SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2015

Information about the Reportable Segments

The following table presents information about the reportable segments:
(In thousands)	Mortgage Banking		Consumer (Retail) Banking		Commercial and Corporate		Treasury and Investments		United States Operations		Virgin Islands Operations		Total
For the quarter ended March 31, 2015:
Interest income	$	33,876	$	49,836	$	34,803	$	13,067	$	11,231	$	9,672	$	152,485
Net (charge) credit for transfer of funds		(11,236)		3,684		(3,795)		7,754		3,593		-		-
Interest expense		-		(5,657)		-		(16,007)		(4,339)		(835)		(26,838)
Net interest income		22,640		47,863		31,008		4,814		10,485		8,837		125,647
(Provision) release for loan and lease losses		(6,963)		(16,685)		(9,093)		-		2,133		(2,362)		(32,970)
Non-interest income		3,399		12,417		524		(100)		524		2,522		19,286
Direct non-interest expenses		(8,065)		(31,559)		(7,979)		(1,339)		(7,183)		(8,580)		(64,705)
Segment income	$	11,011	$	12,036	$	14,460	$	3,375	$	5,959	$	417	$	47,258
Average earnings assets	$	2,492,247	$	2,045,277	$	3,028,358	$	2,764,058	$	971,887	$	639,162	$	11,940,989
(In thousands)	Mortgage Banking		Consumer (Retail) Banking		Commercial and Corporate		Treasury and Investments		United States Operations		Virgin Islands Operations		Total
For the quarter ended March 31, 2014:
Interest income	$	25,748	$	55,812	$	42,299	$	15,583	$	10,896	$	10,233	$	160,571
Net (charge) credit for transfer of funds		(8,546)		3,635		(2,999)		5,800		2,110		-		-
Interest expense		-		(6,796)		-		(16,761)		(4,797)		(897)		(29,251)
Net interest income		17,202		52,651		39,300		4,622		8,209		9,336		131,320
(Provision) release for loan and lease losses		(3,384)		(20,495)		(13,345)		-		5,959		(650)		(31,915)
Non-interest income (loss)		3,102		10,630		1,767		53		441		1,967		17,960
Direct non-interest expenses		(9,832)		(32,015)		(12,578)		(1,126)		(7,220)		(9,024)		(71,795)
Segment income	$	7,088	$	10,771	$	15,144	$	3,549	$	7,389	$	1,629	$	45,570
Average earnings assets	$	1,955,990	$	2,006,395	$	3,921,439	$	2,710,930	$	846,152	$	655,568	$	12,096,474

Reconciliation of the Reportable Segment Financial Information

The following table presents a reconciliation of the reportable segment financial information to the consolidated totals:
		Quarter Ended
		March 31,
		2015		2014
Net income:
Total income for segments and other		$	47,258	$	45,570
Other non-interest gain (loss) (1)			13,443		(6,610)
Other operating expenses (2)			(27,023)		(20,990)
Income before income taxes			33,678		17,970
Income tax expense			(8,032)		(887)
Total consolidated net income		$	25,646	$	17,083
Average assets:
Total average earning assets for segments		$	11,940,989	$	12,096,474
Other average earning assets (1)			-		6,570
Average non-earning assets			934,999		671,146
Total consolidated average assets		$	12,875,988	$	12,774,190
(1)	The bargain purchase gain on the acquisition of assets and assumption of deposits from Doral Bank in 2015 as well as the activities related to the Bank's equity interest in CPG/GS are presented as an Other non-interest income (loss) and the investment in CPG/GS is presented as Other average earning assets in the tables above.
(2)	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.