The following provides information about the loan portfolio held for investment:

		December 31,		December 31,
		2014		2013
		(In thousands)

Residential mortgage loans, mainly secured by first mortgages (1)(2)		$	3,011,187	$	2,549,008

Commercial loans:
Construction loans			123,480		168,713
Commercial mortgage loans			1,665,787		1,823,608
Commercial and Industrial loans (3)			2,479,437		2,788,250
Loans to a local financial institution collateralized by
real estate mortgages (1)			-		240,072
Commercial loans			4,268,704		5,020,643

Finance leases			232,126		245,323

Consumer loans			1,750,419		1,821,196

Loans held for investment			9,262,436		9,636,170

Allowance for loan and lease losses			(222,395)		(285,858)

Loans held for investment, net		$	9,040,041	$	9,350,312

(1)	On May 30, 2014, FirstBank acquired from Doral Financial Corporation ("Doral") mortgage loans, mainly residential mortgage loans, having an unpaid principal balance of $241.7 million (estimated fair value at acquisition of $226.0 million) in full satisfaction of secured borrowings with a book value of $232.9 million owed by Doral to FirstBank. Refer to "Acquired Loans including PCI Loans" below for additional information.
(2)	On October 3, 2014, Firstbank purchased from Doral certain performing residential mortgage loans with approximately $192.6 million in outstanding unpaid principal balance. Refer to "Purchases and Sales of Loans" below for additional information.
(3)	As of December 31, 2014 and 2013, includes $1.1 billion and $1.2 billion, respectively, of commercial loans that are secured by real estate but are not dependent upon the real estate for repayment.

As of December 31, 2014 and 2013, the Corporation had net deferred origination costs on its loan portfolio amounting to $9.3 million and $7.6 million, respectively. The total loan portfolio is net of unearned income of $35.1 million and $40.4 million as of December 31, 2014 and 2013, respectively.

As of December 31, 2014, the Corporation was servicing residential mortgage loans owned by others aggregating $2.3 billion (2013 — $2.1 billion), construction and commercial loans owned by others aggregating $2.7 million (2013 — $2.8 million), and commercial loan participations owned by others aggregating $351.4 million (2013 — $446.0 million).

Various loans, mainly secured by first mortgages, were assigned as collateral for CDs, individual retirement accounts, and advances from the FHLB. Total loans pledged as collateral amounted to $1.6 billion as of December 31, 2014 (2013 — $1.7 billion).

Loans held for investment on which accrual of interest income had been discontinued were as follows:

		December 31,		December 31,
		2014		2013
		(In thousands)
Non-performing loans:
Residential mortgage		$	180,707	$	161,441
Commercial mortgage			148,473		120,107
Commercial and Industrial			122,547		114,833
Construction:
Land			15,030		27,834
Construction-commercial			-		3,924
Construction-residential			14,324		27,108
Consumer:
Auto loans			22,276		21,316
Finance leases			5,245		3,082
Other consumer loans			15,294		15,904
Total non-performing loans held for investment (1) (2)(3)		$	523,896	$	495,549

________________
(1)	As of December 31, 2014 and 2013, excludes $54.6 million and $54.8 million, respectively, of non-performing loans
	held for sale.
(2)	Amount excludes PCI loans with a carrying value of approximately $102.6 million and $4.8 million as of December 31,
	2014 and 2013, respectively, primarily mortgage loans acquired from Doral in the second quarter of 2014, as further
	discussed below. These loans are not considered non-performing 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.
(3)	Non-performing loans exclude $494.6 million and $425.4 million of TDR loans that are in compliance with the modified
	terms and in accrual status as of December 31, 2014 and 2013, respectively.

If these loans were accruing interest, the additional interest income realized would have been $48.9 million (2013— $40.3 million; 2012 — $75.1 million).

	The Corporation’s aging of the loans held for investment portfolio is as follows:

	As of December 31, 2014	30-59 Days Past Due		60-89 Days Past Due		90 days or more Past Due (1)		Total Past Due		Purchased Credit-Impaired Loans		Current		Total loans held for investment		90 days past due and still accruing (2)
		30-59 Days Past Due		60-89 Days Past Due		90 days or more Past Due (1)		Total Past Due		Purchased Credit-Impaired Loans		Current		Total loans held for investment		90 days past due and still accruing (2)
		(In thousands)
	Residential mortgage:
	FHA/VA and other government-guaranteed
	loans (2) (3) (4)	$	-	$	9,733	$	81,055	$	90,788	$	-	$	62,782	$	153,570	$	81,055
	Other residential mortgage loans (4)		-		78,336		199,078		277,414		98,494		2,481,709		2,857,617		18,371
	Commercial:
	Commercial and Industrial loans		22,217		7,445		143,928		173,590		-		2,305,847		2,479,437		21,381
	Commercial mortgage loans (4)		-		15,482		171,281		186,763		3,393		1,475,631		1,665,787		22,808
	Construction:
	Land (4)		-		210		15,264		15,474		-		40,447		55,921		234
	Construction-commercial		-		-		-		-		-		24,562		24,562		-
	Construction-residential (4)		-		-		14,324		14,324		-		28,673		42,997		-
	Consumer:
	Auto loans		77,385		19,665		22,276		119,326		-		941,456		1,060,782		-
	Finance leases		8,751		2,734		5,245		16,730		-		215,396		232,126		-
	Other consumer loans		9,801		6,054		18,671		34,526		717		654,394		689,637		3,377
	Total loans held for investment	$	118,154	$	139,659	$	671,122	$	928,935	$	102,604	$	8,230,897	$	9,262,436	$	147,226

(1)	Includes non-performing loans and accruing loans that are 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.

(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed
	to non-performing loans since the principal repayment is insured. These balances include $40.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA
	that are over 18 months delinquent, and are no longer accruing interest as of December 31, 2014.

(3)	As of December 31, 2014, includes $9.3 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation)
	to repurchase the defaulted loans.

(4)	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 two
	or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans, and construction-residential loans past
	due 30-59 days as of December 31, 2014 amounted to $14.0 million, $189.1 million, $20.8 million, $0.8 million, and $1.0 million, respectively.

	As of December 31, 2013	30-59 Days Past Due		60-89 Days Past Due		90 days or more Past Due (1)		Total Past Due			Purchased Credit-Impaired Loans	Current		Total loans held for investment		90 days past due and still accruing (2)
		30-59 Days Past Due		60-89 Days Past Due		90 days or more Past Due (1)		Total Past Due			Purchased Credit-Impaired Loans	Current		Total loans held for investment		90 days past due and still accruing (2)
		(In thousands)
	Residential mortgage:
	FHA/VA and other government-guaranteed
	loans (2) (3) (4)	$	-	$	12,180	$	78,645	$	90,825	$	-	$	104,401	$	195,226	$	78,645
	Other residential mortgage loans (4)		-		88,898		172,286		261,184		-		2,092,598		2,353,782		10,845
	Commercial:
	Commercial and Industrial loans		21,029		5,454		134,233		160,716		-		2,867,606		3,028,322		19,400
	Commercial mortgage loans (4)		-		5,428		126,674		132,102		-		1,691,506		1,823,608		6,567
	Construction:
	Land (4)		-		358		27,871		28,229		-		52,145		80,374		37
	Construction-commercial		-		-		3,924		3,924		-		12,907		16,831		-
	Construction-residential (4)		-		-		27,108		27,108		-		44,400		71,508		-
	Consumer:
	Auto loans		79,279		17,944		21,316		118,539		-		993,781		1,112,320		-
	Finance leases		10,275		3,536		3,082		16,893		-		228,430		245,323		-
	Other consumer loans		11,710		8,691		20,492		40,893		4,791		663,192		708,876		4,588
	Total loans held for investment	$	122,293	$	142,489	$	615,631	$	880,413	$	4,791	$	8,750,966	$	9,636,170	$	120,082

(1)	Includes non-performing loans and accruing loans that are 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.

(2)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed
	to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA
	that are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013.

(3)	As of December 31, 2013, includes $11.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation)
	to repurchase the defaulted loans.

(4)	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 two
	or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans, and construction-residential loans
	past-due 30-59 days amounted to $23.9 million, $166.7 million, $18.4 million, $0.9 million, and $2.5 million, respectively.

	The Corporation’s credit quality indicators by loan type as of December 31, 2014 and 2013 are summarized below:

		Commercial Credit Exposure-Credit Risk Profile based on Creditworthiness Category:
		Substandard		Doubtful		Loss		Total Adversely Classified (1)		Total Portfolio
	December 31, 2014	Substandard		Doubtful		Loss		Total Adversely Classified (1)		Total Portfolio
			(In thousands)
	Commercial Mortgage	$	273,027	$	897	$	-	$	273,924	$	1,665,787
	Construction:
	Land		16,915		-		-		16,915		55,921
	Construction-commercial		11,790		-		-		11,790		24,562
	Construction-residential		13,548		776		-		14,324		42,997
	Commercial and Industrial		234,926		4,884		801		240,611		2,479,437

		Commercial Credit Exposure-Credit Risk Profile based on Creditworthiness Category:
		Substandard		Doubtful		Loss		Total Adversely Classified (1)		Total Portfolio
	December 31, 2013	Substandard		Doubtful		Loss		Total Adversely Classified (1)		Total Portfolio
			(In thousands)
	Commercial Mortgage	$	317,365	$	9,160	$	234	$	326,759	$	1,823,608
	Construction:
	Land		31,777		3,308		52		35,137		80,373
	Construction-commercial		16,022		-		-		16,022		16,831
	Construction-residential		27,829		2,209		241		30,279		71,509
	Commercial and Industrial		205,807		7,998		973		214,778		3,028,322

(1)	Excludes $54.6 million ($7.8 million land, $39.1 million construction-commercial, $0.9 million construction-residential,
	and $6.8 million commercial mortgage) and $54.8 million ($7.8 million land, $39.1 million construction-commercial, $0.9
	construction-residential and $7.0 million commercial mortgage) as of December 31, 2014 and 2013, respectively, of
	non-performing loans held for sale.

The Corporation considers a loan as adversely classified if its risk rating is Substandard, Doubtful, or Loss. These categories are defined as follows:

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 the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. 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 it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. There is little or no prospect for near term improvement and no realistic strengthening action of significance pending.

	December 31, 2014	Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity
		Residential Real-Estate				Consumer
		FHA/VA/ Guaranteed(1)		Other residential loans		Auto		Finance Leases		Other Consumer
			(In thousands)
	Performing	$	153,570	$	2,578,416	$	1,038,506	$	226,881	$	673,626
	Purchased Credit-Impaired (2)		-		98,494		-		-		717
	Non-performing		-		180,707		22,276		5,245		15,294
	Total	$	153,570	$	2,857,617	$	1,060,782	$	232,126	$	689,637

(1)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA
	as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured.
	These balances include $40.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA that are
	over 18 months delinquent, and are no longer accruing interest as of December 31, 2014.

(2)	PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans
	will accrete interest income over the remaining life of the loans using estimated cash flow analysis.


	December 31, 2013	Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity
			Residential Real-Estate			Consumer
		FHA/VA/ Guaranteed(1)		Other residential loans		Auto		Finance Leases		Other Consumer
			(In thousands)
	Performing	$	195,226	$	2,192,341	$	1,091,004	$	242,241	$	688,181
	Purchased Credit-Impaired (2)		-		-		-		-		4,791
	Non-performing		-		161,441		21,316		3,082		15,904
	Total	$	195,226	$	2,353,782	$	1,112,320	$	245,323	$	708,876

(1)	It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA
	as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured.
	These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA that are
	over 18 months delinquent, and are no longer accruing interest as of December 31, 2013.

(2)	PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these
	loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis.

The following tables present information about impaired loans excluding PCI loans, which are reported separately, as discussed below:

Impaired Loans

	Recorded Investment		Unpaid Principal Balance		Related Specific Allowance		Average Recorded Investment		Interest Income Recognized Accrual Basis		Interest Income Recognized Cash Basis
As of December 31, 2014	(In thousands)
With no related allowance recorded:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		74,177		80,522		-		75,711		1,118		461
Commercial:
Commercial mortgage loans		109,271		132,170		-		113,674		846		2,670
Commercial and Industrial
loans		41,131		47,647		-		42,011		-		751
Construction loans:
Land		2,994		6,357		-		3,030		38		1
Construction-commercial		-		-		-		-		-		-
Construction-residential		7,461		10,100		-		8,123		167		8
Consumer:
Auto loans		-		-		-		-		-		-
Finance leases		-		-		-		-		-		-
Other consumer loans		3,778		5,072		-		3,924		75		79
	$	238,812	$	281,868	$	-	$	246,473	$	2,244	$	3,970
With an allowance recorded:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		350,067		396,203		10,854		357,129		15,852		1,853
Commercial:
Commercial mortgage loans		101,467		116,329		14,289		104,191		1,891		638
Commercial and Industrial
loans		195,240		226,431		21,314		198,930		5,097		564
Construction loans:
Land		9,120		12,821		794		10,734		64		25
Construction-commercial		11,790		11,790		790		11,867		-		515
Construction-residential		8,102		8,834		993		8,130		-		-
Consumer:
Auto loans		16,991		16,991		2,787		18,504		1,173		-
Finance leases		2,181		2,181		253		2,367		198		-
Other consumer loans		11,637		12,136		3,131		12,291		1,634		40
	$	706,595	$	803,716	$	55,205	$	724,143	$	25,909	$	3,635
Total:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		424,244		476,725		10,854		432,840		16,970		2,314
Commercial:
Commercial mortgage loans		210,738		248,499		14,289		217,865		2,737		3,308
Commercial and Industrial
loans		236,371		274,078		21,314		240,941		5,097		1,315
Construction loans:
Land		12,114		19,178		794		13,764		102		26
Construction-commercial		11,790		11,790		790		11,867		-		515
Construction-residential		15,563		18,934		993		16,253		167		8
Consumer:
Auto loans		16,991		16,991		2,787		18,504		1,173		-
Finance leases		2,181		2,181		253		2,367		198		-
Other consumer loans		15,415		17,208		3,131		16,215		1,709		119
	$	945,407	$	1,085,584	$	55,205	$	970,616	$	28,153	$	7,605



	Recorded Investment		Unpaid Principal Balance		Related Specific Allowance		Average Recorded Investment		Interest Income Recognized Accrual Basis		Interest Income Recognized Cash Basis
As of December 31, 2013	(In thousands)
With no related allowance recorded:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		220,428		237,709		-		222,617		9,513		1,041
Commercial:
Commercial mortgage loans		69,484		73,723		-		71,367		1,494		148
Commercial and Industrial
loans		32,418		56,831		-		37,946		31		52
Construction loans:
Land		359		366		-		360		8		2
Construction-commercial		-		-		-		-		-		-
Construction-residential		14,761		19,313		-		17,334		52		-
Consumer:
Auto loans		-		-		-		-		-		-
Finance leases		-		-		-		-		-		-
Other consumer loans		4,035		4,450		-		3,325		139		30
	$	341,485	$	392,392	$	-	$	352,949	$	11,237	$	1,273
With an allowance recorded:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		190,566		212,028		18,125		193,372		5,623		647
Commercial:
Commercial mortgage loans		149,888		163,656		32,189		153,992		2,114		1,293
Commercial and Industrial
loans		154,686		170,191		26,686		162,786		4,005		139
Construction loans:
Land		27,711		40,348		10,455		28,906		350		44
Construction-commercial		16,022		16,238		8,873		16,157		527		-
Construction-residential		13,864		13,973		2,816		13,640		-		50
Consumer:
Auto loans		14,121		14,122		1,829		12,937		1,017		-
Finance leases		2,359		2,359		73		2,219		281		-
Other consumer loans		8,410		8,919		1,555		8,919		1,239		1
	$	577,627	$	641,834	$	102,601	$	592,928	$	15,156	$	2,174
Total:
FHA/VA-Guaranteed loans	$	-	$	-	$	-	$	-	$	-	$	-
Other residential mortgage loans		410,994		449,737		18,125		415,989		15,136		1,688
Commercial:
Commercial mortgage loans		219,372		237,379		32,189		225,359		3,608		1,441
Commercial and Industrial
loans		187,104		227,022		26,686		200,732		4,036		191
Construction loans:
Land		28,070		40,714		10,455		29,266		358		46
Construction-commercial		16,022		16,238		8,873		16,157		527		-
Construction-residential		28,625		33,286		2,816		30,974		52		50
Consumer:
Auto loans		14,121		14,122		1,829		12,937		1,017		-
Finance leases		2,359		2,359		73		2,219		281		-
Other consumer loans		12,445		13,369		1,555		12,244		1,378		31
	$	919,112	$	1,034,226	$	102,601	$	945,877	$	26,393	$	3,447

The following tables show the activity for impaired loans and the related specific reserve during 2014 and 2013:


	2014		2013
Impaired Loans:	(In thousands)
Balance at beginning of year	$	919,112	$	1,465,294
Loans determined impaired during the year		306,390		280,860
Charge-offs		(106,154)		(307,428)
Loans sold, net of charge-offs		(4,500)		(201,409)
Loans transferred to held for sale		-		(145,415)
Increases to impaired loans - additional disbursements		5,028		6,624
Foreclosures		(40,582)		(45,094)
Loans no longer considered impaired		(22,333)		(49,299)
Paid in full or partial payments		(111,554)		(85,021)
Balance at end of year	$	945,407	$	919,112

On May 30, 2014, FirstBank purchased from Doral all of its rights, title and interests in first and second mortgage loans having an unpaid principal balance of approximately $241.7 million for an aggregate purchase price of approximately $232.9 million. Doral had pledged the mortgage loans to FirstBank as collateral for secured borrowings pursuant to a series of credit agreements between the parties entered into in 2006. As consideration for the purchase of the mortgage loans, FirstBank credited approximately $232.9 million as full satisfaction of the outstanding balance of the Doral secured borrowings plus interest owed to FirstBank. The estimated fair value of the mortgage loans at acquisition was $226.0 million. This transaction resulted in a loss of $6.9 million derived from the difference between the fair value of the mortgage loans acquired, $226.0 million, and the book value of the secured borrowings of $232.9 million. Approximately $5.5 million of the loss was part of the general allowance for loan losses established for commercial loans in prior periods; thus, an additional charge of $1.4 million to the provision was recorded in the second quarter of 2014. In addition, the Corporation recorded $0.6 million of professional service fees in the second quarter of 2014 specifically related to this transaction.

Acquired loans are recorded at fair value at the date of acquisition. The Corporation concluded that loans with a contractual unpaid principal balance of $119.2 million and an estimated fair value at acquisition of $102.8 million were acquired with evidence of credit quality deterioration and, as purchased credit impaired loans, have been accounted for under ASC 310-30, while loans with a contractual unpaid principal balance of $122.5 million and an estimated fair value at acquisition of $123.2 million are non-credit impaired purchased loans that have been accounted for under ASC 310-20.

Subsequent to the day-one fair value, acquired loans accounted for under ASC 310-20 are accounted for consistently with other originated loans, potentially becoming non-accrual or impaired, as well as being classified under the Corporation's standard practices and procedures. In addition, these loans are considered in the determination of the allowance for loan losses.

Under ASC 310-30, the acquired PCI loans were aggregated into pools based on similar characteristics (i.e. delinquency status, 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. The loans which are accounted for under ASC 310-30 by the Corporation are not considered non-performing 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 measures additional losses for this portfolio when it is probable the Corporation will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition.

On May 30, 2012, the Corporation reentered the credit card business with the acquisition of an approximate $406 million portfolio of FirstBank-branded credit card loans from FIA Card Services (“FIA”). These loans were recorded on the consolidated statement of financial condition at estimated fair value on the acquisition date of $368.9 million. The Corporation concluded that loans with a contractual outstanding unpaid principal and interest balance at acquisition of $34.6 million and an estimated fair value of $15.7 million were PCI loans.

The following tables present PCI loans by past due status as of December 31, 2014 and 2013:


As of December 31, 2014		30-59 Days		60-89 Days		90 days or more		Total Past Due				Total PCI loans
		30-59 Days		60-89 Days		90 days or more		Total Past Due				Total PCI loans		Current
		(In thousands)
Residential mortgage
loans (1)		$	-	$	12,571	$	15,176	$	27,747	$	70,747	$	98,494
Commercial mortgage
loans (1)			-		356		443		799		2,594		3,393
Credit Cards			47		25		42		114		603		717
		$	47	$	12,952	$	15,661	$	28,660	$	73,944	$	102,604
_____________
(1)	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 and commercial mortgage loans past due 30-59 days as of December 31, 2014 amounted to $16.6 million and $0.8 million, respectively.


As of December 31, 2013		30-59 Days		60-89 Days		90 days or more		Total Past Due				Total PCI loans
		30-59 Days		60-89 Days		90 days or more		Total Past Due				Total PCI loans		Current
		(In thousands)
Credit Cards		$	377	$	354	$	573	$	1,304	$	3,487	$	4,791

At acquisition, the Corporation estimated the cash flows the Corporation expected to collect on PCI 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 nonaccretable difference. This difference is neither accreted into income nor recorded on the Corporation's consolidated statement 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.

The cash flows expected to be collected consider the estimated remaining life of the underlying loans and include the effects of estimated prepayments.

Subsequent to acquisition, 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 nonaccretable difference or reclassifications from nonaccretable yield to accretable. 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 losses. During 2014 and 2013, the Corporation did not record charges to the provision for loan losses related to PCI loans, most of which were acquired on May 30, 2014.

The outstanding principal balance of PCI loans, including amounts charged off by the Corporation, amounted to $135.5 million as of December 31, 2014 (December 31, 2013- $22.7 million).

On October 3, 2014, the Corporation purchased from Doral all of its rights, title and interests in certain performing residential mortgage loans (the “Mortgage Loans”) with approximately $192.6 million in outstanding unpaid principal balance.

As consideration for the purchase of the Mortgage Loans, FirstBank paid approximately $192.7 million in cash (the “Purchase Price”), less a holdback of $1.3 million which was deposited into escrow to cover certain representations and warranties made by Doral Bank with respect to the Mortgage Loans. The Corporation incurred $0.7 million in professional service fees during the third quarter of 2014 specifically related to this transaction. The Mortgage Loans were acquired by FirstBank on a servicing-released basis.

In addition to loans acquired from Doral, during 2014, the Corporation purchased $146.5 million of residential mortgage loans consistent with a strategic program established by the Corporation in 2005 to purchase ongoing residential mortgage loan production from mortgage bankers in Puerto Rico. Generally, 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. GNMA and GSEs, such as FNMA and FHLMC, generally securitize the transferred loans into mortgage-backed securities for sale into the secondary market. The Corporation sold approximately $138.5 million of performing residential mortgage loans to FNMA and FHLMC during 2014. Also, the Corporation securitized approximately $198.7 million of FHA/VA mortgage loans into GNMA mortgage-backed securities during 2014. The Corporation's continuing involvement in these loan sales consists primarily of servicing the loans. In addition, the Corporation agreed to repurchase loans when 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, Transfers and Servicing, once the Corporation has the unilateral ability to repurchase a 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.

During 2014, 2013, and 2012, the Corporation repurchased pursuant to its repurchase option with GNMA $37.8 million, $28.3 million, and $53.9 million, respectively, of loans previously sold to GNMA. The principal balance of these loans is fully guaranteed and the risk of loss related to repurchases is generally limited to the difference between the delinquent interest payment advanced to GNMA 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. The Corporation generally remediates any breach of representations and warranties related to the underwriting of such loans according to established GNMA guidelines without incurring losses. The Corporation does not maintain a liability for estimated losses as a result of breaches in representations and warranties.

Loan sales to FNMA and FHLMC are without recourse in relation to the future performance of the loans. The Corporation repurchased at par loans previously sold to FNMA and FHLMC in the amounts of $2.3 million, $6.1 million, and $3.0 million during 2014, 2013, and 2012, respectively. The Corporation's risk of loss with respect to these loans is also minimal as these repurchased loans are generally performing loans with documentation deficiencies. A $0.7 million loss was recorded in 2014 related to breaches in representations and warranties and a $0.5 million charge was recorded for compensatory fees imposed by GSEs on the Bank as a servicer. Historically, losses experienced related to breaches in representations and warranties have been immaterial. As a consequence, as of December 31, 2014, the Corporation does not maintain a liability for estimated losses on loans expected to be repurchased as a result of breaches in loan and servicer representations and warranties.

The Corporation sold $53.0 million of commercial mortgage loan participations during 2014, none in 2013.

On March 28, 2013, the Corporation completed the sale of adversely classified loans with a book value of $211.4 million ($100.1 million of commercial and industrial loans, $68.8 million of commercial mortgage loans, $41.3 million of construction loans, and $1.2 million of residential mortgage loans), and $6.3 million of OREO properties in a cash transaction. Included in the bulk sale was $185.0 million of non-performing assets. The sales price of this bulk sale was $120.2 million. Approximately $39.9 million of reserves had already been allocated to the loans. This transaction resulted in total charge-offs of $98.5 million and an incremental loss of $58.9 million, reflected in the provision for loan and lease losses for the year 2013. In addition, the Corporation recorded $3.9 million of professional fees specifically related to this bulk sale of assets. This transaction resulted in a total pretax loss of $62.8 million.

In addition, during the first quarter of 2013, the Corporation transferred to held for sale non-performing loans with an aggregate book value of $181.6 million. These transfers resulted in charge-offs of $36.0 million and an incremental loss of $5.2 million reflected in the provision for loan and lease losses for the year 2013.

During the second quarter of 2013, the Corporation completed the sale of a $40.8 million non-performing commercial mortgage loan that was among the loans transferred to held for sale in the first quarter of 2013 without incurring additional losses.

In a separate transaction during 2013, the Corporation foreclosed on the collateral underlying $39.2 million related to one of the loans written-off and transferred to held for sale in the first quarter of 2013. The Corporation recorded losses of $4.9 million in 2013 related to this loan after the transfer to held for sale ($1.7 million of lower of cost or market adjustment and $3.2 million of write-downs to the value of foreclosed properties, recorded as part of net loss on OREO and OREO operations in the statement of income (loss)). During 2014, the Corporation recorded losses of $4.1 million related to this relationship ($3.8 million of market value adjustments and $0.3 million on the sale of one of the foreclosed properties).

Furthermore, in the third quarter of 2013, approximately $6.4 million of construction loans held for sale participations were paid off, resulting in a gain of $0.3 million included as part of “Other income” in the statement of income (loss).

On June 21, 2013, the Corporation announced that it had completed a sale of non-performing residential mortgage loans with a book value of $203.8 million and OREO properties with a book value of $19.2 million in a cash transaction. The sales price of this bulk sale was $128.3 million. Approximately $30.1 million of reserves had already been allocated to the loans. This transaction resulted in total charge-offs of $98.0 million and an incremental loss of $69.8 million, reflected in the provision for loan and lease losses for the 2013 year. In addition, the Corporation recorded $3.1 million of professional service fees specifically related to this bulk sale of non-performing residential assets. This transaction resulted in a total pretax loss of $72.9 million.

The Corporation's primary goal with respect to these sales was to accelerate the disposition of non-performing assets, which is the main priority of the Corporation's Strategic Plan. The opportunistic sale of distressed assets is a pivotal and tactical step in the Corporation's efforts to reduce balance sheet risk, improve earnings in the future through reductions of credit-related-costs, and enhance credit quality consistent with regulators' expectations of adequate levels of adversely classified assets for financial institutions.

The Corporation's primary lending area is Puerto Rico. The Corporation's banking subsidiary, FirstBank, also lends in the USVI and BVI markets and in the United States (principally in the state of Florida). Of the total gross loans held for investment of $9.3 billion as of December 31, 2014, approximately 83% have credit risk concentration in Puerto Rico, 11% in the United States, and 6% in the USVI and BVI.

As of December 31, 2014, the Corporation had $339.0 million of credit facilities granted to the Puerto Rico government, its municipalities and public corporations, of which $308.0 million was outstanding, compared to $397.8 million outstanding as of December 31, 2013. In addition, the outstanding balance of facilities granted to the government of the Virgin Islands amounted to $57.7 million as of December 31, 2014, compared to $60.6 million as of December 31, 2013. Approximately $201.4 million of the outstanding credit facilities consists of loans to municipalities in Puerto Rico. Municipal debt exposure is secured by ad valorem taxation without limitation as to rate or amount on all taxable property within the boundaries of each municipality. The good faith, credit, and unlimited taxing power of the applicable municipality have been pledged to the repayment of all outstanding bonds and notes. Approximately $13.2 million consists of loans to units of the central government, and approximately $93.4 million consists of loans to public corporations that generally receive revenues from the rates they charge for services or products, such as electric power services, including a $75.0 million credit extended to the Puerto Rico Electric Power Authority (“PREPA”) for fuel purchases that have priority over senior bonds and other debt. In August 2014, PREPA entered into a forbearance agreement with a group of banks, including FirstBank, to extend its maturing credit lines to March 31, 2015. As a result of the forbearance, this credit facility was classified as a TDR during the third quarter of 2014. The loan has been maintained in accrual status based on the estimated cash flow analyses performed on this noncollateral dependent loan, repayment prospects and compliance with contractual terms. Major public corporations have varying degrees of independence from the central government and many receive appropriations or other payments from the Puerto Rico's government general fund. Debt issued by the central government can either carry the full faith, credit and taxing power of the Commonwealth of Puerto Rico or represent an obligation that is subject to annual budget appropriations.

Furthermore, the Corporation had $133.3 million outstanding as of December 31, 2014 in financing to the hotel industry in Puerto Rico guaranteed by the Puerto Rico Tourism Development Fund (“TDF”), compared to $200.4 million as of December 31, 2013. The TDF is a subsidiary of the GDB that works with private-sector financial institutions to structure financings for new hospitality projects.

As disclosed in Note 4, S&P, Moody's and Fitch downgraded the credit rating of the Commonwealth of Puerto Rico's debt to non-investment grade categories. The Corporation cannot predict at this time the impact that the current fiscal situation of the Commonwealth of Puerto Rico and the various legislative and other measures adopted and to be adopted by the Puerto Rico government in response to such fiscal situation will have on the Puerto Rico economy and on the Corporation's financial condition and results of operations.

The Corporation provides homeownership preservation assistance to its customers through a loss mitigation program in Puerto Rico that is similar to the U.S. government's Home Affordable Modification Program guidelines. Depending upon the nature of borrowers' financial condition, restructurings or loan modifications through this program as well as other restructurings of individual commercial, commercial mortgage, construction, and residential mortgage loans in the U.S. mainland fit the definition of a TDR. A restructuring of a debt constitutes a TDR if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. Modifications involve changes in one or more of the loan terms that bring a defaulted loan current and provide sustainable affordability. Changes may include the refinancing of any past-due amounts, including interest and escrow, the extension of the maturity of the loan and modifications of the loan rate. As of December 31, 2014, the Corporation's total TDR loans held for investment of $694.5 million consisted of $349.8 million of residential mortgage loans, $171.9 million of commercial and industrial loans, $127.8 million of commercial mortgage loans, $12.5 million of construction loans, and $32.5 million of consumer loans. Outstanding unfunded commitments on TDR loans amounted to $0.1 million as of December 31, 2014.

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 four 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 loan and would lose their homes in the 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 period during which the borrower makes monthly payments under the anticipated modified payment terms prior to a formal modification. Upon successful completion of a trial modification, the Corporation and the borrower enter into a permanent modification. TDR loans that are participating in or that have been offered a binding trial modification are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification. As of December 31, 2014, the Corporation classified an additional $9.7 million of residential mortgage loans as TDRs 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 commercial loans 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 contract changes that would be considered a concession. The Corporation mitigates loan defaults for its commercial loan portfolios through its collection function. The function's objective is to minimize both early stage delinquencies and losses upon default of commercial loans. 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 to the management of the resolution process for problem loans, the SAG oversees collection efforts for all loans to prevent migration to the non-performing and/or adversely classified status. The SAG utilizes relationship officers, collection specialists, and attorneys. In the case of residential construction projects, the workout function monitors project specifics, such as project management and marketing, as deemed necessary. The SAG utilizes its collections infrastructure of workout collection officers, credit work-out specialists, in-house legal counsel, and third-party consultants. In the case of residential construction projects and large commercial loans, the function also utilizes third-party specialized consultants to monitor the residential and commercial construction projects in terms of construction, marketing and sales, and assists with the restructuring of large commercial loans.

In addition, the Corporation extends, renews, and restructures loans with satisfactory credit profiles. Many commercial loan facilities are structured as lines of credit, which are mainly one year in term 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, the timing of the 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 concessions, and the loans continue to be recorded as performing.

	Selected information on TDRs that includes the recorded investment by loan class and modification type is
	summarized in the following tables. This information reflects all TDRs:

		December 31, 2014
		Interest rate below market		Maturity or term extension		Combination of reduction in interest rate and extension of maturity		Forgiveness of principal and/or interest		Other (1)		Total
		(In thousands)
	Troubled Debt Restructurings:
	Non-FHA/VA Residential Mortgage loans	$	24,850	$	5,859	$	283,317	$	-	$	35,749	$	349,775
	Commercial Mortgage loans		29,881		12,737		72,493		-		12,655		127,766
	Commercial and Industrial loans		7,533		80,642		31,553		3,074		49,124		171,926
	Construction loans:
	Land		-		202		1,732		-		536		2,470
	Construction-residential		6,154		337		3,112		-		434		10,037
	Consumer loans - Auto		-		380		10,363		-		6,248		16,991
	Finance Leases		-		376		1,805		-		-		2,181
	Consumer loans - Other		37		129		10,812		443		1,886		13,307
	Total Troubled Debt Restructurings (2)	$	68,455	$	100,662	$	415,187	$	3,517	$	106,632	$	694,453

(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would
	be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table.

(2)	Excludes TDR held for sale amounting to $45.7 million as of December 31, 2014.

		December 31, 2013
		Interest rate below market		Maturity or term extension		Combination of reduction in interest rate and extension of maturity		Forgiveness of principal and/or interest		Other (1)		Total
		(In thousands)
	Troubled Debt Restructurings:
	Non-FHA/VA Residential Mortgage loans	$	23,428	$	6,059	$	274,562	$	-	$	33,195	$	337,244
	Commercial Mortgage loans		36,543		12,985		83,993		7		20,048		153,576
	Commercial and Industrial loans		12,099		11,341		12,835		3,122		52,554		91,951
	Construction loans:
	Land		878		2,012		1,760		-		675		5,325
	Construction-commercial		-		-		3,924		-		-		3,924
	Construction-residential		6,054		160		3,173		994		513		10,894
	Consumer loans - Auto		-		706		8,350		-		5,066		14,122
	Finance Leases		-		1,286		1,072		-		-		2,358
	Consumer loans - Other		227		256		8,638		-		1,743		10,864
	Total Troubled Debt Restructurings (2)	$	79,229	$	34,805	$	398,307	$	4,123	$	113,794	$	630,258

(1)	Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be
	considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table above.

(2)	Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013.

The following table presents the Corporation's TDR activity:

	Year Ended		Year Ended
	December 31, 2014		December 31, 2013
	(In thousands)
Beginning balance of TDRs	$	630,258	$	941,730
New TDRs		164,108		124,424
Increases to existing TDRs - additional disbursements		1,903		2,864
Charge-offs post-modification		(43,916)		(132,595)
Sales, net of charge-offs		(4,500)		(104,915)
Foreclosures		(4,948)		(11,886)
Removed from TDR classification		-		(6,764)
TDRs transferred to held for sale		-		(129,964)
Paid-off and partial payments		(48,452)		(52,636)
Ending balance of TDRs	$	694,453	$	630,258

TDRs are classified as either accrual or nonaccrual loans. A loan on nonaccrual status and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the restructuring, or significant events that coincide with the restructuring, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of the restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. Loan modifications increase the Corporation's interest income by returning a non-performing loan to performing status, if applicable, increase cash flows by providing for payments to be made by the borrower, and avoid increases in foreclosure and OREO costs. The Corporation continues to consider a modified loan as an impaired loan for purposes of estimating the allowance for loan and lease losses. A TDR loan that specifies an interest rate that at the time of the restructuring is greater than or equal to the rate the Corporation is willing to accept for a new loan with comparable risk may not be reported as a TDR, or an impaired loan in the calendar years subsequent to the restructuring, if it is in compliance with its modified terms. The Corporation did not remove loans from the TDR classification during 2014.

	The following table provides a breakdown between accrual and nonaccrual of TDRs:

		December 31, 2014

		Accrual		Nonaccrual (1) (2)		Total TDRs
		(In thousands)
	Non-FHA/VA Residential Mortgage loans	$	266,810	$	82,965	$	349,775
	Commercial Mortgage loans		69,374		58,392		127,766
	Commercial and Industrial loans		131,544		40,382		171,926
	Construction loans:
	Land		834		1,636		2,470
	Construction-residential		3,448		6,589		10,037
	Consumer loans - Auto		10,558		6,433		16,991
	Finance Leases		1,926		255		2,181
	Consumer loans - Other		10,146		3,161		13,307
	Total Troubled Debt Restructurings	$	494,640	$	199,813	$	694,453

(1)	Included in nonaccrual loans are $52.8 million in loans that are performing under the terms of the restructuring agreement
	but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance
	under the revised terms for reinstatement to accrual status and there is no doubt about full collectability.

(2)	Excludes nonaccrual TDRs held for sale with a carrying value of $45.7 million as of December 31, 2014.



		December 31, 2013

		Accrual		Nonaccrual (1)(2)		Total TDRs
		(In thousands)
	Non-FHA/VA Residential Mortgage loans	$	263,919	$	73,324	$	337,243
	Commercial Mortgage loans		53,509		38,441		91,950
	Commercial and Industrial loans		84,419		69,156		153,575
	Construction loans:
	Land		1,000		4,325		5,325
	Construction-commercial		-		3,924		3,924
	Construction-residential		3,332		7,562		10,894
	Consumer loans - Auto		8,512		5,610		14,122
	Finance Leases		2,275		85		2,360
	Consumer loans - Other		8,417		2,448		10,865
	Total Troubled Debt Restructurings	$	425,383	$	204,875	$	630,258

(1)	Included in nonaccrual loans are $95.7 million in loans that are performing under the terms of the restructuring agreement
	but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance
	under the revised terms for reinstatement to accrual status and there is no doubt about full collectability.

(2)	Excludes nonaccrual TDRs held for sale with a carrying value of $45.9 million as of December 31, 2013.

TDRs exclude restructured residential mortgage loans that are guaranteed by the U.S. federal government (i.e., FHA/VA loans) totaling $71.5 million. The Corporation excludes FHA/VA guaranteed loans from TDRs given that, in the event that the borrower defaults on the loan, the principal and interest (debenture rate) are guaranteed by the U.S. government; therefore, the risk of loss on these types of loans is very low. The Corporation does not consider loans with U.S. federal government guarantees to be impaired loans for the purpose of calculating the allowance for loan and lease losses.

Loan modifications that are considered TDRs completed during 2014 and 2013 were as follows:

	Year ended December 31, 2014
	Number of contracts	Pre-modification Outstanding Recorded Investment		Post-modification Outstanding Recorded Investment
	(In thousands)
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans	291	$	40,166	$	39,194
Commercial Mortgage loans	9		2,853		2,855
Commercial and Industrial loans	17		105,372		105,110
Construction loans:
Land	6		257		219
Construction-residential	-		-		-
Consumer loans - Auto	602		8,903		8,748
Finance Leases	45		953		800
Consumer loans - Other	1,492		7,240		7,182
Total Troubled Debt Restructurings	2,462	$	165,744	$	164,108

	Year ended December 31, 2013
	Number of contracts	Pre-modification Outstanding Recorded Investment		Post-modification Outstanding Recorded Investment
	(In thousands)
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans	17	$	6,000	$	6,161
Commercial Mortgage loans	27		79,531		53,525
Commercial and Industrial loans	-		-		-
Construction loans:
Land	-		-		-
Construction-commercial	1		195		195
Construction-residential	557		7,582		7,582
Consumer loans - Auto	75		1,435		1,435
Finance Leases	1,452		6,518		6,518
Consumer loans - Other	2,428		149,783		124,424
Total Troubled Debt Restructurings	4,557	$	251,044	$	199,840

Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a non-performing loan. Recidivism occurs at a notably higher rate than do defaults on new origination loans, so modified loans present a higher risk of loss than do new origination loans. The Corporation considers a loan to have defaulted if the borrower has failed to make payments of either principal, interest, or both for a period of 90 days or more.

Loan modifications considered TDRs that defaulted during the years ended December 31, 2014 and 2013, and had become TDRs during the 12 months preceding the default date were as follows:

For certain TDRs, the Corporation splits the loans into two new notes, A and B notes. The A note is restructured to comply with the Corporation's lending standards at current market rates, and is tailored to suit the customer's ability to make timely interest and principal payments. The B note includes the granting of the concession to the borrower and varies by situation. The B note is charged off but the borrower's obligation is not forgiven, and any payments collected are accounted for as recoveries. At the time of the restructuring, the A note is identified and classified as a TDR. If the loan performs for at least six months according to the modified terms, the A note may be returned to accrual status. The borrower's payment performance prior to the restructuring is included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of the restructuring. In the periods following the calendar year in which a loan is restructured, the A note may no longer be reported as a TDR if it is on accrual status, is in compliance with its modified terms, and yields a market rate (as determined and documented at the time of the restructuring).

The recorded investment in loans held for investment restructured using the A/B note restructure workout strategy was approximately $46.0 million and $78.3 million at December 31, 2014 and 2013, respectively. The following table provides additional information about the volume of this type of loan restructuring and the effect on the allowance for loan and lease losses in 2014 and 2013:

Of the loans comprising the $46.0 million that has been deemed to be collectible as of December 31, 2014, approximately $44.3 million was placed in accrual status as the borrowers have exhibited a period of sustained performance. These loans continue to be individually evaluated for impairment purposes.