Investments Securities (Tables)

12 Months Ended

Dec. 31, 2017

	December 31, 2017
			Gross		Gross				Weighted
	Amortized		Unrealized		Unrealized		Fair		Average
	Cost		Gains		Losses		Value		Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	383,194	$	1,402	$	2,881	$	381,715	2.39%
GNMA certificates		166,436		1,486		584		167,338	2.94%
CMOs issued by US government-sponsored agencies		82,026		-		1,955		80,071	1.90%
Total mortgage-backed securities		631,656		2,888		5,420		629,124	2.47%
Investment securities
US Treasury securities		10,276		-		113		10,163	1.25%
Obligations of US government-sponsored agencies		2,927		-		48		2,879	1.38%
Obligations of Puerto Rico government and public instrumentalities		2,455		-		362		2,093	5.55%
Other debt securities		1,486		52		-		1,538	2.97%
Total investment securities		17,144		52		523		16,673	2.04%
Total securities available for sale	$	648,800	$	2,940	$	5,943	$	645,797	2.46%

Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	506,064	$	-	$	8,383	$	497,681	2.07%

	December 31, 2016
			Gross		Gross				Weighted
	Amortized		Unrealized		Unrealized		Fair		Average
	Cost		Gains		Losses		Value		Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	422,168	$	6,354	$	3,036	$	425,486	2.59%
GNMA certificates		163,614		2,241		620		165,235	2.95%
CMOs issued by US government-sponsored agencies		103,990		64		2,223		101,831	1.88%
Total mortgage-backed securities		689,772		8,659		5,879		692,552	2.57%
Investment securities
US Treasury securities		49,672		-		618		49,054	1.73%
Obligations of US government-sponsored agencies		3,903		-		19		3,884	1.38%
Obligations of Puerto Rico government and public instrumentalities		4,680		-		607		4,073	5.55%
Other debt securities		1,840		81		-		1,921	3.00%
Total investment securities		60,095		81		1,244		58,932	2.04%
Total securities available-for-sale	$	749,867	$	8,740	$	7,123	$	751,484	2.53%

Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	599,884	$	145	$	7,266	$	592,763	2.15%

	December 31, 2017
	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Mortgage-backed securities
Due from 1 to 5 years
FNMA and FHLMC certificates	$	6,405	$	6,430	$	-	$	-
Total due from 1 to 5 years		6,405		6,430		-		-
Due after 5 to 10 years
CMOs issued by US government-sponsored agencies	$	72,562	$	70,705	$	-	$	-
FNMA and FHLMC certificates		126,096		124,446		-		-
Total due after 5 to 10 years		198,658		195,151		-		-
Due after 10 years
FNMA and FHLMC certificates	$	250,693	$	250,839	$	506,064	$	497,681
GNMA certificates		166,436		167,338		-		-
CMOs issued by US government-sponsored agencies		9,464		9,366		-		-
Total due after 10 years		426,593		427,543		506,064		497,681
Total mortgage-backed securities		631,656		629,124		506,064		497,681
Investment securities
Due less than one year
US Treasury securities	$	325	$	324	$	-	$	-
Obligations of Puerto Rico government and public instrumentalities		2,455		2,093		-		-
Total due in less than one year		2,780		2,417		-		-
Due from 1 to 5 years
US Treasury securities	$	9,951	$	9,839	$	-	$	-
Obligations of US government and sponsored agencies		2,927		2,879		-		-
Total due from 1 to 5 years		12,878		12,718		-		-
Due from 5 to 10 years
Other debt securities		1,486		1,538		-		-
Total due after 5 to 10 years		1,486		1,538		-		-
Total investment securities		17,144		16,673		-		-
Total	$	648,800	$	645,797	$	506,064	$	497,681

	Year Ended December 31, 2017
			Book Value
Description	Sale Price		at Sale		Gross Gains		Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	107,510	$	102,311	$	5,199	$	-
GNMA certificates		65,284		63,704		1,580		-
Investment securities
US Treasury securities		84,202		84,085		117		-
Total	$	256,996	$	250,100	$	6,896	$	-

	Year Ended December 31, 2016
			Book Value
Description	Sale Price		at Sale		Gross Gains		Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	293,505	$	277,181	$	16,324	$	-
Investment securities
Obligations of PR government and public instrumentalities		6,978		11,095		-		4,117
Total mortgage-backed securities	$	300,483	$	288,276	$	16,324	$	4,117


	Year Ended December 31, 2015
			Book Value
Description	Sale Price		at Sale		Gross Gains		Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	40,307	$	37,736	$	2,571	$	-
GNMA certificates		63,524		63,523		1		-
Total mortgage-backed securities	$	103,831	$	101,259	$	2,572	$	-

	December 31, 2017
	12 months or more
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	72,562	$	1,857	$	70,705
FNMA and FHLMC certificates		111,635		2,122		109,513
Obligations of US Government and sponsored agencies		2,927		48		2,879
Obligations of Puerto Rico government and public instrumentalities		2,455		362		2,093
GNMA certificates		20,803		499		20,304
US Treasury Securities		9,952		113		9,839
	$	220,334	$	5,001	$	215,333
Securities held to maturity
FNMA and FHLMC certificates	$	352,399	$	7,264	$	345,135

	Less than 12 months
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	9,464	$	98	$	9,366
FNMA and FHLMC certificates		125,107		759		124,348
GNMA certificates		14,001		85		13,916
US Treausury Securities		324		-		324
	$	148,896	$	942	$	147,954
Securities held-to-maturity
FNMA and FHLMC Certificates	$	153,665	$	1,119	$	152,546

	Total
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	82,026	$	1,955	$	80,071
FNMA and FHLMC certificates		236,742		2,881		233,861
Obligations of Puerto Rico government and public instrumentalities		2,455		362		2,093
Obligations of US government and sponsored agencies		2,927		48		2,879
GNMA certificates		34,804		584		34,220
US Treausury Securities		10,276		113		10,163
	$	369,230	$	5,943	$	363,287
Securities held-to-maturity
FNMA and FHLMC certificates	$	506,064	$	8,383	$	497,681

	December 31, 2016
	12 months or more
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico government and public instrumentalities	$	4,680	$	607	$	4,073
CMOs issued by US government-sponsored agencies		33,883		793		33,090
	$	38,563	$	1,400	$	37,163

	Less than 12 months
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies		67,777		1,430		66,347
FNMA and FHLMC certificates		184,782		3,036		181,746
Obligations of US government and sponsored agencies		3,903		19		3,884
GNMA certificates		29,445		620		28,825
US Treasury Securities		49,172		618		48,554
	$	335,079	$	5,723	$	329,356
Securities held to maturity
FNMA and FHLMC certificates	$	525,258	$	7,266	$	517,992

	Total
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies		101,660		2,223		99,437
FNMA and FHLMC certificates		184,782		3,036		181,746
Obligations of Puerto Rico government and public instrumentalities		4,680		607		4,073
Obligations of US government and sponsored agencies		3,903		19		3,884
GNMA certificates		29,445		620		28,825
US Treasury Securities		49,172		618		48,554
	$	373,642	$	7,123	$	366,519
Securities held to maturity
FNMA and FHLMC certificates	$	525,258	$	7,266	$	517,992

		Year Ended December 31,
		2017		2016		2015
	(In thousands)
Balance at beginning of year		$	-	$	1,490	$	-
Reductions for securities sold during the period (realized)			-		(1,490)		-
Additions from credit losses recognized on available-for-sale securities that had no previous impairment lossess			-		-		1,490
Balance at end of year		$	-	$	-	$	1,490