit-Impaired Loans 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1) Total Past Due Total loans held for investment 90 days past due and still accruing As of September 30, 2019 (In thousands) Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 2,081 $ 86,121 $ 88,202 $ - $ 38,380 $ 126,582 $ 86,121 Other residential mortgage loans (2)(4) - 67,554 143,044 210,598 135,922 2,524,851 2,871,371 16,004 Commercial: Commercial and Industrial loans 26,214 475 27,351 54,040 - 2,168,456 2,222,496 6,626 Commercial mortgage loans (4) 16,761 781 45,575 63,117 3,330 1,372,915 1,439,362 3,050 Construction: Land (4) - 11 5,021 5,032 - 13,205 18,237 - Construction-commercial 886 5,150 - 6,036 - 70,261 76,297 - Construction-residential - - 1,337 1,337 - 12,991 14,328 - Consumer: Auto loans 33,759 6,748 10,511 51,018 - 1,037,032 1,088,050 - Finance leases 6,150 1,232 1,340 8,722 - 382,651 391,373 - Other consumer loans 8,596 5,625 12,089 26,310 - 694,014 720,324 4,361 Total loans held for investment $ 92,366 $ 89,657 $ 332,389 $ 514,412 $ 139,252 $ 8,314,756 $ 8,968,420 $ 116,162 Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more ( i.e ., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days. It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. These balances include $ 40.1 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2019, taking into consideration FHA interest curtailment process. As of September 30, 2019, includes $ 38.0 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of September 30, 2019 amounted to $ 6.2 million, $ 107.8 million, $ 3.9 million, and $ 0.1 million respectively. As of December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1) Total loans held for investment 90 days past due and still accruing (In thousands) Total Past Due Purchased Credit- Impaired Loans Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 4,183 $ 104,751 $ 108,934 $ - $ 38,271 $ 147,205 $ 104,751 Other residential mortgage loans (2)(4) - 62,077 161,851 223,928 143,176 2,648,899 3,016,003 14,564 Commercial: Commercial and Industrial loans 2,550 66 35,385 38,001 - 2,110,110 2,148,111 5,003 Commercial mortgage loans (4) - 1,038 110,482 111,520 3,464 1,407,678 1,522,662 946 Construction: Land (4) - 207 6,327 6,534 - 13,779 20,313 67 Construction-commercial (4) - - - - - 47,965 47,965 - Construction-residential (4) - - 2,102 2,102 - 9,049 11,151 - Consumer: Auto loans 31,070 7,103 11,212 49,385 - 897,091 946,476 - Finance leases 5,502 1,362 1,329 8,193 - 325,343 333,536 - Other consumer loans 9,898 4,542 11,617 26,057 - 638,644 664,701 3,752 Total loans held for investment $ 49,020 $ 80,578 $ 445,056 $ 574,654 $ 146,640 $ 8,136,829 $ 8,858,123 $ 129,083 Includes nonaccrual loans and accruing loans that were contractually delinquent 90 days or more ( i.e. , FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days. It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to nonaccrual loans since the principal repayment is insured. These balances include $ 51.4 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2018, taking into consideration the FHA interest curtailment process. As of December 31, 2018, includes $ 43.6 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2018 amounted to $ 5.6 million, $ 101.4 million, $ 5.1 million, and $ 0.2 million, respectively. The Corporation’s commercial and construction loans credit quality indicators as of September 30, 2019 and December 31, 2018 are summarized below: Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Criticized Asset (1) Total Portfolio September 30, 2019 Special Mention (In thousands) Commercial mortgage $ 8,739 $ 205,520 $ - $ - $ 214,259 $ 1,439,362 Construction: Land - 5,938 - - 5,938 18,237 Construction - commercial 6,036 - - - 6,036 76,297 Construction - residential - 1,337 - - 1,337 14,328 Commercial and Industrial 15,159 32,680 2,405 250 50,494 2,222,496 Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Criticized Asset (1) Total Portfolio December 31, 2018 Special Mention (In thousands) Commercial mortgage $ 172,260 $ 276,935 $ 1,701 $ - $ 450,896 $ 1,522,662 Construction: Land - 7,407 - - 7,407 20,313 Construction - commercial - - - - - 47,965 Construction - residential - 2,102 - - 2,102 11,151 Commercial and Industrial 85,557 45,274 6,114 396 137,341 2,148,111 Excludes a nonaccrual commercial mortgage loan held for sale of $ 6.9 million as of September 30, 2019 and $ 16.1 million of nonaccrual loans held for sale ($ 11.4 million commercial mortgage, $ 3.0 million construction-commercial, and $ 1.7 million commercial and industrial) as of December 31, 2018. The Corporation considers a loan as a criticized asset if its risk rating is Special Mention, Substandard, Doubtful or Loss. These categories are defined as follows: Special Mention – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation’s credit position at some future date. Special Mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification. Substandard – A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Doubtful classifications have all of the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions and values. A Doubtful classification may be appropriate in cases where significant risk exposures are perceived, but loss cannot be determined because of specific reasonable pending factors, which may strengthen the credit in the near term. Loss – Assets classified 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 asset even though partial recovery may occur in the future. There is little or no prospect for near term improvement and no realistic strengthening action of significance pending. The Corporation periodically reviews its loan classifications to evaluate if they are properly classified, and to determine impairment, if any. The frequency of these reviews will depend on the amount of the aggregate outstanding debt, and the risk rating classification of the obligor. In addition, during the renewal and annual review process of applicable credit facilities, the Corporation evaluates the corresponding loan grades. The Corporation has a Loan Review Group which reports directly to the Corporation’s Risk Management Committee and administratively to the Chief Risk Officer and performs annual comprehensive credit process reviews of the Bank’s commercial portfolios. This group evaluates the credit risk profile of portfolios, including the assessment of the risk rating representative of the current credit quality of the loans, and the evaluation of collateral documentation. The monitoring performed by this group contributes to the assessment of compliance with credit policies and underwriting standards, the determination of the current level of credit risk, the evaluation of the effectiveness of the credit management process and the identification of any deficiency that may arise in the credit-granting process. Based on its findings, the Loan Review Group recommends corrective actions, if necessary, that help in maintaining a sound credit process. The Loan Review Group reports the results of the credit process reviews to the Risk Management Committee of the Corporation’s Board of Directors. The Corporation’s consumer and residential loans credit quality indicators as of September 30, 2019 and December 31, 2018 are summarized below: Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer September 30, 2019 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 126,582 $ 2,608,409 $ 1,077,539 $ 390,033 $ 712,596 Purchased Credit-Impaired (2) - 135,922 - - - Nonaccrual - 127,040 10,511 1,340 7,728 Total $ 126,582 $ 2,871,371 $ 1,088,050 $ 391,373 $ 720,324 Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer December 31, 2018 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 147,205 $ 2,725,540 $ 935,264 $ 332,207 $ 656,836 Purchased Credit-Impaired (2) - 143,176 - - - Nonaccrual - 147,287 11,212 1,329 7,865 Total $ 147,205 $ 3,016,003 $ 946,476 $ 333,536 $ 664,701 It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to nonaccrual loans since the principal repayment is insured. This balance includes $ 40.1 million and $ 51.4 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2019 and December 31, 2018, respectively, taking into consideration the FHA interest curtailment process. PCI loans are excluded from nonaccrual statistics due to the application of the accretion method, under which these loans accrete interest income over the remaining life of the loans using estimated cash flow analyses. The following tables present, as of the indicated dates, information about impaired loans held for investment, excluding PCI loans, which are reported separately, as discussed below: Impaired Loans Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 271,042 295,465 17,411 110,826 156,829 381,868 452,294 17,411 Commercial: Commercial mortgage loans 34,583 44,254 6,962 45,395 49,725 79,978 93,979 6,962 Commercial and Industrial loans 51,341 87,027 7,520 27,922 32,854 79,263 119,881 7,520 Construction: Land 2,087 2,431 533 1,943 2,567 4,030 4,998 533 Construction-commercial - - - - - - - - Construction-residential 519 519 11 956 1,531 1,475 2,050 11 Consumer: Auto loans 15,434 15,407 3,576 104 194 15,538 15,601 3,576 Finance leases 1,603 1,797 66 - - 1,603 1,797 66 Other consumer loans 8,545 9,569 919 1,070 1,971 9,615 11,540 919 $ 385,154 $ 456,469 $ 36,998 $ 188,216 $ 245,671 $ 573,370 $ 702,140 $ 36,998 (1) Excludes accrued interest receivable. Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 293,494 325,897 19,965 110,238 148,920 403,732 474,817 19,965 Commercial: Commercial mortgage loans 184,068 201,116 17,684 43,358 49,253 227,426 250,369 17,684 Commercial and Industrial loans 61,162 76,027 9,693 30,030 48,085 91,192 124,112 9,693 Construction: Land 2,444 2,923 552 2,431 2,927 4,875 5,850 552 Construction-commercial - - - - - - - - Construction-residential 1,718 2,370 208 - - 1,718 2,370 208 Consumer: Auto loans 17,781 17,781 3,689 250 250 18,031 18,031 3,689 Finance leases 1,914 1,914 102 22 22 1,936 1,936 102 Other consumer loans 9,291 10,066 2,083 2,068 2,750 11,359 12,816 2,083 $ 571,872 $ 638,094 $ 53,976 $ 188,397 $ 252,207 $ 760,269 $ 890,301 $ 53,976 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 383,960 4,258 213 4,471 Commercial: Commercial mortgage loans 80,966 690 24 714 Commercial and Industrial loans 80,879 932 19 951 Construction: Land 4,218 18 5 23 Construction-commercial - - - - Construction-residential 1,476 11 - 11 Consumer: Auto loans 16,133 283 - 283 Finance leases 1,666 38 - 38 Other consumer loans 9,898 196 38 234 $ 579,196 $ 6,426 $ 299 $ 6,725 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,393 4,641 410 5,051 Commercial: Commercial mortgage loans 244,802 2,198 656 2,854 Commercial and Industrial loans 98,903 557 2 559 Construction: Land 5,204 23 5 28 Construction-commercial - - - - Construction-residential 1,766 - - - Consumer: Auto loans 19,479 362 - 362 Finance leases 1,444 27 - 27 Other consumer loans 11,925 274 53 327 $ 794,916 $ 8,082 $ 1,126 $ 9,208 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-month Period Ended September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 387,732 12,874 690 13,564 Commercial: Commercial mortgage loans 83,156 2,047 125 2,172 Commercial and Industrial loans 85,027 2,803 91 2,894 Construction: Land 4,390 55 23 78 Construction-commercial - - - - Construction-residential 1,485 13 - 13 Consumer: Auto loans 17,196 869 - 869 Finance leases 1,847 106 - 106 Other consumer loans 10,535 621 115 736 $ 591,368 $ 19,388 $ 1,044 $ 20,432 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-Month Period Ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 415,561 13,369 1,080 14,449 Commercial: Commercial mortgage loans 248,919 2,775 2,038 4,813 Commercial and Industrial loans 102,410 1,438 6 1,444 Construction: Land 5,260 70 20 90 Construction-commercial - - - - Construction-residential 1,765 - - - Consumer: Auto loans 20,527 1,122 - 1,122 Finance leases 1,582 84 - 84 Other consumer loans 12,353 754 127 881 $ 808,377 $ 19,612 $ 3,271 $ 22,883 (1) Excludes accrued interest receivable. The following tables show the activity for impaired loans for the quarters and nine-month periods ended September 30, 2019 and 2018: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Impaired Loans: Balance at beginning of period $ 711,828 $ 740,134 $ 760,269 $ 790,308 Loans determined impaired during the period 9,912 119,064 32,267 214,745 Charge-offs (1) (2) ( 4,443) ( 18,035) ( 33,491) ( 48,455) Loans sold, net of charge-offs - - - ( 4,121) Increases to existing impaired loans 125 128 1,740 7,203 Foreclosures ( 5,888) ( 8,293) ( 18,822) ( 27,745) Loans no longer considered impaired ( 1,378) ( 1,146) ( 2,081) ( 5,086) Loans transferred to held for sale - ( 16,839) - ( 74,052) Paid in full, partial payments and other (3) ( 136,786) ( 27,003) ( 166,512) ( 64,787) Balance at end of period $ 573,370 $ 788,010 $ 573,370 $ 788,010 For the quarter ended September 30, 2018, includes charge-offs totaling $ 12.5 million associated with $ 17.2 million in nonaccrual loans transferred to held for sale in the third quarter of 2018. For the nine-month period ended September 30, 2018, includes charge-offs totaling $ 22.2 million associated with $ 74.4 million in nonaccrual loans transferred to held for sale during the first nine-months of 2018 For the quarter and nine-month period ended September 30, 2019, includes the payoff of two large commercial mortgage loans totaling $ 123.9 million. PCI Loans The Corporation acquired PCI loans accounted for under ASC Topic 310-30, “Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC Topic 310-30”), as part of a transaction that closed on February 27, 2015 in which FirstBank acquired 10 Puerto Rico branches of Doral Bank, acquired certain assets, including PCI loans, and assumed deposits, through an alliance with Banco Popular of Puerto Rico, which was the successful lead bidder with the FDIC on the failed Doral Bank, as well as other co-bidders. The Corporation also acquired PCI loans in previously completed asset acquisitions that are accounted for under ASC Topic 310-30. These previous transactions include the acquisition from Doral Financial in the second quarter of 2014 of all of its rights, title and interest in first and second residential mortgage loans in full satisfaction of secured borrowings owed by such entity to FirstBank. Under ASC Topic 310-30, the acquired PCI loans were aggregated into pools based on similar characteristics ( i.e., delinquency status and loan terms). Each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Since the loans are accounted for under ASC Topic 310-30, they are not considered nonaccrual and will continue to have an accretable yield as long as there is a reasonable expectation about the timing and amount of cash flows expected to be collected. The Corporation recognizes additional losses on this portfolio when it is probable that the Corporation will be unable to collect all cash flows expected as of the acquisition date. The carrying amounts of PCI loans were as follows: As of September 30, December 31, 2019 2018 (In thousands) Residential mortgage loans $ 135,922 $ 143,176 Commercial mortgage loans 3,330 3,464 Total PCI loans $ 139,252 $ 146,640 Allowance for loan losses ( 11,434) ( 11,354) Total PCI loans, net of allowance for loan losses $ 127,818 $ 135,286 The following tables present PCI loans by past due status as of September 30, 2019 and December 31, 2018: As of September 30, 2019 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 8,495 $ 25,179 $ 33,674 $ 102,248 $ 135,922 Commercial mortgage loans - - 2,523 2,523 807 3,330 Total (1) $ - $ 8,495 $ 27,702 $ 36,197 $ 103,055 $ 139,252 As of December 31, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 6,979 $ 26,932 $ 33,911 $ 109,265 $ 143,176 Commercial mortgage loans - - 2,512 2,512 952 3,464 Total (1) $ - $ 6,979 $ 29,444 $ 36,423 $ 110,217 $ 146,640 According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans past due 30-59 days as of September 30, 2019 and December 31, 2018, amounted to $ 11.4 million and $ 11.6 million, respectively. No PCI commercial mortgage loans were 30-59 days past due as of September 30, 2019 and December 31, 2018. Initial Fair Value and Accretable Yield of PCI Loans At acquisition of the PCI loans, the Corporation estimated the cash flows the Corporation expected to collect on the loans. Under the accounting guidance for PCI loans, the difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. This difference is neither accreted into income nor recorded on the Corporation’s consolidated statements of financial condition. The excess of cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loans, using the effective-yield method. Changes in Accretable Yield of Acquired PCI Loans Subsequent to the acquisition of PCI loans, the Corporation is required to periodically evaluate its estimate of cash flows expected to be collected. These evaluations, performed quarterly, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and non-accretable difference or reclassifications from non-accretable yield to accretable yield. Increases in the cash flows expected to be collected will generally result in an increase in interest income over the remaining life of the loan or pool of loans. Decreases in expected cash flows due to further credit deterioration will generally result in an impairment charge recognized in the Corporation’s provision for loan and lease losses, resulting in an increase to the allowance for loan and lease losses. As of each September 30, 2019 and December 31, 2018, the reserve related to PCI loans amounted to $ 11.4 million. Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2019 and 2018 were as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 (In thousands) Balance at beginning of period $ 88,695 $ 98,489 $ 93,493 $ 103,682 Accretion recognized in earnings ( 2,309) ( 2,524) ( 7,107) ( 7,717) Balance at end of period $ 86,386 $ 95,965 $ 86,386 $ 95,965 Changes in the carrying amount of PCI loans accounted for pursuant to ASC Topic 310-30 were as follows: Quarter Ended Nine-Month Period Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (In thousands) Balance at beginning of period $ 141,706 $ 152,242 $ 146,640 $ 158,174 Accretion 2,309 2,524 7,107 7,717 Collections ( 3,652) ( 4,835) ( 11,752) ( 12,590) Foreclosures ( 1,111) ( 809) ( 2,743) ( 4,179) Ending balance $ 139,252 $ 149,122 $ 139,252 $ 149,122 Allowance for loan losses ( 11,434) ( 11,354) ( 11,434) ( 11,354) Ending balance, net of allowance for loan losses $ 127,818 $ 137,768 $ 127,818 $ 137,768 Changes in the allowance for loan losses related to PCI loans were as follows: Quarter Ended Nine-Month Period Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (In thousands) Balance at beginning of period $ 11,434 $ 11,354 $ 11,354 $ 11,251 Provision for loan losses - - 80 103 Balance at the end of period $ 11,434 $ 11,354 $ 11,434 $ 11,354 The outstanding principal balance of PCI loans, including amounts charged off by the Corporation, amounted to $ 171.5 million as of September 30, 2019 (compared to - $ 181.1 million as of December 31, 2018). Purchases and Sales of Loans During the first nine months of 2019, the Corporation purchased $ 13.4 million of residential mortgage loans as part of a strategic program to purchase ongoing residential mortgage loan production from mortgage bankers in Puerto Rico. In general, the loans purchased from mortgage bankers were conforming residential mortgage loans. Purchases of conforming residential mortgage loans provide the Corporation the flexibility to retain or sell the loans, including through securitization transactions, depending upon the Corporation’s interest rate risk management strategies. When the Corporation sells such loans, it generally keeps the servicing of the loans. In the ordinary course of business, the Corporation sells residential mortgage loans (originated or purchased) to GNMA and GSEs, such as FNMA and FHLMC, which generally securitize the transferred loans into MBS for sale into the secondary market. During the first nine months of 2019, the Corporation sold $ 173.4 million of FHA/VA mortgage loans to GNMA, which packaged them into MBS. Also, during the first nine months of 2019, the Corporation sold approximately $ 93.8 million of performing residential mortgage loans to FNMA and FHLMC. The Corporation’s continuing involvement in these sold loans consists primarily of servicing the loans. In addition, the Corporation agreed to repurchase loans if it breaches any of the representations and warranties included in the sale agreement. These representations and warranties are consistent with the GSEs’ selling and servicing guidelines ( i.e. , ensuring that the mortgage was properly underwritten according to established guidelines). For loans sold to GNMA, the Corporation holds an option to repurchase individual delinquent loans issued on or after January 1, 2003 when the borrower fails to make any payment for three consecutive months. This option gives the Corporation the ability, but not the obligation, to repurchase the delinquent loans at par without prior authorization from GNMA. Under ASC Topic 860, “Transfer and Servicing,” once the Corporation has the unilateral ability to repurchase the delinquent loan, it is considered to have regained effective control over the loan and is required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of the Corporation’s intent to repurchase the loan. As of September 30, 2019 and December 31, 2018, rebooked GNMA delinquent loans included in the residential mortgage loan portfolio amounted to $ 38.0 million and $ 43.6 million, respectively. During the first nine months of 2019 and 2018, the Corporation repurchased, pursuant to its repurchase option with GNMA, $ 22.5 million and $ 11.0 million, respectively, of loans previously sold to GNMA. The principal balance of these loans is fully guaranteed and the risk of loss related to the repurchased loans is generally limited to the difference between the delinquent interest payment advanced to GNMA, which is computed at the loan’s interest rate, and the interest payments reimbursed by FHA, which are computed at a pre-determined debenture rate. Repurchases of GNMA loans allow the Corporation, among other things, to maintain acceptable delinquency rates on outstanding GNMA pools and remain as a seller and servicer in good standing with GNMA. Hist |
ALLOWANCE FOR LOAN AND LEASE LO
ALLOWANCE FOR LOAN AND LEASE LOSSES | 9 Months Ended |
Sep. 30, 2019 | |
Loans And Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR LOAN AND LEASE LOSSES | NOTE 9 – ALLOWANCE FOR LOAN AND LEASE LOSSES The changes in the allowance for loan and lease losses were as follows: Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 48,284 $ 46,373 $ 21,644 $ 3,026 $ 52,684 $ 172,011 Charge-offs ( 5,288) ( 813) ( 387) ( 68) ( 12,708) ( 19,264) Recoveries 874 96 1,826 279 2,355 5,430 Provision (release) 2,162 ( 808) ( 5,465) ( 178) 11,687 7,398 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Charge-offs ( 16,229) ( 14,901) ( 7,056) ( 347) ( 37,004) ( 75,537) Recoveries 2,080 314 3,196 629 6,779 12,998 Provision (release) 9,387 3,854 ( 11,068) ( 815) 30,394 31,752 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 55,130 $ 48,718 $ 44,000 $ 3,949 $ 70,238 $ 222,035 Charge-offs (2) ( 8,316) ( 9,850) ( 2,242) ( 2,192) ( 13,712) ( 36,312) Recoveries 833 291 127 14 2,051 3,316 Provision (2) 360 10,111 2,281 1,308 ( 2,536) 11,524 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (2) ( 17,231) ( 20,557) ( 9,282) ( 8,187) ( 38,111) ( 93,368) Recoveries 1,857 378 1,565 165 6,519 10,484 Provision (2) 4,406 20,956 3,012 6,579 16,651 51,604 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Refer to Note. 8 - Loans Held for Investment - PCI Loans for a detail of changes in the allowance for loan losses related to PCI loans. During the third quarter of 2018, the Corporation transferred to held for sale $ 17.2 million (net of fair value write downs of $ 12.5 million) in nonaccrual loans to held for sale. Approximately $ 2.4 million of the $ 12.5 million in charge-offs recorded on the transfer was taken against previously established reserves for loan leases, resulting in a charge to the provision of $ 10.1 million for the third quarter of 2018. Loans transferred to held for sale in the third quarter of 2018 consisted of $ 3.0 million in nonaccrual construction loans (net of fair value write downs of $ 1.6 million), $ 12.4 million in nonaccrual commercial mortgage loans (net of fair value write downs of $ 9.2 million), and $ 1.8 million in nonaccrual commercial and industrial loans (net of fair value write-downs of $ 1.7 million). In addition, during the first quarter of 2018, the Corporation transferred to held for sale $ 57.2 million (net of fair value write-downs of $ 9.7 million) in nonaccrual loans to held for sale. Approximately $ 4.1 million of the $ 9.7 million in charge-offs recorded on the transfer was taken against previously-established reserves for loan losses, resulting in a charge to the provision of $ 5.6 million for the first quarter of 2018. Loans transferred to held for sale in the first quarter of 2018 consisted of a $ 30.0 million nonaccrual construction loan (net of a $ 5.1 million fair value write-down) and two nonaccrual commercial mortgage loans totaling $ 27.2 million (net of fair value write-downs of $ 4.6 million). The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of September 30, 2019 and December 31, 2018: As of September 30, 2019 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,826 $ 45,395 $ 27,922 $ 2,899 $ 1,174 $ 188,216 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 271,042 34,583 51,341 2,606 25,582 385,154 Allowance for loan and lease losses 17,411 6,962 7,520 544 4,561 36,998 Allowance for loan and lease losses to principal balance 6.42 % 20.13 % 14.65 % 20.87 % 17.83 % 9.61 % PCI loans: Carrying value of PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Allowance for PCI loans 11,063 371 - - - 11,434 Allowance for PCI loans to carrying value 8.14 % 11.14 % 8.21 % Loans with general allowance: Principal balance of loans $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Allowance for loan and lease losses 17,558 37,515 10,098 2,515 49,457 117,143 Allowance for loan and lease losses to principal balance 0.71 % 2.77 % 0.47 % 2.43 % 2.28 % 1.42 % Total loans held for investment: Principal balance of loans $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Allowance for loan and lease losses 46,032 44,848 17,618 3,059 54,018 165,575 Allowance for loan and lease losses to principal balance (1) 1.54 % 3.12 % 0.79 % 2.81 % 2.46 % 1.85 % As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % 7.74 % Loans with general allowance: Principal balance of loans $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % Loans used in the denominator include PCI loans of $ 139.3 million and $ 146.6 million as of September 30, 2019 and December 31, 2018, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of nonaccrual loans, impaired loans, TDRs and non-performing assets. During 2019, the Corporation reduced to zero the reserve for unfunded loan commitments (compared to a reserve of $ 0.4 million as of December 31, 2018). The reserve for unfunded loan commitments is an estimate of the losses inherent in off-balance sheet loan commitments to borrowers that are experiencing financial difficulties at the balance sheet date. It is calculated by multiplying an estimated loss factor by an estimated probability of funding, and then by the period-end amounts for unfunded commitments. The reserve for unfunded loan commitments is included as part of Accounts payable and other liabilities in the consolidated statements of financial condition and any changes to the reserve is included as part of other non-interest expenses in the consolidated statements of income. |
LOANS HELD FOR SALE
LOANS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2019 | |
Receivables Held For Sale [Abstract] | |
LOANS HELD FOR SALE | NOTE 10 – LOANS HELD FOR SALE The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: September 30, 2019 December 31, 2018 (In thousands) Residential mortgage loans $ 35,564 $ 27,075 Construction loans - 3,015 Commercial and Industrial loans (1) - 1,725 Commercial mortgage loans (1) 6,906 11,371 Total $ 42,470 $ 43,186 During the first quarter of 2019, the Corporation completed the sale of $ 4.8 million in nonaccrual loans held for sale ($ 3.7 million commercial mortgage and $ 1.1 million commercial and industrial). |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
OTHER REAL ESTATE OWNED | NOTE 11 – OTHER REAL ESTATE OWNED The following table presents OREO inventory as of the dates indicated: September 30, December 31, 2019 2018 (In thousands) OREO OREO balances, carrying value: Residential (1) $ 46,046 $ 49,239 Commercial 47,914 71,838 Construction 9,073 10,325 Total $ 103,033 $ 131,402 Excludes $ 16.4 million and $ 14.4 million as of September 30, 2019 and December 31, 2018, respectively, of foreclosures that meet the conditions of ASC Topic 310-40 and are presented as a receivable (other assets) in the statement of financial condition. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 12 – LEASES The Corporation’s operating leases are primarily related to the Corporation’s branches and leased commercial space for ATMs. Our leases have terms of two thirty years, some of which include options to extend the leases for up to seven years. As of September 30, 2019, the Corporation did not have a lease that qualifies as a finance lease. The Corporation includes the operating lease ROU asset and operating lease liability as part of Other assets and Account payables and other liabilities, respectively, in the consolidated statements of financial condition. Operating lease cost for the quarter and nine-month period ended September 30, 2019 amounted to $ 2.8 million and $ 8.0 million, respectively. Supplemental balance sheet information related to leases is as follows: As of September 30, 2019 (Dollars in thousands) Operating lease ROU asset $ 63,343 Operating lease liability $ 66,177 Operating lease weighted-average remaining lease term (in years) 11.0 Operating lease weighted-average discount rate 3.29% Generally, the Corporation cannot practically determine the interest rate implicit in the lease. Therefore, the Corporation uses its incremental borrowing rate as the discount rate for the lease. Supplemental cash flow information related to leases is as follows: Nine-month period ended September 30, 2019 (In thousands) Operating cash flow from operating leases (1) $ 7,619 ROU assets obtained in exchange for operating lease liabilities (2) 8,139 Represents cash paid for amounts included in the measurement of operating lease liabilities. Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. Maturities under lease liabilities as of September 30, 2019, were as follows: Amount (In thousands) 2019 $ 2,552 2020 10,290 2021 9,643 2022 8,629 2023 6,943 2024 and later years 41,367 Total lease payments 79,424 Less: imputed interest ( 13,247) Total present value of lease liability $ 66,177 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 13 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES One of the market risks facing the Corporation is interest rate risk, which includes the risk that changes in interest rates will result in changes in the value of the Corporation’s assets or liabilities and will adversely affect the Corporation’s net interest income from its loan and investment portfolios. The overall objective of the Corporation’s interest rate risk management activities is to reduce the variability of earnings caused by changes in interest rates. The Corporation designates a derivative as a fair value hedge, cash flow hedge or economic undesignated hedge when it enters into the derivative contract. As of September 30, 2019 and December 31, 2018, all derivatives held by the Corporation were considered economic undesignated hedges. These undesignated hedges are recorded at fair value with the resulting gain or loss recognized in current earnings. The following summarizes the principal derivative activities used by the Corporation in managing interest rate risk: Interest rate cap agreements - Interest rate cap agreements provide the right to receive cash if a reference interest rate rises above a contractual rate. The value of the interest rate cap increases as the reference interest rate rises. The Corporation enters into interest rate cap agreements for protection from rising interest rates. Forward Contracts - Forward contracts are primarily sales of to-be-announced (“TBA”) MBS that will settle over the standard delivery date and do not qualify as “regular way” security trades. Regular-way security trades are contracts that have no net settlement provision and no market mechanism to facilitate net settlement and that provide for delivery of a security within the time frame generally established by regulations or conventions in the market place or exchange in which the transaction is being executed. The forward sales are considered derivative instruments that need to be marked to market. The Corporation uses these securities to economically hedge the FHA/VA residential mortgage loan securitizations of the mortgage-banking operations. The Corporation also reports as forward contracts the mandatory mortgage loan sales commitments that it enters into with GSEs that require or permit net settlement via a pair-off transaction or the payment of a pair-off fee. Unrealized gains (losses) are recognized as part of Mortgage banking activities in the consolidated statement of income. Interest Rate Lock Commitments – Interest rate lock commitments are agreements under which the Corporation agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Under the agreement, the Corporation commits to lend funds to a potential borrower, generally on a fixed rate basis, regardless of whether interest rates change in the market. To satisfy the needs of its customers, the Corporation may enter into non-hedging transactions. In these transactions, the Corporation generally participates as a buyer in one of the agreements and as a seller in the other agreement under the same terms and conditions. In addition, the Corporation enters into certain contracts with embedded derivatives that do not require separate accounting as these are clearly and closely related to the economic characteristics of the host contract. 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, carried at fair value, and designated as a trading or non-hedging derivative instrument. The following table summarizes the notional amounts of all derivative instruments as of the indicated dates: Notional Amounts (1) As of As of September 30, December 31, 2019 2018 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 21,010 $ 68,510 Purchased interest rate cap agreements 21,010 68,510 Interest rate lock commitments 9,917 11,722 Forward Contracts: Sale of TBA GNMA MBS pools 30,000 33,000 Forward loan sales commitments 6,012 6,339 $ 87,949 $ 188,081 Notional amounts are presented on a gross basis with no netting of offsetting exposure positions. The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition as of the indicated dates: Asset Derivatives Liability Derivatives Statement of September 30, December 31, September 30, December 31, Financial 2019 2018 2019 2018 Condition Location Fair Value Fair Value Statement of Financial Condition Location Fair Value Fair Value (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements Other assets $ - $ - Accounts payable and other liabilities $ 9 $ 617 Purchased interest rate cap agreements Other assets 10 623 Accounts payable and other liabilities - - Interest rate lock commitments Other assets 273 383 Accounts payable and other liabilities - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets 1 - Accounts payable and other liabilities 174 383 Forward loan sales commitments Other assets 20 12 Accounts payable and other liabilities - - $ 304 $ 1,018 $ 183 $ 1,000 The following table summarizes the effect of derivative instruments on the consolidated statements of income for the indicated periods: (Loss) or Gain (Loss) or Gain Location of Unrealized Gain (Loss) Quarter Ended Nine-Month Period Ended Recognized in Statement September 30, September 30, of Income on Derivatives 2019 2018 2019 2018 (In thousands) UNDESIGNATED ECONOMIC HEDGES: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ ( 1) $ - $ ( 5) $ - Interest rate lock commitments Mortgage Banking Activities 15 - 145 - Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities 214 211 210 108 Forward loan sales commitments Mortgage Banking Activities - - 8 - Total (loss) gain on derivatives $ 228 $ 211 $ 358 $ 108 Derivative instruments are subject to market risk. As is the case with investment securities, the market value of derivative instruments is largely a function of the financial market’s expectations regarding the future direction of interest rates. Accordingly, current market values are not necessarily indicative of the future impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, and the level of interest rates, as well as the expectations for rates in the future. As of September 30, 2019, the Corporation had not entered into any derivative instrument containing credit-risk-related contingent features. |
OFFSETTING OF ASSETS AND LIABIL
OFFSETTING OF ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Offsetting [Abstract] | |
OFFSETTING OF ASSETS AND LIABILITIES | NOTE 14 – OFFSETTING OF ASSETS AND LIABILITIES The Corporation enters into master agreements with counterparties, primarily related to derivatives and repurchase agreements, that may allow for netting of exposures in the event of default. In an event of default, each party has a right of set-off against the other party for amounts owed under the related agreement and any other amount or obligation owed with respect to any other agreement or transaction between them. The following tables present information about the offsetting of financial assets and liabilities as well as derivative assets and liabilities as of the indicated dates: Offsetting of Financial Assets and Derivative Assets Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of September 30, 2019 Net Amount (In thousands) Description Derivatives $ 10 $ - $ 10 $ - $ ( 10) $ - Securities purchased under agreements to resell 200,000 ( 200,000) - - - - Total $ 200,010 $ ( 200,000) $ 10 $ - $ ( 10) $ - Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of December 31, 2018 Net Amount (In thousands) Description Derivatives $ 623 $ - $ 623 $ - $ ( 623) $ - Securities purchased under agreements to resell 200,000 ( 200,000) - - - - Total $ 200,623 $ ( 200,000) $ 623 $ - $ ( 623) $ - Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of September 30, 2019 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 300,000 $ ( 200,000) $ 100,000 $ ( 100,000) $ - $ - Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of December 31, 2018 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 350,086 $ ( 200,000) $ 150,086 $ ( 150,086) $ - $ - |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 15 – GOODWILL AND OTHER INTANGIBLES Goodwill as of September 30, 2019 and December 31, 2018 amounted to $ 28.1 million, recognized as part of Other assets in the consolidated statements of financial condition. The Corporation conducted its annual evaluation of goodwill and other intangibles during the fourth quarter of 2018. The Corporation’s goodwill is related to the U.S. (Florida) reporting unit. There have been no significant events related to the Florida reporting unit that could indicate potential goodwill impairment since the date of the last evaluation; therefore, no goodwill impairment evaluation was performed during the first nine months of 2019. Goodwill and other indefinite life intangibles are reviewed at least annually for impairment. In connection with the acquisition of the FirstBank-branded credit card loan portfolio, in the second quarter of 2012, the Corporation recognized a purchased credit card relationship intangible of $ 24.5 million ($ 4.1 million as of September 30, 2019 and $ 5.7 million as of December 31, 2018), which is being amortized over the remaining estimated life of 2.1 years on an accelerated basis based on the estimated attrition rate of the purchased credit card accounts, which reflects the Corporation’s estimate that it will realize the economic benefits of the intangible asset as the revenue stream generated by the cardholder relationship is realized. The core deposit intangible of $ 3.7 million (December 31, 2018 - $ 4.3 million) primarily consists of the core deposit acquired in the February 2015 Doral Bank transaction. In the first quarter of 2016, FirstBank Insurance Agency acquired certain insurance customer accounts and related customer records and recognized an insurance customer relationship intangible of $ 1.1 million ($ 0.5 million as of September 30, 2019 and $ 0.6 million as of December 31, 2018). The acquired accounts have a direct relationship to the previous mortgage loan portfolio acquisitions from Doral Bank and Doral Financial in 2015 and 2014. The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets recognized as part of Other assets in the consolidated statements of financial condition as of the indicated dates: As of As of September 30, December 31, 2019 2018 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) ( 47,969) ( 47,329) Net carrying amount $ 3,695 $ 4,335 Remaining amortization period (in years) 5.3 6.0 Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) ( 20,328) ( 18,763) Net carrying amount $ 4,137 $ 5,702 Remaining amortization period (in years) 2.1 2.9 Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) ( 559) ( 445) Net carrying amount $ 508 $ 622 Remaining amortization period (in years) 3.3 4.0 For the quarter and nine-month period ended September 30, 2019, the amortization expense of core deposit intangibles amounted to $ 0.2 million and $ 0.6 million, respectively (2018 - $ 0.3 million and $ 0.9 million, respectively). For the quarter and nine-month period ended September 30, 2019, the amortization expense of the purchased credit card relationship intangible amounted to $ 0.5 million and $ 1.6 million, respectively (2018 - $ 0.6 million and $ 1.7 million, respectively). For the quarter and nine-month period ended September 30, 2019, the amortization expense of the insurance customer relationship intangible amounted to $ 38 thousand and $ 0.1 million, respectively (2018 - $ 38 thousand and $ 0.1 million, respectively). The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows as of September 30, 2019: Amount (In thousands) 2019 $ 769 2020 2,851 2021 2,658 2022 915 2023 622 2024 and after 525 |
NON-CONSOLIDATED VARIABLE INTER
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | NOTE 16 – NON CONSOLIDATED VARIABLE INTEREST ENTITIES (“VIE”) AND SERVICING ASSETS The Corporation transfers residential mortgage loans in sale or securitization transactions in which it has continuing involvement, including servicing responsibilities and guarantee arrangements. All such transfers have been accounted for as sales as required by applicable accounting guidance. When evaluating the need to consolidate counterparties to which the Corporation has transferred assets, or with which the Corporation has entered into other transactions, the Corporation first determines if the counterparty is an entity for which a variable interest exists. If no scope exception is applicable and a variable interest exists, the Corporation then evaluates if it is the primary beneficiary of the VIE and whether the entity should be consolidated or not. Below is a summary of transactions with VIEs for which the Corporation has retained some level of continuing involvement: GNMA The Corporation typically transfers first lien residential mortgage loans in conjunction with GNMA securitization transactions in which the loans are exchanged for cash or securities that are readily redeemed for cash proceeds and servicing rights. The securities issued through these transactions are guaranteed by the issuer and, under seller/servicer agreements, the Corporation is required to service the loans in accordance with the issuers’ servicing guidelines and standards. As of September 30, 2019, the Corporation serviced loans securitized through GNMA with a principal balance of $ 1.8 billion. Trust-Preferred Securities In 2004, FBP Statutory Trust I, a financing trust that is wholly owned by the Corporation, sold to institutional investors $ 100 million of its variable-rate trust-preferred securities (“TRuPs”). FBP Statutory Trust I used the proceeds of the issuance, together with the proceeds of the purchase by the Corporation of $ 3.1 million of FBP Statutory Trust I variable-rate common securities, to purchase $ 103.1 million aggregate principal amount of the Corporation’s Junior Subordinated Deferrable Debentures. Also in 2004, FBP Statutory Trust II, a financing trust that is wholly owned by the Corporation, sold to institutional investors $ 125 million of its variable-rate TRuPs. FBP Statutory Trust II used the proceeds of the issuance, together with the proceeds of the purchase by the Corporation of $ 3.9 million of FBP Statutory Trust II variable-rate common securities, to purchase $ 128.9 million aggregate principal amount of the Corporation’s Junior Subordinated Deferrable Debentures. The debentures are presented in the Corporation’s consolidated statement of financial condition as Other Borrowings, net of related issuance costs. The variable-rate TRuPs are fully and unconditionally guaranteed by the Corporation. The Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and September 2004 mature on June 17, 2034 and September 20, 2034, respectively; however, under certain circumstances, the maturity of Junior Subordinated Deferrable Debentures may be shortened (such shortening would result in a mandatory redemption of the variable-rate TRuPs). During the first quarter of 2018, the Corporation completed the repurchase of $ 23.8 million of TRuPs of the FBP Statutory Trust I that were auctioned in a public sale at which the Corporation was invited to participate. The Corporation repurchased and cancelled the repurchased TRuPs, which resulted in a commensurate reduction in the related Floating Rate Junior Subordinated Debentures. The Corporation’s winning bid equated to 90% of the $ 23.8 million par value. The 10% discount resulted in a gain of approximately $ 2.3 million, which is reflected in the consolidated statements of income as Gain on early extinguishment of debt. The Collins Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act eliminated certain TRuPs from Tier 1 Capital; however, these instruments may remain in Tier 2 capital until the instruments are redeemed or mature. Under the indentures, the Corporation has the right, from time to time, and without causing an event of default, to defer payments of interest on the Junior Subordinated Deferrable Debentures by extending the interest payment period at any time and from time to time during the term of the subordinated debentures for up to twenty consecutive quarterly periods. During the second quarter of 2016, the Corporation, having received approval from the Federal Reserve, paid $ 31.2 million for all of the accrued but deferred interest payments plus the interest for the second quarter of 2016 on the Corporation’s subordinated debentures associated with its TRuPs. Subsequently, the Corporation has made scheduled quarterly interest payments on the subordinated debentures. As of September 30, 2019, the Corporation was current on all interest payments due on its subordinated debt. The Corporation is no longer required to obtain the approval of the Federal Reserve Bank before paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust preferred securities, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. Private Label MBS During 2004 and 2005, an unaffiliated party, referred to in this subsection as the seller, established a series of statutory trusts to effect the securitization of mortgage loans and the sale of trust certificates (“private label MBS”). The seller initially provided the servicing for a fee, which is senior to the obligations to pay private label MBS holders. The seller then entered into a sales agreement through which it sold and issued these private label MBS in favor of the Corporation’s banking subsidiary. Currently, the Bank is the sole owner of these private label MBS; the servicing of the underlying residential mortgages that generate the principal and interest cash flows is performed by another third party, which receives a servicing fee. These private label MBS are variable-rate securities indexed to 90-day LIBOR plus a spread. The principal payments from the underlying loans are remitted to a paying agent (servicer), who then remits interest to the Bank. Interest income is shared to a certain extent with the FDIC, which has an interest only strip (“IO”) tied to the cash flows of the underlying loans and is entitled to receive the excess of the interest income less a servicing fee over the variable rate income that the Bank earns on the securities. This IO is limited to the weighted-average coupon on the securities. The FDIC became the owner of the IO upon its intervention of the seller, a failed financial institution. No recourse agreement exists, and the Bank, as the sole holder of the securities, absorbs all risks from losses on non-accruing loans and repossessed collateral. As of September 30, 2019, the amortized cost and fair value of these private label MBS amounted to $ 17.0 million and $ 11.6 million, respectively, with a weighted average yield of 4.07%, which is included as part of the Corporation’s available-for-sale investment securities portfolio. As described in Note 6 above, the Corporation recorded a $0.5 million OTTI charge on these private label MBS during the third quarter of 2019. Investment in unconsolidated entity On February 16, 2011, FirstBank sold an asset portfolio consisting of performing and nonaccrual construction, commercial mortgage and commercial and industrial loans with an aggregate book value of $ 269.3 million to CPG/GS, an entity organized under the laws of the Commonwealth of Puerto Rico and majority owned by PRLP Ventures LLC (“PRLP”), a company created by Goldman, Sachs & Co. and Caribbean Property Group. In connection with the sale, the Corporation received $ 88.5 million in cash and a 35% interest in CPG/GS, and made a loan in the amount of $ 136.1 million representing seller financing provided by FirstBank. The loan was refinanced and consolidated with other outstanding loans of CPG/GS in the second quarter of 2018 and was paid in full in October 2019. FirstBank’s equity interest in CPG/GS is accounted for under the equity method. FirstBank recorded a loss on its interest in CPG/GS in 2014 that reduced to zero the carrying amount of the Bank’s investment in CPG/GS. No negative investment needs to be reported as the Bank has no legal obligation or commitment to provide further financial support to this entity; thus, no further losses have been or will be recorded on this investment. CPG/GS has used cash proceeds on the loan to cover operating expenses and debt service payments, including those related to the refinanced loan that was paid off in October 2019. FirstBank will not receive any return on its equity interest until PRLP receives an aggregate amount equivalent to its initial investment and a priority return of at least 12%, which has not occurred, resulting in FirstBank’s interest in CPG/GS being subordinate to PRLP’s interest. CPG/GS will then begin to make payments pro rata to PRLP and FirstBank, 35% and 65%, respectively, until FirstBank has achieved a 12% return on its invested capital and the aggregate amount of distributions is equal to FirstBank’s capital contributions to CPG/GS. The Bank has determined that CPG/GS is a VIE in which the Bank is not the primary beneficiary. In determining the primary beneficiary of CPG/GS, the Bank considered applicable guidance that requires the Bank to qualitatively assess the determination of the primary beneficiary (or consolidator) of CPG/GS based on whether it has both the power to direct the activities of CPG/GS that most significantly affect the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, CPG/GS that could potentially be significant to the VIE. The Bank determined that it does not have the power to direct the activities that most significantly impact the economic performance of CPG/GS as it does not have the right to manage or influence the loan portfolio, foreclosure proceedings, or the construction and sale of the property; therefore, the Bank concluded that it is not the primary beneficiary of CPG/GS. Servicing Assets The Corporation sells residential mortgage loans to GNMA, which generally securitizes the transferred loans into MBS. Also, certain conventional conforming loans are sold to FNMA or FHLMC with servicing retained. The Corporation recognizes as separate assets the rights to service loans for others, whether those servicing assets are originated or purchased. Servicing assets are included as part of Other assets in the consolidated statements of financial condition. The changes in servicing assets are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 27,231 $ 27,191 $ 27,428 $ 25,255 Capitalization of servicing assets 986 1,003 2,855 3,028 Amortization ( 1,290) ( 722) ( 3,266) ( 2,188) Temporary impairment (charges) recoveries , net ( 53) ( 65) ( 73) 1,265 Other (1) - 186 ( 70) 233 Balance at end of period $ 26,874 $ 27,593 $ 26,874 $ 27,593 (1) Amount represents adjustments related to the repurchase of loans serviced for others. Impairment charges are recognized through a valuation allowance for each individual stratum of servicing assets. The valuation allowance is adjusted to reflect the amount, if any, by which the cost basis of the servicing asset for a given stratum of loans being serviced exceeds its fair value. Any fair value in excess of the cost basis of the servicing asset for a given stratum is not recognized. Changes in the impairment allowance were as follows for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Balance at beginning of period $ 50 $ 56 $ 30 $ 1,451 Temporary impairment charges 54 65 78 102 OTTI of servicing assets - - - ( 65) Recoveries ( 1) - ( 5) ( 1,367) Balance at end of period $ 103 $ 121 $ 103 $ 121 The components of net servicing income, includes as part of Mortgage banking activities in the consolidated statements of income, are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Servicing fees $ 2,166 $ 2,084 $ 6,333 $ 6,262 Late charges and prepayment penalties 144 114 455 380 Adjustment for loans repurchased - 186 ( 70) 233 Other - ( 8) ( 15) ( 8) Servicing income, gross 2,310 2,376 6,703 6,867 Amortization and impairment of servicing assets ( 1,343) ( 787) ( 3,339) ( 923) Servicing income, net $ 967 $ 1,589 $ 3,364 $ 5,944 The Corporation’s servicing assets are subject to prepayment and interest rate risks. Key economic assumptions used in determining the fair value at the time of sale of the related mortgages ranged as follows for the indicated periods: Maximum Minimum Nine-Month Period Ended September 30, 2019: Constant prepayment rate: Government-guaranteed mortgage loans 6.4 % 6.2 % Conventional conforming mortgage loans 6.9 % 6.7 % Conventional non-conforming mortgage loans 9.3 % 8.9 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % Nine-Month Period Ended September 30, 2018: Constant prepayment rate: Government-guaranteed mortgage loans 5.9 % 5.6 % Conventional conforming mortgage loans 6.4 % 6.2 % Conventional non-conforming mortgage loans 9.8 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % The weighted averages of the key economic assumptions that the Corporation used in its valuation model and the sensitivity of the current fair value to immediate 10% and 20% adverse changes in those assumptions for mortgage loans as of September 30, 2019 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 26,874 Fair value $ 30,318 Weighted-average expected life (in years) 8.24 Constant prepayment rate (weighted-average annual rate) 6.61 % Decrease in fair value due to 10% adverse change $ 762 Decrease in fair value due to 20% adverse change $ 1,490 Discount rate (weighted-average annual rate) 11.27 % Decrease in fair value due to 10% adverse change $ 1,409 Decrease in fair value due to 20% adverse change $ 2,706 These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship between the change in assumption and 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 servicing asset is calculated without changing any other assumption; in reality, 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 counteract the sensitivities . |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 17 – DEPOSITS The following table summarizes deposit balances as of the dates indicated: September 30, December 31, 2019 2018 (In thousands) Type of account: Non-interest-bearing checking accounts $ 2,270,250 $ 2,395,481 Savings accounts 2,414,232 2,334,949 Interest-bearing checking accounts 1,384,383 1,304,043 Certificates of deposit 2,581,012 2,404,644 Brokered certificates of deposit (CDs) 483,022 555,597 Total $ 9,132,899 $ 8,994,714 Brokered CDs mature as follows: September 30, 2019 (In thousands) Three months or less $ 70,091 Over three months to six months 61,136 Over six months to one year 115,072 Over one year to three years 211,148 Over three years to five years 19,628 Over five years 5,947 Total $ 483,022 The following were the components of interest expense on deposits for the periods indicated: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Interest expense on deposits $ 20,159 $ 16,709 $ 56,385 $ 49,983 Accretion of premium from acquisition ( 2) ( 2) ( 6) ( 7) Amortization of broker placement fees 184 272 557 948 Total interest expense on deposits $ 20,341 $ 16,979 $ 56,936 $ 50,924 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Repurchase Agreements [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 18 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following: September 30, 2019 December 31, 2018 (Dollars in thousands) Short-term fixed-rate repurchase agreement (1) $ - $ 50,086 Long-term fixed-rate repurchase agreements (2)(3)(4) 100,000 100,000 $ 100,000 $ 150,086 Interest rate of 2.85%. Interest rate of %. Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC Topic 210-20-45-11, “Balance Sheet – Offsetting – Repurchase and Reverse Repurchase Agreements.”. Subsequent to September 30, 2019, the lender has not exercised its call option on this callable repurchase agreement. Repurchase agreements mature as follows as of the indicated date: September 30, 2019 (In thousands) One to three years $ 100,000 As of September 30, 2019 and December 31, 2018, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted. Repurchase agreements as of September 30, 2019, grouped by counterparty, were as follows: (Dollars in thousands) Weighted-Average Counterparty Amount Maturity (In Months) JP Morgan Chase $ 100,000 28 |
ADVANCES FROM THE FEDERAL HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 9 Months Ended |
Sep. 30, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | NOTE 19 – ADVANCES FROM THE FEDERAL HOME LOAN BANK The following is a summary of the advances from the FHLB as of the indicated dates: September 30, December 31, (In thousands) 2019 2018 Long-term Fixed-rate advances from FHLB (1) $ 740,000 $ 740,000 Weighted-average interest rate of 2.07% Advances from FHLB mature as follows as of the indicated date: As of September 30, 2019 (In thousands) Within one month $ 100,000 Over one to three months 105,000 Over six months to one year 45,000 Over one to three years 490,000 Total $ 740,000 As of September 30, 2019, the Corporation used $ 252.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands and had additional capacity of approximately $ 358.1 million on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk associated with the collateral. |
OTHER BORROWINGS
OTHER BORROWINGS | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
OTHER BORROWINGS | NOTE 20 – OTHER BORROWINGS Other borrowings, as of the indicated dates, consisted of: September 30, December 31, 2019 2018 (In thousands) Floating rate junior subordinated debentures (FBP Statutory Trust I) (1) $ 65,593 $ 65,593 Floating rate junior subordinated debentures (FBP Statutory Trust II) (2) 118,557 118,557 $ 184,150 $ 184,150 Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of over 3-month LIBOR ( 4.89% as of September 30, 2019 and 5.54% as of December 31, 2018). Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of over 3-month LIBOR ( 4.66% as of September 30, 2019 and 5.29% as of December 31, 2018). |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 21 – STOCKHOLDERS’ EQUITY Common Stock As of September 30, 2019 and December 31, 2018, the Corporation had 2,000,000,000 authorized shares of common stock with a par value of $ 0.10 per share. As of September 30, 2019 and December 31, 2018, there were 222,103,721 and 221,789,509 shares issued, respectively, and 217,360,587 and 217,235,140 shares outstanding, respectively. Refer to Note 5 – Stock Based Compensation, for information about transactions related to common stock under the Omnibus Plan. On July 31, 2019, the Corporation’s Board of Directors, after receiving regulatory approval, declared a quarterly cash dividend of $ 0.03 per common share that was paid on September 13, 2019 to shareholders of record on August 29, 2019. For the quarter and nine-month period ended September 30, 2019, total cash dividends declared on shares of common stock amounted to $ 6.5 million and $ 19.6 million, respectively. The Corporation intends to continue to pay quarterly dividends on common stock. As mentioned above, the Corporation is no longer required to obtain the approval of the Federal Reserve Bank before paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust preferred securities, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. Preferred Stock The Corporation has 50,000,000 authorized shares of preferred stock with a par value of $ 1.00, redeemable at the Corporation’s option, subject to certain terms. This stock may be issued in series and the shares of each series have such rights and preferences as are fixed by the Board of Directors when authorizing the issuance of that particular series. As of September 30, 2019, the Corporation has five outstanding series of non-convertible, non-cumulative preferred stock: 7.125% non-cumulative perpetual monthly income preferred stock, Series A; 8.35% non-cumulative perpetual monthly income preferred stock, Series B; 7.40% non-cumulative perpetual monthly income preferred stock, Series C; 7.25% non-cumulative perpetual monthly income preferred stock, Series D; and 7.00% non-cumulative perpetual monthly income preferred stock, Series E. The liquidation value per share is $ 25. Effective January 17, 2012, the Corporation delisted all of its outstanding series of non-convertible, non-cumulative preferred stock from the New York Stock Exchange. The Corporation has not arranged for listing and/or registration on another national securities exchange or for quotation of the Series A through E Preferred Stock in a quotation medium. In December 2016, for the first time since July 2009, the Corporation paid dividends on its non-cumulative perpetual monthly income preferred stock, after receiving regulatory approval. Since then, the Corporation has continued to pay monthly dividend payments on the non-cumulative perpetual monthly income preferred stock. The Corporation intends to continue monthly dividend payments on the non-cumulative perpetual monthly income preferred stock. Treasury stock During the first nine months of 2019 and 2018, the Corporation withheld an aggregate of 176,015 shares and 433,362 shares, respectively, of the restricted stock that vested during the first nine months of 2019 and 2018, and common stock paid to certain senior officers as additional compensation in 2018, to cover employees’ payroll and income tax withholding liabilities; these shares are held as treasury stock. As mentioned above, effective July 1, 2018, the Corporation ceased paying additional salary amounts in the form of stock. As of September 30, 2019 and December 31, 2018, the Corporation had 4,743,134 and 4,554,369 shares held as treasury stock, respectively. FirstBank Statutory Reserve (Legal Surplus) The Banking Law of the Commonwealth of Puerto Rico requires that a minimum of 10% of FirstBank’s net income for the year be transferred to a legal surplus reserve until such surplus equals the total of paid-in-capital on common and preferred stock. Amounts transferred to the legal surplus reserve from Retained earnings are not available for distribution to the Corporation, including for payment as dividends to the stockholders, without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The Puerto Rico Banking Law provides that, when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of the expenditures over receipts must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the legal surplus reserve, as a reduction thereof. If there is no legal surplus reserve sufficient to cover such balance in whole or in part, the outstanding amount must be charged against the capital account and the Bank cannot pay dividends until it can replenish the legal surplus reserve to an amount of at least 20% of the original capital contributed. During the fourth quarter of 2018, the Corporation transferred $ 20.5 million to the legal surplus reserve. FirstBank’s legal surplus reserve, included as part of Retained earnings in the Corporation’s consolidated statements of financial condition, amounted to $ 80.2 million as of September 30, 2019. There were no transfers to the legal surplus reserve during the first nine months of 2019. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 22 - INCOME TAXES Income tax expense includes Puerto Rico and USVI income taxes, as well as applicable U.S. federal and state taxes. The Corporation is subject to Puerto Rico income tax on its income from all sources. As a Puerto Rico corporation, First BanCorp. is treated as a foreign corporation for U.S. and USVI income tax purposes and, accordingly, is generally subject to U.S. and USVI income tax only on its income from sources within the U.S. and USVI or income effectively connected with the conduct of a trade or business in those jurisdictions. Any such tax paid in the U.S. and USVI is also creditable against the Corporation’s Puerto Rico tax liability, subject to certain conditions and limitations. Under the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 PR Code”), the Corporation and its subsidiaries are treated as separate taxable entities and are generally not entitled to file consolidated tax returns and, thus, the Corporation is generally not entitled to utilize losses from one subsidiary to offset gains in another subsidiary. Accordingly, in order to obtain a tax benefit from a net operating loss (“NOL”), a particular subsidiary must be able to demonstrate sufficient taxable income within the applicable NOL carry-forward period. Pursuant to the 2011 PR Code, the carry-forward period for NOLs incurred during taxable years that commenced after December 31, 2004 and ended before January 1, 2013 is 12 years; for NOLs incurred during taxable years commencing after December 31, 2012, the carryover period is 10 years. The 2011 PR Code provides a dividend received deduction of 100% on dividends received from “controlled” subsidiaries subject to taxation in Puerto Rico and 85% on dividends received from other taxable domestic corporations. On December 10, 2018, the Governor of Puerto Rico signed into law Act 257 (“Act 257”) to amend some of the provisions of the 2011 PR Code, as amended. Act 257 introduced various changes to the income tax regime in the case of individuals and corporations, and the sales and use taxes, which took effect on January 1, 2019, including, among others, (i) a reduction in the Puerto Rico maximum corporate tax rate from 39% to 37.5%; (ii) an increase in the net operating and capital losses usage limitation from 80% to 90%; (iii) amendments to the provisions related to “pass-through” entities that provide that corporations that own 50% or more of a partnership will not be able to claim a current or carryover non-partnership NOL deduction against a partnership distributable share, adversely impacting a tax action taken in 2017 for FirstBank Insurance under which the Corporation was previously allowed to offset pass-through income earned by FirstBank Insurance with net operating losses at the holding company level; and (iv) other limitations on certain deductions, such as meals and entertainment deductions. The Corporation has maintained an effective tax rate lower than the maximum statutory rate, mainly by investing in government obligations and MBS exempt from U.S. and Puerto Rico income taxes and by doing business through an International Banking Entity (“IBE”) unit of the Bank, and through the Bank’s subsidiary, FirstBank Overseas Corporation, whose interest income and gain on sales is exempt from Puerto Rico income taxation. The IBE and FirstBank Overseas Corporation were created under the International Banking Entity Act of Puerto Rico, which provides for total Puerto Rico tax exemption on net income derived by IBEs operating in Puerto Rico on the specific activities identified in the IBE Act. An IBE that operates as a unit of a bank pays income taxes at the corporate standard rates to the extent that the IBE’s net income exceeds 20% of the bank’s total net taxable income. For the third quarter and first nine months of 2019, the Corporation recorded an income tax expense of $ 19.3 million and $ 54.9 million, respectively, compared to $ 12.3 million and $ 30.2 million, respectively, for the comparable periods in 2018. The variance in the income tax expense for the third quarter and first nine months of 2019, when compared to the same periods in 2018, was primarily related to a higher pre-tax income. For the nine-month period ended September 30, 2019, the Corporation calculated the provision for income taxes by applying the estimated annual effective tax rate for the full fiscal year to ordinary income or loss. In the computation of the consolidated worldwide annual estimated effective tax rate, ASC Topic 740-270, “Income Taxes” (“ASC Topic 740-270”), requires the exclusion of legal entities with pre-tax losses from which a tax benefit cannot be recognized. The Corporation’s estimated annual effective tax rate in the first nine months of 2019, excluding entities from which a tax benefit cannot be recognized and discrete items, was 29%, compared to 26% for the first nine months of 2018. The estimated annual effective tax rate, including all entities, for 2019 was 30% ( 29% excluding discrete items), compared to 24% for the first nine months of 2018 ( 25% excluding discrete items). The Corporation’s deferred tax asset amounted to $ 273.8 million as of September 30, 2019, net of a valuation allowance of $ 87.2 million, and management concluded, based upon the assessment of all positive and negative evidence, that it is more likely than not that the Corporation will generate sufficient taxable income within the applicable NOL carry-forward periods to realize such amount. The deferred tax asset of the Corporation’s banking subsidiary, FirstBank, amounted to $ 273.7 million as of September 30, 2019, net of a valuation allowance of $ 56.2 million, compared to a deferred tax asset of $ 319.8 million, net of a valuation allowance of $ 68.1 million, as of December 31, 2018. The Corporation has U.S. and USVI sourced NOL carryforwards. Section 382 of the U.S. Internal Revenue Code (“Section 382”) limits the ability to utilize U.S. and USVI NOLs for income tax purposes in such jurisdictions following an event that is considered to be an ownership change. Generally, an “ownership change” occurs when certain shareholders increase their aggregate ownership by more than 50 percentage points over their lowest ownership percentage over a three-year testing period. Upon the occurrence of a Section 382 ownership change, the use of NOLs attributable to the period prior to the ownership change is subject to limitations and only a portion of the U.S. and USVI NOLs may be used by the Corporation to offset its annual U.S. and USVI taxable income, if any. In 2017, the Corporation completed a formal ownership change analysis within the meaning of Section 382 covering a comprehensive period, and concluded that an ownership change had occurred during such period. The Section 382 limitation has resulted in higher U.S. and USVI income tax liabilities than we would have incurred in the absence of such limitation. The Corporation has mitigated to an extent the adverse effects associated with the Section 382 limitation as any such tax paid in the U.S. or USVI can be creditable against Puerto Rico tax liabilities or taken as a deduction against taxable income. However, our ability to reduce our Puerto Rico tax liability through such a credit or deduction depends on our tax profile at each annual taxable period, which is dependent on various factors. For the third quarter and nine-month period ended September 30, 2019, the Corporation incurred an income tax expense of approximately $ 1.2 million and $ 3.5 million, respectively, related to its U.S. operations, compared to $ 1.2 million and $ 3.8 million, respectively, for the comparable periods in 2018. The limitation did not impact the USVI operations for the third quarter and nine-month periods ended September 30, 2019 and 2018. As of September 30, 2019, the Corporation did not have Unrecognized Tax Benefits recorded on its books. The Corporation classifies all interest and penalties, if any, related to tax uncertainties as income tax expense. Audit periods remain open for review until the statute of limitations has passed. The statute of limitations under the 2011 PR Code is four years; the statute of limitations for U.S. and USVI income tax purposes is three years after a tax return is due or filed, whichever is later. The completion of an audit by the taxing authorities or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Corporation’s liability for income taxes. Any such adjustment could be material to the results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. For U.S. and USVI income tax purposes, all tax years subsequent to 2014 remain open to examination. For Puerto Rico tax purposes, all tax years subsequent to 2014 remain open to examination. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2019 | |
Statement of Other Comprehensive Income [Abstract] | |
OTHER COMPREHENSIVE INCOME | NOTE 23 – OTHER COMPREHENSIVE INCOME (LOSS) The following table presents changes in Accumulated other comprehensive income (loss) for the quarters and nine-month periods ended September 30, 2019 and 2018: Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Quarter ended Nine-month period ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ ( 2,438) $ ( 52,107) $ ( 40,415) $ ( 20,609) Other comprehensive income (loss) 7,562 ( 10,780) 45,539 ( 42,278) Ending balance $ 5,124 $ ( 62,887) $ 5,124 $ ( 62,887) Unrealized holding losses on equity securities Beginning balance $ - $ - $ - $ ( 6) Reclassification to retained earnings per ASU 2016-01 - - - 6 Other comprehensive income - - - - Ending balance $ - $ - $ - $ - ______________________ (1) All amounts presented are net of tax. The following table presents the amounts reclassified out of each component of Accumulated other comprehensive income during the quarters and nine-month periods ended September 30, 2019 and 2018: Reclassifications Out of Accumulated Other Comprehensive Income Quarter ended Nine-month period ended September 30, September 30, Affected Line Item in the Consolidated Statements of Income 2019 2018 2019 2018 (In thousands) Unrealized holding losses on debt securities OTTI on debt securities Net impairment losses on available-for-sale debt securities $ ( 497) $ - $ ( 497) $ - Income tax - - - - Total, net of tax $ ( 497) $ - $ ( 497) $ - |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 24 – FAIR VALUE Fair Value Measurement The FASB authoritative guidance for fair value measurement defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy for classifying financial instruments. The hierarchy is based on whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. Three levels of inputs may be used to measure fair value: Level 1 Valuations of Level 1 assets and liabilities are obtained from readily-available pricing sources for market transactions involving identical assets or liabilities. Level 1 assets and liabilities include equity securities that trade in an active exchange market, as well as certain U.S. Treasury and other U.S. government and agency securities and corporate debt securities that are traded by dealers or brokers in active markets. Level 2 Valuations of Level 2 assets and liabilities are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) MBS for which the fair value is estimated based on the value of identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments, and (iii) derivative contracts 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 Valuations of Level 3 assets and liabilities are based on unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined by using pricing models for which the determination of fair value requires significant management judgments as to the estimation. Financial Instruments Recorded at Fair Value on a Recurring Basis Investment securities available for sale and marketable equity securities held at fair value The fair value of investment securities was the market value based on quoted market prices (as is the case with Treasury notes, non-callable U.S. Agency debt securities, and equity securities with readily determinable fair values), when available (Level 1), or, when available, market prices for identical or comparable assets (as is the case with MBS and callable U.S. agency debt) that are based on observable market parameters, including benchmark yields, reported trades, quotes from brokers or dealers, issuer spreads, bids, offers and reference data, including market research operations (Level 2). Observable prices in the market already consider the risk of nonperformance. If listed prices or quotes are not available, fair value is based upon discounted cash flow models that use unobservable inputs due to the limited market activity of the instrument, as is the case with certain private label MBS held by the Corporation (Level 3). Derivative instruments The fair value of most of the Corporation’s derivative instruments is based on observable market parameters and takes into consideration the credit risk component of paying counterparties, when appropriate. On interest caps, only the seller’s credit risk is considered. The caps were valued using a discounted cash flow approach based on the related LIBOR and swap rate for each cash flow. A credit spread is considered for those derivative instruments that are not secured. The cumulative mark-to-market effect of credit risk in the valuation of derivative instruments for the quarters and nine-month periods ended September 30, 2019 and 2018 was immaterial. Assets and liabilities measured at fair value on a recurring basis as of the indicated dates are summarized below: As of September 30, 2019 As of December 31, 2018 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets/Liabilities at Fair Value Assets: Securities available for sale: U.S. Treasury Securities $ 7,485 $ - $ - $ 7,485 $ 7,456 $ - $ - $ 7,456 Noncallable U.S. agency debt securities - 208,302 - 208,302 - 319,124 - 319,124 Callable U.S. agency debt securities and MBS - 1,501,521 - 1,501,521 - 1,594,622 - 1,594,622 Puerto Rico government obligations - 4,245 2,956 7,201 - 4,128 2,824 6,952 Private label MBS - - 11,554 11,554 - - 13,914 13,914 Other investments - - 500 500 - - 500 500 Equity securities 1,435 - - 1,435 418 - - 418 Derivatives, included in assets: Purchased interest rate cap agreements - 10 - 10 - 623 - 623 Interest rate lock commitments - 273 - 273 - 383 - 383 Forward contracts - 1 - 1 - - - - Forward loan sales commitments - 20 - 20 - 12 - 12 Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 9 - 9 - 617 - 617 Forward contracts - 174 - 174 - 383 - 383 The table below presents a reconciliation of the beginning and ending balances of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2019 and 2018. Quarter Ended September 30, 2019 2018 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 15,906 $ 17,829 Total gains (losses) (realized/unrealized): Included in earnings ( 497) - Included in other comprehensive income 15 35 Purchases - 500 Principal repayments and amortization ( 414) ( 495) Ending balance $ 15,010 $ 17,869 (1) Amounts mostly related to private label MBS. Nine-Month Period Ended September 30, 2019 2018 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 17,238 $ 19,855 Total gains (realized/unrealized): Included in earnings ( 497) - Included in other comprehensive income 46 228 Purchases - 500 Principal repayments and amortization ( 1,777) ( 2,714) Ending balance $ 15,010 $ 17,869 (1) Amounts mostly related to private label MBS. The tables below present qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2019 and December 31, 2018: September 30, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Minimum Maximum Investment securities available-for-sale: Private label MBS $ 11,554 Discounted cash flows Discount rate 13.7% 13.7% 13.7% Prepayment rate 6.2% 9.6% 7.3% Projected Cumulative Loss Rate 0.0% 7.8% 3.1% Puerto Rico government obligations 2,956 Discounted cash flows Discount rate 7.1% 7.1% 7.1% Prepayment rate 3.0% 3.0% 3.0% December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Minimum Maximum Investment securities available-for-sale: Private label MBS $ 13,914 Discounted cash flows Discount rate 14.5% 14.5% 14.5% Prepayment rate 3.3% 20.9% 11.4% Projected Cumulative Loss Rate 0.0% 6.8% 3.0% Puerto Rico government obligations 2,824 Discounted cash flows Discount rate 6.3% 6.3% 6.3% Prepayment rate 3.0% 3.0% 3.0% Information about Sensitivity to Changes in Significant Unobservable Inputs Private label MBS : The significant unobservable inputs in the valuation include probability of default, the loss severity assumption, and prepayment rates. Shifts in those inputs would result in different fair value measurements. Increases in the probability of default, loss severity assumptions, and prepayment rates in isolation would generally result in an adverse effect on the fair value of the instruments. Meaningful and possible shifts of each input were modeled to assess the effect on the fair value estimation. Puerto Rico Government Obligations : The significant unobservable input used in the fair value measurement is the assumed prepayment rate of the underlying residential mortgage loans that collateralize these obligations, which are guaranteed by the PRHFA. A significant increase (decrease) in the assumed rate would lead to a higher (lower) fair value estimate. The fair value of these bonds was based on a discounted cash flow analysis that contemplates the credit quality of the holder of second mortgages and a discount for liquidity constraints on the bonds considering the absence of an active market for them. Due to the guarantee of the PRHFA and other applicable contractual safeguards, no additional credit spread is applied for debt service default. The table below summarizes changes in unrealized gains and losses recorded in earnings for the quarters and nine-month periods ended September 30, 2019 and 2018 for Level 3 assets and liabilities that are still held at the end of each period: Quarter Ended September 30, Nine-Month Period Ended September 30, 2019 2018 2019 2018 Changes in Unrealized Losses Changes in Unrealized Losses Changes in Unrealized Losses Changes in Unrealized Losses Level 3 Instruments Only Securities Available for Sale Securities Available for Sale Securities Available for Sale Securities Available for Sale (In thousands) Changes in unrealized losses relating to assets still held at reporting date: Net impairment losses on available-for-sale investment securities (credit component) $ ( 497) $ - $ ( 497) $ - Additionally, fair value is used on a nonrecurring basis to evaluate certain assets in accordance with GAAP. Adjustments to fair value usually result from the application of lower-of-cost or market accounting ( e.g. , loans held for sale carried at the lower-of-cost or fair value and repossessed assets) or write downs of individual assets ( e.g. , goodwill and loans). As of September 30, 2019, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of September 30, 2019 Losses recorded for the Quarter Ended September 30, 2019 Losses recorded for the Nine-Month Period Ended September 30, 2019 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 211,406 $ ( 6,221) $ ( 14,546) OREO (2) - - 103,033 ( 1,311) ( 5,513) Loans held for sale (3) - - 6,906 - - (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral ( e.g. , absorption rates), which are not market observable. (2) The fair values were derived from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties ( e.g. , absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) Nonaccrual commercial mortgage loan transferred to held for sale in 2018 and still in inventory at period end. The value of this loan was primarily derived from broker price opinions that the Corporation considered. As of September 30, 2018, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Losses recorded Losses recorded for the Quarter Ended for the Nine-Month Period Ended Carrying value as of September 30, 2018 September 30, 2018 September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,248 $ ( 7,967) $ ( 20,622) OREO (2) - - 135,218 ( 3,244) ( 9,817) Loans held for sale (3) - - 44,177 ( 10,102) ( 14,642) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral ( e.g. , absorption rates), which are not market observable. (2) The fair values were derived from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties ( e.g. , absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) The value of these loans was primarily derived from external appraisals, adjusted for specific characteristics of the loans. Qualitative information regarding the fair value measurements for Level 3 financial instruments as of September 30, 2019 are as follows: September 30, 2019 Method Inputs Loans Income, Market, Comparable Sales, Discounted Cash Flows External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors OREO Income, Market, Comparable Sales, Discounted Cash Flows External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of September 30, 2019 and December 31, 2018: Total Carrying Amount in Statement of Financial Condition September 30, 2019 Fair Value Estimate September 30, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 975,937 $ 975,937 $ 975,937 $ - $ - Investment securities available for sale (fair value) 1,736,563 1,736,563 7,485 1,714,068 15,010 Investment securities held to maturity (amortized cost) 138,676 115,443 - - 115,443 Equity Securities (fair value) 45,228 45,228 1,435 43,793 - Loans held for sale (lower of cost or market) 42,470 43,299 - 36,393 6,906 Loans held for investment (amortized cost) 8,968,420 Less: allowance for loan and lease losses ( 165,575) Loans held for investment, net of allowance $ 8,802,845 8,532,241 - - 8,532,241 Derivatives, included in assets (fair value) 304 304 - 304 - Liabilities: Deposits (amortized cost) 9,132,899 9,153,256 - 9,153,256 - Securities sold under agreements to repurchase (amortized cost) 100,000 122,652 - 122,652 - Advances from FHLB (amortized cost) 740,000 744,298 - 744,298 - Other borrowings (amortized cost) 184,150 182,587 - - 182,587 Derivatives, included in liabilities (fair value) 183 183 - 183 - Total Carrying Amount in Statement of Financial Condition December 31, 2018 Fair Value Estimate December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 586,203 $ 586,203 $ 586,203 $ - $ - Investment securities available for sale (fair value) 1,942,568 1,942,568 7,456 1,917,874 17,238 Investment securities held to maturity (amortized cost) 144,815 125,658 - - 125,658 Equity securities (fair value) 44,530 44,530 418 44,112 - Loans held for sale (lower of cost or market) 43,186 43,831 - 27,720 16,111 Loans held for investment (amortized cost) 8,858,123 Less: allowance for loan and lease losses ( 196,362) Loans held for investment, net of allowance $ 8,661,761 8,213,144 - - 8,213,144 Derivatives, included in assets (fair value) 1,018 1,018 - 1,018 - Liabilities: Deposits (amortized cost) 8,994,714 9,005,679 - 9,005,679 - Securities sold under agreements to repurchase (amortized cost) 150,086 169,366 - 169,366 - Advances from FHLB (amortized cost) 740,000 730,253 - 730,253 - Other borrowings (amortized cost) 184,150 177,201 - - 177,201 Derivatives, included in liabilities (fair value) 1,000 1,000 - 1,000 - The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash due from banks and other short-term assets, such as FHLB stock. Certain assets, the most significant being premises and equipment, mortgage servicing rights, deposits base, and other customer relationship intangibles, are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not, represent the Corporation’s underlying value. Many of these assets and liabilities subject to the disclosure requirements are not actively traded, requiring management to estimate fair values. These estimates necessarily involve the use of assumptions and judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected futures cash flows, and appropriate discount rates. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMER | NOTE 25 – REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition In accordance with ASC Topic 606, “Revenues from Contracts with Customers,” revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which the Corporation expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC Topic 606, the Corporation performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the Corporation satisfies a performance obligation. The Corporation only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Corporation assesses the goods or services that are promised within each contract, identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Corporation then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Disaggregation of Revenue The following table summarizes the Corporation’s revenue, which includes net interest income on financial instruments and non-interest income, disaggregated by type of service and business segment for the quarters and nine-month periods ended September 30, 2019 and 2018: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2019: Net interest income (1) $ 16,991 $ 62,164 $ 25,699 $ 18,147 $ 14,977 $ 6,447 $ 144,425 Service charges and fees on deposit accounts - 3,771 1,443 - 172 722 6,108 Insurance commissions - 1,854 - - 22 107 1,983 Merchant-related income - 1,017 271 - - 310 1,598 Credit and debit card fees - 4,897 283 - 212 525 5,917 Other service charges and fees 67 828 300 - 169 76 1,440 Not in scope of ASC Topic 606 (1) 4,333 338 34 ( 433) 65 18 4,355 Total non-interest income 4,400 12,705 2,331 ( 433) 640 1,758 21,401 Total Revenue $ 21,391 $ 74,869 $ 28,030 $ 17,714 $ 15,617 $ 8,205 $ 165,826 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2018: Net interest income (1) $ 19,593 $ 59,835 $ 19,711 $ 11,282 $ 15,080 $ 7,020 $ 132,521 Service charges and fees on deposit accounts - 3,420 1,312 - 141 697 5,570 Insurance commissions - 1,392 - - 20 82 1,494 Merchant-related income - 1,003 205 - - 198 1,406 Credit and debit card fees - 4,325 310 - 157 492 5,284 Other service charges and fees 135 1,798 180 - 247 100 2,460 Not in scope of ASC Topic 606 (1) 4,417 385 ( 2,692) 151 59 ( 11) 2,309 Total non-interest income 4,552 12,323 ( 685) 151 624 1,558 18,523 Total Revenue $ 24,145 $ 72,158 $ 19,026 $ 11,433 $ 15,704 $ 8,578 $ 151,044 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2019: Net interest income (1) $ 52,051 $ 185,914 $ 69,171 $ 52,804 $ 47,328 $ 19,884 $ 427,152 Service charges and fees on deposit accounts - 10,704 4,355 - 458 2,194 17,711 Insurance commissions - 7,799 - - 51 408 8,258 Merchant-related income - 2,953 467 - - 789 4,209 Credit and debit card fees - 14,040 927 - 561 1,561 17,089 Other service charges and fees 141 2,651 1,042 - 526 875 5,235 Not in scope of ASC Topic 606 (1) 12,114 1,091 355 ( 287) 346 46 13,665 Total non-interest income 12,255 39,238 7,146 ( 287) 1,942 5,873 66,167 Total Revenue $ 64,306 $ 225,152 $ 76,317 $ 52,517 $ 49,270 $ 25,757 $ 493,319 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2018: Net interest income (1) $ 60,900 $ 166,022 $ 59,074 $ 36,243 $ 43,525 $ 21,921 $ 387,685 Service charges and fees on deposit accounts - 9,864 3,634 - 417 2,087 16,002 Insurance commissions - 6,154 - - 65 410 6,629 Merchant-related income - 2,612 567 - - 591 3,770 Credit and debit card fees - 12,790 901 - 436 1,552 15,679 Other service charges and fees 189 3,409 784 71 1,226 451 6,130 Not in scope of ASC Topic 606 (1) 13,113 675 ( 3,101) 2,529 348 5 13,569 Total non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Total Revenue $ 74,202 $ 201,526 $ 61,859 $ 38,843 $ 46,017 $ 27,017 $ 449,464 (1) Most of the Corporation’s revenue is not within the scope of ASC Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities, as well as other noninterest income from loans, leases, investment securities and derivative financial instruments. For the nine-month periods ended September 30, 2019 and 2018, substantially all of the Corporation’s revenue within the scope of ASC Topic 606 was related to performance obligations satisfied at a point in time. The following is a discussion of the Corporation’s revenues that are within the scope of ASC Topic 606. Service Charges and Fees on Deposit Accounts Service charges and fees on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrently with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date. These depository arrangements are considered day-to-day contracts that do not extend beyond the services performed, as customers have the right to terminate these contracts with no penalty or, if any, nonsubstantive penalties. Insurance Commissions For insurance commissions, which include regular and contingent commissions paid to the Corporation’s insurance agency, the agreements contain a performance obligation related to the sale/issuance of the policy and ancillary administrative post-issuance support. The performance obligation are satisfied when the policies are issued, and revenue is recognized at that point in time. In addition, contingent commission income was found to be constrained, as defined under the new standard. Contingent commission income is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or payments are received. For the quarter and nine-month period ended September 30, 2019, the Corporation recognized revenue of $ 0.3 million and $ 3.0 million, respectively, at the time that payments were confirmed and constraints were released, compared to zero and $ 2.4 million for the quarter and nine-month period ended September 30, 2018, respectively. Merchant-related Income For merchant-related income, the determination of which included the consideration of a 2015 sale of merchant contracts that involved sales of point of sale (“POS”) terminals and entry into a marketing alliance under a revenue-sharing agreement, the Corporation concluded that control of the POS terminals and merchant contracts was transferred to the customer at the contract’s inception. With respect to the related revenue-sharing agreement, the Corporation satisfies the marketing alliance performance obligation over the life of the contract, and the associated transaction price is recognized as the entity performs and any constraints over the variable consideration are resolved. Credit and Debit Card Fees Credit and debit card fees primarily represent revenues earned from interchange fees and ATM fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FirstBank customers who use a FirstBank ATM. Such fees are generally recognized concurrently with the delivery of services on a daily basis. Other Fees Other fees primarily include revenues generated from wire transfers, lockboxes, and bank issuances of checks. Such fees are recognized concurrently with the event or on a monthly basis. Contract Balances A contract liability is an entity’s obligation to transfer goods or services to a customer in exchange for consideration from the customer. As discussed above, during 2015, the Bank entered into a long-term strategic marketing alliance with another entity to which the Bank sold its merchant contracts portfolio and related POS terminals. Merchant services are marketed through FirstBank’s branches and offices in Puerto Rico and the Virgin Islands. Under the revenue-sharing agreement, FirstBank shares with this entity revenues generated by the merchant contracts over the term of the 10-year agreement. As of September 30, 2019, and December 31, 2018, this contract liability amounted to $ 1.8 million and $ 2.1 million, respectively, which will be recognized over the remaining term of the contract. For the quarters and nine-month period ended September 30, 2019 and 2018, the Corporation recognized revenue and its contract liabilities decreased by approximately $ 0.1 million and $ 0.2 million, respectively, due to the completion of performance over time. There were no changes in contract liabilities due to changes in transaction price estimates . A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of September 30, 2019 and December 31, 2018, there were no receivables from contracts with customers or contract assets recorded on the Corporation’s consolidated financial statements. Other Except for the contract liabilities noted above, the Corporation did not have any significant performance obligations as of September 30, 2019. The Corporation also did not have any material contract acquisition costs and did not make any significant judgments or estimates in recognizing revenue for financial reporting purposes. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 26 – SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION Supplemental statement of cash flows information is as follows: Nine-Month Period Ended September 30, 2019 2018 (In thousands) Cash paid for: Interest on borrowings $ 79,789 $ 74,674 Income tax 10,238 5,290 Operating cash flow from operating leases 7,619 - Non-cash investing and financing activities: Additions to OREO 29,670 36,378 Additions to auto and other repossessed assets 34,497 40,873 Capitalization of servicing assets 2,855 3,028 Loan securitizations 173,428 181,169 Loans held for investment transferred to held for sale 20,928 90,319 Loans held for sale transferred to held for investment - 2,179 ROU asset obtained in exchange for operating lease liabilities 8,139 - Adoption of lease accounting standard: ROU assets operating leases 57,178 - ROU liabilities operating leases 59,818 - |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 27 – SEGMENT INFORMATION Based upon the Corporation’s organizational structure and the information provided to the Chief Executive Officer and, to a lesser extent, the Board of Directors of the Corporation, the operating segments are based primarily on the Corporation’s lines of business for its operations in Puerto Rico, the Corporation’s principal market, and by geographic areas for its operations outside of Puerto Rico. As of September 30, 2019, the Corporation had six reportable segments: Commercial and Corporate Banking; Mortgage Banking; Consumer (Retail) Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. Management determined the reportable segments based on the internal structure used to evaluate performance and to assess where to allocate resources. Other factors, such as the Corporation’s organizational chart, nature of the products, distribution channels, and the economic characteristics of the products, were also considered in the determination of the reportable segments. The Commercial and Corporate Banking segment consists of the Corporation’s lending and other services for large customers represented by specialized and middle-market clients and the public sector. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans, and floor plan financings, as well as other products, such as cash management and business management services. The Mortgage Banking segment consists of the origination, sale, and servicing of a variety of residential mortgage loans. The Mortgage Banking segment also acquires and sells mortgages in the secondary markets. In addition, the Mortgage Banking segment includes mortgage loans purchased from other local banks and mortgage bankers. The Consumer (Retail) Banking segment consists of the Corporation’s consumer lending and deposit-taking activities conducted mainly through its branch network and loan centers. The Treasury and Investments segment is responsible for the Corporation’s investment portfolio and treasury functions that are executed to manage and enhance liquidity. This segment lends funds to the Commercial and Corporate Banking, Mortgage Banking and Consumer (Retail) Banking segments to finance their lending activities and borrows from those segments. The Consumer (Retail) Banking and the United States Operations segments also lend funds to other segments. The interest rates charged or credited by Treasury and Investments, the Consumer (Retail) Banking, and the United States Operations segments are allocated based on market rates. The difference between the allocated interest income or expense and the Corporation’s actual net interest income from centralized management of funding costs is reported in the Treasury and Investments segment. The United States Operations segment consists of all banking activities conducted by FirstBank in the United States mainland, including commercial and retail banking services. The Virgin Islands Operations segment consists of all banking activities conducted by the Corporation in the USVI and BVI, including commercial and retail banking services. The accounting policies of the segments are the same as those referred to in Note 1, “Nature of Business and Summary of Significant Accounting Policies,” in the audited consolidated financial statements of the Corporation for the year ended December 31, 2018, which are included in the 2018 Annual Report on Form 10-K. The Corporation evaluates the performance of the segments based on net interest income, the provision for loan and lease losses, non-interest income, and direct non-interest expenses. The segments are also evaluated based on the average volume of their interest-earning assets less the allowance for loan and lease losses. The following table presents information about the reportable segments for the indicated periods: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2019: Interest income $ 30,091 $ 55,772 $ 39,146 $ 15,671 $ 24,229 $ 7,386 $ 172,295 Net (charge) credit for transfer of funds ( 13,100) 16,557 ( 13,447) 11,411 ( 1,421) - - Interest expense - ( 10,165) - ( 8,935) ( 7,831) ( 939) ( 27,870) Net interest income 16,991 62,164 25,699 18,147 14,977 6,447 144,425 (Provision) release for loan and lease losses ( 2,134) ( 11,187) 5,677 - ( 1,462) 1,708 ( 7,398) Non-interest income (loss) 4,400 12,705 2,331 ( 433) 640 1,758 21,401 Direct non-interest expenses ( 7,768) ( 30,282) ( 8,256) ( 740) ( 8,496) ( 7,105) ( 62,647) Segment income $ 11,489 $ 33,400 $ 25,451 $ 16,974 $ 5,659 $ 2,808 $ 95,781 Average earnings assets $ 2,141,383 $ 2,009,060 $ 2,487,409 $ 2,485,141 $ 1,963,559 $ 466,707 $ 11,553,259 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2018: Interest income $ 31,746 $ 46,052 $ 34,644 $ 15,911 $ 21,227 $ 7,912 $ 157,492 Net (charge) credit for transfer of funds ( 12,153) 20,947 ( 14,933) 6,446 ( 307) - - Interest expense - ( 7,164) - ( 11,075) ( 5,840) ( 892) ( 24,971) Net interest income 19,593 59,835 19,711 11,282 15,080 7,020 132,521 (Provision) release for loan and lease losses 635 2,485 ( 10,684) - ( 5,130) 1,170 ( 11,524) Non-interest income 4,552 12,323 ( 685) 151 624 1,558 18,523 Direct non-interest expenses ( 12,001) ( 28,210) ( 7,911) ( 878) ( 8,279) ( 7,194) ( 64,473) Segment income $ 12,779 $ 46,433 $ 431 $ 10,555 $ 2,295 $ 2,554 $ 75,047 Average earnings assets $ 2,248,691 $ 1,645,170 $ 2,486,910 $ 2,637,825 $ 1,752,007 $ 527,468 $ 11,298,071 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2019 Interest income $ 91,493 $ 158,548 $ 114,643 $ 47,553 $ 73,350 $ 22,690 $ 508,277 Net (charge) credit for transfer of funds ( 39,442) 54,743 ( 45,472) 34,403 ( 4,232) - - Interest expense - ( 27,377) - ( 29,152) ( 21,790) ( 2,806) ( 81,125) Net interest income 52,051 185,914 69,171 52,804 47,328 19,884 427,152 (Provision) release for loan and lease losses ( 9,241) ( 28,982) 12,253 - ( 7,764) 1,982 ( 31,752) Non-interest income (loss) 12,255 39,238 7,146 ( 287) 1,942 5,873 66,167 Direct non-interest expenses ( 25,810) ( 88,533) ( 26,457) ( 2,031) ( 25,641) ( 22,090) ( 190,562) Segment income $ 29,255 $ 107,637 $ 62,113 $ 50,486 $ 15,865 $ 5,649 $ 271,005 Average earnings assets $ 2,182,680 $ 1,914,372 $ 2,509,611 $ 2,429,576 $ 1,935,768 $ 470,236 $ 11,442,243 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2018 Interest income $ 95,927 $ 132,652 $ 102,255 $ 45,593 $ 61,634 $ 24,482 $ 462,543 Net (charge) credit for transfer of funds ( 35,027) 54,233 ( 43,181) 25,125 ( 1,150) - - Interest expense - ( 20,863) - ( 34,475) ( 16,959) ( 2,561) ( 74,858) Net interest income 60,900 166,022 59,074 36,243 43,525 21,921 387,685 Provision for loan and lease losses ( 4,004) ( 16,011) ( 19,744) - ( 8,186) ( 3,659) ( 51,604) Non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Direct non-interest expenses ( 30,192) ( 84,173) ( 22,710) ( 2,777) ( 24,768) ( 22,224) ( 186,844) Segment income (loss) $ 40,006 $ 101,342 $ 19,405 $ 36,066 $ 13,063 $ 1,134 $ 211,016 Average earnings assets $ 2,269,960 $ 1,601,812 $ 2,546,090 $ 2,597,967 $ 1,734,970 $ 546,610 $ 11,297,409 The following table presents a reconciliation of the reportable segment financial information to the consolidated totals for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 Net income : Total income for segments and other $ 95,781 $ 75,047 $ 271,005 $ 211,016 Other operating expenses (1) ( 30,186) ( 26,392) ( 85,180) ( 80,264) Income before income taxes 65,595 48,655 185,825 130,752 Income tax expense 19,268 12,332 54,897 30,249 Total consolidated net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Average assets: Total average earning assets for segments $ 11,553,259 $ 11,298,071 $ 11,442,243 $ 11,297,409 Average non-earning assets 933,250 929,362 964,799 945,671 Total consolidated average assets $ 12,486,509 $ 12,227,433 $ 12,407,042 $ 12,243,080 (1) Expenses pertaining to corporate administrative functions that support the operating segment, but are not specifically attributable to or managed by any segment are not included in the reported financial results of the operating segments. The unallocated corporate expenses include certain general and administrative expenses and related depreciation and amortization expenses. |
REGULATORY MATTERS, COMMITMENTS
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | NOTE 28 – REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES The Corporation and FirstBank are each subject to various regulatory capital requirements imposed by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Corporation’s financial statements and activities. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation must meet specific capital guidelines that involve quantitative measures of the Corporation’s and FirstBank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Corporation’s capital amounts and classification are also subject to qualitative judgments and adjustment by the regulators with respect to minimum capital requirements, components, risk weightings, and other factors. Although the Corporation and FirstBank became subject to the U.S. Basel III capital rules (“Basel III rules”) beginning on January 1, 2015, certain elements of the Basel III have been deferred by the federal banking agencies. The Corporation and FirstBank compute risk-weighted assets using the Standardized Approach required by the Basel III rules. The Basel III rules require the Corporation to maintain an additional capital conservation buffer of 2.5% to avoid limitations on both (i) capital distributions ( e.g. , repurchases of capital instruments, dividends and interest payments on capital instruments) and (ii) discretionary bonus payments to executive officers and heads of major business lines. The phase-in of the capital conservation buffer began on January 1, 2016 with a first year requirement of 0.625% of additional Common Equity Tier 1 Capital (“CET1”), which was progressively increased over a four-year period, increasing by that same percentage amount on each subsequent January 1 until it reached the fully phased-in 2.5% CET1 requirement on January 1, 2019. Under the fully phased-in Basel III rules, in order to be considered adequately capitalized and not subject to the above-described limitations, the Corporation is required to maintain: (i) a minimum CET1 capital to risk-weighted assets ratio of at least 4.5%, plus the 2.5% “capital conservation buffer,” resulting in a required minimum CET1 ratio of at least 7%; (ii) a minimum ratio of total Tier 1 capital to risk-weighted assets of at least 6.0%, plus the 2.5% capital conservation buffer, resulting in a required minimum Tier 1 capital ratio of 8.5%; (iii) a minimum ratio of total Tier 1 plus Tier 2 capital to risk-weighted assets of at least 8.0%, plus the 2.5% capital conservation buffer, resulting in a required minimum total capital ratio of 10.5%; and (iv) a required minimum leverage ratio of 4%, calculated as the ratio of Tier 1 capital to average on-balance sheet (non-risk adjusted) assets. In addition, as required under the Basel III rules, the Corporation’s TRuPs were fully phased-out from Tier 1 capital as of January 1, 2016. However, the Corporation’s TRuPs may continue to be included in Tier 2 capital until the instruments are redeemed or mature. The Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency (collectively “the agencies”) have issued several rulemakings over the last two years to simplify certain aspects of the capital rule. For example, the capital rule included transitional arrangements for certain requirements. Under such transitional arrangements in the capital rule, any amount of mortgage servicing assets, temporary difference deferred tax assets, and investments in the capital of unconsolidated financial institutions that a banking organization did not deduct from common equity tier 1 capital was risk weighted at 100 percent until January 1, 2018. In 2017, the agencies adopted a transition rule to allow non-advanced approaches banking organizations, such as the Corporation and FirstBank, to continue to apply the transition treatment in effect in 2017 (including the 100 percent risk weight for mortgage servicing assets, temporary difference deferred tax assets, and significant investments in the capital of unconsolidated financial institutions) while the agencies considered the simplifications proposal. On July 9, 2019, the agencies adopted a final rule that supersedes the regulatory capital transition rules and eliminates the transition provisions that are no longer operative. The final rule will be generally effective April 1, 2020 and eliminates: (i) the 10 percent common equity tier 1 capital deduction threshold, which applies individually to holdings of mortgage servicing assets, temporary difference deferred tax assets, and significant investments in the capital of unconsolidated financial institutions in the form of common stock; (ii) the 15 percent common equity tier 1 capital deduction threshold, which applies to the aggregate amount of such items; (iii) the 10 percent threshold for non-significant investments, which applies to holdings of regulatory capital of unconsolidated financial institutions; and (iv) the deduction treatment for significant investments in the capital of unconsolidated financial institutions that are not in the form of common stock. Instead of the current capital rule's treatments for mortgage servicing assets, temporary difference deferred tax assets, and investments in the capital of unconsolidated financial institutions, the final rule requires non-advanced approaches banking organizations to deduct from common equity tier 1 capital any amount of mortgage servicing assets, temporary difference deferred tax assets, and investments in the capital of unconsolidated financial institutions that individually exceeds 25 percent of common equity tier 1 capital of the banking organization (the 25 percent common equity tier 1 capital deduction threshold). The final rule retains the deferred requirement that a banking organization must apply a 250 percent risk weight to non-deducted mortgage servicing assets or temporary difference deferred tax assets. Please refer to the discussion in “Part I, – Item 1, – Business – Supervision and Regulation,” included in the 2018 Annual Report on Form 10-K for a more complete discussion of supervision and regulatory matters and activities that affect the Corporation and its subsidiaries; also refer to Note 1 for a preliminary estimate of the effect of the adoption of CECL in the regulatory capital ratios. The regulatory capital positions of the Corporation and FirstBank as of September 30, 2019 and December 31, 2018 were as follows: Regulatory Requirements Actual For Capital Adequacy Purposes To be Well-Capitalized-General Thresholds Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2019 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,255,216 25.27% $ 713,860 8.0% N/A N/A FirstBank $ 2,211,861 24.78% $ 714,181 8.0% $ 892,726 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,928,388 21.61% $ 401,546 4.5% N/A N/A FirstBank $ 1,791,714 20.07% $ 401,727 4.5% $ 580,272 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,964,492 22.02% $ 535,395 6.0% N/A N/A FirstBank $ 2,099,714 23.52% $ 535,636 6.0% $ 714,181 8.0% Leverage ratio First BanCorp. $ 1,964,492 16.04% $ 489,879 4.0% N/A N/A FirstBank $ 2,099,714 17.16% $ 489,492 4.0% $ 611,865 5.0% As of December 31, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,118,940 24.00% $ 706,418 8.0% N/A N/A FirstBank $ 2,075,894 23.51% $ 706,426 8.0% $ 883,032 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,880 20.30% $ 397,360 4.5% N/A N/A FirstBank $ 1,656,563 18.76% $ 397,365 4.5% $ 573,971 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,828,984 20.71% $ 529,814 6.0% N/A N/A FirstBank $ 1,964,563 22.25% $ 529,819 6.0% $ 706,426 8.0% Leverage ratio First BanCorp. $ 1,828,984 15.37% $ 475,924 4.0% N/A N/A FirstBank $ 1,964,563 16.53% $ 475,490 4.0% $ 594,362 5.0% The Corporation enters into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments may include commitments to extend credit. As of September 30, 2019, commitments to extend credit amounted to approximately $ 1.3 billion, of which $ 665.2 million related to credit card loans. Commercial and financial standby letters of credit amounted to approximately $ 98.5 million. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since certain commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. For most of the commercial lines of credit, the Corporation has the option to reevaluate the agreement prior to additional disbursements. In the case of credit cards and personal lines of credit, the Corporation can cancel the unused credit facility at any time and without cause. As of September 30, 2019, First BanCorp. and its subsidiaries were defendants in various legal proceedings, claims and other loss contingencies arising in the ordinary course of business. On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with threatened and outstanding legal proceedings, claims and other loss contingencies utilizing the latest information available. For legal proceedings, claims and other loss contingencies where it is both probable that the Corporation will incur a loss and the amount can be reasonably estimated, the Corporation establishes an accrual for the loss. Once established, the accrual is adjusted as appropriate to reflect any relevant developments. For legal proceedings, claims and other loss contingencies where a loss is not probable or the amount of the loss cannot be estimated, no accrual is established. Any estimate involves significant judgment, given the varying stages of the proceedings (including the fact that some of them are currently in preliminary stages), the existence in some of the current proceedings of multiple defendants whose share of liability has yet to be determined, the numerous unresolved issues in the proceedings, and the inherent uncertainty of the various potential outcomes of such proceedings. Accordingly, the Corporation’s estimate will change from time-to-time, and actual losses may be more or less than the current estimate. While the final outcome of legal proceedings, claims and other loss contingencies is inherently uncertain, based on information currently available, management believes that the final disposition of the Corporation’s legal proceedings, claims and other loss contingencies, to the extent not previously provided for, will not have a material negative adverse effect on the Corporation’s consolidated financial position as a whole. If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal contingencies, the Corporation discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made. Based on the Corporation’s assessment as of September 30, 2019, no such disclosures were necessary. Set forth below is a description of the Corporation’s significant legal proceedings: Ramírez Torres, et al. v. Banco Popular de Puerto Rico, et al. FirstBank was named a defendant in a punitive class action complaint (the “Complaint”), filed in February 2017 at the Court of First Instance in San Juan, Puerto Rico. The Complaint sought damages and preliminary injunctive relief on behalf of the purported class (“Plaintiffs”) against FirstBank, Banco Popular de Puerto Rico and other financial institutions with insurance agency subsidiaries in Puerto Rico (“Defendants”). Plaintiffs alleged that Defendants had been unjustly enriched by failing to reimburse them for "good experience" commissions allegedly paid by Antilles Insurance Company and Puerto Rico Home Insurance Company. In March 2017, FirstBank filed a Motion to Dismiss and a Motion for Declaratory Judgment and Third-Party Complaint (the “Third-Party Complaint”) against Antilles Insurance Company and the Insurance Commissioner's Office. All of the other Defendants filed motions to dismiss the Complaint and opposed the request for preliminary injunctive relief. Antilles Insurance Company filed a motion against the Third-Party Complaint filed by FirstBank, which FirstBank opposed. The Insurance Commissioner's Office filed a Motion for Summary Judgment. In July 2017, the Court issued a Judgment granting the Motions to Dismiss filed by Defendants and dismissing the Complaint with prejudice, except the Third-Party Complaint filed by FirstBank, which was dismissed without prejudice. In August 2017, Plaintiffs filed an appeal before the Puerto Rico Court of Appeals and FirstBank and the other Defendants filed their Oppositions to Plaintiffs’ appeal. In March 2018, the Court of Appeals entered a Judgment revoking the lower court’s Judgment. One Defendant filed for reconsideration, which was denied, and all the other Defendants filed their respective Petitions of Certiorari before the Puerto Rico Supreme Court, which also denied review. Defendants subsequently filed for reconsideration. All Motions for Reconsideration were denied, and the case was remanded to the Court of First Instance for the continuation of proceedings. A Class certification hearing scheduled for May 2, 2019 was changed to a status hearing. Parties discussed their respective positions, specifically that prior to any other hearing, it was imperative that the Court resolved FirstBank’s motion seeking Declaratory Judgment. Memorandums of law regarding the validity of the Antilles Insurance policy endorsement were filed on June 3, 2019 in compliance with a court order. A preliminary injunction hearing was held in September 2019. Following the hearing, Plaintiffs sought to voluntarily dismiss the Complaint against FirstBank and FirstBank Insurance Agency with prejudice and FirstBank agreed to voluntarily dismiss its Third-Party Complaint against Antilles Insurance Company and the Insurance Commissioner's Office without prejudice. Joint motions for the voluntary dismissal of said complaints were filed. On September 12, 2019, the Court entered judgment dismissing the Complaint and Third-Party Complaint as requested by the parties. |
FIRST BANCORP. (Holding Company
FIRST BANCORP. (Holding Company Only) Financial Information | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
FIRST BANCORP. (Holding Company Only) Financial Information | NOTE 29 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2019 and December 31, 2018, and the results of its operations for the quarters and nine-month periods ended September 30, 2019 and 2018. Statements of Financial Condition (Unaudited) As of September 30, As of December 31, 2019 2018 (In thousands) Assets Cash and due from banks $ 20,047 $ 10,984 Money market investments 6,211 6,111 Other investment securities 285 285 Investment in First Bank Puerto Rico, at equity 2,335,304 2,179,655 Investment in First Bank Insurance Agency, at equity 23,770 17,780 Investment in FBP Statutory Trust I 1,963 1,963 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 4,667 12,219 Total assets $ 2,395,808 $ 2,232,558 Liabilities and Stockholdersʼ Equity Liabilities: Other borrowings $ 184,150 $ 184,150 Accounts payable and other liabilities 11,063 3,704 Total liabilities 195,213 187,854 Stockholdersʼ equity 2,200,595 2,044,704 Total liabilities and stockholdersʼ equity $ 2,395,808 $ 2,232,558 Statements of Income (Unaudited) Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Income: Interest income on money market investments $ 44 $ 5 $ 189 $ 15 Interest income on loans - 105 - 105 Dividend income from banking subsidiaries 7,750 2,900 28,500 28,284 Other income 70 70 216 203 7,864 3,080 28,905 28,607 Expense: Other borrowings 2,331 2,315 7,210 6,635 Other operating expenses 644 624 1,749 1,851 2,975 2,939 8,959 8,486 Gain on early extinguishment of debt - - - 2,316 Income before income taxes and equity in undistributed earnings of subsidiaries 4,889 141 19,946 22,437 Income tax provision 1,037 - 2,376 - Equity in undistributed earnings of subsidiaries 42,475 36,182 113,358 78,066 Net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Other comprehensive income (loss), net of tax 7,562 ( 10,780) 45,539 ( 42,272) Comprehensive income $ 53,889 $ 25,543 $ 176,467 $ 58,231 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 30 – SUBSEQUENT EVENTS The Corporation has performed an evaluation of events occurring subsequent to September 30, 2019; management has determined that, other than the execution of the stock purchase agreement to acquire BSPR, which is disclosed on Note 2 above, there were no events occurring in this period that require disclosure in or adjustment to the accompanying financial statements. |
Significant Accounting (Policie
Significant Accounting (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Consolidation, Policy [Policy Text Block] | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements (unaudited) of First BanCorp. (the “Corporation”) have been prepared in conformity with the accounting policies stated in the Corporation’s Audited Consolidated Financial Statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report on Form 10-K”). Certain information and note disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from these statements pursuant to the rules and regulations of the SEC and, accordingly, these financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Corporation for the year ended December 31, 2018, which are included in the 2018 Annual Report on Form 10-K. All adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the statement of financial position, results of operations and cash flows for the interim periods have been reflected. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the quarter and nine-month period ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire year. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Requirements and Recently Issued but Not Yet Effective Accounting Requirements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Corporation’s operations: Lease Accounting In February 2016, the FASB updated the FASB Accounting Standards Codification (“ASC” or the “Codification”) to replace ASC Topic 840, “Leases (Topic 840)” (“ASC Topic 840”), with new guidance for the financial reporting about leasing transactions. Under the new guidance, a lessee is required to recognize a right-of-use asset (“ROU”) and a lease liability for leases with lease terms of more than 12 months. Similar with the practice before the adoption of this guidance, a lessee’s recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily depend on the classification of the lease as a finance or operating lease. However, unlike previous guidance, which required the recognition of only capital leases on the balance sheet, the guidance requires both types of leases to be recognized on the balance sheet. The guidance also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information and additional information about the amounts recorded in the financial statements. The FASB issued an update in January 2018 providing an optional transition practical expedient under which an entity need not evaluate under new ASC Topic 842, “Leases” (“ASC Topic 842”), land easements that existed or expired before the entity’s adoption of ASC Topic 842 and were not previously accounted for as leases. In addition, the FASB issued an update in July 2018 that provides entities with an additional and optional transition method that allows entities to adopt the new standard prospectively as of the effective date, without adjusting comparative periods presented. Also, the amendments provide lessors with a practical expedient, by class of underlying asset, to not separate non lease components, subject to certain circumstances. Also in July 2018, the FASB issued an update that makes various technical corrections to clarify how to apply certain aspects of the new leases standard, such as reassessment of lease classification, variable lease payments that depend on an index or a rate, lease term and purchase options, and certain transition adjustments, among others. The guidance on leases took effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The update affected the Corporation’s consolidated financial statements since the Corporation has operating and lease arrangements for which it is a lessee. The new standard provides a number of optional practical expedients in transition. The Corporation adopted this guidance in 2019, and elected the optional transition approach to not apply the new lease standard in comparative periods presented and the package of practical expedients, which allows the Corporation not to reassess prior conclusions about lease classification and initial direct costs. The adoption of this standard in January 2019 resulted in the recognition of ROU assets and lease liabilities for operating leases of $ 59.6 million and $ 62.1 million, respectively, with the most significant impact from recognition of ROU assets and liabilities related to the operating leases for the Bank’s branches and automated teller machines (“ATMs”). The Corporation elected not to recognize ROU assets and lease liabilities that arise from short-term leases, primarily related to certain month-to-month ATM operating leases. Disclosures required by the standard have been included in Note 12 - Leases. Amortization of Premiums and Discounts on Callable Debt Securities In March 2017, the FASB updated the Codification to shorten the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. With respect to securities held at a discount, the amendments do not require an accounting change; thus, the discount continues to be amortized to maturity. The amendments in this update more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (that is, the security is trading at a premium) and price securities to maturity when the coupon is below market rates (that is, the security is trading at a discount) in anticipation that the borrower will act in its economic best interest. As a result, the amendments more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. For public business entities, the amendments in this update took effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this guidance during the first quarter of 2019, did not have a material effect on the Corporation’s consolidated statement of financial condition or results of operations. As of September 30, 2019, the Corporation does not have callable debt securities held at a premium. Derivatives and Hedging In August 2017, the FASB updated the Codification to: (i) expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities; (ii) decrease the complexity of preparing and understanding hedge results by eliminating the separate measurement and reporting of hedge ineffectiveness; (iii) enhance transparency, comparability, and understanding of hedge results through enhanced disclosures and a change in the presentation of hedge results to align the effects of the hedging instrument and the hedged item; and (iv) reduce the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. This update took effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply requirements to existing hedging relationships on the date of adoption, and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” to provide further clarification on previously issued updates. This Update addresses the following areas of the guidance: (i) partial-term fair value hedges; (ii) fair value hedge basis adjustments; (iii) not-for-profit entities and private companies; and (v) first-payments-received cash flow hedging. As of September 30, 2019, all of the derivatives held by the Corporation were considered economic undesignated hedges. The adoption of this guidance during the first quarter of 2019 did not have an effect on the Corporation’s consolidated statement of financial condition or results of operations. Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income In February 2018, the FASB updated the Codification to provide entities with an option to reclassify to retained earnings, tax effects that were stranded in accumulated other comprehensive income, pursuant to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). This guidance took effect for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This guidance could be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the corporate tax rate in the Tax Act is recognized. The adoption of this guidance during the first quarter of 2019 did not have an effect on the Corporation’s consolidated financial statements. Accounting for Financial Instruments – Credit Losses In June 2016, the FASB updated the Codification to introduce new guidance for the accounting for credit losses. The guidance changes the accounting for credit losses measurement on loans and debt securities. For loans and held-to-maturity debt securities, the guidance requires a current expected credit loss (“CECL”) measurement to estimate the allowance for credit losses (“ACL”) for the remaining estimated life of the financial asset (including off-balance sheet credit exposures). The estimate of expected credit losses (“ECL”) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The guidance eliminates the existing guidance for purchased credit-impaired (“PCI”) loans, but requires an allowance for purchased financial assets with more than insignificant credit deterioration since origination (“PCD”). In addition, the guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit. In general, the new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. However, prospective application is required for PCD assets previously accounted for under ASC Topic 310-30, “Receivables,” and for debt securities for which an OTTI was recognized prior to the date of adoption. The new guidance also provides transition relief that allows entities, through an accounting policy election, the choice of either maintaining existing PCI pools at adoption only or doing so at the time of adoption and on an ongoing basis after adoption. Entities that elect to maintain existing PCI pools after adoption would not be able to remove assets from the pool until they are paid off, written off or sold (consistent with the current practice), but would be required to follow the new guidance for purposes of interest income and ACL. The guidance will be effective for public business entities that are SEC filers in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption of the guidance is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Corporation plans to adopt this new standard as of January 1, 2020. The Corporation developed a project plan in order to comply on a timely basis with the implementation of this new CECL impairment model and expects to adopt the guidance in the first quarter of 2020. The implementation process is being conducted by a working group composed of members from multiple areas across the Corporation and includes the selection and development of loss forecasting models, evaluation of technical accounting topics, updates to the Corporation’s allowance documentation, reporting processes and related internal controls, and evaluation of the overall operational readiness for the adoption. The working group provides periodic updates to the Corporation’s CECL Executive Management Committee, which has oversight responsibilities for the implementation efforts. The CECL Executive Management Committee also reports to the Corporation’s Board of Directors Audit Committee progress of the implementation plan. Currently, the Corporation has substantially completed the development of the loss forecasting models for loan portfolios, as well as for available-for-sale and held-to-maturity debt securities and is in the process of conducting and validating the results of parallel runs, while continuing to develop the policies, systems and controls that will be required to implement the CECL standard. This process is expected to continue for the remainder of 2019. The Corporation’s current planned approach for estimating ECL for applicable loans and debt securities includes the following key components: An initial forecast period (“reasonable and supportable period”) of 2 years for Puerto Rico and the Virgin Islands and between 2 and 5 years for the Florida region. This period reflects management’s expectations of losses based on forward-looking economic scenarios over that time. A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segments and classes of financing receivables based on the change in key historical economic variables during representative historical expansionary and recessionary periods. A reversion period of up to 3 years, utilizing a straight-line approach and reverting back to the historical macroeconomic mean. The utilization of discounted cash flow (“DCF”) methods to measure credit impairment for loans modified in a troubled debt restructuring (“TDR”), unless they are collateral dependent and measured based on the fair value of the collateral. The DCF methods will provide the estimated life-time credit losses. For available-for-sale and held-to-maturity securities, the Corporation will utilize the DCF methods to measure the ACL. Based on the work completed to date, the Corporation’s loan portfolio and held-to-maturity and available-for-sale debt securities portfolio composition, and reasonable and supportable macroeconomic forecasts as of September 30, 2019, the Corporation expects that the adoption of the CECL standard will result in an overall increase in the ACL, at the adoption date, in a range of 57% to 67% from the reserves for credit losses as of September 30, 2019. The estimate primarily reflects an expected increase for longer duration residential mortgage and consumer loans and, to a lesser extent, the ACL that will be required for the Corporation’s held-to-maturity debt securities. This increase, net of income taxes, would be reflected as a decrease to opening retained earnings at January 1, 2020. The Corporation will continue to evaluate and refine the results of the loss estimates throughout 2019. The ultimate effect of the adoption of the CECL standard on the Corporation’s consolidated financial statements will depend on the size and composition of the Corporation’s loan portfolio and debt securities mix, credit quality, economic conditions and forecasted macroeconomic conditions on the date of adoption, as well as any refinements to the loss models based on continuing reviews of methodologies and assumptions, including the process around qualitative factors, and model validation exercises in process. The Corporation expects to have a cumulative-effect adjustment to retained earnings related to the change in the ACL, which will impact capital. An increase in the ACL will result in a reduction to the Corporation’s and banking subsidiary’s regulatory capital ratios. The Corporation expects to adopt the option that permits institutions to limit the initial regulatory capital day-one impact by allowing a three-year phase in period for this impact, on a straight-line basis. Considering the three-year phase in option allowed by the regulatory framework, and based on the upper point of the above-mentioned impact range, the Corporation’s common equity Tier 1 capital ratio, Tier 1 capital ratio, Total capital ratio, and Leverage ratio would have been lower by 16, 16, 15, and 12 basis points, respectively, as of September 30, 2019, still well in excess of minimum capital ratios. Subsequent Measurement of Goodwill In January 2017, the FASB updated the Codification to simplify the subsequent measurement of goodwill by eliminating Step 2 from the current two-step goodwill impairment test. This guidance provides that a goodwill impairment test must be conducted by comparing the fair value of a reporting unit with its carrying amount. Entities must recognize an impairment charge for goodwill equal to the excess of the carrying amount over the reporting unit’s fair value. Entities have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The effect of this guidance will depend upon the performance of the reporting units that have goodwill and the market conditions affecting the fair value of each reporting unit going forward. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB updated the Codification and amended ASC Topic 820, “Fair Value Measurement and Disclosures,” to add, remove, and modify fair value measurement disclosure requirements. The requirements that are removed for public entities include disclosure about: (i) transfers between Level 1 and Level 2 of the fair value hierarchy; (ii) the policy for determining when transfers between any of the three levels have occurred; and (iii) the valuation processes used for Level 3 measurements. The disclosure requirements that are modified for public entities include: (i) for certain investments in entities that calculate the net asset value, revisions to require disclosures about the timing of liquidation and lapses of redemption restrictions, if the latter has been communicated to the reporting entity; and (ii) revisions to clarify that the disclosure of Level 3 measurement uncertainty should communicate information about the uncertainty as of the balance sheet date. The additional or new disclosure requirements include: (i) the changes in unrealized gains and losses for the period must be included in other comprehensive income for recurring Level 3 instruments held as of the balance sheet date; and (ii) the range and weighted average of significant unobservable inputs used for Level 3 measurements must be disclosed, but an entity has the option to disclose other quantitative information in place of the weighted average to the extent that it would be a more reasonable and rational method to reflect the distribution of certain unobservable inputs. This update is effective for all entities in fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any of the removed or modified disclosures immediately even if adoption of the new disclosures is delayed until the effective date. In the third quarter of 2018, the Corporation early adopted the disclosure requirements that were removed or modified by this guidance. Collaborative Arrangements In November 2018, the FASB issued new guidance to clarify the interaction between Collaborative Arrangements (“ASC Topic 808”) and Revenue from Contracts with Customers (“ASC Topic 606”) standards. The guidance (i) clarifies that certain transactions between collaborative arrangement participants should be accounted for under the ASC Topic 606 guidance; (ii) adds unit of account guidance to ASC Topic 808 to align with ASC Topic 606; and (iii) clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under ASC Topic 606. The guidance is effective for annual reporting periods beginning after December 1, 2019, including interim reporting periods within these annual reporting periods, with early adoption permitted. The Corporation does not expect the adoption of this standard to have a material effect on its consolidated financial statements. |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | The Corporation commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent in accordance with the requirements of the Consumer Financial Protection Bureau (“CFPB”). Foreclosure procedures and timelines vary depending on whether the property is located in a judicial or non-judicial state. Judicial states ( i.e. , Puerto Rico, Florida and the USVI) require the foreclosure to be processed through the state’s court while foreclosure in non-judicial states ( i.e. , the BVI) is processed without court intervention. Foreclosure timelines vary according to local jurisdiction law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays and title issues. |
Troubled Debt Restructuring [Policy Text Block] | The Corporation’s loss mitigation programs for residential mortgage and consumer loans can provide for one or a combination of the following: movement of interest past due to the end of the loan, extension of the loan term, deferral of principal payments and reduction of interest rates either permanently or for a period of up to six years (increasing back in step-up rates). Additionally, in certain cases, the restructuring may provide for the forgiveness of contractually-due principal or interest. Uncollected interest is added to the end of the loan term at the time of the restructuring and not recognized as income until collected or when the loan is paid off. These programs are available only to those borrowers who have defaulted, or are likely to default, permanently on their loans and would lose their homes in a foreclosure action absent some lender concession. Nevertheless, if the Corporation is not reasonably assured that the borrower will comply with its contractual commitment, properties are foreclosed. Prior to permanently modifying a loan, the Corporation may enter into trial modifications with certain borrowers. Trial modifications generally represent a six-month 2.7 million of residential mortgage loans that were participating in or had been offered a trial modification. For the commercial real estate, commercial and industrial, and construction loan portfolios, at the time of a restructuring, the Corporation determines, on a loan-by-loan basis, whether a concession was granted for economic or legal reasons related to the borrower’s financial difficulty. Concessions granted for loans in these portfolios could include: reductions in interest rates to rates that are considered below market; extension of repayment schedules and maturity dates beyond original contractual terms; waivers of borrower covenants; forgiveness of principal or interest; or other contractual changes that are considered to be concessions. The Corporation mitigates loan defaults for these loan portfolios through its collection function. The function’s objective is to minimize both early stage delinquencies and losses upon default of loans in these portfolios. In the case of the commercial and industrial, commercial mortgage, and construction loan portfolios, the Corporation’s Special Asset Group (“SAG”) focuses on strategies for the accelerated reduction of non-performing assets through note sales, short sales, loss mitigation programs, and sales of OREO. In addition, the Corporation extends, renews, and restructures loans with satisfactory credit profiles. Many commercial loan facilities are structured as lines of credit, which generally have one-year terms and, therefore, are required to be renewed annually. Other facilities may be restructured or extended from time to time based upon changes in the borrower’s business needs, use of funds, and timing of completion of projects, and other factors. If the borrower is not deemed to have financial difficulties, extensions, renewals, and restructurings are done in the normal course of business and not considered to be concessions, and the loans continue to be recorded as performing. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Share [Table Text Block] | The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2019 and 2018 are as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands, except per share information) Net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Less: Preferred stock dividends ( 669) ( 669) ( 2,007) ( 2,007) Net income attributable to common stockholders $ 45,658 $ 35,654 $ 128,921 $ 98,496 Weighted-Average Shares: Average common shares outstanding 216,690 216,149 216,569 215,516 Average potential dilutive common shares 537 626 484 1,068 Average common shares outstanding - assuming dilution 217,227 216,775 217,053 216,584 Earnings per common share: Basic $ 0.21 $ 0.16 $ 0.60 $ 0.46 Diluted $ 0.21 $ 0.16 $ 0.59 $ 0.45 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity Under Omnibus Plan | The following table summarizes the restricted stock activity in the first nine months of 2019 under the Omnibus Plan: Nine-Month Period Ended September 30, 2019 Number of shares Weighted-Average of restricted Grant Date stock Fair Value Unvested shares outstanding at beginning of year 964,110 $ 4.79 Granted 314,212 10.97 Forfeited ( 12,750) 8.68 Vested ( 619,517) 3.97 Unvested shares outstanding as of September 30, 2019 646,055 $ 8.51 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Available for sale Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investment Securities | The amortized cost, non-credit loss component of OTTI recorded in OCI, gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted-average yield of investment securities available for sale by contractual maturities as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Fair value Gross Unrealized Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,476 $ - $ 9 $ - $ 7,485 2.42 U.S. government-sponsored agencies' obligations: Due within one year 128,376 - 5 318 128,063 1.40 After 1 to 5 years 81,802 - 422 77 82,147 2.13 After 5 to 10 years 75,289 - 588 90 75,787 2.63 After 10 years 25,819 - 4 93 25,730 2.40 Puerto Rico government obligations: After 5 to 10 years 4,000 - 245 - 4,245 5.12 After 10 years 4,280 - - 1,324 2,956 6.97 United States and Puerto Rico government obligations 327,042 - 1,273 1,902 326,413 2.09 Mortgage-backed securities (“MBS”): Freddie Mac (“FHLMC”) certificates: After 5 to 10 years 78,771 - 408 242 78,937 2.08 After 10 years 306,008 - 3,550 778 308,780 2.53 384,779 - 3,958 1,020 387,717 2.44 Ginnie Mae (“GNMA”) certificates: Due within one year 1 - - - 1 3.40 After 1 to 5 years 123 - 2 - 125 3.89 After 5 to 10 years 50,216 - 599 12 50,803 2.81 After 10 years 173,707 - 6,824 249 180,282 3.47 224,047 - 7,425 261 231,211 3.32 Fannie Mae (“FNMA”) certificates: After 1 to 5 years 19,784 - 468 - 20,252 2.79 After 5 to 10 years 148,192 - 1,527 683 149,036 2.13 After 10 years 543,355 - 8,333 1,092 550,596 2.65 711,331 - 10,328 1,775 719,884 2.55 Collateralized mortgage obligations issued or guaranteed by the FHLMC ` and GNMA: After 1 to 5 years 647 - - - 647 2.69 After 10 years 58,369 - 398 130 58,637 2.90 59,016 - 398 130 59,284 2.89 Private label MBS: After 10 years 16,971 5,417 - - 11,554 4.07 Total MBS 1,396,144 5,417 22,109 3,186 1,409,650 2.68 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,723,686 $ 5,417 $ 23,382 $ 5,088 $ 1,736,563 2.56 December 31, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Unrealized Fair value Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,489 $ - $ - $ 33 $ 7,456 1.29 U.S. government-sponsored agencies' obligations: Due within one year 191,531 - - 1,908 189,623 1.28 After 1 to 5 years 184,851 - 203 2,249 182,805 2.07 After 5 to 10 years 195,750 - 286 1,674 194,362 2.95 After 10 years 34,627 - - 217 34,410 2.68 Puerto Rico government obligations: After 5 to 10 years 4,000 - 128 - 4,128 5.12 After 10 years 4,185 - - 1,361 2,824 6.97 United States and Puerto Rico government obligations 622,433 - 617 7,442 615,608 2.18 MBS: FHLMC certificates: After 5 to 10 years 92,149 - 31 1,850 90,330 2.09 After 10 years 265,624 - 523 6,699 259,448 2.52 357,773 - 554 8,549 349,778 2.41 GNMA certificates: After 1 to 5 years 176 - 3 - 179 3.43 After 5 to 10 years 61,604 - 408 503 61,509 2.88 After 10 years 118,898 - 2,938 747 121,089 3.92 180,678 - 3,349 1,250 182,777 3.56 FNMA certificates: Due within one year 119 - 2 - 121 2.20 After 1 to 5 years 19,798 - 50 122 19,726 2.79 After 5 to 10 years 165,067 - 2 3,822 161,247 2.13 After 10 years 543,972 - 2,211 13,233 532,950 2.67 728,956 - 2,265 17,177 714,044 2.55 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA: After 1 to 5 years 6,530 - 1 18 6,513 3.15 After 10 years 59,020 - 474 60 59,434 3.22 65,550 - 475 78 65,947 3.22 Private label MBS After 10 years 19,340 5,426 - - 13,914 4.89 Total MBS: 1,352,297 5,426 6,643 27,054 1,326,460 2.71 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,975,230 $ 5,426 $ 7,260 $ 34,496 $ 1,942,568 2.55 |
Investments' Fair Value and Gross Unrealized Losses | The following tables show the Corporation’s available-for-sale investments’ fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2019 and December 31, 2018. The tables also include debt securities for which an OTTI was recognized and only the amount related to a credit loss was recognized in earnings. For unrealized losses for which OTTI was recognized, the related credit loss was charged against the amortized cost basis of the debt security. As of September 30, 2019 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico-government obligations $ - $ - $ 2,956 $ 1,324 $ 2,956 $ 1,324 U.S. Treasury and U.S. government agenciesʼ obligations 11,789 80 170,773 498 182,562 578 MBS: FNMA 31,860 141 200,733 1,634 232,593 1,775 FHLMC 15,054 75 74,495 945 89,549 1,020 GNMA 66,515 151 27,640 110 94,155 261 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA 14,075 130 - - 14,075 130 Private label MBS - - 11,554 5,417 11,554 5,417 $ 139,293 $ 577 $ 488,151 $ 9,928 $ 627,444 $ 10,505 As of December 31, 2018 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico-government obligations $ - $ - $ 2,824 $ 1,361 $ 2,824 $ 1,361 U.S. Treasury and U.S. government agenciesʼ obligations 16,669 77 468,094 6,004 484,763 6,081 MBS: FNMA 25,079 129 521,871 17,048 546,950 17,177 FHLMC 3,382 32 263,798 8,517 267,180 8,549 GNMA 3,364 15 57,535 1,235 60,899 1,250 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA 16,065 78 - - 16,065 78 Private label MBS - - 13,914 5,426 13,914 5,426 $ 64,559 $ 331 $ 1,328,036 $ 39,591 $ 1,392,595 $ 39,922 |
Roll-Forward of Credit Losses on Debt Securities Held by Corporation | The Corporation recorded OTTI losses on available-for-sale debt securities as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Total OTTI losses $ ( 557) $ - $ ( 557) $ - Portion of OTTI recognized in OCI 60 - 60 - Net impairment losses recognized in earnings (1) $ ( 497) $ - $ ( 497) $ - (1) Associated with credit losses on private label MBS. The following tables summarize the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI was also recognized in OCI as of the indicated dates: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings on September 30, 2019 securities that have been 2019 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,842 $ 497 $ 7,339 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings on September 30, 2018 securities that have been 2019 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,842 $ 497 $ 7,339 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings September 30, 2018 on securities that have been 2018 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings September 30, 2017 on securities that have been 2018 Balance previously impaired Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ 6,792 |
Held-to-maturity Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investment Securities | The amortized cost, gross unrecognized gains and losses, estimated fair value, weighted-average yield and contractual maturities of investment securities held to maturity as of September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized cost Fair value Gross Unrecognized (Dollars in thousands) gains losses Weighted- average yield% Puerto Rico Municipal Bonds: Due within one year $ 321 $ - $ 7 $ 314 6.07 After 1 to 5 years 8,264 - 628 7,636 5.40 After 5 to 10 years 56,512 - 6,817 49,695 5.94 After 10 years 73,579 - 15,781 57,798 5.66 Total investment securities held to maturity $ 138,676 $ - $ 23,233 $ 115,443 5.76 December 31, 2018 Amortized cost Fair value Gross Unrecognized (Dollars in thousands) gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,100 $ - $ 435 $ 5,665 4.79 After 5 to 10 years 53,016 - 5,360 47,656 6.00 After 10 years 85,699 - 13,362 72,337 5.86 Total investment securities held to maturity $ 144,815 $ - $ 19,157 $ 125,658 5.86 |
Investments' Fair Value and Gross Unrealized Losses | The following tables show the Corporation’s held-to-maturity investments’ fair value and gross unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrecognized loss position, as of September 30, 2019 and December 31, 2018: As of September 30, 2019 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 115,443 $ 23,233 $ 115,443 $ 23,233 As of December 31, 2018 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 125,658 $ 19,157 $ 125,658 $ 19,157 |
LOAN PORTFOLIO (Tables)
LOAN PORTFOLIO (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loan Portfolio Held for Investment [Table Text Block] | The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2019 2018 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 2,997,953 $ 3,163,208 Commercial loans: Construction loans 108,862 79,429 Commercial mortgage loans 1,439,362 1,522,662 Commercial and Industrial loans (1) 2,222,496 2,148,111 Total commercial loans 3,770,720 3,750,202 Finance leases 391,373 333,536 Consumer loans 1,808,374 1,611,177 Loans held for investment 8,968,420 8,858,123 Allowance for loan and lease losses ( 165,575) ( 196,362) Loans held for investment, net $ 8,802,845 $ 8,661,761 |
Loans Held for Investment on Which Accrual of Interest Income had been Discontinued [Table Text Block] | Loans held for investment on which accrual of interest income had been discontinued were as follows: As of As of September 30, December 31, (In thousands) 2019 2018 Nonaccrual loans: Residential mortgage $ 127,040 $ 147,287 Commercial mortgage 42,525 109,536 Commercial and Industrial 20,725 30,382 Construction: Land 5,021 6,260 Construction-residential 1,337 2,102 Consumer: Auto loans 10,511 11,212 Finance leases 1,340 1,329 Other consumer loans 7,728 7,865 Total nonaccrual loans held for investment (1)(2)(3) $ 216,227 $ 315,973 |
Corporation's Aging of Loans Held for Investment Portfolio [Table Text Block] | The Corporation’s aging of the loans held for investment portfolio is as follows: Purchased Credit-Impaired Loans 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1) Total Past Due Total loans held for investment 90 days past due and still accruing As of September 30, 2019 (In thousands) Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 2,081 $ 86,121 $ 88,202 $ - $ 38,380 $ 126,582 $ 86,121 Other residential mortgage loans (2)(4) - 67,554 143,044 210,598 135,922 2,524,851 2,871,371 16,004 Commercial: Commercial and Industrial loans 26,214 475 27,351 54,040 - 2,168,456 2,222,496 6,626 Commercial mortgage loans (4) 16,761 781 45,575 63,117 3,330 1,372,915 1,439,362 3,050 Construction: Land (4) - 11 5,021 5,032 - 13,205 18,237 - Construction-commercial 886 5,150 - 6,036 - 70,261 76,297 - Construction-residential - - 1,337 1,337 - 12,991 14,328 - Consumer: Auto loans 33,759 6,748 10,511 51,018 - 1,037,032 1,088,050 - Finance leases 6,150 1,232 1,340 8,722 - 382,651 391,373 - Other consumer loans 8,596 5,625 12,089 26,310 - 694,014 720,324 4,361 Total loans held for investment $ 92,366 $ 89,657 $ 332,389 $ 514,412 $ 139,252 $ 8,314,756 $ 8,968,420 $ 116,162 As of December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1) Total loans held for investment 90 days past due and still accruing (In thousands) Total Past Due Purchased Credit- Impaired Loans Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 4,183 $ 104,751 $ 108,934 $ - $ 38,271 $ 147,205 $ 104,751 Other residential mortgage loans (2)(4) - 62,077 161,851 223,928 143,176 2,648,899 3,016,003 14,564 Commercial: Commercial and Industrial loans 2,550 66 35,385 38,001 - 2,110,110 2,148,111 5,003 Commercial mortgage loans (4) - 1,038 110,482 111,520 3,464 1,407,678 1,522,662 946 Construction: Land (4) - 207 6,327 6,534 - 13,779 20,313 67 Construction-commercial (4) - - - - - 47,965 47,965 - Construction-residential (4) - - 2,102 2,102 - 9,049 11,151 - Consumer: Auto loans 31,070 7,103 11,212 49,385 - 897,091 946,476 - Finance leases 5,502 1,362 1,329 8,193 - 325,343 333,536 - Other consumer loans 9,898 4,542 11,617 26,057 - 638,644 664,701 3,752 Total loans held for investment $ 49,020 $ 80,578 $ 445,056 $ 574,654 $ 146,640 $ 8,136,829 $ 8,858,123 $ 129,083 |
Corporation's Credit Quality Indicators by Loan [Table Text Block] | The Corporation’s commercial and construction loans credit quality indicators as of September 30, 2019 and December 31, 2018 are summarized below: Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Criticized Asset (1) Total Portfolio September 30, 2019 Special Mention (In thousands) Commercial mortgage $ 8,739 $ 205,520 $ - $ - $ 214,259 $ 1,439,362 Construction: Land - 5,938 - - 5,938 18,237 Construction - commercial 6,036 - - - 6,036 76,297 Construction - residential - 1,337 - - 1,337 14,328 Commercial and Industrial 15,159 32,680 2,405 250 50,494 2,222,496 Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Criticized Asset (1) Total Portfolio December 31, 2018 Special Mention (In thousands) Commercial mortgage $ 172,260 $ 276,935 $ 1,701 $ - $ 450,896 $ 1,522,662 Construction: Land - 7,407 - - 7,407 20,313 Construction - commercial - - - - - 47,965 Construction - residential - 2,102 - - 2,102 11,151 Commercial and Industrial 85,557 45,274 6,114 396 137,341 2,148,111 The Corporation’s consumer and residential loans credit quality indicators as of September 30, 2019 and December 31, 2018 are summarized below: Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer September 30, 2019 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 126,582 $ 2,608,409 $ 1,077,539 $ 390,033 $ 712,596 Purchased Credit-Impaired (2) - 135,922 - - - Nonaccrual - 127,040 10,511 1,340 7,728 Total $ 126,582 $ 2,871,371 $ 1,088,050 $ 391,373 $ 720,324 Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer December 31, 2018 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 147,205 $ 2,725,540 $ 935,264 $ 332,207 $ 656,836 Purchased Credit-Impaired (2) - 143,176 - - - Nonaccrual - 147,287 11,212 1,329 7,865 Total $ 147,205 $ 3,016,003 $ 946,476 $ 333,536 $ 664,701 |
Impaired Loans [Table Text Block] | The following tables present, as of the indicated dates, information about impaired loans held for investment, excluding PCI loans, which are reported separately, as discussed below: Impaired Loans Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 271,042 295,465 17,411 110,826 156,829 381,868 452,294 17,411 Commercial: Commercial mortgage loans 34,583 44,254 6,962 45,395 49,725 79,978 93,979 6,962 Commercial and Industrial loans 51,341 87,027 7,520 27,922 32,854 79,263 119,881 7,520 Construction: Land 2,087 2,431 533 1,943 2,567 4,030 4,998 533 Construction-commercial - - - - - - - - Construction-residential 519 519 11 956 1,531 1,475 2,050 11 Consumer: Auto loans 15,434 15,407 3,576 104 194 15,538 15,601 3,576 Finance leases 1,603 1,797 66 - - 1,603 1,797 66 Other consumer loans 8,545 9,569 919 1,070 1,971 9,615 11,540 919 $ 385,154 $ 456,469 $ 36,998 $ 188,216 $ 245,671 $ 573,370 $ 702,140 $ 36,998 (1) Excludes accrued interest receivable. Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 293,494 325,897 19,965 110,238 148,920 403,732 474,817 19,965 Commercial: Commercial mortgage loans 184,068 201,116 17,684 43,358 49,253 227,426 250,369 17,684 Commercial and Industrial loans 61,162 76,027 9,693 30,030 48,085 91,192 124,112 9,693 Construction: Land 2,444 2,923 552 2,431 2,927 4,875 5,850 552 Construction-commercial - - - - - - - - Construction-residential 1,718 2,370 208 - - 1,718 2,370 208 Consumer: Auto loans 17,781 17,781 3,689 250 250 18,031 18,031 3,689 Finance leases 1,914 1,914 102 22 22 1,936 1,936 102 Other consumer loans 9,291 10,066 2,083 2,068 2,750 11,359 12,816 2,083 $ 571,872 $ 638,094 $ 53,976 $ 188,397 $ 252,207 $ 760,269 $ 890,301 $ 53,976 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 383,960 4,258 213 4,471 Commercial: Commercial mortgage loans 80,966 690 24 714 Commercial and Industrial loans 80,879 932 19 951 Construction: Land 4,218 18 5 23 Construction-commercial - - - - Construction-residential 1,476 11 - 11 Consumer: Auto loans 16,133 283 - 283 Finance leases 1,666 38 - 38 Other consumer loans 9,898 196 38 234 $ 579,196 $ 6,426 $ 299 $ 6,725 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,393 4,641 410 5,051 Commercial: Commercial mortgage loans 244,802 2,198 656 2,854 Commercial and Industrial loans 98,903 557 2 559 Construction: Land 5,204 23 5 28 Construction-commercial - - - - Construction-residential 1,766 - - - Consumer: Auto loans 19,479 362 - 362 Finance leases 1,444 27 - 27 Other consumer loans 11,925 274 53 327 $ 794,916 $ 8,082 $ 1,126 $ 9,208 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-month Period Ended September 30, 2019 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 387,732 12,874 690 13,564 Commercial: Commercial mortgage loans 83,156 2,047 125 2,172 Commercial and Industrial loans 85,027 2,803 91 2,894 Construction: Land 4,390 55 23 78 Construction-commercial - - - - Construction-residential 1,485 13 - 13 Consumer: Auto loans 17,196 869 - 869 Finance leases 1,847 106 - 106 Other consumer loans 10,535 621 115 736 $ 591,368 $ 19,388 $ 1,044 $ 20,432 (1) Excludes accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-Month Period Ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 415,561 13,369 1,080 14,449 Commercial: Commercial mortgage loans 248,919 2,775 2,038 4,813 Commercial and Industrial loans 102,410 1,438 6 1,444 Construction: Land 5,260 70 20 90 Construction-commercial - - - - Construction-residential 1,765 - - - Consumer: Auto loans 20,527 1,122 - 1,122 Finance leases 1,582 84 - 84 Other consumer loans 12,353 754 127 881 $ 808,377 $ 19,612 $ 3,271 $ 22,883 (1) Excludes accrued interest receivable. The following tables show the activity for impaired loans for the quarters and nine-month periods ended September 30, 2019 and 2018: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Impaired Loans: Balance at beginning of period $ 711,828 $ 740,134 $ 760,269 $ 790,308 Loans determined impaired during the period 9,912 119,064 32,267 214,745 Charge-offs (1) (2) ( 4,443) ( 18,035) ( 33,491) ( 48,455) Loans sold, net of charge-offs - - - ( 4,121) Increases to existing impaired loans 125 128 1,740 7,203 Foreclosures ( 5,888) ( 8,293) ( 18,822) ( 27,745) Loans no longer considered impaired ( 1,378) ( 1,146) ( 2,081) ( 5,086) Loans transferred to held for sale - ( 16,839) - ( 74,052) Paid in full, partial payments and other (3) ( 136,786) ( 27,003) ( 166,512) ( 64,787) Balance at end of period $ 573,370 $ 788,010 $ 573,370 $ 788,010 |
Allowance For Credit Losses On Financing Receivables [Table Text Block] | The changes in the allowance for loan and lease losses were as follows: Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 48,284 $ 46,373 $ 21,644 $ 3,026 $ 52,684 $ 172,011 Charge-offs ( 5,288) ( 813) ( 387) ( 68) ( 12,708) ( 19,264) Recoveries 874 96 1,826 279 2,355 5,430 Provision (release) 2,162 ( 808) ( 5,465) ( 178) 11,687 7,398 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Charge-offs ( 16,229) ( 14,901) ( 7,056) ( 347) ( 37,004) ( 75,537) Recoveries 2,080 314 3,196 629 6,779 12,998 Provision (release) 9,387 3,854 ( 11,068) ( 815) 30,394 31,752 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 55,130 $ 48,718 $ 44,000 $ 3,949 $ 70,238 $ 222,035 Charge-offs (2) ( 8,316) ( 9,850) ( 2,242) ( 2,192) ( 13,712) ( 36,312) Recoveries 833 291 127 14 2,051 3,316 Provision (2) 360 10,111 2,281 1,308 ( 2,536) 11,524 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (2) ( 17,231) ( 20,557) ( 9,282) ( 8,187) ( 38,111) ( 93,368) Recoveries 1,857 378 1,565 165 6,519 10,484 Provision (2) 4,406 20,956 3,012 6,579 16,651 51,604 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of September 30, 2019 and December 31, 2018: As of September 30, 2019 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,826 $ 45,395 $ 27,922 $ 2,899 $ 1,174 $ 188,216 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 271,042 34,583 51,341 2,606 25,582 385,154 Allowance for loan and lease losses 17,411 6,962 7,520 544 4,561 36,998 Allowance for loan and lease losses to principal balance 6.42 % 20.13 % 14.65 % 20.87 % 17.83 % 9.61 % PCI loans: Carrying value of PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Allowance for PCI loans 11,063 371 - - - 11,434 Allowance for PCI loans to carrying value 8.14 % 11.14 % 8.21 % Loans with general allowance: Principal balance of loans $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Allowance for loan and lease losses 17,558 37,515 10,098 2,515 49,457 117,143 Allowance for loan and lease losses to principal balance 0.71 % 2.77 % 0.47 % 2.43 % 2.28 % 1.42 % Total loans held for investment: Principal balance of loans $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Allowance for loan and lease losses 46,032 44,848 17,618 3,059 54,018 165,575 Allowance for loan and lease losses to principal balance (1) 1.54 % 3.12 % 0.79 % 2.81 % 2.46 % 1.85 % As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % 7.74 % Loans with general allowance: Principal balance of loans $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % |
TDR [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Troubled Debt Restructurings On Financing Receivables [Table Text Block] | Selected information on all of the Corporation's TDR loans held for investment based on the recorded investment by loan class and modification type is summarized in the following tables as of the indicated dates. This information reflects all of the Corporation's TDRs held for investment: As of September 30, 2019 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Forbearance Agreement Other (1) Total (In thousands) Troubled Debt Restructurings: Non - FHA/VA residential mortgage loans $ 20,686 $ 11,751 $ 226,625 $ - $ 143 $ 61,522 $ 320,727 Commercial Mortgage loans (2) 3,840 1,788 41,741 24 19,919 8,488 75,800 Commercial and Industrial loans 603 16,939 12,337 151 699 37,713 68,442 Construction loans: Land 25 2,022 1,630 - - 243 3,920 Construction-commercial - - - - - - - Construction-residential - 519 - - - - 519 Consumer loans - Auto - 1,061 8,262 - - 6,215 15,538 Finance leases - 49 1,216 - - 338 1,603 Consumer loans - Other 1,484 1,360 4,990 231 - 1,224 9,289 Total Troubled Debt Restructurings $ 26,638 $ 35,489 $ 296,801 $ 406 $ 20,761 $ 115,743 $ 495,838 As of December 31, 2018 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Forbearance Agreement Other (1) Total (In thousands) Troubled Debt Restructurings: Non - FHA/VA residential mortgage loans $ 22,729 $ 11,586 $ 239,348 $ - $ 145 $ 60,094 $ 333,902 Commercial Mortgage loans (2) 3,966 2,005 122,709 - - 9,269 137,949 Commercial and Industrial loans (3) 664 19,769 13,323 - 2,673 38,492 74,921 Construction loans: Land 16 2,524 1,933 - - 292 4,765 Construction-commercial - - - - - - - Construction-residential - 545 - - - 217 762 Consumer loans - Auto - 1,517 10,085 - - 6,429 18,031 Finance leases - 101 1,186 - - 648 1,935 Consumer loans - Other 1,396 1,236 5,651 275 - 1,824 10,382 Total Troubled Debt Restructurings $ 28,771 $ 39,283 $ 394,235 $ 275 $ 2,818 $ 117,265 $ 582,647 The following table presents the Corporation's TDR loans held for investment activity: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Beginning balance of TDRs $ 582,389 $ 557,196 $ 582,647 $ 587,219 New TDRs 22,111 107,357 54,531 164,004 Increases to existing TDRs 125 78 1,647 6,924 Charge-offs post modification (1) (2) ( 2,505) ( 7,549) ( 7,418) ( 25,336) Foreclosures ( 2,716) ( 4,898) ( 9,637) ( 15,700) TDRs transferred to held for sale, net of charge-off - ( 4,541) - ( 34,541) Paid-off, partial payments and other (3) ( 103,566) ( 21,923) ( 125,932) ( 56,850) Ending balance of TDRs $ 495,838 $ 625,720 $ 495,838 $ 625,720 The following tables provide a breakdown of the TDR loans held for investment by those in accrual and nonaccrual status as of the indicated dates: As of September 30, 2019 Accrual Nonaccrual (1) Total TDRs (In thousands) Non-FHA/VA residential mortgage loans $ 266,592 $ 54,135 $ 320,727 Commercial mortgage loans (2) 50,045 25,755 75,800 Commercial and Industrial loans 62,041 6,401 68,442 Construction loans: Land 849 3,071 3,920 Construction-commercial - - - Construction-residential 519 - 519 Consumer loans - Auto 9,452 6,086 15,538 Finance leases 1,599 4 1,603 Consumer loans - Other 8,327 962 9,289 Total Troubled Debt Restructurings $ 399,424 $ 96,414 $ 495,838 As of December 31, 2018 Accrual Nonaccrual (1) Total TDRs (In thousands) Non-FHA/VA residential mortgage loans $ 271,766 $ 62,136 $ 333,902 Commercial mortgage loans (2) 116,830 21,119 137,949 Commercial and Industrial loans (3) 66,603 8,318 74,921 Construction loans: Land 1,071 3,694 4,765 Construction-commercial - - - Construction-residential - 762 762 Consumer loans - Auto 11,842 6,189 18,031 Finance leases 1,791 144 1,935 Consumer loans - Other 9,025 1,357 10,382 Total Troubled Debt Restructurings $ 478,928 $ 103,719 $ 582,647 Loan modifications that are considered TDR loans completed during the quarters and nine-month periods ended September 30, 2019 and 2018 were as follows: Quarter Ended September 30, 2019 Number of contracts Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 21 $ 2,233 $ 2,115 Commercial mortgage loans 5 17,344 17,282 Commercial and Industrial loans 1 236 236 Construction loans: Land - - - Consumer loans - Auto 70 1,205 1,206 Finance leases 12 202 202 Consumer loans - Other 263 1,048 1,070 Total Troubled Debt Restructurings 372 $ 22,268 $ 22,111 Nine-Month Period Ended September 30, 2019 Number of contracts Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 87 $ 9,585 $ 9,280 Commercial mortgage loans 11 40,374 38,136 Commercial and Industrial loans 7 439 438 Construction loans: Land 4 118 117 Consumer loans - Auto 208 3,327 3,294 Finance leases 33 646 643 Consumer loans - Other 585 2,581 2,623 Total Troubled Debt Restructurings 935 $ 57,070 $ 54,531 Quarter Ended September 30, 2018 Number of contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 27 $ 6,316 $ 5,729 Commercial mortgage loans 4 96,088 95,867 Commercial and Industrial loans 2 2,800 2,786 Construction loans: Land - - - Construction-residential 1 587 558 Consumer loans - Auto 74 1,281 1,281 Finance leases 5 82 80 Consumer loans - Other 198 1,038 1,056 Total Troubled Debt Restructurings 311 $ 108,192 $ 107,357 Nine-Month Period Ended September 30, 2018 Number of contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 70 $ 10,958 $ 10,277 Commercial mortgage loans 9 138,599 138,390 Commercial and Industrial loans 8 8,850 8,496 Construction loans: Land 1 97 97 Construction-residential 1 587 558 Consumer loans - Auto 195 3,206 3,200 Finance leases 5 82 80 Consumer loans - Other 565 2,857 2,906 Total Troubled Debt Restructurings 854 $ 165,236 $ 164,004 Loan modifications considered TDR loans that defaulted during the quarters and nine-month periods ended September 30, 2019 and 2018, and had become TDR during the 12-months preceding the default date, were as follows: Quarter Ended September 30, 2019 2018 Number of contracts Recorded Investment Number of contracts Recorded Investment (Dollars in thousands) Non-FHA/VA residential mortgage loans 5 $ 1,706 3 $ 338 Consumer loans - Auto 50 856 34 559 Consumer loans - Other 18 72 18 59 Total 73 $ 2,634 55 $ 956 Nine-Month Period Ended September 30, 2019 2018 Number of contracts Recorded Investment Number of contracts Recorded Investment (Dollars in thousands) Non-FHA/VA residential mortgage loans 8 $ 1,890 13 $ 1,406 Consumer loans - Auto 99 1,624 67 1,096 Consumer loans - Other 52 176 57 213 Finance leases - - 1 22 Total 159 $ 3,690 138 $ 2,737 |
TDR [Member] | 90 days or more Past Due [Member] | Loan Split [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Troubled Debt Restructurings On Financing Receivables [Table Text Block] | The following tables provide additional information about the volume of this type of loan restructuring as of September 30, 2019 and 2018 and the effect on the allowance for loan and lease losses in the first nine months of 2019 and 2018: (In thousands) September 30, 2019 September 30, 2018 Beginning balance $ 33,840 $ 35,577 New TDR loan splits 20,059 32,104 Paid-off and partial payments ( 1,315) ( 1,975) Ending balance $ 52,584 $ 65,706 (In thousands) September 30, 2019 September 30, 2018 Allowance for loan losses at the beginning of the year $ 473 $ 3,846 Charges to the provision for loan losses 3,304 1,407 Net charge-offs - ( 1,137) Allowance for loan losses at the end of the year $ 3,777 $ 4,116 |
PCI loans | |
Accounts Notes And Loans Receivable [Line Items] | |
Loan Portfolio Held for Investment [Table Text Block] | The carrying amounts of PCI loans were as follows: As of September 30, December 31, 2019 2018 (In thousands) Residential mortgage loans $ 135,922 $ 143,176 Commercial mortgage loans 3,330 3,464 Total PCI loans $ 139,252 $ 146,640 Allowance for loan losses ( 11,434) ( 11,354) Total PCI loans, net of allowance for loan losses $ 127,818 $ 135,286 |
Corporation's Aging of Loans Held for Investment Portfolio [Table Text Block] | The following tables present PCI loans by past due status as of September 30, 2019 and December 31, 2018: As of September 30, 2019 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 8,495 $ 25,179 $ 33,674 $ 102,248 $ 135,922 Commercial mortgage loans - - 2,523 2,523 807 3,330 Total (1) $ - $ 8,495 $ 27,702 $ 36,197 $ 103,055 $ 139,252 As of December 31, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 6,979 $ 26,932 $ 33,911 $ 109,265 $ 143,176 Commercial mortgage loans - - 2,512 2,512 952 3,464 Total (1) $ - $ 6,979 $ 29,444 $ 36,423 $ 110,217 $ 146,640 |
Accretable yield [Table Text Block] | Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2019 and 2018 were as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 (In thousands) Balance at beginning of period $ 88,695 $ 98,489 $ 93,493 $ 103,682 Accretion recognized in earnings ( 2,309) ( 2,524) ( 7,107) ( 7,717) Balance at end of period $ 86,386 $ 95,965 $ 86,386 $ 95,965 |
Changes In Carrying Amount Of Purchased Credit Impaired Loans Table [Text Block] | Changes in the carrying amount of PCI loans accounted for pursuant to ASC Topic 310-30 were as follows: Quarter Ended Nine-Month Period Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (In thousands) Balance at beginning of period $ 141,706 $ 152,242 $ 146,640 $ 158,174 Accretion 2,309 2,524 7,107 7,717 Collections ( 3,652) ( 4,835) ( 11,752) ( 12,590) Foreclosures ( 1,111) ( 809) ( 2,743) ( 4,179) Ending balance $ 139,252 $ 149,122 $ 139,252 $ 149,122 Allowance for loan losses ( 11,434) ( 11,354) ( 11,434) ( 11,354) Ending balance, net of allowance for loan losses $ 127,818 $ 137,768 $ 127,818 $ 137,768 |
Allowance For Credit Losses On Financing Receivables [Table Text Block] | Changes in the allowance for loan losses related to PCI loans were as follows: Quarter Ended Nine-Month Period Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (In thousands) Balance at beginning of period $ 11,434 $ 11,354 $ 11,354 $ 11,251 Provision for loan losses - - 80 103 Balance at the end of period $ 11,434 $ 11,354 $ 11,434 $ 11,354 |
ALLOWANCE FOR LOAN AND LEASE _2
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Changes in Allowance for Loan and Lease Losses | The changes in the allowance for loan and lease losses were as follows: Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 48,284 $ 46,373 $ 21,644 $ 3,026 $ 52,684 $ 172,011 Charge-offs ( 5,288) ( 813) ( 387) ( 68) ( 12,708) ( 19,264) Recoveries 874 96 1,826 279 2,355 5,430 Provision (release) 2,162 ( 808) ( 5,465) ( 178) 11,687 7,398 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2019 (In thousands) Allowance for loan and lease losses: Beginning balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Charge-offs ( 16,229) ( 14,901) ( 7,056) ( 347) ( 37,004) ( 75,537) Recoveries 2,080 314 3,196 629 6,779 12,998 Provision (release) 9,387 3,854 ( 11,068) ( 815) 30,394 31,752 Ending balance $ 46,032 $ 44,848 $ 17,618 $ 3,059 $ 54,018 $ 165,575 Ending balance: specific reserve for impaired loans $ 17,411 $ 6,962 $ 7,520 $ 544 $ 4,561 $ 36,998 Ending balance: PCI loans (1) $ 11,063 $ 371 $ - $ - $ - $ 11,434 Ending balance: general allowance $ 17,558 $ 37,515 $ 10,098 $ 2,515 $ 49,457 $ 117,143 Loans held for investment: Ending balance $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Ending balance: impaired loans $ 381,868 $ 79,978 $ 79,263 $ 5,505 $ 26,756 $ 573,370 Ending balance: PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Ending balance: loans with general allowance $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Quarter ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 55,130 $ 48,718 $ 44,000 $ 3,949 $ 70,238 $ 222,035 Charge-offs (2) ( 8,316) ( 9,850) ( 2,242) ( 2,192) ( 13,712) ( 36,312) Recoveries 833 291 127 14 2,051 3,316 Provision (2) 360 10,111 2,281 1,308 ( 2,536) 11,524 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total Nine-Month Period Ended September 30, 2018 (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (2) ( 17,231) ( 20,557) ( 9,282) ( 8,187) ( 38,111) ( 93,368) Recoveries 1,857 378 1,565 165 6,519 10,484 Provision (2) 4,406 20,956 3,012 6,579 16,651 51,604 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: PCI loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: PCI loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of September 30, 2019 and December 31, 2018: As of September 30, 2019 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,826 $ 45,395 $ 27,922 $ 2,899 $ 1,174 $ 188,216 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 271,042 34,583 51,341 2,606 25,582 385,154 Allowance for loan and lease losses 17,411 6,962 7,520 544 4,561 36,998 Allowance for loan and lease losses to principal balance 6.42 % 20.13 % 14.65 % 20.87 % 17.83 % 9.61 % PCI loans: Carrying value of PCI loans $ 135,922 $ 3,330 $ - $ - $ - $ 139,252 Allowance for PCI loans 11,063 371 - - - 11,434 Allowance for PCI loans to carrying value 8.14 % 11.14 % 8.21 % Loans with general allowance: Principal balance of loans $ 2,480,163 $ 1,356,054 $ 2,143,233 $ 103,357 $ 2,172,991 $ 8,255,798 Allowance for loan and lease losses 17,558 37,515 10,098 2,515 49,457 117,143 Allowance for loan and lease losses to principal balance 0.71 % 2.77 % 0.47 % 2.43 % 2.28 % 1.42 % Total loans held for investment: Principal balance of loans $ 2,997,953 $ 1,439,362 $ 2,222,496 $ 108,862 $ 2,199,747 $ 8,968,420 Allowance for loan and lease losses 46,032 44,848 17,618 3,059 54,018 165,575 Allowance for loan and lease losses to principal balance (1) 1.54 % 3.12 % 0.79 % 2.81 % 2.46 % 1.85 % As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % 7.74 % Loans with general allowance: Principal balance of loans $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % |
LOANS HELD FOR SALE (Tables)
LOANS HELD FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Portfolio of Loans Held for Sale | The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2019 2018 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 2,997,953 $ 3,163,208 Commercial loans: Construction loans 108,862 79,429 Commercial mortgage loans 1,439,362 1,522,662 Commercial and Industrial loans (1) 2,222,496 2,148,111 Total commercial loans 3,770,720 3,750,202 Finance leases 391,373 333,536 Consumer loans 1,808,374 1,611,177 Loans held for investment 8,968,420 8,858,123 Allowance for loan and lease losses ( 165,575) ( 196,362) Loans held for investment, net $ 8,802,845 $ 8,661,761 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Portfolio of Loans Held for Sale | The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: September 30, 2019 December 31, 2018 (In thousands) Residential mortgage loans $ 35,564 $ 27,075 Construction loans - 3,015 Commercial and Industrial loans (1) - 1,725 Commercial mortgage loans (1) 6,906 11,371 Total $ 42,470 $ 43,186 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Schedule Of Other Real Estate Assets And Foreclosed Properties [Table Text Block] | The following table presents OREO inventory as of the dates indicated: September 30, December 31, 2019 2018 (In thousands) OREO OREO balances, carrying value: Residential (1) $ 46,046 $ 49,239 Commercial 47,914 71,838 Construction 9,073 10,325 Total $ 103,033 $ 131,402 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Suplemental Information Related To Lessee Right Of Use Assets And Liabilities [Table Text Block] | Supplemental balance sheet information related to leases is as follows: As of September 30, 2019 (Dollars in thousands) Operating lease ROU asset $ 63,343 Operating lease liability $ 66,177 Operating lease weighted-average remaining lease term (in years) 11.0 Operating lease weighted-average discount rate 3.29% Supplemental cash flow information related to leases is as follows: Nine-month period ended September 30, 2019 (In thousands) Operating cash flow from operating leases (1) $ 7,619 ROU assets obtained in exchange for operating lease liabilities (2) 8,139 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities under lease liabilities as of September 30, 2019, were as follows: Amount (In thousands) 2019 $ 2,552 2020 10,290 2021 9,643 2022 8,629 2023 6,943 2024 and later years 41,367 Total lease payments 79,424 Less: imputed interest ( 13,247) Total present value of lease liability $ 66,177 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of All Derivative Instruments | The following table summarizes the notional amounts of all derivative instruments as of the indicated dates: Notional Amounts (1) As of As of September 30, December 31, 2019 2018 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 21,010 $ 68,510 Purchased interest rate cap agreements 21,010 68,510 Interest rate lock commitments 9,917 11,722 Forward Contracts: Sale of TBA GNMA MBS pools 30,000 33,000 Forward loan sales commitments 6,012 6,339 $ 87,949 $ 188,081 |
Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition | The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition as of the indicated dates: Asset Derivatives Liability Derivatives Statement of September 30, December 31, September 30, December 31, Financial 2019 2018 2019 2018 Condition Location Fair Value Fair Value Statement of Financial Condition Location Fair Value Fair Value (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements Other assets $ - $ - Accounts payable and other liabilities $ 9 $ 617 Purchased interest rate cap agreements Other assets 10 623 Accounts payable and other liabilities - - Interest rate lock commitments Other assets 273 383 Accounts payable and other liabilities - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets 1 - Accounts payable and other liabilities 174 383 Forward loan sales commitments Other assets 20 12 Accounts payable and other liabilities - - $ 304 $ 1,018 $ 183 $ 1,000 |
Effect of Derivative Instruments on Statement of Income (Loss) | The following table summarizes the effect of derivative instruments on the consolidated statements of income for the indicated periods: (Loss) or Gain (Loss) or Gain Location of Unrealized Gain (Loss) Quarter Ended Nine-Month Period Ended Recognized in Statement September 30, September 30, of Income on Derivatives 2019 2018 2019 2018 (In thousands) UNDESIGNATED ECONOMIC HEDGES: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ ( 1) $ - $ ( 5) $ - Interest rate lock commitments Mortgage Banking Activities 15 - 145 - Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities 214 211 210 108 Forward loan sales commitments Mortgage Banking Activities - - 8 - Total (loss) gain on derivatives $ 228 $ 211 $ 358 $ 108 |
OFFSETTING OF ASSETS AND LIAB_2
OFFSETTING OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Offsetting [Abstract] | |
Offsetting of assets and liabilties [Table Text Block] | Offsetting of Financial Assets and Derivative Assets Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of September 30, 2019 Net Amount (In thousands) Description Derivatives $ 10 $ - $ 10 $ - $ ( 10) $ - Securities purchased under agreements to resell 200,000 ( 200,000) - - - - Total $ 200,010 $ ( 200,000) $ 10 $ - $ ( 10) $ - Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of December 31, 2018 Net Amount (In thousands) Description Derivatives $ 623 $ - $ 623 $ - $ ( 623) $ - Securities purchased under agreements to resell 200,000 ( 200,000) - - - - Total $ 200,623 $ ( 200,000) $ 623 $ - $ ( 623) $ - Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of September 30, 2019 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 300,000 $ ( 200,000) $ 100,000 $ ( 100,000) $ - $ - Gross Amounts Not Offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Financial Instruments Cash Collateral As of December 31, 2018 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 350,086 $ ( 200,000) $ 150,086 $ ( 150,086) $ - $ - |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Gross Amount and Accumulated Amortization of Other Intangible Assets [Table Text Block] | The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets recognized as part of Other assets in the consolidated statements of financial condition as of the indicated dates: As of As of September 30, December 31, 2019 2018 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) ( 47,969) ( 47,329) Net carrying amount $ 3,695 $ 4,335 Remaining amortization period (in years) 5.3 6.0 Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) ( 20,328) ( 18,763) Net carrying amount $ 4,137 $ 5,702 Remaining amortization period (in years) 2.1 2.9 Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) ( 559) ( 445) Net carrying amount $ 508 $ 622 Remaining amortization period (in years) 3.3 4.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows as of September 30, 2019: Amount (In thousands) 2019 $ 769 2020 2,851 2021 2,658 2022 915 2023 622 2024 and after 525 |
NON-CONSOLIDATED VARIABLE INT_2
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Changes in Servicing Assets | The changes in servicing assets are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 27,231 $ 27,191 $ 27,428 $ 25,255 Capitalization of servicing assets 986 1,003 2,855 3,028 Amortization ( 1,290) ( 722) ( 3,266) ( 2,188) Temporary impairment (charges) recoveries , net ( 53) ( 65) ( 73) 1,265 Other (1) - 186 ( 70) 233 Balance at end of period $ 26,874 $ 27,593 $ 26,874 $ 27,593 (1) Amount represents adjustments related to the repurchase of loans serviced for others. |
Changes in Impairment Allowance | Changes in the impairment allowance were as follows for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Balance at beginning of period $ 50 $ 56 $ 30 $ 1,451 Temporary impairment charges 54 65 78 102 OTTI of servicing assets - - - ( 65) Recoveries ( 1) - ( 5) ( 1,367) Balance at end of period $ 103 $ 121 $ 103 $ 121 |
Components of Net Servicing Income | The components of net servicing income, includes as part of Mortgage banking activities in the consolidated statements of income, are shown below for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Servicing fees $ 2,166 $ 2,084 $ 6,333 $ 6,262 Late charges and prepayment penalties 144 114 455 380 Adjustment for loans repurchased - 186 ( 70) 233 Other - ( 8) ( 15) ( 8) Servicing income, gross 2,310 2,376 6,703 6,867 Amortization and impairment of servicing assets ( 1,343) ( 787) ( 3,339) ( 923) Servicing income, net $ 967 $ 1,589 $ 3,364 $ 5,944 |
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans | The Corporation’s servicing assets are subject to prepayment and interest rate risks. Key economic assumptions used in determining the fair value at the time of sale of the related mortgages ranged as follows for the indicated periods: Maximum Minimum Nine-Month Period Ended September 30, 2019: Constant prepayment rate: Government-guaranteed mortgage loans 6.4 % 6.2 % Conventional conforming mortgage loans 6.9 % 6.7 % Conventional non-conforming mortgage loans 9.3 % 8.9 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % Nine-Month Period Ended September 30, 2018: Constant prepayment rate: Government-guaranteed mortgage loans 5.9 % 5.6 % Conventional conforming mortgage loans 6.4 % 6.2 % Conventional non-conforming mortgage loans 9.8 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % |
Weighted-Averages of Key Economic Assumptions in Valuation Model | The weighted averages of the key economic assumptions that the Corporation used in its valuation model and the sensitivity of the current fair value to immediate 10% and 20% adverse changes in those assumptions for mortgage loans as of September 30, 2019 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 26,874 Fair value $ 30,318 Weighted-average expected life (in years) 8.24 Constant prepayment rate (weighted-average annual rate) 6.61 % Decrease in fair value due to 10% adverse change $ 762 Decrease in fair value due to 20% adverse change $ 1,490 Discount rate (weighted-average annual rate) 11.27 % Decrease in fair value due to 10% adverse change $ 1,409 Decrease in fair value due to 20% adverse change $ 2,706 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Summary of Deposit Balances [Table Text Block] | The following table summarizes deposit balances as of the dates indicated: September 30, December 31, 2019 2018 (In thousands) Type of account: Non-interest-bearing checking accounts $ 2,270,250 $ 2,395,481 Savings accounts 2,414,232 2,334,949 Interest-bearing checking accounts 1,384,383 1,304,043 Certificates of deposit 2,581,012 2,404,644 Brokered certificates of deposit (CDs) 483,022 555,597 Total $ 9,132,899 $ 8,994,714 |
Brokered Certificates Of Deposit Mature [Table Text Block] | Brokered CDs mature as follows: September 30, 2019 (In thousands) Three months or less $ 70,091 Over three months to six months 61,136 Over six months to one year 115,072 Over one year to three years 211,148 Over three years to five years 19,628 Over five years 5,947 Total $ 483,022 |
Components of Interest Expense on Deposits [Table Text Block] | The following were the components of interest expense on deposits for the periods indicated: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Interest expense on deposits $ 20,159 $ 16,709 $ 56,385 $ 49,983 Accretion of premium from acquisition ( 2) ( 2) ( 6) ( 7) Amortization of broker placement fees 184 272 557 948 Total interest expense on deposits $ 20,341 $ 16,979 $ 56,936 $ 50,924 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Repurchase Agreements [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following: September 30, 2019 December 31, 2018 (Dollars in thousands) Short-term fixed-rate repurchase agreement (1) $ - $ 50,086 Long-term fixed-rate repurchase agreements (2)(3)(4) 100,000 100,000 $ 100,000 $ 150,086 Repurchase agreements mature as follows as of the indicated date: September 30, 2019 (In thousands) One to three years $ 100,000 (Dollars in thousands) Weighted-Average Counterparty Amount Maturity (In Months) JP Morgan Chase $ 100,000 28 |
ADVANCES FROM THE FEDERAL HOM_2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Advances from FHLB [Table Text Block] | The following is a summary of the advances from the FHLB as of the indicated dates: September 30, December 31, (In thousands) 2019 2018 Long-term Fixed-rate advances from FHLB (1) $ 740,000 $ 740,000 Advances from FHLB mature as follows as of the indicated date: As of September 30, 2019 (In thousands) Within one month $ 100,000 Over one to three months 105,000 Over six months to one year 45,000 Over one to three years 490,000 Total $ 740,000 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
Components of Other Borrowings | Other borrowings, as of the indicated dates, consisted of: September 30, December 31, 2019 2018 (In thousands) Floating rate junior subordinated debentures (FBP Statutory Trust I) (1) $ 65,593 $ 65,593 Floating rate junior subordinated debentures (FBP Statutory Trust II) (2) 118,557 118,557 $ 184,150 $ 184,150 |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in Accumulated other comprehensive income (loss) for the quarters and nine-month periods ended September 30, 2019 and 2018: Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Quarter ended Nine-month period ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ ( 2,438) $ ( 52,107) $ ( 40,415) $ ( 20,609) Other comprehensive income (loss) 7,562 ( 10,780) 45,539 ( 42,278) Ending balance $ 5,124 $ ( 62,887) $ 5,124 $ ( 62,887) Unrealized holding losses on equity securities Beginning balance $ - $ - $ - $ ( 6) Reclassification to retained earnings per ASU 2016-01 - - - 6 Other comprehensive income - - - - Ending balance $ - $ - $ - $ - ______________________ (1) All amounts presented are net of tax. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts reclassified out of each component of Accumulated other comprehensive income during the quarters and nine-month periods ended September 30, 2019 and 2018: Reclassifications Out of Accumulated Other Comprehensive Income Quarter ended Nine-month period ended September 30, September 30, Affected Line Item in the Consolidated Statements of Income 2019 2018 2019 2018 (In thousands) Unrealized holding losses on debt securities OTTI on debt securities Net impairment losses on available-for-sale debt securities $ ( 497) $ - $ ( 497) $ - Income tax - - - - Total, net of tax $ ( 497) $ - $ ( 497) $ - |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of the indicated dates are summarized below: As of September 30, 2019 As of December 31, 2018 Fair Value Measurements Using Fair Value Measurements Using (In thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets/Liabilities at Fair Value Assets: Securities available for sale: U.S. Treasury Securities $ 7,485 $ - $ - $ 7,485 $ 7,456 $ - $ - $ 7,456 Noncallable U.S. agency debt securities - 208,302 - 208,302 - 319,124 - 319,124 Callable U.S. agency debt securities and MBS - 1,501,521 - 1,501,521 - 1,594,622 - 1,594,622 Puerto Rico government obligations - 4,245 2,956 7,201 - 4,128 2,824 6,952 Private label MBS - - 11,554 11,554 - - 13,914 13,914 Other investments - - 500 500 - - 500 500 Equity securities 1,435 - - 1,435 418 - - 418 Derivatives, included in assets: Purchased interest rate cap agreements - 10 - 10 - 623 - 623 Interest rate lock commitments - 273 - 273 - 383 - 383 Forward contracts - 1 - 1 - - - - Forward loan sales commitments - 20 - 20 - 12 - 12 Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 9 - 9 - 617 - 617 Forward contracts - 174 - 174 - 383 - 383 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The table below presents a reconciliation of the beginning and ending balances of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2019 and 2018. Quarter Ended September 30, 2019 2018 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 15,906 $ 17,829 Total gains (losses) (realized/unrealized): Included in earnings ( 497) - Included in other comprehensive income 15 35 Purchases - 500 Principal repayments and amortization ( 414) ( 495) Ending balance $ 15,010 $ 17,869 (1) Amounts mostly related to private label MBS. Nine-Month Period Ended September 30, 2019 2018 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 17,238 $ 19,855 Total gains (realized/unrealized): Included in earnings ( 497) - Included in other comprehensive income 46 228 Purchases - 500 Principal repayments and amortization ( 1,777) ( 2,714) Ending balance $ 15,010 $ 17,869 (1) Amounts mostly related to private label MBS. |
Impairment or Valuation Adjustments were Recorded for Assets Recognized at Fair Value | As of September 30, 2019, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of September 30, 2019 Losses recorded for the Quarter Ended September 30, 2019 Losses recorded for the Nine-Month Period Ended September 30, 2019 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 211,406 $ ( 6,221) $ ( 14,546) OREO (2) - - 103,033 ( 1,311) ( 5,513) Loans held for sale (3) - - 6,906 - - (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral ( e.g. , absorption rates), which are not market observable. (2) The fair values were derived from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties ( e.g. , absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) Nonaccrual commercial mortgage loan transferred to held for sale in 2018 and still in inventory at period end. The value of this loan was primarily derived from broker price opinions that the Corporation considered. As of September 30, 2018, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Losses recorded Losses recorded for the Quarter Ended for the Nine-Month Period Ended Carrying value as of September 30, 2018 September 30, 2018 September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,248 $ ( 7,967) $ ( 20,622) OREO (2) - - 135,218 ( 3,244) ( 9,817) Loans held for sale (3) - - 44,177 ( 10,102) ( 14,642) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral ( e.g. , absorption rates), which are not market observable. (2) The fair values were derived from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties ( e.g. , absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) The value of these loans was primarily derived from external appraisals, adjusted for specific characteristics of the loans. |
Estimated Fair Value and Carrying Value of Financial Instruments | The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of September 30, 2019 and December 31, 2018: Total Carrying Amount in Statement of Financial Condition September 30, 2019 Fair Value Estimate September 30, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 975,937 $ 975,937 $ 975,937 $ - $ - Investment securities available for sale (fair value) 1,736,563 1,736,563 7,485 1,714,068 15,010 Investment securities held to maturity (amortized cost) 138,676 115,443 - - 115,443 Equity Securities (fair value) 45,228 45,228 1,435 43,793 - Loans held for sale (lower of cost or market) 42,470 43,299 - 36,393 6,906 Loans held for investment (amortized cost) 8,968,420 Less: allowance for loan and lease losses ( 165,575) Loans held for investment, net of allowance $ 8,802,845 8,532,241 - - 8,532,241 Derivatives, included in assets (fair value) 304 304 - 304 - Liabilities: Deposits (amortized cost) 9,132,899 9,153,256 - 9,153,256 - Securities sold under agreements to repurchase (amortized cost) 100,000 122,652 - 122,652 - Advances from FHLB (amortized cost) 740,000 744,298 - 744,298 - Other borrowings (amortized cost) 184,150 182,587 - - 182,587 Derivatives, included in liabilities (fair value) 183 183 - 183 - Total Carrying Amount in Statement of Financial Condition December 31, 2018 Fair Value Estimate December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 586,203 $ 586,203 $ 586,203 $ - $ - Investment securities available for sale (fair value) 1,942,568 1,942,568 7,456 1,917,874 17,238 Investment securities held to maturity (amortized cost) 144,815 125,658 - - 125,658 Equity securities (fair value) 44,530 44,530 418 44,112 - Loans held for sale (lower of cost or market) 43,186 43,831 - 27,720 16,111 Loans held for investment (amortized cost) 8,858,123 Less: allowance for loan and lease losses ( 196,362) Loans held for investment, net of allowance $ 8,661,761 8,213,144 - - 8,213,144 Derivatives, included in assets (fair value) 1,018 1,018 - 1,018 - Liabilities: Deposits (amortized cost) 8,994,714 9,005,679 - 9,005,679 - Securities sold under agreements to repurchase (amortized cost) 150,086 169,366 - 169,366 - Advances from FHLB (amortized cost) 740,000 730,253 - 730,253 - Other borrowings (amortized cost) 184,150 177,201 - - 177,201 Derivatives, included in liabilities (fair value) 1,000 1,000 - 1,000 - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Qualitative information regarding the fair value measurements for Level 3 financial instruments as of September 30, 2019 are as follows: September 30, 2019 Method Inputs Loans Income, Market, Comparable Sales, Discounted Cash Flows External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors OREO Income, Market, Comparable Sales, Discounted Cash Flows External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The tables below present qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2019 and December 31, 2018: September 30, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Minimum Maximum Investment securities available-for-sale: Private label MBS $ 11,554 Discounted cash flows Discount rate 13.7% 13.7% 13.7% Prepayment rate 6.2% 9.6% 7.3% Projected Cumulative Loss Rate 0.0% 7.8% 3.1% Puerto Rico government obligations 2,956 Discounted cash flows Discount rate 7.1% 7.1% 7.1% Prepayment rate 3.0% 3.0% 3.0% December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Minimum Maximum Investment securities available-for-sale: Private label MBS $ 13,914 Discounted cash flows Discount rate 14.5% 14.5% 14.5% Prepayment rate 3.3% 20.9% 11.4% Projected Cumulative Loss Rate 0.0% 6.8% 3.0% Puerto Rico government obligations 2,824 Discounted cash flows Discount rate 6.3% 6.3% 6.3% Prepayment rate 3.0% 3.0% 3.0% |
Schedule Of Changes In Unrealized Gains Losses [Table Text Block] | The table below summarizes changes in unrealized gains and losses recorded in earnings for the quarters and nine-month periods ended September 30, 2019 and 2018 for Level 3 assets and liabilities that are still held at the end of each period: Quarter Ended September 30, Nine-Month Period Ended September 30, 2019 2018 2019 2018 Changes in Unrealized Losses Changes in Unrealized Losses Changes in Unrealized Losses Changes in Unrealized Losses Level 3 Instruments Only Securities Available for Sale Securities Available for Sale Securities Available for Sale Securities Available for Sale (In thousands) Changes in unrealized losses relating to assets still held at reporting date: Net impairment losses on available-for-sale investment securities (credit component) $ ( 497) $ - $ ( 497) $ - |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue Table [TextBlock] | The following table summarizes the Corporation’s revenue, which includes net interest income on financial instruments and non-interest income, disaggregated by type of service and business segment for the quarters and nine-month periods ended September 30, 2019 and 2018: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2019: Net interest income (1) $ 16,991 $ 62,164 $ 25,699 $ 18,147 $ 14,977 $ 6,447 $ 144,425 Service charges and fees on deposit accounts - 3,771 1,443 - 172 722 6,108 Insurance commissions - 1,854 - - 22 107 1,983 Merchant-related income - 1,017 271 - - 310 1,598 Credit and debit card fees - 4,897 283 - 212 525 5,917 Other service charges and fees 67 828 300 - 169 76 1,440 Not in scope of ASC Topic 606 (1) 4,333 338 34 ( 433) 65 18 4,355 Total non-interest income 4,400 12,705 2,331 ( 433) 640 1,758 21,401 Total Revenue $ 21,391 $ 74,869 $ 28,030 $ 17,714 $ 15,617 $ 8,205 $ 165,826 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2018: Net interest income (1) $ 19,593 $ 59,835 $ 19,711 $ 11,282 $ 15,080 $ 7,020 $ 132,521 Service charges and fees on deposit accounts - 3,420 1,312 - 141 697 5,570 Insurance commissions - 1,392 - - 20 82 1,494 Merchant-related income - 1,003 205 - - 198 1,406 Credit and debit card fees - 4,325 310 - 157 492 5,284 Other service charges and fees 135 1,798 180 - 247 100 2,460 Not in scope of ASC Topic 606 (1) 4,417 385 ( 2,692) 151 59 ( 11) 2,309 Total non-interest income 4,552 12,323 ( 685) 151 624 1,558 18,523 Total Revenue $ 24,145 $ 72,158 $ 19,026 $ 11,433 $ 15,704 $ 8,578 $ 151,044 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2019: Net interest income (1) $ 52,051 $ 185,914 $ 69,171 $ 52,804 $ 47,328 $ 19,884 $ 427,152 Service charges and fees on deposit accounts - 10,704 4,355 - 458 2,194 17,711 Insurance commissions - 7,799 - - 51 408 8,258 Merchant-related income - 2,953 467 - - 789 4,209 Credit and debit card fees - 14,040 927 - 561 1,561 17,089 Other service charges and fees 141 2,651 1,042 - 526 875 5,235 Not in scope of ASC Topic 606 (1) 12,114 1,091 355 ( 287) 346 46 13,665 Total non-interest income 12,255 39,238 7,146 ( 287) 1,942 5,873 66,167 Total Revenue $ 64,306 $ 225,152 $ 76,317 $ 52,517 $ 49,270 $ 25,757 $ 493,319 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2018: Net interest income (1) $ 60,900 $ 166,022 $ 59,074 $ 36,243 $ 43,525 $ 21,921 $ 387,685 Service charges and fees on deposit accounts - 9,864 3,634 - 417 2,087 16,002 Insurance commissions - 6,154 - - 65 410 6,629 Merchant-related income - 2,612 567 - - 591 3,770 Credit and debit card fees - 12,790 901 - 436 1,552 15,679 Other service charges and fees 189 3,409 784 71 1,226 451 6,130 Not in scope of ASC Topic 606 (1) 13,113 675 ( 3,101) 2,529 348 5 13,569 Total non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Total Revenue $ 74,202 $ 201,526 $ 61,859 $ 38,843 $ 46,017 $ 27,017 $ 449,464 (1) Most of the Corporation’s revenue is not within the scope of ASC Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities, as well as other noninterest income from loans, leases, investment securities and derivative financial instruments. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information [Table Text Block] | Supplemental statement of cash flows information is as follows: Nine-Month Period Ended September 30, 2019 2018 (In thousands) Cash paid for: Interest on borrowings $ 79,789 $ 74,674 Income tax 10,238 5,290 Operating cash flow from operating leases 7,619 - Non-cash investing and financing activities: Additions to OREO 29,670 36,378 Additions to auto and other repossessed assets 34,497 40,873 Capitalization of servicing assets 2,855 3,028 Loan securitizations 173,428 181,169 Loans held for investment transferred to held for sale 20,928 90,319 Loans held for sale transferred to held for investment - 2,179 ROU asset obtained in exchange for operating lease liabilities 8,139 - Adoption of lease accounting standard: ROU assets operating leases 57,178 - ROU liabilities operating leases 59,818 - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Information about the Reportable Segments | The following table presents information about the reportable segments for the indicated periods: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2019: Interest income $ 30,091 $ 55,772 $ 39,146 $ 15,671 $ 24,229 $ 7,386 $ 172,295 Net (charge) credit for transfer of funds ( 13,100) 16,557 ( 13,447) 11,411 ( 1,421) - - Interest expense - ( 10,165) - ( 8,935) ( 7,831) ( 939) ( 27,870) Net interest income 16,991 62,164 25,699 18,147 14,977 6,447 144,425 (Provision) release for loan and lease losses ( 2,134) ( 11,187) 5,677 - ( 1,462) 1,708 ( 7,398) Non-interest income (loss) 4,400 12,705 2,331 ( 433) 640 1,758 21,401 Direct non-interest expenses ( 7,768) ( 30,282) ( 8,256) ( 740) ( 8,496) ( 7,105) ( 62,647) Segment income $ 11,489 $ 33,400 $ 25,451 $ 16,974 $ 5,659 $ 2,808 $ 95,781 Average earnings assets $ 2,141,383 $ 2,009,060 $ 2,487,409 $ 2,485,141 $ 1,963,559 $ 466,707 $ 11,553,259 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2018: Interest income $ 31,746 $ 46,052 $ 34,644 $ 15,911 $ 21,227 $ 7,912 $ 157,492 Net (charge) credit for transfer of funds ( 12,153) 20,947 ( 14,933) 6,446 ( 307) - - Interest expense - ( 7,164) - ( 11,075) ( 5,840) ( 892) ( 24,971) Net interest income 19,593 59,835 19,711 11,282 15,080 7,020 132,521 (Provision) release for loan and lease losses 635 2,485 ( 10,684) - ( 5,130) 1,170 ( 11,524) Non-interest income 4,552 12,323 ( 685) 151 624 1,558 18,523 Direct non-interest expenses ( 12,001) ( 28,210) ( 7,911) ( 878) ( 8,279) ( 7,194) ( 64,473) Segment income $ 12,779 $ 46,433 $ 431 $ 10,555 $ 2,295 $ 2,554 $ 75,047 Average earnings assets $ 2,248,691 $ 1,645,170 $ 2,486,910 $ 2,637,825 $ 1,752,007 $ 527,468 $ 11,298,071 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2019 Interest income $ 91,493 $ 158,548 $ 114,643 $ 47,553 $ 73,350 $ 22,690 $ 508,277 Net (charge) credit for transfer of funds ( 39,442) 54,743 ( 45,472) 34,403 ( 4,232) - - Interest expense - ( 27,377) - ( 29,152) ( 21,790) ( 2,806) ( 81,125) Net interest income 52,051 185,914 69,171 52,804 47,328 19,884 427,152 (Provision) release for loan and lease losses ( 9,241) ( 28,982) 12,253 - ( 7,764) 1,982 ( 31,752) Non-interest income (loss) 12,255 39,238 7,146 ( 287) 1,942 5,873 66,167 Direct non-interest expenses ( 25,810) ( 88,533) ( 26,457) ( 2,031) ( 25,641) ( 22,090) ( 190,562) Segment income $ 29,255 $ 107,637 $ 62,113 $ 50,486 $ 15,865 $ 5,649 $ 271,005 Average earnings assets $ 2,182,680 $ 1,914,372 $ 2,509,611 $ 2,429,576 $ 1,935,768 $ 470,236 $ 11,442,243 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2018 Interest income $ 95,927 $ 132,652 $ 102,255 $ 45,593 $ 61,634 $ 24,482 $ 462,543 Net (charge) credit for transfer of funds ( 35,027) 54,233 ( 43,181) 25,125 ( 1,150) - - Interest expense - ( 20,863) - ( 34,475) ( 16,959) ( 2,561) ( 74,858) Net interest income 60,900 166,022 59,074 36,243 43,525 21,921 387,685 Provision for loan and lease losses ( 4,004) ( 16,011) ( 19,744) - ( 8,186) ( 3,659) ( 51,604) Non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Direct non-interest expenses ( 30,192) ( 84,173) ( 22,710) ( 2,777) ( 24,768) ( 22,224) ( 186,844) Segment income (loss) $ 40,006 $ 101,342 $ 19,405 $ 36,066 $ 13,063 $ 1,134 $ 211,016 Average earnings assets $ 2,269,960 $ 1,601,812 $ 2,546,090 $ 2,597,967 $ 1,734,970 $ 546,610 $ 11,297,409 |
Reconciliation of the Reportable Segment Financial Information | The following table presents a reconciliation of the reportable segment financial information to the consolidated totals for the indicated periods: Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 Net income : Total income for segments and other $ 95,781 $ 75,047 $ 271,005 $ 211,016 Other operating expenses (1) ( 30,186) ( 26,392) ( 85,180) ( 80,264) Income before income taxes 65,595 48,655 185,825 130,752 Income tax expense 19,268 12,332 54,897 30,249 Total consolidated net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Average assets: Total average earning assets for segments $ 11,553,259 $ 11,298,071 $ 11,442,243 $ 11,297,409 Average non-earning assets 933,250 929,362 964,799 945,671 Total consolidated average assets $ 12,486,509 $ 12,227,433 $ 12,407,042 $ 12,243,080 (1) Expenses pertaining to corporate administrative functions that support the operating segment, but are not specifically attributable to or managed by any segment are not included in the reported financial results of the operating segments. The unallocated corporate expenses include certain general and administrative expenses and related depreciation and amortization expenses. |
REGULATORY MATTERS, COMMITMEN_2
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Text Block] | The regulatory capital positions of the Corporation and FirstBank as of September 30, 2019 and December 31, 2018 were as follows: Regulatory Requirements Actual For Capital Adequacy Purposes To be Well-Capitalized-General Thresholds Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2019 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,255,216 25.27% $ 713,860 8.0% N/A N/A FirstBank $ 2,211,861 24.78% $ 714,181 8.0% $ 892,726 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,928,388 21.61% $ 401,546 4.5% N/A N/A FirstBank $ 1,791,714 20.07% $ 401,727 4.5% $ 580,272 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,964,492 22.02% $ 535,395 6.0% N/A N/A FirstBank $ 2,099,714 23.52% $ 535,636 6.0% $ 714,181 8.0% Leverage ratio First BanCorp. $ 1,964,492 16.04% $ 489,879 4.0% N/A N/A FirstBank $ 2,099,714 17.16% $ 489,492 4.0% $ 611,865 5.0% As of December 31, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,118,940 24.00% $ 706,418 8.0% N/A N/A FirstBank $ 2,075,894 23.51% $ 706,426 8.0% $ 883,032 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,880 20.30% $ 397,360 4.5% N/A N/A FirstBank $ 1,656,563 18.76% $ 397,365 4.5% $ 573,971 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,828,984 20.71% $ 529,814 6.0% N/A N/A FirstBank $ 1,964,563 22.25% $ 529,819 6.0% $ 706,426 8.0% Leverage ratio First BanCorp. $ 1,828,984 15.37% $ 475,924 4.0% N/A N/A FirstBank $ 1,964,563 16.53% $ 475,490 4.0% $ 594,362 5.0% |
FIRST BANCORP. (Holding Compa_2
FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition | The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2019 and December 31, 2018, and the results of its operations for the quarters and nine-month periods ended September 30, 2019 and 2018. Statements of Financial Condition (Unaudited) As of September 30, As of December 31, 2019 2018 (In thousands) Assets Cash and due from banks $ 20,047 $ 10,984 Money market investments 6,211 6,111 Other investment securities 285 285 Investment in First Bank Puerto Rico, at equity 2,335,304 2,179,655 Investment in First Bank Insurance Agency, at equity 23,770 17,780 Investment in FBP Statutory Trust I 1,963 1,963 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 4,667 12,219 Total assets $ 2,395,808 $ 2,232,558 Liabilities and Stockholdersʼ Equity Liabilities: Other borrowings $ 184,150 $ 184,150 Accounts payable and other liabilities 11,063 3,704 Total liabilities 195,213 187,854 Stockholdersʼ equity 2,200,595 2,044,704 Total liabilities and stockholdersʼ equity $ 2,395,808 $ 2,232,558 |
Statements of Income | Statements of Income (Unaudited) Quarter Ended Nine-Month Period Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Income: Interest income on money market investments $ 44 $ 5 $ 189 $ 15 Interest income on loans - 105 - 105 Dividend income from banking subsidiaries 7,750 2,900 28,500 28,284 Other income 70 70 216 203 7,864 3,080 28,905 28,607 Expense: Other borrowings 2,331 2,315 7,210 6,635 Other operating expenses 644 624 1,749 1,851 2,975 2,939 8,959 8,486 Gain on early extinguishment of debt - - - 2,316 Income before income taxes and equity in undistributed earnings of subsidiaries 4,889 141 19,946 22,437 Income tax provision 1,037 - 2,376 - Equity in undistributed earnings of subsidiaries 42,475 36,182 113,358 78,066 Net income $ 46,327 $ 36,323 $ 130,928 $ 100,503 Other comprehensive income (loss), net of tax 7,562 ( 10,780) 45,539 ( 42,272) Comprehensive income $ 53,889 $ 25,543 $ 176,467 $ 58,231 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Jan. 31, 2019 | Sep. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 63,343 | ||
Operating Lease, Liability | 66,177 | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | 57,178 | $ 59,600 | $ 0 |
Operating Lease, Liability | $ 59,818 | $ 62,100 | $ 0 |
ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Common Equity Tier One Captial Ratio Basis Points Decrease Due To Adoption Of CECL | 16 | ||
Tier One Captial Ratio Basis Points Decrease Due To Adoption Of CECL | 16 | ||
Total Captial Ratio Basis Points Decrease Due To Adoption Of CECL | 15 | ||
Leverage Ratio Basis Points Decrease Due To Adoption Of CECL | 12 | ||
ASU 2016-13 [Member] | PR And VI [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reasonable And Supportable Forecast | 2 years | ||
ASU 2016-13 [Member] | Minimum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Loans And Leases Receivable Percentage Increase In Reserves For Credit Losses | 57.00% | ||
ASU 2016-13 [Member] | Minimum [Member] | Florida [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reasonable And Supportable Forecast | 2 years | ||
ASU 2016-13 [Member] | Maximum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reversion Period | 3 years | ||
Loans And Leases Receivable Percentage Increase In Reserves For Credit Losses | 67.00% | ||
ASU 2016-13 [Member] | Maximum [Member] | Florida [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reasonable And Supportable Forecast | 5 years |
POTENTIAL ACQUISITION OF BANCO
POTENTIAL ACQUISITION OF BANCO SANTANDER PUERTO RICO - Additional Information (Detail) - Acquisition And Merger [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Business Acquisition [Line Items] | |
Business Acquisition Purchase Price | $ 425 |
Business Acquisition Purchase Price To Tangible Common Equity | 117.50% |
Acquisition Premium | $ 63 |
Tangible Common Equity | 362 |
Excess Capital | $ 638 |
UPDATE ON IMPACTS OF NATURAL _2
UPDATE ON IMPACTS OF NATURAL DISASTERS- Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Liability For Catastrophe Claims [Line Items] | |||||||
Net Loan Loss Reserve Release | $ 6,400 | ||||||
Insurance Settlements Receivable | $ 1,300 | $ 1,300 | $ 3,400 | ||||
Employees' compensation and benefits | $ 41,409 | $ 39,243 | 121,518 | $ 119,482 | |||
Proceeds from the settlement of insurance claims | 202 | $ 7,614 | |||||
Hurricane [Member] | |||||||
Liability For Catastrophe Claims [Line Items] | |||||||
Employees' compensation and benefits | $ (2,300) | ||||||
Insurance proceeds in excess of losses incurred | $ 600 | ||||||
Proceeds from the settlement of insurance claims | $ 2,100 |
EARNINGS PER COMMON SHARE - Cal
EARNINGS PER COMMON SHARE - Calculations of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income (Loss): | ||||
Net income | $ 46,327 | $ 36,323 | $ 130,928 | $ 100,503 |
Dividends on preferred stock | (669) | (669) | (2,007) | (2,007) |
Net income attributable to common stockholders | $ 45,658 | $ 35,654 | $ 128,921 | $ 98,496 |
Weighted-Average Shares: | ||||
Average common shares outstanding | 216,690 | 216,149 | 216,569 | 215,516 |
Average potential dilutive common shares | 537 | 626 | 484 | 1,068 |
Average common shares outstanding - assuming dilution | 217,227 | 216,775 | 217,053 | 216,584 |
Earnings per common share: | ||||
Basic | $ 0.21 | $ 0.16 | $ 0.60 | $ 0.46 |
Diluted | $ 0.21 | $ 0.16 | $ 0.59 | $ 0.45 |
EARNINGS PER COMMON SHARE - C_2
EARNINGS PER COMMON SHARE - Calculations of Earnings Per Common Share - Additional Information (Detail) - Common Stock [Member] - Department Of Treasury [Member] | May 17, 2018shares |
Class Of Stock [Line Items] | |
Common stock purchased through a warratns excercise | 1,285,899 |
Common stock issued for exercised warrants | 730,571 |
STOCK-BASED COMPENSATION - Omni
STOCK-BASED COMPENSATION - Omnibus Plan - Additional Information (Detail) - Omnibus Plan [Member] | Sep. 30, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Authorized granting up shares | 14,169,807 |
Restricted stock available for issuance | 6,596,393 |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock - Additional Information (Detail) - Omnibus Plan [Member] - Restricted Stock [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares of restricted stock | 314,212 | |||
Share based compensation cost | $ 0.7 | $ 0.8 | $ 2.2 | $ 2.7 |
Stock based compensation expense unrecognized related to nonvested shares of restricted stock | $ 3.3 | $ 3.3 | ||
Period for cost recognition not yet recognized | 1 year 7 months 6 days | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares of restricted stock | 51,841 | 65,447 | ||
Restricted stock vesting period | 1 year | 1 year | ||
Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares of restricted stock | 262,371 | 342,439 | ||
Retirement Eligible Shares | 13,308 | 20,447 | ||
Restricted stock vesting after two-year anniversary of the grant date [Member] | Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting percentage | 50.00% | 50.00% | ||
Restricted stock vesting after three-year anniversary of the grant date [Member] | Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock vesting percentage | 50.00% | 50.00% |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Units - Additional Information (Detail) - Omnibus Plan [Member] - Performance Units [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation cost | $ 0.3 | $ 0.1 | $ 0.8 | $ 0.5 |
Unrecognized compensation cost related to unvested performance units | $ 2.7 | $ 2.7 | ||
Executives [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted units | 200,053 | 304,408 | ||
Requisite service period | 3 years | 3 years | ||
Performance Units Program Description | The performance units will vest based on the achievement of a pre-established tangible book value per share target as of December 31, 2021. All of the performance units will vest if performance is at the pre-established performance target level or above. However, the participants may vest on 50% of the awards to the extent that performance is below the target but at 80% of the pre-established performance target level (the “80% minimum threshold”), which is measured based upon the growth in the tangible book value during the performance cycle. If performance is between the 80% minimum threshold and the pre-established performance target level, the participants will vest on a proportional amount. No performance units will vest if performance is below the 80% minimum threshold. |
STOCK-BASED COMPENSATION - Sala
STOCK-BASED COMPENSATION - Salary Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchased of common stock | 176,015 | 433,362 | ||
Omnibus Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-Average Grant Date Fair Value, Granted | $ 10.97 | |||
Share based compensation cost | $ 0.7 | $ 0.8 | $ 2.2 | $ 2.7 |
Repurchased of common stock | 176,015 | 336,985 | ||
Omnibus Plan [Member] | Salary Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares | 268,709 | |||
Weighted-Average Grant Date Fair Value, Granted | $ 6.51 | |||
Share based compensation cost | $ 1.7 | |||
Repurchased of common stock | 96,377 |
STOCK-BASED COMPENSATION - Re_2
STOCK-BASED COMPENSATION - Restricted Stock Activity Under Omnibus Plan (Detail) - Omnibus Plan [Member] - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested shares outstanding, beginning of period | shares | 964,110 |
Granted | shares | 314,212 |
Forefeited | shares | (12,750) |
Vested | shares | (619,517) |
Unvested shares outstanding, end of period | shares | 646,055 |
Weighted-Average Grant Date Fair Value, beginning of period | $ / shares | $ 4.79 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 10.97 |
Weighted-Averages Grant Date Dair Value, Forfeited | $ / shares | 8.68 |
Weighted-Averages Grant Date Fair Value, Vested | $ / shares | 3.97 |
Weighted-Average Grant Date Fair Value, end of period | $ / shares | $ 8.51 |
INVESTMENT SECURITIES - Investm
INVESTMENT SECURITIES - Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,723,686 | $ 1,975,230 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,417 | 5,426 |
Gross Unrealized gain | 23,382 | 7,260 |
Gross Unrealized loss | 5,088 | 34,496 |
Investment securities available for sale | $ 1,736,563 | $ 1,942,568 |
Weighted-average yield | 2.56% | 2.55% |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield | 4.07% | |
U S Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 7,476 | $ 7,489 |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | 0 |
Gross Unrealized gains Due within one year | 9 | 0 |
Gross Unrealized losses Due within one year | 0 | 33 |
Fair value Due within one year | $ 7,485 | $ 7,456 |
Weighted-average yield Due within one year | 2.42% | 1.29% |
U.S. government-sponsored agencies obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 128,376 | $ 191,531 |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | 0 |
Gross Unrealized gains Due within one year | 5 | 0 |
Gross Unrealized losses Due within one year | 318 | 1,908 |
Fair value Due within one year | $ 128,063 | $ 189,623 |
Weighted-average yield Due within one year | 1.40% | 1.28% |
Amortized cost After 1 to 5 years | $ 81,802 | $ 184,851 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 422 | 203 |
Gross Unrealized losses After 1 to 5 years | 77 | 2,249 |
Fair value After 1 to 5 years | $ 82,147 | $ 182,805 |
Weighted-average yield After 1 to 5 years | 2.13% | 2.07% |
Amortized cost After 5 to 10 years | $ 75,289 | $ 195,750 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 588 | 286 |
Fair value After 5 to 10 years | $ 75,787 | $ 194,362 |
Weighted-average yield After 5 to 10 years | 2.63% | 2.95% |
Amortized cost After 10 years | $ 25,819 | $ 34,627 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 4 | 0 |
Gross Unrealized losses After 10 years | 93 | 217 |
Fair value After 10 years | $ 25,730 | $ 34,410 |
Weighted-average yield After 10 years | 2.40% | 2.68% |
Gross Unrealized losses After 5 to 10 years | $ 90 | $ 1,674 |
Puerto Rico Government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 5 to 10 years | 4,000 | 4,000 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 245 | 128 |
Fair value After 5 to 10 years | $ 4,245 | $ 4,128 |
Weighted-average yield After 5 to 10 years | 5.12% | 5.12% |
Amortized cost After 10 years | $ 4,280 | $ 4,185 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 0 | 0 |
Gross Unrealized losses After 10 years | 1,324 | 1,361 |
Fair value After 10 years | $ 2,956 | $ 2,824 |
Weighted-average yield After 10 years | 6.97% | 6.97% |
Gross Unrealized losses After 5 to 10 years | $ 0 | $ 0 |
United States And Puerto Rico Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 327,042 | 622,433 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 1,273 | 617 |
Gross Unrealized loss | 1,902 | 7,442 |
Investment securities available for sale | $ 326,413 | $ 615,608 |
Weighted-average yield | 2.09% | 2.18% |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,396,144 | $ 1,352,297 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,417 | 5,426 |
Gross Unrealized gain | 22,109 | 6,643 |
Gross Unrealized loss | 3,186 | 27,054 |
Investment securities available for sale | $ 1,409,650 | $ 1,326,460 |
Weighted-average yield | 2.68% | 2.71% |
Mortgage Backed Securities [Member] | Freddie Mac (FHLMC) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 5 to 10 years | $ 78,771 | $ 92,149 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 408 | 31 |
Fair value After 5 to 10 years | $ 78,937 | $ 90,330 |
Weighted-average yield After 5 to 10 years | 2.08% | 2.09% |
Amortized cost After 10 years | $ 306,008 | $ 265,624 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 3,550 | 523 |
Gross Unrealized losses After 10 years | 778 | 6,699 |
Fair value After 10 years | $ 308,780 | $ 259,448 |
Weighted-average yield After 10 years | 2.53% | 2.52% |
Amortized cost | $ 384,779 | $ 357,773 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 3,958 | 554 |
Gross Unrealized loss | 1,020 | 8,549 |
Investment securities available for sale | 387,717 | 349,778 |
Gross Unrealized losses After 5 to 10 years | $ 242 | $ 1,850 |
Weighted-average yield | 2.44% | 2.41% |
Mortgage Backed Securities [Member] | Ginnie Mae (GNMA) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 1 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 0 | |
Gross Unrealized losses Due within one year | 0 | |
Fair value Due within one year | $ 1 | |
Weighted-average yield Due within one year | 3.40% | |
Amortized cost After 1 to 5 years | $ 123 | $ 176 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 2 | 3 |
Gross Unrealized losses After 1 to 5 years | 0 | 0 |
Fair value After 1 to 5 years | $ 125 | $ 179 |
Weighted-average yield After 1 to 5 years | 3.89% | 3.43% |
Amortized cost After 5 to 10 years | $ 50,216 | $ 61,604 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 599 | 408 |
Fair value After 5 to 10 years | $ 50,803 | $ 61,509 |
Weighted-average yield After 5 to 10 years | 2.81% | 2.88% |
Amortized cost After 10 years | $ 173,707 | $ 118,898 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 6,824 | 2,938 |
Gross Unrealized losses After 10 years | 249 | 747 |
Fair value After 10 years | $ 180,282 | $ 121,089 |
Weighted-average yield After 10 years | 3.47% | 3.92% |
Amortized cost | $ 224,047 | $ 180,678 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 7,425 | 3,349 |
Gross Unrealized loss | 261 | 1,250 |
Investment securities available for sale | 231,211 | 182,777 |
Gross Unrealized losses After 5 to 10 years | $ 12 | $ 503 |
Weighted-average yield | 3.32% | 3.56% |
Mortgage Backed Securities [Member] | Fannie Mae (FNMA) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 119 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 2 | |
Gross Unrealized losses Due within one year | 0 | |
Fair value Due within one year | $ 121 | |
Weighted-average yield Due within one year | 2.20% | |
Amortized cost After 1 to 5 years | $ 19,784 | $ 19,798 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 468 | 50 |
Gross Unrealized losses After 1 to 5 years | 0 | 122 |
Fair value After 1 to 5 years | $ 20,252 | $ 19,726 |
Weighted-average yield After 1 to 5 years | 2.79% | 2.79% |
Amortized cost After 5 to 10 years | $ 148,192 | $ 165,067 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 1,527 | 2 |
Fair value After 5 to 10 years | $ 149,036 | $ 161,247 |
Weighted-average yield After 5 to 10 years | 2.13% | 2.13% |
Amortized cost After 10 years | $ 543,355 | $ 543,972 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 8,333 | 2,211 |
Gross Unrealized losses After 10 years | 1,092 | 13,233 |
Fair value After 10 years | $ 550,596 | $ 532,950 |
Weighted-average yield After 10 years | 2.65% | 2.67% |
Amortized cost | $ 711,331 | $ 728,956 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 10,328 | 2,265 |
Gross Unrealized loss | 1,775 | 17,177 |
Investment securities available for sale | 719,884 | 714,044 |
Gross Unrealized losses After 5 to 10 years | $ 683 | $ 3,822 |
Weighted-average yield | 2.55% | 2.55% |
Mortgage Backed Securities [Member] | Collateralized mortgage obligations guaranteed by the FHLMC and GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 1 to 5 years | $ 647 | $ 6,530 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 0 | 1 |
Gross Unrealized losses After 1 to 5 years | 0 | 18 |
Fair value After 1 to 5 years | $ 647 | $ 6,513 |
Weighted-average yield After 1 to 5 years | 2.69% | 3.15% |
Amortized cost After 10 years | $ 58,369 | $ 59,020 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 398 | 474 |
Gross Unrealized losses After 10 years | 130 | 60 |
Fair value After 10 years | $ 58,637 | $ 59,434 |
Weighted-average yield After 10 years | 2.90% | 3.22% |
Amortized cost | $ 59,016 | $ 65,550 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 398 | 475 |
Gross Unrealized loss | 130 | 78 |
Investment securities available for sale | $ 59,284 | $ 65,947 |
Weighted-average yield | 2.89% | 3.22% |
Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 10 years | $ 16,971 | $ 19,340 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 5,417 | 5,426 |
Gross Unrealized gains After 10 years | 0 | 0 |
Gross Unrealized losses After 10 years | 0 | 0 |
Fair value After 10 years | $ 11,554 | $ 13,914 |
Weighted-average yield After 10 years | 4.07% | 4.89% |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 1 to 5 years | $ 500 | $ 500 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 0 | 0 |
Gross Unrealized losses After 1 to 5 years | 0 | 0 |
Fair value After 1 to 5 years | $ 500 | $ 500 |
Weighted-average yield After 1 to 5 years | 2.96% | 2.96% |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Investments [Line Items] | ||
Percentage Of Debt Securities Government And Government Sponsored Agencies | 99.00% | |
Amortized cost | $ 1,723,686 | $ 1,975,230 |
Fair value | $ 1,736,563 | $ 1,942,568 |
Available for sale Securities [Member] | Private label MBS [Member] | ||
Schedule Of Investments [Line Items] | ||
Loans Receivable, Description of Variable Rate Basis | The interest rate on these private-label MBS is variable, tied to 3-month LIBOR and limited to the weighted-average coupon on the underlying collateral. | |
Available for sale Securities [Member] | Private label MBS [Member] | FICO Score, Greater than 700 [Member] | LTV Less than 80 Percent [Member] | ||
Schedule Of Investments [Line Items] | ||
Financing Receivable, Credit Quality, Additional Information | The underlying mortgages are fixed-rate, single-family loans with original FICO scores (over 700) and moderate loan-to-value ratios (under 80%), as well as moderate delinquency levels. | |
Available for sale Securities [Member] | PRHFA [Member] | Zero-coupon bonds (up to July 2019) [Member] | ||
Schedule Of Investments [Line Items] | ||
Amortized cost | $ 8,300 | |
Fair value | 7,200 | |
Available for sale Securities [Member] | PRHFA [Member] | Zero-coupon bonds (up to July 2019) [Member] | Residential pass-through mortgage-backed securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Amortized cost | 4,300 | |
Fair value | $ 3,000 | |
Held-to-maturity Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Percentage of held to maturity securities issued by three of the largest municipalities in Puerto Rico | 70.00% |
INVESTMENT SECURITIES - Availab
INVESTMENT SECURITIES - Available-For-Sale Investments' Fair Value And Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | $ 139,293 | $ 64,559 |
Unrealized Losses Less than 12 months | 577 | 331 |
Fair Value 12 months or more | 488,151 | 1,328,036 |
Unrealized Losses 12 months or more | 9,928 | 39,591 |
Total Fair Value | 627,444 | 1,392,595 |
Total Unrealized Losses | 10,505 | 39,922 |
Puerto Rico Government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 0 | 0 |
Unrealized Losses Less than 12 months | 0 | 0 |
Fair Value 12 months or more | 2,956 | 2,824 |
Unrealized Losses 12 months or more | 1,324 | 1,361 |
Total Fair Value | 2,956 | 2,824 |
Total Unrealized Losses | 1,324 | 1,361 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 11,789 | 16,669 |
Unrealized Losses Less than 12 months | 80 | 77 |
Fair Value 12 months or more | 170,773 | 468,094 |
Unrealized Losses 12 months or more | 498 | 6,004 |
Total Fair Value | 182,562 | 484,763 |
Total Unrealized Losses | 578 | 6,081 |
Mortgage Backed Securities [Member] | FNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 31,860 | 25,079 |
Unrealized Losses Less than 12 months | 141 | 129 |
Fair Value 12 months or more | 200,733 | 521,871 |
Unrealized Losses 12 months or more | 1,634 | 17,048 |
Total Fair Value | 232,593 | 546,950 |
Total Unrealized Losses | 1,775 | 17,177 |
Mortgage Backed Securities [Member] | FHLMC [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 15,054 | 3,382 |
Unrealized Losses Less than 12 months | 75 | 32 |
Fair Value 12 months or more | 74,495 | 263,798 |
Unrealized Losses 12 months or more | 945 | 8,517 |
Total Fair Value | 89,549 | 267,180 |
Total Unrealized Losses | 1,020 | 8,549 |
Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 66,515 | 3,364 |
Unrealized Losses Less than 12 months | 151 | 15 |
Fair Value 12 months or more | 27,640 | 57,535 |
Unrealized Losses 12 months or more | 110 | 1,235 |
Total Fair Value | 94,155 | 60,899 |
Total Unrealized Losses | 261 | 1,250 |
Mortgage Backed Securities [Member] | Collateralized mortgage obligations guaranteed by the FHLMC and GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 14,075 | 16,065 |
Unrealized Losses Less than 12 months | 130 | 78 |
Fair Value 12 months or more | 0 | 0 |
Unrealized Losses 12 months or more | 0 | 0 |
Total Fair Value | 14,075 | 16,065 |
Total Unrealized Losses | 130 | 78 |
Mortgage Backed Securities [Member] | Other-mortgage pass-through trust certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 0 | 0 |
Unrealized Losses Less than 12 months | 0 | 0 |
Fair Value 12 months or more | 11,554 | 13,914 |
Unrealized Losses 12 months or more | 5,417 | 5,426 |
Total Fair Value | 11,554 | 13,914 |
Total Unrealized Losses | $ 5,417 | $ 5,426 |
INVESTMENT SECURITIES - OTTI lo
INVESTMENT SECURITIES - OTTI losses on available-for-sale debt securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt and Equity Securities [Abstract] | ||||
Total OTTI losses | $ (557) | $ 0 | $ (557) | $ 0 |
Portion of OTTI recognized in other comprehensive income (OCI) | 60 | 0 | 60 | 0 |
Net impairment losses recognized in earnings | $ (497) | $ 0 | $ (497) | $ 0 |
INVESTMENT SECURITIES - Roll-Fo
INVESTMENT SECURITIES - Roll-Forward of Credit Losses on Debt Securities Held by Corporation (Detail) - Available for sale Securities [Member] - Private label MBS [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||
Beginning balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $ 6,842 | $ 6,792 | $ 6,842 | $ 6,792 |
Credit impairments recognized in earnings on securities that have been previously impaired | 497 | 0 | 497 | 0 |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $ 7,339 | $ 6,792 | $ 7,339 | $ 6,792 |
INVESTMENT SECURITIES - Signifi
INVESTMENT SECURITIES - Significant Assumptions in Valuation of Private Label MBS (Detail) - Private label MBS [Member] | Sep. 30, 2019 | Dec. 31, 2018 |
Discount rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Discount rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Discount rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Prepayment rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.073 | 0.114 |
Prepayment rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.062 | 0.033 |
Prepayment rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.096 | 0.209 |
Projected Cumulative Loss Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.031 | 0.030 |
Projected Cumulative Loss Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Projected Cumulative Loss Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
INVESTMENT SECURITIES - Inves_2
INVESTMENT SECURITIES - Investment Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to Maturity Amortized cost | $ 138,676 | $ 144,815 |
Held to Maturity Fair value | 115,443 | 125,658 |
Municipal Bonds [Member] | PUERTO RICO | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to Maturity Amortized Cost Due within one year | 321 | |
Held to Maturity Gross Unrecognized gains Due within one year | 0 | |
Held to Maturity Gross Unrecognized losses Due within one year | 7 | |
Held to Maturity Fair value Due within one year | $ 314 | |
Held to Maturity Weighted-average yield Due within one year | 6.07% | |
Held to Maturity Amortized Cost After 1 to 5 years | $ 8,264 | 6,100 |
Held to Maturity Gross Unrecognized gains After 1 to 5 years | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 1 to 5 years | 628 | 435 |
Held to Maturity Fair value After 1 to 5 years | $ 7,636 | $ 5,665 |
Held to Maturity Weighted-average yield After 1 to 5 years | 5.40% | 4.79% |
Held to Maturity Amortized Cost After 5 to 10 years | $ 56,512 | $ 53,016 |
Held to Maturity Gross Unrecognized gains After 5 to 10 years | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 5 to 10 years | $ 6,817 | $ 5,360 |
Held to Maturity Weighted-average yield After 5 to 10 years | 5.94% | 6.00% |
Held to Maturity Amortized Cost After 10 years | $ 73,579 | $ 85,699 |
Held to Maturity Gross Unrecognized gains After 10 years | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 10 years | 15,781 | 13,362 |
Held to Maturity Fair value After 10 years | $ 57,798 | $ 72,337 |
Held to Maturity Weighted-average yield After 10 years | 5.66% | 5.86% |
Held to Maturity Amortized cost | $ 138,676 | $ 144,815 |
Held to Maturity Gross Unrecognized gains | 0 | 0 |
Held to Maturity Gross Unrecognized losses | 23,233 | 19,157 |
Held to Maturity Fair value | 115,443 | 125,658 |
Held to Maturity Fair value After 5 to 10 years | $ 49,695 | $ 47,656 |
Held to Maturity Weighted-average yield | 5.76% | 5.86% |
INVESTMENT SECURITIES - Inves_3
INVESTMENT SECURITIES - Investment Securities Held to Maturity (Securities in continuous unrealized loss position) (Detail) - PUERTO RICO - Municipal Bonds [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity less than twelve months fair value | $ 0 | $ 0 |
Held to maturity less than twelve months unrealized losses | 0 | 0 |
Held to maturity securities twelve months or longer fair value | 115,443 | 125,658 |
Held to maturity securities twelve month or longer unrealized losses | 23,233 | 19,157 |
Held to maturity unrealized loss position fair value | 115,443 | 125,658 |
Held to maturity unrealized loss position aggregate losses | $ 23,233 | $ 19,157 |
EQUITY SECURITIES - Additional
EQUITY SECURITIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Summary of Investment Holdings [Line Items] | |||||
Capital stock par value | $ 100 | $ 100 | |||
Book value of investment in FHLB stock | $ 41,700 | $ 41,700 | $ 41,900 | ||
Market-to-market gains (losses) | 9,411 | $ 6,898 | 28,277 | $ 23,271 | |
Equity Securities [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity Securities, FV-NI | 1,400 | 1,400 | 400 | ||
Market-to-market gains (losses) | (2) | $ (3) | 10 | $ (13) | |
Equity Securities without Readily Determinable Fair Value, Amount | 2,100 | 2,100 | $ 2,200 | ||
Investment in Federal Home Loan Bank Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Dividend income from FHLB stock | $ 700 | $ 2,000 |
LOAN PORTFOLIO - Loan Portfolio
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 | |||
Allowance for loan and lease losses | (165,575) | $ (172,011) | (196,362) | (200,563) | $ (222,035) | $ (231,843) |
Loans and Leases Receivable, Net Amount | 8,802,845 | 8,661,761 | ||||
Commercial Portfolio Segment [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
Allowance for loan and lease losses | (44,848) | (46,373) | (55,581) | (49,270) | (48,718) | (48,493) |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,222,496 | 2,148,111 | 2,068,256 | |||
Allowance for loan and lease losses | (17,618) | (21,644) | (32,546) | (44,166) | (44,000) | (48,871) |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 108,862 | 79,429 | 82,862 | |||
Allowance for loan and lease losses | (3,059) | (3,026) | (3,592) | (3,079) | (3,949) | (4,522) |
Consumer Portfolio Segment [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,199,747 | 1,944,713 | 1,851,352 | |||
Allowance for loan and lease losses | (54,018) | (52,684) | (53,849) | (56,041) | (70,238) | (70,982) |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,808,374 | 1,611,177 | ||||
Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 391,373 | 333,536 | ||||
Residential Portfolio Segment [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Allowance for loan and lease losses | $ (46,032) | $ (48,284) | $ (50,794) | $ (48,007) | $ (55,130) | $ (58,975) |
LOAN PORTFOLIO - Loan Portfol_2
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 2,222,496 | 2,148,111 | $ 2,068,256 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Commercial loans secured by real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 747,400 | $ 796,800 |
LOAN PORTFOLIO - Loans Held for
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Detail) - Nonaccrual [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Nonaccrual loans: | ||
Nonaccrual loans held for investment | $ 216,227 | $ 315,973 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 42,525 | 109,536 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 20,725 | 30,382 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 5,021 | 6,260 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 1,337 | 2,102 |
Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 10,511 | 11,212 |
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 7,728 | 7,865 |
Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | 1,340 | 1,329 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans: | ||
Nonaccrual loans held for investment | $ 127,040 | $ 147,287 |
LOAN PORTFOLIO - Loans Held f_2
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans held for sale | $ 42,470 | $ 43,186 | ||||
Loans and Leases Receivable, Gross | 8,968,420 | 8,858,123 | $ 8,716,953 | |||
TDR [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 399,424 | 478,928 | ||||
PCI loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | $ 149,122 | $ 152,242 | $ 158,174 |
Nonperforming Financing Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans held for sale | $ 6,900 | $ 16,100 |
LOAN PORTFOLIO - Corporation's
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | $ 514,412 | $ 574,654 | ||||
Financing Receivable, Current | 8,314,756 | 8,136,829 | ||||
Loans and Leases Receivable, Gross | 8,968,420 | 8,858,123 | $ 8,716,953 | |||
90 days past due and still accruing | 116,162 | 129,083 | ||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 210,598 | 223,928 | ||||
Financing Receivable, Current | 2,524,851 | 2,648,899 | ||||
Loans and Leases Receivable, Gross | 2,871,371 | 3,016,003 | ||||
90 days past due and still accruing | 16,004 | 14,564 | ||||
Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 88,202 | 108,934 | ||||
Financing Receivable, Current | 38,380 | 38,271 | ||||
Loans and Leases Receivable, Gross | 126,582 | 147,205 | ||||
90 days past due and still accruing | 86,121 | 104,751 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 63,117 | 111,520 | ||||
Financing Receivable, Current | 1,372,915 | 1,407,678 | ||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
90 days past due and still accruing | 3,050 | 946 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 54,040 | 38,001 | ||||
Financing Receivable, Current | 2,168,456 | 2,110,110 | ||||
Loans and Leases Receivable, Gross | 2,222,496 | 2,148,111 | 2,068,256 | |||
90 days past due and still accruing | 6,626 | 5,003 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 108,862 | 79,429 | 82,862 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 1,337 | 2,102 | ||||
Financing Receivable, Current | 12,991 | 9,049 | ||||
Loans and Leases Receivable, Gross | 14,328 | 11,151 | ||||
90 days past due and still accruing | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 6,036 | 0 | ||||
Financing Receivable, Current | 70,261 | 47,965 | ||||
Loans and Leases Receivable, Gross | 76,297 | 47,965 | ||||
90 days past due and still accruing | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 5,032 | 6,534 | ||||
Financing Receivable, Current | 13,205 | 13,779 | ||||
Loans and Leases Receivable, Gross | 18,237 | 20,313 | ||||
90 days past due and still accruing | 0 | 67 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,199,747 | 1,944,713 | 1,851,352 | |||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 26,310 | 26,057 | ||||
Financing Receivable, Current | 694,014 | 638,644 | ||||
Loans and Leases Receivable, Gross | 720,324 | 664,701 | ||||
90 days past due and still accruing | 4,361 | 3,752 | ||||
Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 51,018 | 49,385 | ||||
Financing Receivable, Current | 1,037,032 | 897,091 | ||||
Loans and Leases Receivable, Gross | 1,088,050 | 946,476 | ||||
90 days past due and still accruing | 0 | 0 | ||||
Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 8,722 | 8,193 | ||||
Financing Receivable, Current | 382,651 | 325,343 | ||||
Loans and Leases Receivable, Gross | 391,373 | 333,536 | ||||
90 days past due and still accruing | 0 | 0 | ||||
PCI loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 36,197 | 36,423 | ||||
Financing Receivable, Current | 103,055 | 110,217 | ||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | 149,122 | $ 152,242 | $ 158,174 |
PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 33,674 | 33,911 | ||||
Financing Receivable, Current | 102,248 | 109,265 | ||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | 145,203 | |||
PCI loans | Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | ||||
PCI loans | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 2,523 | 2,512 | ||||
Financing Receivable, Current | 807 | 952 | ||||
Loans and Leases Receivable, Gross | 3,330 | 3,464 | 3,919 | |||
PCI loans | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | |||
PCI loans | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | |||
PCI loans | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | $ 0 | |||
PCI loans | Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
30-59 Days Past Due [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 92,366 | 49,020 | ||||
30-59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 107,800 | 101,400 | ||||
30-59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 6,200 | 5,600 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 16,761 | 0 | ||||
Loans and Leases Receivable, Gross | 3,900 | 5,100 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 26,214 | 2,550 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 886 | 0 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 100 | 200 | ||||
30-59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 8,596 | 9,898 | ||||
30-59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 33,759 | 31,070 | ||||
30-59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 6,150 | 5,502 | ||||
30-59 Days Past Due [Member] | PCI loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
30-59 Days Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 11,400 | 11,600 | ||||
30-59 Days Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
60-89 Days Past Due [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 89,657 | 80,578 | ||||
60-89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 67,554 | 62,077 | ||||
60-89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 2,081 | 4,183 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 781 | 1,038 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 475 | 66 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 5,150 | 0 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 11 | 207 | ||||
60-89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 5,625 | 4,542 | ||||
60-89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 6,748 | 7,103 | ||||
60-89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 1,232 | 1,362 | ||||
60-89 Days Past Due [Member] | PCI loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 8,495 | 6,979 | ||||
60-89 Days Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 8,495 | 6,979 | ||||
60-89 Days Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
90 days or more Past Due [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 332,389 | 445,056 | ||||
90 days or more Past Due [Member] | Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 143,044 | 161,851 | ||||
90 days or more Past Due [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 86,121 | 104,751 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 45,575 | 110,482 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 27,351 | 35,385 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 1,337 | 2,102 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 5,021 | 6,327 | ||||
90 days or more Past Due [Member] | Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 12,089 | 11,617 | ||||
90 days or more Past Due [Member] | Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 10,511 | 11,212 | ||||
90 days or more Past Due [Member] | Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 1,340 | 1,329 | ||||
90 days or more Past Due [Member] | PCI loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 27,702 | 29,444 | ||||
90 days or more Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | 25,179 | 26,932 | ||||
90 days or more Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total Past Due | $ 2,523 | $ 2,512 |
LOAN PORTFOLIO - Corporation'_2
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 116,162 | $ 129,083 | |
Loans and Leases Receivable, Gross | 8,968,420 | 8,858,123 | $ 8,716,953 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 |
Residential Portfolio Segment [Member] | Other Loans Member [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 16,004 | 14,564 | |
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 2,871,371 | 3,016,003 | |
Residential Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | Other Loans Member [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 107,800 | 101,400 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 3,050 | 946 | |
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 1,439,362 | 1,522,662 | 1,506,502 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 108,862 | 79,429 | 82,862 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 0 | 0 | |
Loans and Leases Receivable, Gross | 14,328 | 11,151 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 0 | 0 | |
Loans and Leases Receivable, Gross | 76,297 | 47,965 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 0 | 67 | |
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 18,237 | 20,313 | |
Commercial Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | Mortgage Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,900 | 5,100 | |
Commercial Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 100 | 200 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,199,747 | 1,944,713 | $ 1,851,352 |
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 4,361 | 3,752 | |
Loans and Leases Receivable, Gross | 720,324 | 664,701 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 86,121 | 104,751 | |
Defaulted Loans Collateralizing Securities | $ 38,000 | 43,600 | |
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 126,582 | 147,205 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 6,200 | 5,600 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Nonaccrual Of Interest [Member] | Residential Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 40,100 | $ 51,400 | |
Period Of Residential Mortgage Loan That Are No Longer Accruing Interest | 15 months | 15 months |
LOAN PORTFOLIO - Corporation'_3
LOAN PORTFOLIO - Corporation's Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,222,496 | 2,148,111 | 2,068,256 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 108,862 | 79,429 | $ 82,862 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,328 | 11,151 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 76,297 | 47,965 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 18,237 | 20,313 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 8,739 | 172,260 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 15,159 | 85,557 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6,036 | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 205,520 | 276,935 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 32,680 | 45,274 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,337 | 2,102 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,938 | 7,407 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 1,701 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,405 | 6,114 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 250 | 396 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Total Criticized Asset [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 214,259 | 450,896 | |
Total Criticized Asset [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 50,494 | 137,341 | |
Total Criticized Asset [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,337 | 2,102 | |
Total Criticized Asset [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6,036 | 0 | |
Total Criticized Asset [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 5,938 | $ 7,407 |
LOAN PORTFOLIO - Corporation'_4
LOAN PORTFOLIO - Corporation's Commercial Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 42,470 | $ 43,186 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 0 | 1,725 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 0 | 3,015 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 6,906 | 11,371 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 6,900 | 16,100 |
Nonperforming Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 1,700 | |
Nonperforming Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 3,000 | |
Nonperforming Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 11,400 |
LOAN PORTFOLIO - Consumer Credi
LOAN PORTFOLIO - Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 | |||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,199,747 | 1,944,713 | 1,851,352 | |||
Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,871,371 | 3,016,003 | ||||
Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 720,324 | 664,701 | ||||
Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,088,050 | 946,476 | ||||
Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 391,373 | 333,536 | ||||
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 126,582 | 147,205 | ||||
PCI loans | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | 149,122 | $ 152,242 | $ 158,174 |
PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | 145,203 | |||
PCI loans | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | |||
PCI loans | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | ||||
PCI loans | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
PCI loans | Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 0 | 0 | ||||
Performing Financing Receivable [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 8,255,798 | 7,951,214 | 7,779,821 | |||
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,480,163 | 2,616,300 | 2,653,984 | |||
Performing Financing Receivable [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,172,991 | 1,913,387 | $ 1,819,407 | |||
Performing Financing Receivable [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,608,409 | 2,725,540 | ||||
Performing Financing Receivable [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 712,596 | 656,836 | ||||
Performing Financing Receivable [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,077,539 | 935,264 | ||||
Performing Financing Receivable [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 390,033 | 332,207 | ||||
Performing Financing Receivable [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 126,582 | 147,205 | ||||
Nonaccrual [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 127,040 | 147,287 | ||||
Nonaccrual [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 7,728 | 7,865 | ||||
Nonaccrual [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 10,511 | 11,212 | ||||
Nonaccrual [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,340 | 1,329 | ||||
Nonaccrual [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
LOAN PORTFOLIO - Consumer Cre_2
LOAN PORTFOLIO - Consumer Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 116,162 | $ 129,083 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 86,121 | 104,751 |
Loans Insured or Guaranteed by US Government Authorities [Member] | Nonaccrual Of Interest [Member] | Residential Portfolio Segment [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 40,100 | $ 51,400 |
Period Of Residential Mortgage Loan That Are No Longer Accruing Interest | 15 months | 15 months |
LOAN PORTFOLIO - Impaired loans
LOAN PORTFOLIO - Impaired loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | $ 385,154 | $ 385,154 | $ 571,872 | |||||
Unpaid Principal Balance with Related Allowance | 456,469 | 456,469 | 638,094 | |||||
Related Allowance | 36,998 | $ 53,313 | 36,998 | $ 53,313 | 53,976 | |||
Recorded Investment with no Related Allowance | 188,216 | 188,216 | 188,397 | |||||
Unpaid Principal Balance with no Related Allowance | 245,671 | 245,671 | 252,207 | |||||
Recorded Investment | 573,370 | 788,010 | 573,370 | 788,010 | $ 711,828 | 760,269 | $ 740,134 | $ 790,308 |
Unpaid Principal Balance | 702,140 | 702,140 | 890,301 | |||||
Average Recorded Investments | 579,196 | 794,916 | 591,368 | 808,377 | ||||
Interest Income on Impaired Loans Accrual Basis | 6,426 | 8,082 | 19,388 | 19,612 | ||||
Interest Income on Impaired Loans Cash Basis | 299 | 1,126 | 1,044 | 3,271 | ||||
Impaired Financing Receivable, Interest Income | 6,725 | 9,208 | 20,432 | 22,883 | ||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 271,042 | 271,042 | 293,494 | |||||
Related Allowance | 17,411 | 18,482 | 17,411 | 18,482 | 19,965 | |||
Recorded Investment with no Related Allowance | 110,826 | 110,826 | 110,238 | |||||
Recorded Investment | 381,868 | 408,794 | 381,868 | 408,794 | ||||
Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 271,042 | 271,042 | 293,494 | |||||
Unpaid Principal Balance with Related Allowance | 295,465 | 295,465 | 325,897 | |||||
Related Allowance | 17,411 | 17,411 | 19,965 | |||||
Recorded Investment with no Related Allowance | 110,826 | 110,826 | 110,238 | |||||
Unpaid Principal Balance with no Related Allowance | 156,829 | 156,829 | 148,920 | |||||
Recorded Investment | 381,868 | 381,868 | 403,732 | |||||
Unpaid Principal Balance | 452,294 | 452,294 | 474,817 | |||||
Average Recorded Investments | 383,960 | 411,393 | 387,732 | 415,561 | ||||
Interest Income on Impaired Loans Accrual Basis | 4,258 | 4,641 | 12,874 | 13,369 | ||||
Interest Income on Impaired Loans Cash Basis | 213 | 410 | 690 | 1,080 | ||||
Impaired Financing Receivable, Interest Income | 4,471 | 5,051 | 13,564 | 14,449 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 51,341 | 51,341 | 61,162 | |||||
Unpaid Principal Balance with Related Allowance | 87,027 | 87,027 | 76,027 | |||||
Related Allowance | 7,520 | 10,798 | 7,520 | 10,798 | 9,693 | |||
Recorded Investment with no Related Allowance | 27,922 | 27,922 | 30,030 | |||||
Unpaid Principal Balance with no Related Allowance | 32,854 | 32,854 | 48,085 | |||||
Recorded Investment | 79,263 | 97,154 | 79,263 | 97,154 | 91,192 | |||
Unpaid Principal Balance | 119,881 | 119,881 | 124,112 | |||||
Average Recorded Investments | 80,879 | 98,903 | 85,027 | 102,410 | ||||
Interest Income on Impaired Loans Accrual Basis | 932 | 557 | 2,803 | 1,438 | ||||
Interest Income on Impaired Loans Cash Basis | 19 | 2 | 91 | 6 | ||||
Impaired Financing Receivable, Interest Income | 951 | 559 | 2,894 | 1,444 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 34,583 | 34,583 | 184,068 | |||||
Unpaid Principal Balance with Related Allowance | 44,254 | 44,254 | 201,116 | |||||
Related Allowance | 6,962 | 17,044 | 6,962 | 17,044 | 17,684 | |||
Recorded Investment with no Related Allowance | 45,395 | 45,395 | 43,358 | |||||
Unpaid Principal Balance with no Related Allowance | 49,725 | 49,725 | 49,253 | |||||
Recorded Investment | 79,978 | 243,220 | 79,978 | 243,220 | 227,426 | |||
Unpaid Principal Balance | 93,979 | 93,979 | 250,369 | |||||
Average Recorded Investments | 80,966 | 244,802 | 83,156 | 248,919 | ||||
Interest Income on Impaired Loans Accrual Basis | 690 | 2,198 | 2,047 | 2,775 | ||||
Interest Income on Impaired Loans Cash Basis | 24 | 656 | 125 | 2,038 | ||||
Impaired Financing Receivable, Interest Income | 714 | 2,854 | 2,172 | 4,813 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 2,606 | 2,606 | 4,162 | |||||
Related Allowance | 544 | 906 | 544 | 906 | 760 | |||
Recorded Investment with no Related Allowance | 2,899 | 2,899 | 2,431 | |||||
Recorded Investment | 5,505 | 6,897 | 5,505 | 6,897 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 519 | 519 | 1,718 | |||||
Unpaid Principal Balance with Related Allowance | 519 | 519 | 2,370 | |||||
Related Allowance | 11 | 11 | 208 | |||||
Recorded Investment with no Related Allowance | 956 | 956 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 1,531 | 1,531 | 0 | |||||
Recorded Investment | 1,475 | 1,475 | 1,718 | |||||
Unpaid Principal Balance | 2,050 | 2,050 | 2,370 | |||||
Average Recorded Investments | 1,476 | 1,766 | 1,485 | 1,765 | ||||
Interest Income on Impaired Loans Accrual Basis | 11 | 0 | 13 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 11 | 0 | 13 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 0 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment | 0 | 0 | 0 | |||||
Unpaid Principal Balance | 0 | 0 | 0 | |||||
Average Recorded Investments | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 0 | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 2,087 | 2,087 | 2,444 | |||||
Unpaid Principal Balance with Related Allowance | 2,431 | 2,431 | 2,923 | |||||
Related Allowance | 533 | 533 | 552 | |||||
Recorded Investment with no Related Allowance | 1,943 | 1,943 | 2,431 | |||||
Unpaid Principal Balance with no Related Allowance | 2,567 | 2,567 | 2,927 | |||||
Recorded Investment | 4,030 | 4,030 | 4,875 | |||||
Unpaid Principal Balance | 4,998 | 4,998 | 5,850 | |||||
Average Recorded Investments | 4,218 | 5,204 | 4,390 | 5,260 | ||||
Interest Income on Impaired Loans Accrual Basis | 18 | 23 | 55 | 70 | ||||
Interest Income on Impaired Loans Cash Basis | 5 | 5 | 23 | 20 | ||||
Impaired Financing Receivable, Interest Income | 23 | 28 | 78 | 90 | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 25,582 | 25,582 | 28,986 | |||||
Related Allowance | 4,561 | 6,083 | 4,561 | 6,083 | 5,874 | |||
Recorded Investment with no Related Allowance | 1,174 | 1,174 | 2,340 | |||||
Recorded Investment | 26,756 | 31,945 | 26,756 | 31,945 | ||||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 8,545 | 8,545 | 9,291 | |||||
Unpaid Principal Balance with Related Allowance | 9,569 | 9,569 | 10,066 | |||||
Related Allowance | 919 | 919 | 2,083 | |||||
Recorded Investment with no Related Allowance | 1,070 | 1,070 | 2,068 | |||||
Unpaid Principal Balance with no Related Allowance | 1,971 | 1,971 | 2,750 | |||||
Recorded Investment | 9,615 | 9,615 | 11,359 | |||||
Unpaid Principal Balance | 11,540 | 11,540 | 12,816 | |||||
Average Recorded Investments | 9,898 | 11,925 | 10,535 | 12,353 | ||||
Interest Income on Impaired Loans Accrual Basis | 196 | 274 | 621 | 754 | ||||
Interest Income on Impaired Loans Cash Basis | 38 | 53 | 115 | 127 | ||||
Impaired Financing Receivable, Interest Income | 234 | 327 | 736 | 881 | ||||
Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 15,434 | 15,434 | 17,781 | |||||
Unpaid Principal Balance with Related Allowance | 15,407 | 15,407 | 17,781 | |||||
Related Allowance | 3,576 | 3,576 | 3,689 | |||||
Recorded Investment with no Related Allowance | 104 | 104 | 250 | |||||
Unpaid Principal Balance with no Related Allowance | 194 | 194 | 250 | |||||
Recorded Investment | 15,538 | 15,538 | 18,031 | |||||
Unpaid Principal Balance | 15,601 | 15,601 | 18,031 | |||||
Average Recorded Investments | 16,133 | 19,479 | 17,196 | 20,527 | ||||
Interest Income on Impaired Loans Accrual Basis | 283 | 362 | 869 | 1,122 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 283 | 362 | 869 | 1,122 | ||||
Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 1,603 | 1,603 | 1,914 | |||||
Unpaid Principal Balance with Related Allowance | 1,797 | 1,797 | 1,914 | |||||
Related Allowance | 66 | 66 | 102 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 22 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 22 | |||||
Recorded Investment | 1,603 | 1,603 | 1,936 | |||||
Unpaid Principal Balance | 1,797 | 1,797 | 1,936 | |||||
Average Recorded Investments | 1,666 | 1,444 | 1,847 | 1,582 | ||||
Interest Income on Impaired Loans Accrual Basis | 38 | 27 | 106 | 84 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 38 | 27 | 106 | 84 | ||||
FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 0 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment | 0 | 0 | 0 | |||||
Unpaid Principal Balance | 0 | 0 | $ 0 | |||||
Average Recorded Investments | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | $ 0 | $ 0 | $ 0 | $ 0 |
LOAN PORTFOLIO - Additional Inf
LOAN PORTFOLIO - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Feb. 27, 2015 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Branches Doral | 10 | ||||||
Financing Receivable Recorded Investment Past Due | $ 514,412 | $ 574,654 | |||||
Gain on sale of loans | 6,059 | $ 1,281 | |||||
Loans and Leases Receivable, Gross | $ 8,968,420 | 8,716,953 | 8,858,123 | ||||
Minimum Period To Be Considered For Loan To Have Defaulted | 90 days | ||||||
TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | $ 495,838 | 625,720 | $ 582,389 | 582,647 | $ 557,196 | $ 587,219 | |
Outstanding unfunded commitments on TDR loans | $ 1,700 | ||||||
Loan Restructuring Trial Modifications Period | 6 months | ||||||
Financing Receivable Removed From Troubled Debt Restructurings Classification | 9,900 | ||||||
PUERTO RICO | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Credit risk concentration | 74.00% | ||||||
USVI and BVI [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Credit risk concentration | 5.00% | ||||||
United States [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Credit risk concentration | 21.00% | ||||||
Performing Financing Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | $ 8,255,798 | 7,779,821 | 7,951,214 | ||||
Performing Financing Receivable [Member] | Ab Note Restructure Workout Strategy [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 41,000 | ||||||
PCI loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 11,434 | 11,354 | 11,434 | 11,354 | 11,354 | 11,251 | |
Outstanding principal balance of PCI loans | 171,500 | 181,100 | |||||
Financing Receivable Recorded Investment Past Due | 36,197 | 36,423 | |||||
Loans and Leases Receivable, Gross | $ 139,252 | 149,122 | $ 141,706 | 146,640 | $ 152,242 | $ 158,174 | |
Residential Portfolio Segment [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans Foreclosure Delinquency Threshold | 120 days | ||||||
Purchase of loans | $ 13,400 | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,207,981 | 3,163,208 | ||||
Residential Portfolio Segment [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans in trial | 2,700 | ||||||
Residential Portfolio Segment [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Recorded Investment Past Due | 210,598 | 223,928 | |||||
Loans and Leases Receivable, Gross | 2,871,371 | 3,016,003 | |||||
Residential Portfolio Segment [Member] | Other Loans Member [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 320,727 | 333,902 | |||||
Residential Portfolio Segment [Member] | PRHFA [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 108,000 | 112,100 | |||||
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 2,480,163 | 2,653,984 | 2,616,300 | ||||
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 2,608,409 | 2,725,540 | |||||
Residential Portfolio Segment [Member] | Nonaccrual [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 127,040 | 147,287 | |||||
Residential Portfolio Segment [Member] | PCI loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 11,063 | 10,954 | 10,954 | ||||
Financing Receivable Recorded Investment Past Due | 33,674 | 33,911 | |||||
Loans and Leases Receivable, Gross | 135,922 | 145,203 | 143,176 | ||||
Residential Portfolio Segment [Member] | PCI loans | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | |||||
Residential Portfolio Segment [Member] | FHA/VA government-guaranteed loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 173,400 | ||||||
Financing Receivable Recorded Investment Past Due | 88,202 | 108,934 | |||||
Loans and Leases Receivable, Gross | 126,582 | 147,205 | |||||
Residential Portfolio Segment [Member] | FHA/VA government-guaranteed loans [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 60,400 | 60,500 | |||||
Residential Portfolio Segment [Member] | FHA/VA government-guaranteed loans [Member] | Performing Financing Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 126,582 | 147,205 | |||||
Residential Portfolio Segment [Member] | FHA/VA government-guaranteed loans [Member] | Nonaccrual [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||
Residential Portfolio Segment [Member] | FHA/VA government-guaranteed loans [Member] | PCI loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||
Residential Portfolio Segment [Member] | FNMA and FHLC loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Purchase of loans | 64 | 100 | |||||
Loan sales | 93,800 | ||||||
Residential Portfolio Segment [Member] | GNMA [Member] | Repurchase Option Program [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Purchase of loans | 22,500 | 11,000 | |||||
Financing Receivable Recorded Investment Past Due | 38,000 | 43,600 | |||||
Residential Portfolio Segment [Member] | Residential pass-through mortgage-backed securities [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Mortgage Loans In Process Of Foreclosure Amount | 166,500 | ||||||
Residential Portfolio Segment [Member] | Residential pass-through mortgage-backed securities [Member] | PCI loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Mortgage Loans In Process Of Foreclosure Amount | 19,100 | ||||||
Residential Portfolio Segment [Member] | Residential pass-through mortgage-backed securities [Member] | FHA/VA government-guaranteed loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Mortgage Loans In Process Of Foreclosure Amount | 41,200 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | |||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Recorded Investment Past Due | 54,040 | 38,001 | |||||
Loans and Leases Receivable, Gross | 2,222,496 | 2,068,256 | 2,148,111 | ||||
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 32,680 | 45,274 | |||||
Commercial Portfolio Segment [Member] | TDR [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 68,442 | 74,921 | |||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 108,862 | 82,862 | 79,429 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 4,400 | ||||||
Commercial Portfolio Segment [Member] | PUERTO RICO | Substandard [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 5,600 | ||||||
Charge-off of loan sold | 1,300 | ||||||
Commercial Portfolio Segment [Member] | PUERTO RICO | PREPA [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 14,000 | ||||||
Commercial Portfolio Segment [Member] | PUERTO RICO | Government [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 57,800 | 61,600 | |||||
Commercial Portfolio Segment [Member] | PUERTO RICO | Municipalities Borrower [Member] | Government [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 43,800 | ||||||
Commercial Portfolio Segment [Member] | USVI [Member] | Government [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 61,100 | 55,800 | |||||
Commercial Portfolio Segment [Member] | USVI [Member] | Public Corporations [Member] | Government [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 37,900 | ||||||
Commercial Portfolio Segment [Member] | USVI [Member] | Independent Instrumentality [Member] | Government [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Commercial Government Loans | 23,200 | ||||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Recorded Investment Past Due | 63,117 | 111,520 | |||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,506,502 | 1,522,662 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Substandard [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 205,520 | 276,935 | |||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 75,800 | 137,949 | |||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Purchase of loans | 21,400 | ||||||
Loans and Leases Receivable, Gross | 2,143,233 | 1,971,102 | 2,056,919 | ||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | Construction Loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 103,357 | 75,965 | 72,836 | ||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | PUERTO RICO | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 48,200 | ||||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | United States [Member] | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 9,200 | ||||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | Mortgage Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 1,356,054 | 1,259,363 | 1,291,772 | ||||
Commercial Portfolio Segment [Member] | Nonaccrual [Member] | PUERTO RICO | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 34,900 | ||||||
Commercial Portfolio Segment [Member] | Nonaccrual [Member] | Loans Held For Sale [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loan sales | 4,800 | ||||||
Commercial Portfolio Segment [Member] | PCI loans | Commercial And Industrial Sector [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | PCI loans | Construction Loans [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | PCI loans | Mortgage Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 371 | 400 | 400 | ||||
Financing Receivable Recorded Investment Past Due | 2,523 | 2,512 | |||||
Loans and Leases Receivable, Gross | 3,330 | 3,919 | 3,464 | ||||
Consumer Portfolio Segment [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 2,199,747 | 1,851,352 | 1,944,713 | ||||
Consumer Portfolio Segment [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 26,400 | ||||||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Recorded Investment Past Due | 26,310 | 26,057 | |||||
Loans and Leases Receivable, Gross | 720,324 | 664,701 | |||||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | TDR [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Financing Receivable Modifications Recorded Investment | 9,289 | 10,382 | |||||
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 2,172,991 | 1,819,407 | 1,913,387 | ||||
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 712,596 | 656,836 | |||||
Consumer Portfolio Segment [Member] | Nonaccrual [Member] | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | 7,728 | 7,865 | |||||
Consumer Portfolio Segment [Member] | PCI loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 0 | $ 0 | 0 | ||||
Consumer Portfolio Segment [Member] | PCI loans | Other Loans Member [Member] | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
LOAN PORTFOLIO - Activity for I
LOAN PORTFOLIO - Activity for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Loan and Lease Receivables, Impaired [Abstract] | ||||
Balance at beginning of period | $ 711,828 | $ 740,134 | $ 760,269 | $ 790,308 |
Loans determined impaired during the period | 9,912 | 119,064 | 32,267 | 214,745 |
Charge-offs | (4,443) | (18,035) | (33,491) | (48,455) |
Loans sold, net charge-offs | 0 | 0 | 0 | (4,121) |
Increases to existing impaired loans | 125 | 128 | 1,740 | 7,203 |
Foreclosures | (5,888) | (8,293) | (18,822) | (27,745) |
Loans no longer considered impaired | (1,378) | (1,146) | (2,081) | (5,086) |
Loans transferred to held for sale | 0 | (16,839) | 0 | (74,052) |
Paid in full or partial payments | (136,786) | (27,003) | (166,512) | (64,787) |
Balance at end of period | $ 573,370 | $ 788,010 | $ 573,370 | $ 788,010 |
LOAN PORTFOLIO - Activity for_2
LOAN PORTFOLIO - Activity for Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Impaired [Line Items] | ||||
Loans held for investment transferred to held for sale | $ 20,928 | $ 90,319 | ||
Payoff | $ 136,786 | $ 27,003 | $ 166,512 | 64,787 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Payoff | $ 123,900 | |||
Nonaccrual [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Loans held for investment transferred to held for sale | 17,200 | 74,400 | ||
Charge Offs Loans Held For Sale | $ 12,500 | $ 22,200 |
LOAN PORTFOLIO- Carrying Value
LOAN PORTFOLIO- Carrying Value of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 | |||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
PCI loans | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | 149,122 | $ 152,242 | $ 158,174 |
Allowance for loan losses Purchased Credit Impaired | (11,434) | $ (11,434) | (11,354) | (11,354) | $ (11,354) | $ (11,251) |
Purchased Credit Impaired Loans, Net | 127,818 | 135,286 | 137,768 | |||
PCI loans | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | 145,203 | |||
Allowance for loan losses Purchased Credit Impaired | (11,063) | (10,954) | (10,954) | |||
PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,330 | 3,464 | 3,919 | |||
Allowance for loan losses Purchased Credit Impaired | $ (371) | $ (400) | $ (400) |
LOAN PORTFOLIO- Corporation's A
LOAN PORTFOLIO- Corporation's Aging of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | $ 514,412 | $ 574,654 | ||||
Financing Receivable, Current | 8,314,756 | 8,136,829 | ||||
Loans and Leases Receivable, Gross | 8,968,420 | 8,858,123 | $ 8,716,953 | |||
Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Commercial Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 63,117 | 111,520 | ||||
Financing Receivable, Current | 1,372,915 | 1,407,678 | ||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
PCI loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 36,197 | 36,423 | ||||
Financing Receivable, Current | 103,055 | 110,217 | ||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | 149,122 | $ 152,242 | $ 158,174 |
PCI loans | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 33,674 | 33,911 | ||||
Financing Receivable, Current | 102,248 | 109,265 | ||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | 145,203 | |||
PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 2,523 | 2,512 | ||||
Financing Receivable, Current | 807 | 952 | ||||
Loans and Leases Receivable, Gross | 3,330 | 3,464 | $ 3,919 | |||
30-59 Days Past Due [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 92,366 | 49,020 | ||||
30-59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 16,761 | 0 | ||||
Loans and Leases Receivable, Gross | 3,900 | 5,100 | ||||
30-59 Days Past Due [Member] | PCI loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
30-59 Days Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 11,400 | 11,600 | ||||
30-59 Days Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
60-89 Days Past Due [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 89,657 | 80,578 | ||||
60-89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 781 | 1,038 | ||||
60-89 Days Past Due [Member] | PCI loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 8,495 | 6,979 | ||||
60-89 Days Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 8,495 | 6,979 | ||||
60-89 Days Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 0 | 0 | ||||
90 days or more Past Due [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 332,389 | 445,056 | ||||
90 days or more Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 45,575 | 110,482 | ||||
90 days or more Past Due [Member] | PCI loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 27,702 | 29,444 | ||||
90 days or more Past Due [Member] | PCI loans | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | 25,179 | 26,932 | ||||
90 days or more Past Due [Member] | PCI loans | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total Past Due | $ 2,523 | $ 2,512 |
LOAN PORTFOLIO- Corporation's_2
LOAN PORTFOLIO- Corporation's Aging of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 | |||
Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Commercial Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,770,720 | 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
Financing Receivables 30 To 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,900 | 5,100 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 139,252 | $ 141,706 | 146,640 | 149,122 | $ 152,242 | $ 158,174 |
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 135,922 | 143,176 | 145,203 | |||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | 3,330 | 3,464 | $ 3,919 | |||
Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables 30 To 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 11,400 | $ 11,600 |
LOAN PORTFOLIO - Accretable Yie
LOAN PORTFOLIO - Accretable Yield Related to Purchased Credit Impaired Loans (Detail) - PCI loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Balance at beggining of year | $ 88,695 | $ 98,489 | $ 93,493 | $ 103,682 |
Accretion recognized in earnings | (2,309) | (2,524) | (7,107) | (7,717) |
Balance at end of year | $ 86,386 | $ 95,965 | $ 86,386 | $ 95,965 |
LOAN PORTFOLIO -Changes in Carr
LOAN PORTFOLIO -Changes in Carrying Amount Of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | ||||||||
Beggining balance of period | $ 8,858,123 | |||||||
Ending balance | $ 8,968,420 | $ 8,716,953 | 8,968,420 | $ 8,716,953 | ||||
PCI loans | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Beggining balance of period | 141,706 | 152,242 | 146,640 | 158,174 | ||||
Accretion | 2,309 | 2,524 | 7,107 | 7,717 | ||||
Collections | (3,652) | (4,835) | (11,752) | (12,590) | ||||
Foreclosures | (1,111) | (809) | (2,743) | (4,179) | ||||
Ending balance | 139,252 | 149,122 | 139,252 | 149,122 | ||||
Allowance for loan losses Purchased Credit Impaired | (11,434) | (11,354) | (11,434) | (11,354) | $ (11,434) | $ (11,354) | $ (11,354) | $ (11,251) |
Ending balance: purchased credit-impaired loans | $ 127,818 | $ 137,768 | $ 127,818 | $ 137,768 |
LOAN PORTFOLIO -Changes in the
LOAN PORTFOLIO -Changes in the allowance for loan losses related to purchased credit impaired doans (Detail) - PCI loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for loan losses Purchased Credit Impaired beginning of period | $ 11,434 | $ 11,354 | $ 11,354 | $ 11,251 |
Provsion of PCI Loans | 0 | 0 | 80 | 103 |
Ending balance: purchased credit impaired loans | $ 11,434 | $ 11,354 | $ 11,434 | $ 11,354 |
LOAN PORTFOLIO - Selected Infor
LOAN PORTFOLIO - Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type (Detail) - Entity Loan Modification Program [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 495,838 | $ 582,389 | $ 582,647 | $ 625,720 | $ 557,196 | $ 587,219 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 68,442 | 74,921 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 75,800 | 137,949 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 26,400 | |||||
Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 320,727 | 333,902 | ||||
Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 9,289 | 10,382 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 4,400 | |||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 519 | 762 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 3,920 | 4,765 | ||||
Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 15,538 | 18,031 | ||||
Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,603 | 1,935 | ||||
Interest rate below market [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 26,638 | 28,771 | ||||
Interest rate below market [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 603 | 664 | ||||
Interest rate below market [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 3,840 | 3,966 | ||||
Interest rate below market [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 20,686 | 22,729 | ||||
Interest rate below market [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,484 | 1,396 | ||||
Interest rate below market [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Interest rate below market [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Interest rate below market [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 25 | 16 | ||||
Interest rate below market [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Interest rate below market [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Extended Maturity [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 35,489 | 39,283 | ||||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 16,939 | 19,769 | ||||
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,788 | 2,005 | ||||
Extended Maturity [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 11,751 | 11,586 | ||||
Extended Maturity [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,360 | 1,236 | ||||
Extended Maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 519 | 545 | ||||
Extended Maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Extended Maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 2,022 | 2,524 | ||||
Extended Maturity [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,061 | 1,517 | ||||
Extended Maturity [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 49 | 101 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 296,801 | 394,235 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 12,337 | 13,323 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 41,741 | 122,709 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 226,625 | 239,348 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 4,990 | 5,651 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,630 | 1,933 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 8,262 | 10,085 | ||||
Combination of reduction in interest rate and extension of maturity [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,216 | 1,186 | ||||
Forgiveness of principal and/or interest [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 406 | 275 | ||||
Forgiveness of principal and/or interest [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 151 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 24 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 231 | 275 | ||||
Forgiveness of principal and/or interest [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forgiveness of principal and/or interest [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 20,761 | 2,818 | ||||
Forbearance Agreement [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 699 | 2,673 | ||||
Forbearance Agreement [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 19,919 | 0 | ||||
Forbearance Agreement [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 143 | 145 | ||||
Forbearance Agreement [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Forbearance Agreement [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Other Loan Modifications [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 115,743 | 117,265 | ||||
Other Loan Modifications [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 37,713 | 38,492 | ||||
Other Loan Modifications [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 8,488 | 9,269 | ||||
Other Loan Modifications [Member] | Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 61,522 | 60,094 | ||||
Other Loan Modifications [Member] | Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 1,224 | 1,824 | ||||
Other Loan Modifications [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 217 | ||||
Other Loan Modifications [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||
Other Loan Modifications [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 243 | 292 | ||||
Other Loan Modifications [Member] | Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | 6,215 | 6,429 | ||||
Other Loan Modifications [Member] | Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 338 | $ 648 |
LOAN PORTFOLIO - Selected Inf_2
LOAN PORTFOLIO - Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 42,470 | $ 43,186 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 0 | 1,725 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 6,906 | 11,371 |
Nonaccrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 6,900 | 16,100 |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 1,700 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 11,400 | |
TDR [Member] | Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 900 | |
TDR [Member] | Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 6,900 | $ 11,100 |
LOAN PORTFOLIO - Corporation'_5
LOAN PORTFOLIO - Corporation's TDR Activity (Detail) - TDR [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Modifications [Line Items] | ||||
Beginning Balance of TDRs | $ 582,389 | $ 557,196 | $ 582,647 | $ 587,219 |
New TDRs | 22,111 | 107,357 | 54,531 | 164,004 |
Increases to existing TDRs (disbursements) | 125 | 78 | 1,647 | 6,924 |
Charge-offs post modification | (2,505) | (7,549) | (7,418) | (25,336) |
Foreclosures | (2,716) | (4,898) | (9,637) | (15,700) |
TDRs transferred to loans held for sale | 0 | (4,541) | 0 | (34,541) |
Paid-off and partial payments | (103,566) | (21,923) | (125,932) | (56,850) |
Ending balance of TDRs | $ 495,838 | $ 625,720 | $ 495,838 | $ 625,720 |
LOAN PORTFOLIO - Corporation'_6
LOAN PORTFOLIO - Corporation's TDR Activity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Modifications [Line Items] | ||||
Loans held for investment transferred to held for sale | $ 20,928 | $ 90,319 | ||
TDR [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Payoff | $ 103,566 | $ 21,923 | 125,932 | 56,850 |
TDR [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Charge Offs Loans Held For Sale | 3,400 | |||
Loans held for investment transferred to held for sale | $ 4,500 | |||
TDR [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Payoff | $ 92,400 | $ 92,400 | ||
TDR [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Charge Offs Loans Held For Sale | 8,500 | |||
Loans held for investment transferred to held for sale | $ 34,500 |
LOAN PORTFOLIO - Breakdown Betw
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Detail) - TDR [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | $ 399,424 | $ 478,928 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 96,414 | 103,719 | ||||
Financing Receivable Modifications Recorded Investment | 495,838 | $ 582,389 | 582,647 | $ 625,720 | $ 557,196 | $ 587,219 |
Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 266,592 | 271,766 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 54,135 | 62,136 | ||||
Financing Receivable Modifications Recorded Investment | 320,727 | 333,902 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 62,041 | 66,603 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 6,401 | 8,318 | ||||
Financing Receivable Modifications Recorded Investment | 68,442 | 74,921 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment | 4,400 | |||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 519 | 0 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 0 | 762 | ||||
Financing Receivable Modifications Recorded Investment | 519 | 762 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Commercial Loan [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 0 | 0 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 0 | 0 | ||||
Financing Receivable Modifications Recorded Investment | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 849 | 1,071 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 3,071 | 3,694 | ||||
Financing Receivable Modifications Recorded Investment | 3,920 | 4,765 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 50,045 | 116,830 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 25,755 | 21,119 | ||||
Financing Receivable Modifications Recorded Investment | 75,800 | 137,949 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment | 26,400 | |||||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 8,327 | 9,025 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 962 | 1,357 | ||||
Financing Receivable Modifications Recorded Investment | 9,289 | 10,382 | ||||
Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 9,452 | 11,842 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 6,086 | 6,189 | ||||
Financing Receivable Modifications Recorded Investment | 15,538 | 18,031 | ||||
Consumer Portfolio Segment [Member] | Finance Lease [Member] | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Financing Receivable Modifications Recorded Investment Accrual Status | 1,599 | 1,791 | ||||
Financing Receivable Modifications Recorded Investment Nonaccrual | 4 | 144 | ||||
Financing Receivable Modifications Recorded Investment | $ 1,603 | $ 1,935 |
LOAN PORTFOLIO - Breakdown Be_2
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 42,470 | $ 43,186 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 0 | 1,725 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 6,906 | 11,371 |
Nonaccrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 6,900 | 16,100 |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 1,700 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 11,400 | |
TDR [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable modifications recorded investment of loan forced to nonaccrual status | 20,500 | 17,700 |
TDR [Member] | Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 900 | |
TDR [Member] | Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 6,900 | $ 11,100 |
LOAN PORTFOLIO - Loan Modificat
LOAN PORTFOLIO - Loan Modifications are Considered TDRs (Detail) - Entity Loan Modification Program [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2019USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 372 | 311 | 935 | 854 |
Pre-Modification Outstanding Recorded Investment | $ 22,268 | $ 108,192 | $ 57,070 | $ 165,236 |
Post-Modification Outstanding Recorded Investment | $ 22,111 | $ 107,357 | $ 54,531 | $ 164,004 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 1 | 2 | 7 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 236 | $ 2,800 | $ 439 | $ 8,850 |
Post-Modification Outstanding Recorded Investment | $ 236 | $ 2,786 | $ 438 | $ 8,496 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 5 | 4 | 11 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 17,344 | $ 96,088 | $ 40,374 | $ 138,599 |
Post-Modification Outstanding Recorded Investment | $ 17,282 | $ 95,867 | $ 38,136 | $ 138,390 |
Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 21 | 27 | 87 | 70 |
Pre-Modification Outstanding Recorded Investment | $ 2,233 | $ 6,316 | $ 9,585 | $ 10,958 |
Post-Modification Outstanding Recorded Investment | $ 2,115 | $ 5,729 | $ 9,280 | $ 10,277 |
Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 263 | 198 | 585 | 565 |
Pre-Modification Outstanding Recorded Investment | $ 1,048 | $ 1,038 | $ 2,581 | $ 2,857 |
Post-Modification Outstanding Recorded Investment | $ 1,070 | $ 1,056 | $ 2,623 | $ 2,906 |
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 587 | $ 587 | ||
Post-Modification Outstanding Recorded Investment | $ 558 | $ 558 | ||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 0 | 0 | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 118 | $ 97 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 117 | $ 97 |
Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 70 | 74 | 208 | 195 |
Pre-Modification Outstanding Recorded Investment | $ 1,205 | $ 1,281 | $ 3,327 | $ 3,206 |
Post-Modification Outstanding Recorded Investment | $ 1,206 | $ 1,281 | $ 3,294 | $ 3,200 |
Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 12 | 5 | 33 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 202 | $ 82 | $ 646 | $ 82 |
Post-Modification Outstanding Recorded Investment | $ 202 | $ 80 | $ 643 | $ 80 |
LOAN PORTFOLIO - Loan Modific_2
LOAN PORTFOLIO - Loan Modifications Considered Troubled Debt Restructurings Defaulted (Detail) - TDR [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2019USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 73 | 55 | 159 | 138 |
Recorded Investment | $ | $ 2,634 | $ 956 | $ 3,690 | $ 2,737 |
Other Loans Member [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 5 | 3 | 8 | 13 |
Recorded Investment | $ | $ 1,706 | $ 338 | $ 1,890 | $ 1,406 |
Other Loans Member [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 18 | 18 | 52 | 57 |
Recorded Investment | $ | $ 72 | $ 59 | $ 176 | $ 213 |
Consumer Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 50 | 34 | 99 | 67 |
Recorded Investment | $ | $ 856 | $ 559 | $ 1,624 | $ 1,096 |
Finance Lease [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 0 | 1 | ||
Recorded Investment | $ | $ 0 | $ 22 |
LOAN PORTFOLIO - Loan Restructu
LOAN PORTFOLIO - Loan Restructuring and Effect on Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | ||||
Beginning balance | $ 172,011 | $ 222,035 | $ 196,362 | $ 231,843 |
Charges to the provision for loan losses | 7,398 | 11,524 | 31,752 | 51,604 |
Amount charged-off | 19,264 | 36,312 | 75,537 | 93,368 |
Ending balance | 165,575 | 200,563 | 165,575 | 200,563 |
Entity Loan Modification Program [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Abstract] | ||||
Beginning Balance of TDRs | 582,389 | 557,196 | 582,647 | 587,219 |
New TDRs loans splits | 22,111 | 107,357 | 54,531 | 164,004 |
Paid-off and partial payments | (103,566) | (21,923) | (125,932) | (56,850) |
Ending balance of TDRs | 495,838 | 625,720 | 495,838 | 625,720 |
Entity Loan Modification Program [Member] | Ab Note Restructure Workout Strategy [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Abstract] | ||||
Beginning Balance of TDRs | 33,840 | 35,577 | ||
New TDRs loans splits | 20,059 | 32,104 | ||
Paid-off and partial payments | (1,315) | (1,975) | ||
Ending balance of TDRs | 52,584 | 65,706 | 52,584 | 65,706 |
Loans And Leases Receivable Disclosure [Abstract] | ||||
Beginning balance | 473 | 3,846 | ||
Charges to the provision for loan losses | 3,304 | 1,407 | ||
Amount charged-off | 0 | (1,137) | ||
Ending balance | $ 3,777 | $ 4,116 | $ 3,777 | $ 4,116 |
ALLOWANCE FOR LOAN AND LEASE _3
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | $ 172,011 | $ 222,035 | $ 196,362 | $ 231,843 | ||||
Charge-offs | (19,264) | (36,312) | (75,537) | (93,368) | ||||
Recoveries | 5,430 | 3,316 | 12,998 | 10,484 | ||||
Charges to the provision for loan losses | 7,398 | 11,524 | 31,752 | 51,604 | ||||
Ending balance | 165,575 | 200,563 | 165,575 | 200,563 | ||||
Ending balance: specific reserve for impaired loans | 36,998 | 53,313 | 36,998 | 53,313 | $ 53,976 | |||
Ending balance | 8,968,420 | 8,716,953 | 8,968,420 | 8,716,953 | ||||
Ending balance: impaired loans | 573,370 | 788,010 | 573,370 | 788,010 | $ 711,828 | 760,269 | $ 740,134 | $ 790,308 |
General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 131,032 | |||||||
Ending balance | 117,143 | 135,896 | 117,143 | 135,896 | ||||
Ending balance | 8,255,798 | 7,779,821 | 8,255,798 | 7,779,821 | ||||
PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 11,434 | 11,354 | 11,434 | 11,354 | $ 11,434 | 11,354 | $ 11,354 | $ 11,251 |
Ending balance | 139,252 | 149,122 | 139,252 | 149,122 | ||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 48,284 | 55,130 | 50,794 | 58,975 | ||||
Charge-offs | (5,288) | (8,316) | (16,229) | (17,231) | ||||
Recoveries | 874 | 833 | 2,080 | 1,857 | ||||
Charges to the provision for loan losses | 2,162 | 360 | 9,387 | 4,406 | ||||
Ending balance | 46,032 | 48,007 | 46,032 | 48,007 | ||||
Ending balance: specific reserve for impaired loans | 17,411 | 18,482 | 17,411 | 18,482 | 19,965 | |||
Ending balance | 2,997,953 | 3,207,981 | 2,997,953 | 3,207,981 | ||||
Ending balance: impaired loans | 381,868 | 408,794 | 381,868 | 408,794 | ||||
Residential Portfolio Segment [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 19,875 | |||||||
Ending balance | 17,558 | 18,571 | 17,558 | 18,571 | ||||
Ending balance | 2,480,163 | 2,653,984 | 2,480,163 | 2,653,984 | ||||
Residential Portfolio Segment [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 11,063 | 10,954 | 11,063 | 10,954 | 10,954 | |||
Ending balance | 135,922 | 145,203 | 135,922 | 145,203 | ||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance | 3,770,720 | 3,770,720 | ||||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 46,373 | 48,718 | 55,581 | 48,493 | ||||
Charge-offs | (813) | (9,850) | (14,901) | (20,557) | ||||
Recoveries | 96 | 291 | 314 | 378 | ||||
Charges to the provision for loan losses | (808) | 10,111 | 3,854 | 20,956 | ||||
Ending balance | 44,848 | 49,270 | 44,848 | 49,270 | ||||
Ending balance: specific reserve for impaired loans | 6,962 | 17,044 | 6,962 | 17,044 | 17,684 | |||
Ending balance | 1,439,362 | 1,506,502 | 1,439,362 | 1,506,502 | ||||
Ending balance: impaired loans | 79,978 | 243,220 | 79,978 | 243,220 | 227,426 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 37,497 | |||||||
Ending balance | 37,515 | 31,826 | 37,515 | 31,826 | ||||
Ending balance | 1,356,054 | 1,259,363 | 1,356,054 | 1,259,363 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 371 | 400 | 371 | 400 | 400 | |||
Ending balance | 3,330 | 3,919 | 3,330 | 3,919 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 21,644 | 44,000 | 32,546 | 48,871 | ||||
Charge-offs | (387) | (2,242) | (7,056) | (9,282) | ||||
Recoveries | 1,826 | 127 | 3,196 | 1,565 | ||||
Charges to the provision for loan losses | (5,465) | 2,281 | (11,068) | 3,012 | ||||
Ending balance | 17,618 | 44,166 | 17,618 | 44,166 | ||||
Ending balance: specific reserve for impaired loans | 7,520 | 10,798 | 7,520 | 10,798 | 9,693 | |||
Ending balance | 2,222,496 | 2,068,256 | 2,222,496 | 2,068,256 | ||||
Ending balance: impaired loans | 79,263 | 97,154 | 79,263 | 97,154 | 91,192 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 22,853 | |||||||
Ending balance | 10,098 | 33,368 | 10,098 | 33,368 | ||||
Ending balance | 2,143,233 | 1,971,102 | 2,143,233 | 1,971,102 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | 0 | 0 | 0 | 0 | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 52,684 | 70,238 | 53,849 | 70,982 | ||||
Charge-offs | (12,708) | (13,712) | (37,004) | (38,111) | ||||
Recoveries | 2,355 | 2,051 | 6,779 | 6,519 | ||||
Charges to the provision for loan losses | 11,687 | (2,536) | 30,394 | 16,651 | ||||
Ending balance | 54,018 | 56,041 | 54,018 | 56,041 | ||||
Ending balance: specific reserve for impaired loans | 4,561 | 6,083 | 4,561 | 6,083 | 5,874 | |||
Ending balance | 2,199,747 | 1,851,352 | 2,199,747 | 1,851,352 | ||||
Ending balance: impaired loans | 26,756 | 31,945 | 26,756 | 31,945 | ||||
Consumer Portfolio Segment [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 47,975 | |||||||
Ending balance | 49,457 | 49,958 | 49,457 | 49,958 | ||||
Ending balance | 2,172,991 | 1,819,407 | 2,172,991 | 1,819,407 | ||||
Consumer Portfolio Segment [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | 0 | 0 | 0 | 0 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 3,026 | 3,949 | 3,592 | 4,522 | ||||
Charge-offs | (68) | (2,192) | (347) | (8,187) | ||||
Recoveries | 279 | 14 | 629 | 165 | ||||
Charges to the provision for loan losses | (178) | 1,308 | (815) | 6,579 | ||||
Ending balance | 3,059 | 3,079 | 3,059 | 3,079 | ||||
Ending balance: specific reserve for impaired loans | 544 | 906 | 544 | 906 | 760 | |||
Ending balance | 108,862 | 82,862 | 108,862 | 82,862 | ||||
Ending balance: impaired loans | 5,505 | 6,897 | 5,505 | 6,897 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 2,832 | |||||||
Ending balance | 2,515 | 2,173 | 2,515 | 2,173 | ||||
Ending balance | 103,357 | 75,965 | 103,357 | 75,965 | ||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | $ 0 | |||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
ALLOWANCE FOR LOAN AND LEASE _4
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in Allowance for Loan and Lease Losses (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | $ 20,928 | $ 90,319 | ||
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | $ 17,200 | 74,400 | ||
Charge Offs Loans Held For Sale | 12,500 | $ 22,200 | ||
Nonperforming Financing Receivable [Member] | Loans Tranferred To Held For Sale [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | 17,200 | $ 57,200 | ||
Charge Offs Loans Held For Sale | 12,500 | 9,700 | ||
Charge Offs Loans Held For Sale Previously Established Reserve | 2,400 | 4,100 | ||
Provision Loans Transferred to Held for Sale | 10,100 | 5,600 | ||
Nonperforming Financing Receivable [Member] | Loans Tranferred To Held For Sale [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | 1,800 | |||
Charge Offs Loans Held For Sale | 1,700 | |||
Nonperforming Financing Receivable [Member] | Loans Tranferred To Held For Sale [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | 12,400 | 27,200 | ||
Charge Offs Loans Held For Sale | 9,200 | 4,600 | ||
Nonperforming Financing Receivable [Member] | Loans Tranferred To Held For Sale [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans held for investment transferred to held for sale | 3,000 | 30,000 | ||
Charge Offs Loans Held For Sale | $ 1,600 | $ 5,100 |
ALLOWANCE FOR LOAN AND LEASE _5
ALLOWANCE FOR LOAN AND LEASE LOSSES - Carrying Amount of Portfolios (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 188,216 | $ 188,397 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 385,154 | 571,872 | ||||
Impaired Financing Receivable Related Allowance | 36,998 | 53,976 | $ 53,313 | |||
Loans and Leases Receivable, Gross | 8,968,420 | 8,858,123 | 8,716,953 | |||
Loans and Leases Receivable, Allowance | $ 165,575 | $ 196,362 | $ 172,011 | 200,563 | $ 222,035 | $ 231,843 |
Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 9.61% | 9.44% | ||||
Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 1.85% | 2.22% | ||||
PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 139,252 | $ 146,640 | 141,706 | 149,122 | 152,242 | 158,174 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | $ 11,434 | $ 11,354 | 11,434 | 11,354 | 11,354 | 11,251 |
PCI loans | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 8.21% | 7.74% | ||||
General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,255,798 | $ 7,951,214 | 7,779,821 | |||
Loans and Leases Receivable, Allowance | $ 117,143 | $ 131,032 | 135,896 | |||
General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 1.42% | 1.65% | ||||
Residential Mortgage Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 110,826 | $ 110,238 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 271,042 | 293,494 | ||||
Impaired Financing Receivable Related Allowance | 17,411 | 19,965 | 18,482 | |||
Loans and Leases Receivable, Gross | 2,997,953 | 3,163,208 | 3,207,981 | |||
Loans and Leases Receivable, Allowance | $ 46,032 | $ 50,794 | 48,284 | 48,007 | 55,130 | 58,975 |
Residential Mortgage Loans [Member] | Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 6.42% | 6.80% | ||||
Residential Mortgage Loans [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 1.54% | 1.61% | ||||
Residential Mortgage Loans [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 135,922 | $ 143,176 | 145,203 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | $ 11,063 | $ 10,954 | 10,954 | |||
Residential Mortgage Loans [Member] | PCI loans | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 8.14% | 7.65% | ||||
Residential Mortgage Loans [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 2,480,163 | $ 2,616,300 | 2,653,984 | |||
Loans and Leases Receivable, Allowance | $ 17,558 | $ 19,875 | 18,571 | |||
Residential Mortgage Loans [Member] | General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 0.71% | 0.76% | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 3,770,720 | $ 3,750,202 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 2,899 | 2,431 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 2,606 | 4,162 | ||||
Impaired Financing Receivable Related Allowance | 544 | 760 | 906 | |||
Loans and Leases Receivable, Gross | 108,862 | 79,429 | 82,862 | |||
Loans and Leases Receivable, Allowance | $ 3,059 | $ 3,592 | 3,026 | 3,079 | 3,949 | 4,522 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 20.87% | 18.26% | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 2.81% | 4.52% | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 0 | $ 0 | 0 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | 103,357 | 72,836 | 75,965 | |||
Loans and Leases Receivable, Allowance | $ 2,515 | $ 2,832 | 2,173 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 2.43% | 3.89% | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 27,922 | $ 30,030 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 51,341 | 61,162 | ||||
Impaired Financing Receivable Related Allowance | 7,520 | 9,693 | 10,798 | |||
Loans and Leases Receivable, Gross | 2,222,496 | 2,148,111 | 2,068,256 | |||
Loans and Leases Receivable, Allowance | $ 17,618 | $ 32,546 | 21,644 | 44,166 | 44,000 | 48,871 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 14.65% | 15.85% | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 0.79% | 1.52% | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 0 | $ 0 | 0 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,143,233 | 2,056,919 | 1,971,102 | |||
Loans and Leases Receivable, Allowance | $ 10,098 | $ 22,853 | 33,368 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 0.47% | 1.11% | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 45,395 | $ 43,358 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 34,583 | 184,068 | ||||
Impaired Financing Receivable Related Allowance | 6,962 | 17,684 | 17,044 | |||
Loans and Leases Receivable, Gross | 1,439,362 | 1,522,662 | 1,506,502 | |||
Loans and Leases Receivable, Allowance | $ 44,848 | $ 55,581 | 46,373 | 49,270 | 48,718 | 48,493 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 20.13% | 9.61% | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 3.12% | 3.65% | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 3,330 | $ 3,464 | 3,919 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | $ 371 | $ 400 | 400 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 11.14% | 11.55% | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 1,356,054 | $ 1,291,772 | 1,259,363 | |||
Loans and Leases Receivable, Allowance | $ 37,515 | $ 37,497 | 31,826 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 2.77% | 2.90% | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 1,174 | $ 2,340 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 25,582 | 28,986 | ||||
Impaired Financing Receivable Related Allowance | 4,561 | 5,874 | 6,083 | |||
Loans and Leases Receivable, Gross | 2,199,747 | 1,944,713 | 1,851,352 | |||
Loans and Leases Receivable, Allowance | $ 54,018 | $ 53,849 | $ 52,684 | 56,041 | $ 70,238 | $ 70,982 |
Consumer Portfolio Segment [Member] | Allowance for loan and lease losses, numerator [Member] | Impaired principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 17.83% | 20.26% | ||||
Consumer Portfolio Segment [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 2.46% | 2.77% | ||||
Consumer Portfolio Segment [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 0 | $ 0 | 0 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | |||
Consumer Portfolio Segment [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | 2,172,991 | 1,913,387 | 1,819,407 | |||
Loans and Leases Receivable, Allowance | $ 49,457 | $ 47,975 | $ 49,958 | |||
Consumer Portfolio Segment [Member] | General Allowance [Member] | Allowance for loan and lease losses, numerator [Member] | Principal balance, denominator [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for loan and lease losses to principal balance | 2.28% | 2.51% |
ALLOWANCE FOR LOAN AND LEASE _6
ALLOWANCE FOR LOAN AND LEASE LOSSES - Carrying Amount of Portfolios (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,858,123 | $ 8,716,953 | |||
PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 139,252 | $ 141,706 | $ 146,640 | $ 149,122 | $ 152,242 | $ 158,174 |
ALLOWANCE FOR LOAN AND LEASE _7
ALLOWANCE FOR LOAN AND LEASE LOSSES - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Unfunded Loan Commitment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Financing Receivable Allowance For Credit Losses | $ 0 | $ 400,000 |
LOANS HELD FOR SALE - Portfolio
LOANS HELD FOR SALE - Portfolio of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 42,470 | $ 43,186 |
Residential Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 35,564 | 27,075 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 6,906 | 11,371 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 0 | 1,725 |
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 0 | $ 3,015 |
LOANS HELD FOR SALE - Portfol_2
LOANS HELD FOR SALE - Portfolio of Loans Held For Sale (Parenthetical) (Detail) - Nonperforming Financing Receivable [Member] - Loans held for sale sold [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |
Financing Receivable Significant Sales | $ 4.8 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Financing Receivable Significant Sales | 1.1 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Financing Receivable Significant Sales | $ 3.7 |
OTHER REAL ESTATE OWNED- Other
OTHER REAL ESTATE OWNED- Other real estate owned (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Other real estate owned | $ 103,033 | $ 131,402 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | 103,033 | 131,402 |
Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | 46,046 | 49,239 |
Other Real Estate Owned [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | 47,914 | 71,838 |
Other Real Estate Owned [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | $ 9,073 | $ 10,325 |
OTHER REAL ESTATE OWNED- Additi
OTHER REAL ESTATE OWNED- Additional information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Foreclosures that meet the conditions of ASC Topic 310-40 | $ 213,809 | $ 171,066 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosures that meet the conditions of ASC Topic 310-40 | $ 16,400 | $ 14,400 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use right | $ 63,343 |
Operating Lease, Liability | $ 66,177 |
Operating lease weighted average remaining lease term | 11 years |
Operating lease weighted average discount rate | 3.29% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||
Operating cash flow from operating leases | $ 7,619 | $ 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 8,139 | $ 0 |
LEASES - Maturities Under Lease
LEASES - Maturities Under Lease Liability (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 2,552 |
2020 | 10,290 |
2021 | 9,643 |
2022 | 8,629 |
2023 | 6,943 |
2024 and after | 41,367 |
Total lease payments | 79,424 |
Less: imputed interest | (13,247) |
Total present value of lease liability | $ 66,177 |
LEASES - Additional Information
LEASES - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 2.8 | $ 8 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease terms | 2 years | 2 years |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease terms | 30 years | 30 years |
Option to extend | 7 years | 7 years |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of All Derivative Instruments (Detail) - Not Designated as Hedging Instrument, Economic Hedge [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Economic undesignated hedges: | ||
Notional amount of derivatives | $ 87,949 | $ 188,081 |
Sale of TBA GNMA MBS pools [Member] | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 30,000 | 33,000 |
Forward loan sales commitments [Member] | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 6,012 | 6,339 |
Interest Rate Lock Commitments [Member] | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 9,917 | 11,722 |
Interest Rate Cap [Member] | Written | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 21,010 | 68,510 |
Interest Rate Cap [Member] | Purchase | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | $ 21,010 | $ 68,510 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives Fair Value [Line Items] | ||
Other Assets | $ 213,809 | $ 171,066 |
Accrued Liabilities And Other Liabilities | 173,069 | 129,907 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivative | 304 | 1,018 |
Liability Derivatives | 183 | 1,000 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Sale of TBA GNMA MBS pools [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 1 | 0 |
Accrued Liabilities And Other Liabilities | 174 | 383 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward loan sales commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 20 | 12 |
Accrued Liabilities And Other Liabilities | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Lock Commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 273 | 383 |
Accrued Liabilities And Other Liabilities | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 0 | 0 |
Accrued Liabilities And Other Liabilities | 9 | 617 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Purchase | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 10 | 623 |
Accrued Liabilities And Other Liabilities | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Statement of Income (Loss) (Detail) - Not Designated as Hedging Instrument, Economic Hedge [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Economic undesignated hedges: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 228 | $ 211 | $ 358 | $ 108 |
Sale of TBA GNMA MBS pools [Member] | Mortgage Banking [Member] | ||||
Economic undesignated hedges: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 214 | 211 | 210 | 108 |
Forward loan sales commitments [Member] | Mortgage Banking [Member] | ||||
Economic undesignated hedges: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | 8 | 0 |
Interest Rate Lock Commitments [Member] | Mortgage Banking [Member] | ||||
Economic undesignated hedges: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 15 | 0 | 145 | 0 |
Interest Rate Cap [Member] | Interest Income [Member] | ||||
Economic undesignated hedges: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1) | $ 0 | $ (5) | $ 0 |
OFFESTTING OF ASSETS AND LIABIL
OFFESTTING OF ASSETS AND LIABILITIES - Offsetting of financial assets and liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Gross amount recognized of derivative asset | $ 10 | $ 623 |
Gross amount of derivatives assets offset | 0 | 0 |
Net asset amount of assets presented in the Statement of Financial Condition | 10 | 623 |
Obligation to return Financial instrument, derivatives assets | 0 | 0 |
Obligation to return Cash Collateral, derivative assets | (10) | (623) |
Net derivative asset amount not offset | 0 | 0 |
Gross amount recognized of repurchase agreements | 300,000 | 350,086 |
Gross amount of repurchase agreements offset | (200,000) | (200,000) |
Net repurchase agreements amount offset presented | 100,000 | 150,086 |
Right to claim Financial instrument, repurchase agreements | (100,000) | (150,086) |
Right to claim Cash Collateral, repurchase agreements | 0 | 0 |
Net repurchase agreements amount not offset | 0 | 0 |
Securities Purchased Under Agreements To Resell Gross | 200,000 | 200,000 |
Securities Purchased Under Agreements To Resell Liability | (200,000) | (200,000) |
Securities Purchased Under Agreements To Resell Not Offset | 0 | 0 |
Securities Purchased Under Agreements To Resell Collateral Obligation To Return Securities | 0 | 0 |
Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash | 0 | 0 |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral | 0 | 0 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross | 200,010 | 200,623 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability | (200,000) | (200,000) |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability Not Offset | 10 | 623 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities | 0 | 0 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash | (10) | (623) |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Feb. 15, 2016 | Jun. 30, 2012 | |
Finite Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 28,100 | $ 28,100 | $ 28,100 | ||||
Amortization expense | 2,319 | $ 2,731 | |||||
Core Deposits [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 51,664 | 51,664 | 51,664 | ||||
Amortization expense | 200 | $ 300 | 600 | 900 | |||
Net carrying amount | 3,695 | $ 3,695 | $ 4,335 | ||||
Remaining amortization period | 5 years 3 months 18 days | 6 years | |||||
Customer Relationships [Member] | Credit Card [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 24,465 | $ 24,465 | $ 24,465 | $ 24,500 | |||
Amortization expense | 500 | 600 | 1,600 | 1,700 | |||
Net carrying amount | 4,137 | $ 4,137 | $ 5,702 | ||||
Remaining amortization period | 2 years 1 month 6 days | 2 years 10 months 24 days | |||||
Customer Relationships [Member] | Insurance Customer Intangible [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 1,067 | $ 1,067 | $ 1,067 | ||||
Amortization expense | 38 | $ 38 | 100 | $ 100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,100 | ||||||
Net carrying amount | $ 508 | $ 508 | $ 622 | ||||
Remaining amortization period | 3 years 3 months 18 days | 4 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES - Gross Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2012 | |
Core Deposits [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 51,664 | $ 51,664 | |
Accumulated amortization | (47,969) | (47,329) | |
Net carrying amount | $ 3,695 | $ 4,335 | |
Remaining amortization period | 5 years 3 months 18 days | 6 years | |
Customer Relationships [Member] | Credit Card [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 24,465 | $ 24,465 | $ 24,500 |
Accumulated amortization | (20,328) | (18,763) | |
Net carrying amount | $ 4,137 | $ 5,702 | |
Remaining amortization period | 2 years 1 month 6 days | 2 years 10 months 24 days | |
Customer Relationships [Member] | Insurance Customer Intangible [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 1,067 | $ 1,067 | |
Accumulated amortization | (559) | (445) | |
Net carrying amount | $ 508 | $ 622 | |
Remaining amortization period | 3 years 3 months 18 days | 4 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES - Yearly Amortization Expense (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2019 | $ 769 |
2020 | 2,851 |
2021 | 2,658 |
2022 | 915 |
2023 | 622 |
2024 and after | $ 525 |
NON-CONSOLIDATED VARIABLE INT_3
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Feb. 16, 2011 | Sep. 30, 2004 | Apr. 30, 2004 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Gains Losses On Extinguishment Of Debt | $ 0 | $ 0 | $ 0 | $ 2,316 | |||||||||
Interest Expense Accrued Trust Preferred Securities | $ 31,200 | ||||||||||||
Carrying amount of servicing assets | 26,874 | 27,593 | 26,874 | 27,593 | $ 27,231 | $ 27,428 | $ 27,191 | $ 25,255 | |||||
Grantor Trust Fair Value | $ 30,318 | $ 30,318 | |||||||||||
Weighted-average yield | 2.56% | 2.56% | 2.55% | ||||||||||
Loans and Leases Receivable, Gross | $ 8,968,420 | $ 8,716,953 | $ 8,968,420 | $ 8,716,953 | $ 8,858,123 | ||||||||
Percentage Of Variation In Assumptions | 10.00% | ||||||||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Qualitative Information | These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship between the change in assumption and 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 servicing asset is calculated without changing any other assumption; in reality, 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 counteract the sensitivities | ||||||||||||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Debt Instrument Description Of Variable Rate Basis | 90-day LIBOR | ||||||||||||
Carrying amount of servicing assets | 17,000 | $ 17,000 | |||||||||||
Grantor Trust Fair Value | $ 11,600 | $ 11,600 | |||||||||||
Weighted-average yield | 4.07% | 4.07% | |||||||||||
Prlp [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Payment to be made on pro rata basis | 35.00% | ||||||||||||
FirstBank [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Payment to be made on pro rata basis | 65.00% | ||||||||||||
Cpg Gs [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Loans sold to CPG | $ 269,300 | ||||||||||||
Cash realized on sale of loan | 88,500 | ||||||||||||
Loans and Leases Receivable, Gross | $ 136,100 | ||||||||||||
Cpg Gs [Member] | FirstBank [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Acquired Equity interest on disposal of loans held for sale | 35.00% | ||||||||||||
Maximum [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Percentage Of Variation In Assumptions | 20.00% | ||||||||||||
Minimum [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Percentage Of Variation In Assumptions | 10.00% | ||||||||||||
Minimum [Member] | Prlp [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Percentage Of Priority Interest To Be Received On Invested Capital | 12.00% | ||||||||||||
Fbp Statutory Trust One [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Trust Preferred Securities Repurchases | $ 23,800 | ||||||||||||
Trust Preferred Securities Winning Bid | 90.00% | ||||||||||||
Trust Preferred Securties Discount | 10.00% | ||||||||||||
Fbp Statutory Trust One [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Gains Losses On Extinguishment Of Debt | $ 2,300 | ||||||||||||
Variable Rate Demand Obligation [Member] | Junior Subordinated Deferrable Debentures [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | The Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and September 2004 mature on June 17, 2034 and September 20, 2034, respectively; however, under certain circumstances, the maturity of Junior Subordinated Deferrable Debentures may be shortened (such shortening would result in a mandatory redemption of the variable-rate TRuPs). | ||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust One [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Proceeds from Issuance of Trust Preferred Securities | $ 100,000 | ||||||||||||
Proceeds of the purchase of FBP Statury Trust | 3,100 | ||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust One [Member] | Junior Subordinated Deferrable Debentures [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Principal amount of corporation's junior subordinated deferrable debentures | $ 103,100 | ||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust Two [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Proceeds from Issuance of Trust Preferred Securities | $ 125,000 | ||||||||||||
Proceeds of the purchase of FBP Statury Trust | 3,900 | ||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust Two [Member] | Junior Subordinated Deferrable Debentures [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Principal amount of corporation's junior subordinated deferrable debentures | $ 128,900 | ||||||||||||
GNMA [Member] | |||||||||||||
Servicing Liabilities At Fair Value [Line Items] | |||||||||||||
Principal amount of corporation serviced loans securitized through GNMA | $ 1,800,000 | $ 1,800,000 |
NON-CONSOLIDATED VARIABLE INT_4
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Servicing Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | ||||
Balance at beginning of period | $ 27,231 | $ 27,191 | $ 27,428 | $ 25,255 |
Capitalization of servicing assets | 986 | 1,003 | 2,855 | 3,028 |
Amortization | (1,290) | (722) | (3,266) | (2,188) |
Temporary impairment (charges) recoveries, net | (53) | (65) | (73) | 1,265 |
Adjustment for loans repurchased | 0 | 186 | (70) | 233 |
Balance at end of period | $ 26,874 | $ 27,593 | $ 26,874 | $ 27,593 |
NON-CONSOLIDATED VARIABLE INT_5
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Impairment Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | ||||
Balance at beginning of period | $ 50 | $ 56 | $ 30 | $ 1,451 |
Temporary impairment charges | 54 | 65 | 78 | 102 |
OTTI of servicing assets | 0 | 0 | 0 | (65) |
Recoveries | (1) | 0 | (5) | (1,367) |
Balance at end of period | $ 103 | $ 121 | $ 103 | $ 121 |
NON-CONSOLIDATED VARIABLE INT_6
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Components of Net Servicing Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | ||||
Servicing fees | $ 2,166 | $ 2,084 | $ 6,333 | $ 6,262 |
Late charges and prepayment penalties | 144 | 114 | 455 | 380 |
Adjustment for loans repurchased | 0 | 186 | (70) | 233 |
Other | 0 | (8) | (15) | (8) |
Servicing income, gross | 2,310 | 2,376 | 6,703 | 6,867 |
Amortization and impairment of servicing assets | (1,343) | (787) | (3,339) | (923) |
Servicing income, net | $ 967 | $ 1,589 | $ 3,364 | $ 5,944 |
NON-CONSOLIDATED VARIABLE INT_7
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Maximum [Member] | Conventional Loan [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 6.90% | 6.40% |
Discount rate | 10.00% | 10.00% |
Maximum [Member] | Conventional Non Conforming Mortgage Loans [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 9.30% | 9.80% |
Discount rate | 14.30% | 14.30% |
Maximum [Member] | Government guaranteed mortgage loans [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 6.40% | 5.90% |
Discount rate | 12.00% | 12.00% |
Minimum [Member] | Conventional Loan [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 6.70% | 6.20% |
Discount rate | 10.00% | 10.00% |
Minimum [Member] | Conventional Non Conforming Mortgage Loans [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 8.90% | 9.10% |
Discount rate | 14.30% | 14.30% |
Minimum [Member] | Government guaranteed mortgage loans [Member] | ||
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Constant prepayment rate | 6.20% | 5.60% |
Discount rate | 12.00% | 12.00% |
NON-CONSOLIDATED VARIABLE INT_8
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Weighted-Averages of Key Economic Assumptions in Valuation Model (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | ||||||
Carrying amount of servicing assets | $ 26,874 | $ 27,231 | $ 27,428 | $ 27,593 | $ 27,191 | $ 25,255 |
Fair value | $ 30,318 | |||||
Weighted-average expected life | 8 years 2 months 26 days | |||||
Constant prepayment rate | 6.61% | |||||
Decrease in fair value due to 10% adverse change, constant prepayment rate | $ 762 | |||||
Decrease in fair value due to 20% adverse change, constant prepayment rate | $ 1,490 | |||||
Discount rate | 11.27% | |||||
Decrease in fair value due to 10% adverse change, discount rate | $ 1,409 | |||||
Decrease in fair value due to 20% adverse change, discount rate | $ 2,706 |
DEPOSITS - Summary of Deposit B
DEPOSITS - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Non-interest bearing checking accounts | $ 2,270,250 | $ 2,395,481 |
Savings accounts | 2,414,232 | 2,334,949 |
Interest-bearing checking accounts | 1,384,383 | 1,304,043 |
Certificates of deposit | 2,581,012 | 2,404,644 |
Brokered certificates of deposit | 483,022 | 555,597 |
Total deposits | $ 9,132,899 | $ 8,994,714 |
DEPOSITS - Brokered Certificate
DEPOSITS - Brokered Certificates Of Deposit Mature (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Three months or less | $ 70,091 | |
Over three months to six months | 61,136 | |
Over six months to one year | 115,072 | |
One year to three years | 211,148 | |
Three years to five years | 19,628 | |
Over five years | 5,947 | |
Total | $ 483,022 | $ 555,597 |
DEPOSITS - Components of Intere
DEPOSITS - Components of Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Deposits [Abstract] | ||||
Interest expense on deposits | $ 20,159 | $ 16,709 | $ 56,385 | $ 49,983 |
Accretion Of Premium From Acquisitions | (2) | (2) | (6) | (7) |
Amortization of broker placement fees | 184 | 272 | 557 | 948 |
Interest expense on deposits | $ 20,341 | $ 16,979 | $ 56,936 | $ 50,924 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 100,000 | $ 150,086 |
short term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 50,086 |
long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 100,000 | $ 100,000 |
SECURITIES SOLD UNDER AGREEME_4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Parenthetical) (Detail) | Sep. 30, 2019 | Dec. 31, 2018 |
short term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 2.85% | |
long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 2.26% | 2.26% |
SECURITIES SOLD UNDER AGREEME_5
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule of Repurchase Agreement Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | $ 150,086 |
One to Three Years [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 |
SECURITIES SOLD UNDER AGREEME_6
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Repurchase Agreements Grouped by Counterparty (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Repurchase Agreement Counterparty [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | $ 150,086 |
Jp Morgan Chase [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | |
Weighted-Average Maturity | 28 months |
ADVANCES FROM THE FEDERAL HOM_3
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks [Abstract] | ||
Long-term Federal Home Loan Bank Advances | $ 740,000 | $ 740,000 |
ADVANCES FROM THE FEDERAL HOM_4
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Parenthetical) (Detail) | Sep. 30, 2019 |
long term debt [member] | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 2.07% |
ADVANCES FROM THE FEDERAL HOM_5
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Advances from FHLB Mature (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks [Abstract] | ||
Within one month | $ 100,000 | |
Over one to three months | 105,000 | |
Over six months to one year | 45,000 | |
Over one to three years | 490,000 | |
Total Federal Home Loan Bank Advances | $ 740,000 | $ 740,000 |
ADVANCES FROM THE FEDERAL HOM_6
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Additional Information (Detail) - Federal Home Loan Bank Advances [Member] $ in Millions | Sep. 30, 2019USD ($) |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |
Additional capacity on credit facility based on collateral pledged | $ 358.1 |
Letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands | $ 252 |
OTHER BORROWINGS - Components o
OTHER BORROWINGS - Components of Other Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 184,150 | $ 184,150 |
Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 184,150 | 184,150 |
Junior Subordinated Debt [Member] | due June 17, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 65,593 | 65,593 |
Junior Subordinated Debt [Member] | due September 20, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 118,557 | $ 118,557 |
OTHER BORROWINGS - Components_2
OTHER BORROWINGS - Components of Other Borrowings (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
due June 17, 2034 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt Instrument Description Of Variable Rate Basis | 3-month LIBOR | |
due September 20, 2034 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt Instrument Description Of Variable Rate Basis | 3-month LIBOR | |
Junior Subordinated Debt [Member] | due June 17, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Floating Interest rate on junior subordinated debentures | 4.89% | 5.54% |
Callable step-rate notes rate | 2.75% | 2.75% |
Junior Subordinated Debt [Member] | due September 20, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Floating Interest rate on junior subordinated debentures | 4.66% | 5.29% |
Callable step-rate notes rate | 2.50% | 2.50% |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) | Jul. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||
Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 | ||
Common stock, shares issued | 222,103,721 | 221,789,509 | 222,103,721 | ||
Common stock, shares outstanding | 217,360,587 | 217,235,140 | 217,360,587 | ||
Common Stock Dividends Per Share Declared | $ 0.03 | $ 0.03 | $ 0.09 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.03 | ||||
Preferred Stock Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 1 | $ 1 | |||
Liquidation value per share | $ 25 | $ 25 | |||
Repurchased of common stock | 176,015 | 433,362 | |||
Stock repurchase plan treasury stock | 4,743,134 | 4,554,369 | 4,743,134 | ||
Legal surplus reserve rate | 10.00% | ||||
Puerto Rico Banking Law Description | The Puerto Rico Banking Law provides that, when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of the expenditures over receipts must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the legal surplus reserve, as a reduction thereof. If there is no legal surplus reserve sufficient to cover such balance in whole or in part, the outstanding amount must be charged against the capital account and the Bank cannot pay dividends until it can replenish the legal surplus reserve to an amount of at least 20% of the original capital contributed. | ||||
Legal Surplus Amount Additions | $ 20,500,000 | $ 0 | |||
Legal surplus reserve amount | $ 80,191,000 | $ 80,191,000 | 80,191,000 | ||
Common Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Dividends declared | $ 6,500,000 | $ 19,600,000 | |||
Series A Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock dividend rate percentage | 7.125% | ||||
Series B Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock dividend rate percentage | 8.35% | ||||
Series C Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock dividend rate percentage | 7.40% | ||||
Series D Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock dividend rate percentage | 7.25% | ||||
Series E Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Preferred stock dividend rate percentage | 7.00% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||
Minimum percentage of bank net taxable income for paying Income tax at normal rate | 20.00% | ||||
Income tax expense | $ 19,268 | $ 12,332 | $ 54,897 | $ 30,249 | |
Estimated annual effective tax rate excluding entities from which a tax benefit cannot be recognized and discrete items | 29.00% | 26.00% | |||
Effective Income Tax Rate Continuing Operations | 30.00% | 24.00% | |||
Effective Income Tax Rate Excluding Discrete Items | 29.00% | 25.00% | |||
Deferred Tax Assets Net | 273,800 | $ 273,800 | |||
Valuation allowance | 87,200 | 87,200 | |||
United States [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense | 1,200 | $ 1,200 | 3,500 | $ 3,800 | |
FirstBank [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Deferred Tax Assets Net | 273,700 | 273,700 | $ 319,800 | ||
Valuation allowance | $ 56,200 | $ 56,200 | $ 68,100 | ||
Domestic Tax Authority [Member] | Other taxable domestic corporations member [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Dividend received deduction | 85.00% | ||||
Domestic Tax Authority [Member] | Subsidiaries [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Dividend received deduction | 100.00% |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) - Change in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (40,415) | |||
Ending balance | $ 5,124 | 5,124 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,438) | $ (52,107) | (40,415) | $ (20,609) |
Other comprehensive income (loss) | 7,562 | (10,780) | 45,539 | (42,278) |
Ending balance | 5,124 | (62,887) | 5,124 | (62,887) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Equity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 0 | 0 | 0 | (6) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated comprehensive loss | 0 | 0 | 0 | 6 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
OTHER COMPREHENSIVE LOSS - Recl
OTHER COMPREHENSIVE LOSS - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income Tax Expense Benefit | $ (19,268) | $ (12,332) | $ (54,897) | $ (30,249) |
Total, net of tax | 46,327 | 36,323 | 130,928 | 100,503 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net impairment losses on available-for-sale debt securities | (497) | 0 | (497) | 0 |
Income Tax Expense Benefit | 0 | 0 | 0 | 0 |
Total, net of tax | $ (497) | $ 0 | $ (497) | $ 0 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain and losses included in earnings | $ 497 | $ 0 | $ 497 | $ 0 |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Investment securities available for sale | $ 1,736,563 | $ 1,942,568 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Equity Securities | 1,435 | 418 |
Fair Value, Measurements, Recurring [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 500 | 500 |
Fair Value, Measurements, Recurring [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 7,485 | 7,456 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 208,302 | 319,124 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 1,501,521 | 1,594,622 |
Fair Value, Measurements, Recurring [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 7,201 | 6,952 |
Fair Value, Measurements, Recurring [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 11,554 | 13,914 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 10 | 623 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 9 | 617 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Assets: | ||
Asset Derivative | 273 | 383 |
Fair Value, Measurements, Recurring [Member] | Loan Origination Commitments [Member] | ||
Assets: | ||
Asset Derivative | 20 | 12 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 1 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 174 | 383 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ||
Assets: | ||
Equity Securities | 1,435 | 418 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 7,485 | 7,456 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Loan Origination Commitments [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Assets: | ||
Equity Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 208,302 | 319,124 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 1,501,521 | 1,594,622 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 4,245 | 4,128 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 10 | 623 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 9 | 617 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets: | ||
Asset Derivative | 273 | 383 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Loan Origination Commitments [Member] | ||
Assets: | ||
Asset Derivative | 20 | 12 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 1 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 174 | 383 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Assets: | ||
Equity Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 500 | 500 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 2,956 | 2,824 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 11,554 | 13,914 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Loan Origination Commitments [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | $ 0 | $ 0 |
FAIR VALUE - Fair Value of Asse
FAIR VALUE - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available for Sale Securities | ||||
Total gains or (losses) (realized/unrealized): | ||||
Included in earnings | $ (497) | $ 0 | $ (497) | $ 0 |
Fair Value Inputs Level 3 [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 15,906 | 17,829 | 17,238 | 19,855 |
Total gains or (losses) (realized/unrealized): | ||||
Included in earnings | (497) | 0 | (497) | 0 |
Included in other comprehensive income | 15 | 35 | 46 | 228 |
Purchases | 0 | 500 | 0 | 500 |
Principal repayments and amortization | (414) | (495) | (1,777) | (2,714) |
Ending balance | $ 15,010 | $ 17,869 | $ 15,010 | $ 17,869 |
FAIR VLUE - Assets and Liabilit
FAIR VLUE - Assets and Liabilites Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Level 3) (Detail) $ in Thousands | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 1,736,563 | $ 1,942,568 |
Minimum [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Minimum [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Maximum [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Maximum [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
Weighted Average [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Weighted Average [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.031 | 0.030 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 11,554 | $ 13,914 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico Government obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 2,956 | $ 2,824 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Private label MBS [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.062 | 0.033 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Puerto Rico Government obligations [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.071 | 0.063 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Puerto Rico Government obligations [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.030 | 0.030 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.096 | 0.209 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Puerto Rico Government obligations [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.071 | 0.063 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Puerto Rico Government obligations [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.030 | 0.030 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Private label MBS [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.137 | 0.145 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Private label MBS [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.073 | 0.114 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Private label MBS [Member] | Projected Cumulative Loss Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.031 | 0.030 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Puerto Rico Government obligations [Member] | Discount rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.071 | 0.063 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Puerto Rico Government obligations [Member] | Prepayment rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.030 | 0.030 |
FAIR VALUE - Changes in Unreali
FAIR VALUE - Changes in Unrealized Gains and Losses Recorded in Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available for sale Securities [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Included in earnings | $ (497) | $ 0 | $ (497) | $ 0 |
FAIR VALUE - Impairment of Valu
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OREO [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets Fair Value Adjustment | $ (1,311) | $ (3,244) | $ (5,513) | $ (9,817) |
Loans Held For Sale [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets Fair Value Adjustment | 0 | (10,102) | 0 | (14,642) |
Loans Receivable [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets Fair Value Adjustment | (6,221) | (7,967) | (14,546) | (20,622) |
Fair Value Inputs Level 1 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable | 0 | 0 | 0 | 0 |
Other Real Estate Owned | 0 | 0 | 0 | 0 |
Loans held for sale | 0 | 0 | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable | 0 | 0 | 0 | 0 |
Other Real Estate Owned | 0 | 0 | 0 | 0 |
Loans held for sale | 0 | 0 | 0 | 0 |
Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable | 211,406 | 442,248 | 211,406 | 442,248 |
Other Real Estate Owned | 103,033 | 135,218 | 103,033 | 135,218 |
Loans held for sale | $ 6,906 | $ 44,177 | $ 6,906 | $ 44,177 |
FAIR VALUE - Fair Value (Detail
FAIR VALUE - Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||||||
Investment securities available for sale | $ 1,736,563 | $ 1,942,568 | ||||
Held To Maturity Securities | 138,676 | 144,815 | ||||
Equity securities | 45,228 | 44,530 | ||||
Total gross loans held for investment portfolio | 8,968,420 | 8,858,123 | $ 8,716,953 | |||
Less: allowance for loan and lease losses | (165,575) | $ (172,011) | (196,362) | $ (200,563) | $ (222,035) | $ (231,843) |
Loans held for investment, net | 8,802,845 | 8,661,761 | ||||
Liabilities: | ||||||
Other borrowings | 184,150 | 184,150 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 975,937 | 586,203 | ||||
Investment securities available for sale | 1,736,563 | 1,942,568 | ||||
Held To Maturity Securities | 138,676 | 144,815 | ||||
Equity securities | 45,228 | 44,530 | ||||
Loans held for sale | 42,470 | 43,186 | ||||
Total gross loans held for investment portfolio | 8,968,420 | 8,858,123 | ||||
Less: allowance for loan and lease losses | (165,575) | (196,362) | ||||
Loans held for investment, net | 8,802,845 | 8,661,761 | ||||
Asset Derivative | 304 | 1,018 | ||||
Liabilities: | ||||||
Deposits | 9,132,899 | 8,994,714 | ||||
Securities sold under agreements to repurchase | 100,000 | 150,086 | ||||
Advances from FHLB | 740,000 | 740,000 | ||||
Other borrowings | 184,150 | 184,150 | ||||
Liability Derivatives | 183 | 1,000 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 975,937 | 586,203 | ||||
Investment securities available for sale | 1,736,563 | 1,942,568 | ||||
Held To Maturity Securities | 115,443 | 125,658 | ||||
Equity securities | 45,228 | 44,530 | ||||
Loans held for sale | 43,299 | 43,831 | ||||
Loans held for investment, net | 8,532,241 | 8,213,144 | ||||
Asset Derivative | 304 | 1,018 | ||||
Liabilities: | ||||||
Deposits | 9,153,256 | 9,005,679 | ||||
Securities sold under agreements to repurchase | 122,652 | 169,366 | ||||
Advances from FHLB | 744,298 | 730,253 | ||||
Other borrowings | 182,587 | 177,201 | ||||
Liability Derivatives | 183 | 1,000 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 1 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 975,937 | 586,203 | ||||
Investment securities available for sale | 7,485 | 7,456 | ||||
Held To Maturity Securities | 0 | 0 | ||||
Equity securities | 1,435 | 418 | ||||
Loans held for sale | 0 | 0 | ||||
Loans held for investment, net | 0 | 0 | ||||
Asset Derivative | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Advances from FHLB | 0 | 0 | ||||
Other borrowings | 0 | 0 | ||||
Liability Derivatives | 0 | 0 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 0 | 0 | ||||
Investment securities available for sale | 1,714,068 | 1,917,874 | ||||
Held To Maturity Securities | 0 | 0 | ||||
Equity securities | 43,793 | 44,112 | ||||
Loans held for sale | 36,393 | 27,720 | ||||
Loans held for investment, net | 0 | 0 | ||||
Asset Derivative | 304 | 1,018 | ||||
Liabilities: | ||||||
Deposits | 9,153,256 | 9,005,679 | ||||
Securities sold under agreements to repurchase | 122,652 | 169,366 | ||||
Advances from FHLB | 744,298 | 730,253 | ||||
Other borrowings | 0 | 0 | ||||
Liability Derivatives | 183 | 1,000 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 0 | 0 | ||||
Investment securities available for sale | 15,010 | 17,238 | ||||
Held To Maturity Securities | 115,443 | 125,658 | ||||
Equity securities | 0 | 0 | ||||
Loans held for sale | 6,906 | 16,111 | ||||
Loans held for investment, net | 8,532,241 | 8,213,144 | ||||
Asset Derivative | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Advances from FHLB | 0 | 0 | ||||
Other borrowings | 182,587 | 177,201 | ||||
Liability Derivatives | $ 0 | $ 0 |
REVENUE FROM CONTRACT WITH CUST
REVENUE FROM CONTRACT WITH CUSTOMERS (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net interest income | $ 144,425 | $ 132,521 | $ 427,152 | $ 387,685 |
Non-interest income (loss) | 21,401 | 18,523 | 66,167 | 61,779 |
Total Revenue | 165,826 | 151,044 | 493,319 | 449,464 |
Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 6,108 | 5,570 | 17,711 | 16,002 |
Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,983 | 1,494 | 8,258 | 6,629 |
Total Revenue | 300 | 3,000 | 2,400 | |
Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,598 | 1,406 | 4,209 | 3,770 |
Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 5,917 | 5,284 | 17,089 | 15,679 |
Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,440 | 2,460 | 5,235 | 6,130 |
Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 4,355 | 2,309 | 13,665 | 13,569 |
Mortgage Banking Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 16,991 | 19,593 | 52,051 | 60,900 |
Non-interest income (loss) | 4,400 | 4,552 | 12,255 | 13,302 |
Total Revenue | 21,391 | 24,145 | 64,306 | 74,202 |
Mortgage Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Mortgage Banking Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Mortgage Banking Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Mortgage Banking Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Mortgage Banking Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 67 | 135 | 141 | 189 |
Mortgage Banking Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 4,333 | 4,417 | 12,114 | 13,113 |
Consumer Retail Banking Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 62,164 | 59,835 | 185,914 | 166,022 |
Non-interest income (loss) | 12,705 | 12,323 | 39,238 | 35,504 |
Total Revenue | 74,869 | 72,158 | 225,152 | 201,526 |
Consumer Retail Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 3,771 | 3,420 | 10,704 | 9,864 |
Consumer Retail Banking Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,854 | 1,392 | 7,799 | 6,154 |
Consumer Retail Banking Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,017 | 1,003 | 2,953 | 2,612 |
Consumer Retail Banking Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 4,897 | 4,325 | 14,040 | 12,790 |
Consumer Retail Banking Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 828 | 1,798 | 2,651 | 3,409 |
Consumer Retail Banking Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 338 | 385 | 1,091 | 675 |
Commercial And Corporate Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 25,699 | 19,711 | 69,171 | 59,074 |
Non-interest income (loss) | 2,331 | (685) | 7,146 | 2,785 |
Total Revenue | 28,030 | 19,026 | 76,317 | 61,859 |
Commercial And Corporate Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,443 | 1,312 | 4,355 | 3,634 |
Commercial And Corporate Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Commercial And Corporate Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 271 | 205 | 467 | 567 |
Commercial And Corporate Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 283 | 310 | 927 | 901 |
Commercial And Corporate Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 300 | 180 | 1,042 | 784 |
Commercial And Corporate Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 34 | (2,692) | 355 | (3,101) |
Treasury And Investments Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 18,147 | 11,282 | 52,804 | 36,243 |
Non-interest income (loss) | (433) | 151 | (287) | 2,600 |
Total Revenue | 17,714 | 11,433 | 52,517 | 38,843 |
Treasury And Investments Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Treasury And Investments Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Treasury And Investments Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Treasury And Investments Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
Treasury And Investments Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 71 |
Treasury And Investments Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | (433) | 151 | (287) | 2,529 |
United States Operations Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 14,977 | 15,080 | 47,328 | 43,525 |
Non-interest income (loss) | 640 | 624 | 1,942 | 2,492 |
Total Revenue | 15,617 | 15,704 | 49,270 | 46,017 |
United States Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 172 | 141 | 458 | 417 |
United States Operations Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 22 | 20 | 51 | 65 |
United States Operations Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | 0 | 0 |
United States Operations Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 212 | 157 | 561 | 436 |
United States Operations Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 169 | 247 | 526 | 1,226 |
United States Operations Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 65 | 59 | 346 | 348 |
Virgin Islands Operations Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 6,447 | 7,020 | 19,884 | 21,921 |
Non-interest income (loss) | 1,758 | 1,558 | 5,873 | 5,096 |
Total Revenue | 8,205 | 8,578 | 25,757 | 27,017 |
Virgin Islands Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 722 | 697 | 2,194 | 2,087 |
Virgin Islands Operations Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 107 | 82 | 408 | 410 |
Virgin Islands Operations Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 310 | 198 | 789 | 591 |
Virgin Islands Operations Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 525 | 492 | 1,561 | 1,552 |
Virgin Islands Operations Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 76 | 100 | 875 | 451 |
Virgin Islands Operations Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | $ 18 | $ (11) | $ 46 | $ 5 |
REVENUE FROM CONTACTS WITH CUST
REVENUE FROM CONTACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||
Revenue | $ 165,826 | $ 151,044 | $ 493,319 | $ 449,464 | |
10-year agreement | |||||
Revenue from External Customer [Line Items] | |||||
Contract liability | 1,800 | 1,800 | $ 2,100 | ||
Decrease in Contract with Customer, Liability | (100) | (200) | |||
Insurance commissions [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenue | $ 300 | $ 3,000 | $ 2,400 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 31, 2019 | |
Cash paid for: | |||||
Interest on borrowings | $ 79,789 | $ 74,674 | |||
Income tax | 10,238 | 5,290 | |||
Operating cash flow from operating leases | 7,619 | 0 | |||
Non-cash investing and financing activities: | |||||
Additions to OREO | 29,670 | 36,378 | |||
Additions to auto and other repossessed assets | 34,497 | 40,873 | |||
Capitalization of servicing assets | $ 986 | $ 1,003 | 2,855 | 3,028 | |
Loan securitizations | 173,428 | 181,169 | |||
Loans held for investment transferred to held for sale | 20,928 | 90,319 | |||
Loans held for sale transferred to held for investment | 0 | 2,179 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 8,139 | 0 | |||
Adoption of lease accounting standard: | |||||
Right-of-use assets operating leases | 63,343 | 63,343 | |||
Right-of-use liabilities operating leases | 66,177 | 66,177 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Adoption of lease accounting standard: | |||||
Right-of-use assets operating leases | 57,178 | 0 | 57,178 | 0 | $ 59,600 |
Right-of-use liabilities operating leases | $ 59,818 | $ 0 | $ 59,818 | $ 0 | $ 62,100 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019numberofreportableunits | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
SEGMENT INFORMATIO - Informatio
SEGMENT INFORMATIO - Information about reportable segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Interest Income | $ 172,295 | $ 157,492 | $ 508,277 | $ 462,543 |
Interest expense | (27,870) | (24,971) | (81,125) | (74,858) |
Net interest income | 144,425 | 132,521 | 427,152 | 387,685 |
(Provision) release for loan and lease losses | (7,398) | (11,524) | (31,752) | (51,604) |
Non-interest income (loss) | 21,401 | 18,523 | 66,167 | 61,779 |
Commercial And Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 25,699 | 19,711 | 69,171 | 59,074 |
Non-interest income (loss) | 2,331 | (685) | 7,146 | 2,785 |
Treasury And Investments Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 18,147 | 11,282 | 52,804 | 36,243 |
Non-interest income (loss) | (433) | 151 | (287) | 2,600 |
United States Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 14,977 | 15,080 | 47,328 | 43,525 |
Non-interest income (loss) | 640 | 624 | 1,942 | 2,492 |
Virgin Islands Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 6,447 | 7,020 | 19,884 | 21,921 |
Non-interest income (loss) | 1,758 | 1,558 | 5,873 | 5,096 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 172,295 | 157,492 | 508,277 | 462,543 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 | 0 |
Interest expense | (27,870) | (24,971) | (81,125) | (74,858) |
Net interest income | 144,425 | 132,521 | 427,152 | 387,685 |
(Provision) release for loan and lease losses | (7,398) | (11,524) | (31,752) | (51,604) |
Non-interest income (loss) | 21,401 | 18,523 | 66,167 | 61,779 |
Direct non-interest expenses | (62,647) | (64,473) | (190,562) | (186,844) |
Segment income | 95,781 | 75,047 | 271,005 | 211,016 |
Average earnings assets | 11,553,259 | 11,298,071 | 11,442,243 | 11,297,409 |
Operating Segments [Member] | Mortgage Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 30,091 | 31,746 | 91,493 | 95,927 |
Net (charge) credit for transfer of funds | (13,100) | (12,153) | (39,442) | (35,027) |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 16,991 | 19,593 | 52,051 | 60,900 |
(Provision) release for loan and lease losses | (2,134) | 635 | (9,241) | (4,004) |
Non-interest income (loss) | 4,400 | 4,552 | 12,255 | 13,302 |
Direct non-interest expenses | (7,768) | (12,001) | (25,810) | (30,192) |
Segment income | 11,489 | 12,779 | 29,255 | 40,006 |
Average earnings assets | 2,141,383 | 2,248,691 | 2,182,680 | 2,269,960 |
Operating Segments [Member] | Consumer Reatail Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 55,772 | 46,052 | 158,548 | 132,652 |
Net (charge) credit for transfer of funds | 16,557 | 20,947 | 54,743 | 54,233 |
Interest expense | (10,165) | (7,164) | (27,377) | (20,863) |
Net interest income | 62,164 | 59,835 | 185,914 | 166,022 |
(Provision) release for loan and lease losses | (11,187) | 2,485 | (28,982) | (16,011) |
Non-interest income (loss) | 12,705 | 12,323 | 39,238 | 35,504 |
Direct non-interest expenses | (30,282) | (28,210) | (88,533) | (84,173) |
Segment income | 33,400 | 46,433 | 107,637 | 101,342 |
Average earnings assets | 2,009,060 | 1,645,170 | 1,914,372 | 1,601,812 |
Operating Segments [Member] | Commercial And Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 39,146 | 34,644 | 114,643 | 102,255 |
Net (charge) credit for transfer of funds | (13,447) | (14,933) | (45,472) | (43,181) |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 25,699 | 19,711 | 69,171 | 59,074 |
(Provision) release for loan and lease losses | 5,677 | (10,684) | 12,253 | (19,744) |
Non-interest income (loss) | 2,331 | (685) | 7,146 | 2,785 |
Direct non-interest expenses | (8,256) | (7,911) | (26,457) | (22,710) |
Segment income | 25,451 | 431 | 62,113 | 19,405 |
Average earnings assets | 2,487,409 | 2,486,910 | 2,509,611 | 2,546,090 |
Operating Segments [Member] | Treasury And Investments Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 15,671 | 15,911 | 47,553 | 45,593 |
Net (charge) credit for transfer of funds | 11,411 | 6,446 | 34,403 | 25,125 |
Interest expense | (8,935) | (11,075) | (29,152) | (34,475) |
Net interest income | 18,147 | 11,282 | 52,804 | 36,243 |
(Provision) release for loan and lease losses | 0 | 0 | 0 | 0 |
Non-interest income (loss) | (433) | 151 | (287) | 2,600 |
Direct non-interest expenses | (740) | (878) | (2,031) | (2,777) |
Segment income | 16,974 | 10,555 | 50,486 | 36,066 |
Average earnings assets | 2,485,141 | 2,637,825 | 2,429,576 | 2,597,967 |
Operating Segments [Member] | United States Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 24,229 | 21,227 | 73,350 | 61,634 |
Net (charge) credit for transfer of funds | (1,421) | (307) | (4,232) | (1,150) |
Interest expense | (7,831) | (5,840) | (21,790) | (16,959) |
Net interest income | 14,977 | 15,080 | 47,328 | 43,525 |
(Provision) release for loan and lease losses | (1,462) | (5,130) | (7,764) | (8,186) |
Non-interest income (loss) | 640 | 624 | 1,942 | 2,492 |
Direct non-interest expenses | (8,496) | (8,279) | (25,641) | (24,768) |
Segment income | 5,659 | 2,295 | 15,865 | 13,063 |
Average earnings assets | 1,963,559 | 1,752,007 | 1,935,768 | 1,734,970 |
Operating Segments [Member] | Virgin Islands Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 7,386 | 7,912 | 22,690 | 24,482 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 | 0 |
Interest expense | (939) | (892) | (2,806) | (2,561) |
Net interest income | 6,447 | 7,020 | 19,884 | 21,921 |
(Provision) release for loan and lease losses | 1,708 | 1,170 | 1,982 | (3,659) |
Non-interest income (loss) | 1,758 | 1,558 | 5,873 | 5,096 |
Direct non-interest expenses | (7,105) | (7,194) | (22,090) | (22,224) |
Segment income | 2,808 | 2,554 | 5,649 | 1,134 |
Average earnings assets | $ 466,707 | $ 527,468 | $ 470,236 | $ 546,610 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Reportable Segment Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income (Loss): | ||||
Income before income taxes | $ 65,595 | $ 48,655 | $ 185,825 | $ 130,752 |
Income tax expense | 19,268 | 12,332 | 54,897 | 30,249 |
Net income | 46,327 | 36,323 | 130,928 | 100,503 |
Segment Reconciling Items [Member] | ||||
Net Income (Loss): | ||||
Total income for segments and other | 95,781 | 75,047 | 271,005 | 211,016 |
Other operating expenses | (30,186) | (26,392) | (85,180) | (80,264) |
Income before income taxes | 65,595 | 48,655 | 185,825 | 130,752 |
Income tax expense | 19,268 | 12,332 | 54,897 | 30,249 |
Net income | 46,327 | 36,323 | 130,928 | 100,503 |
Average assets: | ||||
Total average earning assets for segments | 11,553,259 | 11,298,071 | 11,442,243 | 11,297,409 |
Average non-earning assets | 933,250 | 929,362 | 964,799 | 945,671 |
Total consolidated average assets | $ 12,486,509 | $ 12,227,433 | $ 12,407,042 | $ 12,243,080 |
REGULATORY MATTERS, COMMITMEN_3
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments To Extend Credit [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Commitments | $ 1,300 |
Commitments To Extend Credit [Member] | Credit Card [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Commitments | 665.2 |
Commitments To Extend Credit [Member] | Commercial And Financial Standby Letters Of Credit [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Commitments | $ 98.5 |
Basel III [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital Conservation Buffer | 2.50% |
Common Equity Tier 1 Capital Conservation Buffer First Year | 0.625% |
Basel III [Member] | Minimum [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common Equity Tier1 Capital To Risk Weight Assets Ratio | 4.50% |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | 7.00% |
Total Tier 1 Capital To Risk Weight Assets Ratio | 6.00% |
Total Tier 1 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | 8.50% |
Total Tier 1 Capital And Tier 2 Capital To Risk Weight Assets Ratio | 8.00% |
Total Tier 1 Capital And Tier 2 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | 10.50% |
Leverage Ratio | 4.00% |
REGULATORY MATTERS, COMMITMEN_4
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES- Regulatory Capital Positions (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Holding Company [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets) | $ 2,255,216 | $ 2,118,940 |
Total Capital (to Risk-Weighted Assets) Ratio | 25.27% | 24.00% |
Total Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 713,860 | $ 706,418 |
Total Capital (to Risk-Weighted Assets) Required For Capital Adequacy Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital (to Risk-Weighted Assets) | $ 1,928,388 | $ 1,792,880 |
Common Equity Tier One Capital (to Risk-Weighted Assets) Ratio | 21.61% | 20.30% |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 401,546 | $ 397,360 |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required for Capiral Adequacy Ratio | 4.50% | 4.50% |
Tier One Capital (to Risk-Weighted Assets) | $ 1,964,492 | $ 1,828,984 |
Tier One Capital (to Risk-Weighted Assets) Ratio | 22.02% | 20.71% |
Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 535,395 | $ 529,814 |
Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy Ratio | 6.00% | 6.00% |
Leverage ratio, amount | $ 1,964,492 | $ 1,828,984 |
Leverage Ratio, ratio | 16.04% | 15.37% |
Leverage Ratio Required For Capital Adequacy | $ 489,879 | $ 475,924 |
Leverage Ratio Required Fo Capital Adequacy Ratio | 4.00% | 4.00% |
FirstBank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets) | $ 2,211,861 | $ 2,075,894 |
Total Capital (to Risk-Weighted Assets) Ratio | 24.78% | 23.51% |
Total Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 714,181 | $ 706,426 |
Total Capital (to Risk-Weighted Assets) Required For Capital Adequacy Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) Required To Be Well Capitalized | $ 892,726 | $ 883,032 |
Total Capital (to Risk-Weighted Assets) Required To Be Well Capitalized Ratio | 10.00% | 10.00% |
Common Equity Tier One Capital (to Risk-Weighted Assets) | $ 1,791,714 | $ 1,656,563 |
Common Equity Tier One Capital (to Risk-Weighted Assets) Ratio | 20.07% | 18.76% |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 401,727 | $ 397,365 |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required for Capiral Adequacy Ratio | 4.50% | 4.50% |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required To Be Well Capitalized | $ 580,272 | $ 573,971 |
Common Equity Tier One Capital (to Risk-Weighted Assets) Required To Be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Capital (to Risk-Weighted Assets) | $ 2,099,714 | $ 1,964,563 |
Tier One Capital (to Risk-Weighted Assets) Ratio | 23.52% | 22.25% |
Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy | $ 535,636 | $ 529,819 |
Tier One Capital (to Risk-Weighted Assets) Required For Capital Adequacy Ratio | 6.00% | 6.00% |
Tier One Capital (to Risk-Weighted Assets) Required To Be Well Capitalized | $ 714,181 | $ 706,426 |
Tier One Capital (to Risk-Weighted Assets) Required To Be Well Capitalized Ratio | 8.00% | 8.00% |
Leverage ratio, amount | $ 2,099,714 | $ 1,964,563 |
Leverage Ratio, ratio | 17.16% | 16.53% |
Leverage Ratio Required For Capital Adequacy | $ 489,492 | $ 475,490 |
Leverage Ratio Required Fo Capital Adequacy Ratio | 4.00% | 4.00% |
Leverage Ratio Required To Be Well Capitalized | $ 611,865 | $ 594,362 |
Leverage Ratio Required To Be Well Capitalized Ratio | 5.00% | 5.00% |
FIRST BANCORP. (Holding Compa_3
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
ASSETS | |||
Cash and due from banks | $ 878,206 | $ 578,613 | $ 559,182 |
Money market investments | 97,731 | 7,590 | 97,590 |
Other assets | 213,809 | 171,066 | |
Total assets | 12,530,713 | 12,243,561 | |
Liabilities: | |||
Other borrowings | 184,150 | 184,150 | |
Accounts payable and other liabilities | 173,069 | 129,907 | |
Total liabilities | 10,330,118 | 10,198,857 | |
Stockholders Equity | 2,200,595 | 2,044,704 | $ 1,927,415 |
Total liabilities and stockholders' equity | 12,530,713 | 12,243,561 | |
Holding Company [Member] | |||
ASSETS | |||
Cash and due from banks | 20,047 | 10,984 | |
Money market investments | 6,211 | 6,111 | |
Other investment securities | 285 | 285 | |
Other assets | 4,667 | 12,219 | |
Total assets | 2,395,808 | 2,232,558 | |
Liabilities: | |||
Other borrowings | 184,150 | 184,150 | |
Accounts payable and other liabilities | 11,063 | 3,704 | |
Total liabilities | 195,213 | 187,854 | |
Stockholders Equity | 2,200,595 | 2,044,704 | |
Total liabilities and stockholders' equity | 2,395,808 | 2,232,558 | |
Holding Company [Member] | Investment in First Bank Puerto Rico, at equity [Member] | |||
ASSETS | |||
Equity Method Investments | 2,335,304 | 2,179,655 | |
Holding Company [Member] | Investment in First Bank Insurance Agency, at equity | |||
ASSETS | |||
Equity Method Investments | 23,770 | 17,780 | |
Holding Company [Member] | Fbp Statutory Trust One [Member] | |||
ASSETS | |||
Equity Method Investments | 1,963 | 1,963 | |
Holding Company [Member] | Fbp Statutory Trust Two [Member] | |||
ASSETS | |||
Equity Method Investments | $ 3,561 | $ 3,561 |
FIRST BANCORP. (Holding Compa_4
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income: | ||||
Interest income on money market investments | $ 13,985 | $ 15,121 | $ 44,723 | $ 43,840 |
Interest income Loans | 154,229 | 139,205 | 453,243 | 409,918 |
Other income | 4,081 | 3,166 | 10,311 | 8,785 |
Total interest income | 172,295 | 157,492 | 508,277 | 462,543 |
Expense: | ||||
Gain on early extinguishment of debt | 0 | 0 | 0 | 2,316 |
Income tax expense | 19,268 | 12,332 | 54,897 | 30,249 |
Net income | 46,327 | 36,323 | 130,928 | 100,503 |
Other comprehensive income (loss), net of tax | 7,562 | (10,780) | 45,539 | (42,278) |
Comprehensive income | 53,889 | 25,543 | 176,467 | 58,225 |
Holding Company [Member] | ||||
Income: | ||||
Interest income on money market investments | 44 | 5 | 189 | 15 |
Interest income Loans | 0 | 105 | 0 | 105 |
Other income | 70 | 70 | 216 | 203 |
Total interest income | 7,864 | 3,080 | 28,905 | 28,607 |
Expense: | ||||
Other borrowings | 2,331 | 2,315 | 7,210 | 6,635 |
Other operating expenses | 644 | 624 | 1,749 | 1,851 |
Total operating expenses | 2,975 | 2,939 | 8,959 | 8,486 |
Gain on early extinguishment of debt | 0 | 0 | 0 | 2,316 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 4,889 | 141 | 19,946 | 22,437 |
Income tax expense | 1,037 | 0 | 2,376 | 0 |
Equity in undistributed earnings of subsidiaries | 42,475 | 36,182 | 113,358 | 78,066 |
Net income | 46,327 | 36,323 | 130,928 | 100,503 |
Other comprehensive income (loss), net of tax | 7,562 | (10,780) | 45,539 | (42,272) |
Comprehensive income | 53,889 | 25,543 | 176,467 | 58,231 |
Investment In Banking Subsidiary [Member] | Holding Company [Member] | ||||
Income: | ||||
Dividend income | $ 7,750 | $ 2,900 | $ 28,500 | $ 28,284 |