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LOAN PORTFOLIO (Tables)
 9 Months Ended
Sep. 30, 2016
Loan Portfolio Held for Investment
As of September 30,As ofDecember 31,
20162015
(In thousands)
Residential mortgage loans, mainly secured by first mortgages$3,299,942$3,344,719
Commercial loans:
Construction loans124,298156,195
Commercial mortgage loans1,545,0141,537,806
Commercial and Industrial loans (1)2,167,0112,246,513
Total commercial loans3,836,3233,940,514
Finance leases229,577229,165
Consumer loans1,497,8121,597,984
Loans held for investment8,863,6549,112,382
Allowance for loan and lease losses(214,070)(240,710)
Loans held for investment, net $8,649,584$8,871,672
(1)As of September 30, 2016 and December 31, 2015, includes $949.9 million and $1.0 billion, respectively, of commercial loans that are 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
Loans held for investment on which accrual of interest income had been discontinued as of the indicated dates were as follows:
(In thousands)September 30, December 31,
20162015
Non-performing loans:
Residential mortgage$162,201$169,001
Commercial mortgage191,44951,333
Commercial and Industrial137,016137,051
Construction:
Land11,76112,174
Construction-commercial 36,95339,466
Construction-residential2,0532,996
Consumer:
Auto loans14,61517,435
Finance leases1,9692,459
Other consumer loans8,69510,858
Total non-performing loans held for investment (1) (2)(3)$566,712$442,773
(1)As of September 30, 2016 and December 31, 2015, excludes $8.1 million of non-performing loans held for sale.
(2)Amount excludes purchased-credit impaired ("PCI") loans with a carrying value of approximately $168.1 million and $173.9 million as of September 30, 2016 and December 31, 2015, 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 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 $415.9 million and $414.9 million of Troubled Debt Restructuring ("TDR") loans that are in compliance with modified terms and in accrual status as of September 30, 2016 and December 31, 2015, respectively.
Corporation's Aging of Loans Held for Investment Portfolio
The Corporation’s aging of the loans held for investment portfolio is as follows:
Purchased Credit-Impaired Loans Total loans held for investment90 days past due and still accruing (2)
30-59 Days Past Due60-89 Days Past Due90 days or more Past Due (1)Total Past Due
As of September 30, 2016
(In thousands)Current
Residential mortgage:
FHA/VA and other government-guaranteed loans (2) (3) (4)$-$5,310$81,677$86,987$-$44,949$131,936$81,677
Other residential mortgage loans (4)-87,425179,648267,073165,0142,735,9193,168,00617,447
Commercial:
Commercial and Industrial loans44,967500138,484183,951-1,983,0602,167,0111,468
Commercial mortgage loans (4)-3,436196,240199,6763,1271,342,2111,545,0144,791
Construction:
Land (4)-76512,13712,902-20,49533,397376
Construction-commercial (4)--36,95336,953-38,46075,413-
Construction-residential (4)--2,7212,721-12,76715,488668
Consumer:
Auto loans63,47013,74314,61591,828-766,969858,797-
Finance leases8,1992,3121,96912,480-217,097229,577-
Other consumer loans8,1924,82412,80625,822-613,193639,0154,111
Total loans held for investment$124,828$118,315$677,250$920,393$168,141$7,775,120$8,863,654$110,538
_____________
(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 $29.6 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 15 months delinquent and are no longer accruing interest as of September 30, 2016.
(3)As of September 30, 2016, includes $45.6 million of defaulted loans collateralizing Government National Mortgage Association ("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 September 30, 2016 amounted to $8.7 million, $144.3 million, $7.6 million, $0.7 million and $0.3 million, respectively.

As of December 31, 201530-59 Days Past Due60-89 Days Past Due90 days or more Past Due (1)Total loans held for investment90 days past due and still accruing (2)
(In thousands)Total Past DuePurchased Credit- Impaired Loans Current
Residential mortgage:
FHA/VA and other government-guaranteed loans (2) (3) (4)$-$6,048$90,168$96,216$-$46,925$143,141$90,168
Other residential mortgage loans (4)-90,406185,018275,424170,7662,755,3883,201,57816,017
Commercial:
Commercial and Industrial loans5,5776,412150,893162,882-2,083,6312,246,51313,842
Commercial mortgage loans (4)-24,72963,80588,5343,1471,446,1251,537,80612,472
Construction:
Land (4)-16112,35012,511-39,36351,874176
Construction-commercial-11,72239,46651,188-32,14283,330-
Construction-residential (4)--6,0426,042-14,94920,9913,046
Consumer:
Auto loans70,83616,78717,435105,058-829,922934,980-
Finance leases7,6643,1002,45913,223-215,942229,165-
Other consumer loans9,4625,52415,12430,110-632,894663,0044,266
Total loans held for investment$93,539$164,889$582,760$841,188$173,913$8,097,281$9,112,382$139,987
____________
(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 $37.3 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 15 months delinquent and are no longer accruing interest as of December 31, 2015.
(3)As of December 31, 2015, includes $38.5 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 as of December 31, 2015 amounted to $11.0 million, $162.9 million, $38.6 million, $5.7 million and $0.8 million, respectively.
Corporation's Credit Quality Indicators by Loan
The Corporation’s credit quality indicators by loan type as of September 30, 2016 and December 31, 2015 are summarized below:
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness Category:
SubstandardDoubtfulLossTotal Adversely Classified (1)Total Portfolio
September 30, 2016
(In thousands)
Commercial mortgage$218,523$36,211$-$254,734$1,545,014
Construction:
Land20,175--20,17533,397
Construction-commercial 36,953--36,95375,413
Construction-residential2,053--2,05315,488
Commercial and Industrial159,49872,806445232,7492,167,011
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness Category:
SubstandardDoubtfulLossTotal Adversely Classified (1)Total Portfolio
December 31, 2015
(In thousands)
Commercial mortgage$252,941$140$-$253,081$1,537,806
Construction:
Land14,0351-14,03651,874
Construction-commercial 39,466--39,46683,330
Construction-residential2,996--2,99620,991
Commercial and Industrial140,82771,341354212,5222,246,513
_________
(1)Excludes $8.1 million as of September 30, 2016 and December 31, 2015, of construction-land non-performing loans held for sale.

Consumer Credit Exposure-Credit Risk Profile based on Payment activity
Residential Real EstateConsumer
September 30, 2016FHA/VA/ Guaranteed (1)Other residential loansAutoFinance LeasesOther Consumer
(In thousands)
Performing$131,936$2,840,791$844,182$227,608$630,320
Purchased Credit-Impaired (2)-165,014---
Non-performing-162,20114,6151,9698,695
Total$131,936$3,168,006$858,797$229,577$639,015
(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 $29.6 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 15 months delinquent and are no longer accruing interest as of September 30, 2016.
(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.
Consumer Credit Exposure-Credit Risk Profile based on Payment activity
Residential Real EstateConsumer
December 31, 2015FHA/VA/ Guaranteed (1)Other residential loansAutoFinance LeasesOther Consumer
(In thousands)
Performing$143,141$2,861,811$917,545$226,706$652,146
Purchased Credit-Impaired (2)-170,766---
Non-performing-169,00117,4352,45910,858
Total$143,141$3,201,578$934,980$229,165$663,004
(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 $37.3 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 15 months delinquent and are no longer accruing interest as of December 31, 2015.
(2) PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analysis.
Impaired Loans
Impaired Loans
(In thousands)
Quarter EndedNine-Month Period Ended
September 30, 2016
Recorded InvestmentUnpaid Principal BalanceRelated Specific AllowanceYear-To-Date Average Recorded InvestmentInterest Income Recognized on Accrual BasisInterest Income Recognized on Cash BasisInterest Income Recognized on Accrual BasisInterest Income Recognized on Cash Basis
As of September 30, 2016
With no related allowance recorded:
FHA/VA-Guaranteed loans$-$-$-$-$-$-$-$-
Other residential mortgage loans64,19878,361-67,024139103376496
Commercial:
Commercial mortgage loans51,97463,759-56,826206119599609
Commercial and Industrial Loans17,06926,672-20,40713-13-
Construction:
Land6089-60----
Construction-commercial--------
Construction-residential9561,531-956----
Consumer:
Auto loans888888-9016-10-
Finance leases168168-1681-1-
Other consumer loans3,7705,045-3,89211255980
$139,083$176,513$-$150,234$376$247$1,058$1,185
With an allowance recorded:
FHA/VA-Guaranteed loans$-$-$-$-$-$-$-$-
Other residential mortgage loans379,841428,3959,667385,0524,39637513,1601,192
Commercial:
Commercial mortgage loans146,526166,06625,907152,75313657339179
Commercial and Industrial Loans161,105189,68328,668171,575618491,708203
Construction:
Land9,34613,5349039,39521185235
Construction-commercial36,95338,7811,97738,516----
Construction-residential392551124392----
Consumer:
Auto loans24,13524,1353,67425,913476-1,379-
Finance leases2,4082,408622,49348-150-
Other consumer loans13,06513,4481,70013,868356151,00532
$773,771$877,001$72,682$799,957$6,051$514$17,793$1,641
Total:
FHA/VA-Guaranteed loans$-$-$-$-$-$-$-$-
Other residential mortgage loans444,039506,7569,667452,0764,53547813,5361,688
Commercial:
Commercial mortgage loans198,500229,82525,907209,579342176938788
Commercial and Industrial Loans178,174216,35528,668191,982631491,721203
Construction:
Land9,40613,6239039,45521185235
Construction-commercial36,95338,7811,97738,516----
Construction-residential1,3482,0821241,348----
Consumer:
Auto loans25,02325,0233,67426,814482-1,389-
Finance leases2,5762,576622,66149-151-
Other consumer loans16,83518,4931,70017,760367401,064112
$912,854$1,053,514$72,682$950,191$6,427$761$18,851$2,826

(In thousands)
Recorded InvestmentUnpaid Principal BalanceRelated Specific Allowance Average Recorded Investment
As of December 31, 2015
With no related allowance recorded:
FHA/VA-Guaranteed loans$-$-$-$-
Other residential mortgage loans65,49574,146-67,282
Commercial:
Commercial mortgage loans54,04866,448-54,967
Commercial and Industrial Loans27,49229,957-28,326
Construction:
Land----
Construction-commercial39,46640,000-39,736
Construction-residential3,0463,046-3,098
Consumer:
Auto loans----
Finance leases----
Other consumer loans2,6184,300-2,766
$192,165$217,897$-$196,175
With an allowance recorded:
FHA/VA-Guaranteed loans$-$-$-$-
Other residential mortgage loans395,173440,94721,787398,790
Commercial:
Commercial mortgage loans27,47940,6343,07330,518
Commercial and Industrial Loans143,214164,05018,096148,547
Construction:
Land9,57813,7581,0609,727
Construction-commercial----
Construction-residential1,4262,1801421,476
Consumer:
Auto loans21,58121,5816,65323,531
Finance leases2,0772,077862,484
Other consumer loans13,81614,0431,68414,782
$614,344$699,270$52,581$629,855
Total:
FHA/VA-Guaranteed loans$-$-$-$-
Other residential mortgage loans460,668515,09321,787466,072
Commercial:
Commercial mortgage loans81,527107,0823,07385,485
Commercial and Industrial Loans170,706194,00718,096176,873
Construction:
Land9,57813,7581,0609,727
Construction-commercial39,46640,000-39,736
Construction-residential4,4725,2261424,574
Consumer:
Auto loans21,58121,5816,65323,531
Finance leases2,0772,077862,484
Other consumer loans16,43418,3431,68417,548
$806,509$917,167$52,581$826,030
Interest income of approximately $7.8 million ($6.9 million accrual basis and $0.9 million cash basis) and $24.8 million ($19.8 million accrual basis and $5.0 million cash basis) was recognized on impaired loans for the third quarter and nine-month period ended September 30, 2015, respectively.
Activity for Impaired loans
The following tables show the activity for impaired loans and the related specific reserve for the quarters and nine-month periods ended September 30, 2016 and 2015:
Quarter EndedNine-Month Period Ended
September 30, September 30,
(In thousands)2016201520162015
Impaired Loans:
Balance at beginning of period$953,774$824,816$806,509$945,407
Loans determined impaired during the period26,61337,528261,544135,350
Charge-offs (1)(30,426)(7,498)(50,027)(90,026)
Loans sold, net of charge-offs---(67,836)
Increases to impaired loans-additional disbursements1,0914082,8522,524
Reclassification from loans held for sale (2)-40,005-40,005
Foreclosures(11,856)(12,858)(28,466)(33,044)
Loans no longer considered impaired(2,674)(25,877)(27,560)(39,062)
Paid in full or partial payments(23,668)(13,811)(51,998)(50,605)
Balance at end of period$912,854$842,713$912,854$842,713
(1)For the nine-month period ended September 30, 2015, includes $63.9 million of charge-offs related to a bulk sale of assets completed in the second quarter of 2015, mostly comprised of non-performing and adversely classified commercial loans, as further discussed below.
(2)During the third quarter of 2015, upon the signing of a new agreement with the borrower, the Corporation changed its intent to sell a $40.0 million construction loan in the Virgin Islands. Accordingly, the loan was transferred back from held for sale to held for investment.
Activity for Specific Reserve
Quarter EndedNine-Month Period Ended
September 30, September 30,
(In thousands)2016201520162015
Specific Reserve:
Balance at beginning of period$86,372$49,918$52,58155,205
Provision for loan losses16,6199,43970,01181,796
Net charge-offs(30,309)(7,498)(49,910)(85,142)
Balance at end of period$72,682$51,859$72,682$51,859
Carrying Value of Acquired Loans
The carrying amount of PCI loans follows:
September 30, December 31,
20162015
(In thousands)
Residential mortgage loans$165,014$170,766
Commercial mortgage loans3,1273,147
Total PCI loans$168,141$173,913
Allowance for loan losses(6,857)(3,962)
Total PCI loans, net of allowance for loan losses$161,284$169,951
Accretable Yield
Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2016 and 2015 were as follows:
Quarter Ended Nine-Month Period Ended
September 30, September 30, September 30, September 30,
2016201520162015
(In thousands)
Balance at beginning of period$122,179$124,288$118,385$82,460
Additions (accretable yield at acquisition
of loans from Doral)---38,319
Accretion recognized in earnings(2,875)(3,411)(8,691)(8,695)
Reclassification from non-accretable-1,3489,61010,141
Balance at end of period$119,304$122,225$119,304$122,225
Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type
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:
September 30, 2016
(In thousands)Interest rate below marketMaturity or term extensionCombination of reduction in interest rate and extension of maturityForgiveness of principal and/or interestOther (1)Total
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans$29,934$8,172$283,550$-$57,065$378,721
Commercial Mortgage Loans6,0921,21926,053-10,60843,972
Commercial and Industrial Loans2,15369,24425,2632,63751,593150,890
Construction Loans:
Land-2852,193-4022,880
Construction-commercial ---36,953-36,953
Construction-residential----357357
Consumer Loans - Auto-1,92114,680-8,42225,023
Finance Leases-4242,152--2,576
Consumer Loans - Other2292,18510,1203002,11214,946
Total Troubled Debt Restructurings $38,408$83,450$364,011$39,890$130,559$656,318
(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.

December 31, 2015
(In thousands)Interest rate below marketMaturity or term extensionCombination of reduction in interest rate and extension of maturityForgiveness of principal and/or interestOther (1)Total
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans$29,066$6,027$297,310$-$50,269$382,672
Commercial Mortgage Loans4,3791,24426,109-12,76644,498
Commercial and Industrial Loans2,16375,10427,2143,02742,746150,254
Construction Loans:
Land-2292,165-3722,766
Construction-commercial---39,466-39,466
Construction-residential--3,046-4363,482
Consumer Loans - Auto-2,33012,388-6,86421,582
Finance Leases-6211,456--2,077
Consumer Loans - Other891,60411,0263271,74814,794
Total Troubled Debt Restructurings $35,697$87,159$380,714$42,820$115,201$661,591
(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.
Corporation's TDR Activity
The following table presents the Corporation's TDR loans activity:
Quarter EndedNine-Month Period Ended
(In thousands)September 30,September 30,
2016201520162015
Beginning balance of TDRs$670,991$634,761$661,591$694,453
New TDRs15,59630,04466,07595,840
Increases to existing TDRs - additional
disbursements5173091,573644
Charge-offs post modification (1)(5,445)(5,327)(15,899)(58,707)
Sales, net of charge-offs---(44,048)
Foreclosures(5,567)(6,139)(12,967)(16,391)
Removed from the TDR classification--(3,031)-
Reclassification from loans held for sale (2)-40,005-40,005
Paid-off and partial payments(19,774)(11,690)(41,024)(29,833)
Ending balance of TDRs$656,318$681,963$656,318$681,963
(1)For the nine-month period ended September 30, 2015, includes $45.3 million of charge offs related to TDRs included in the bulk sale of assets completed in the second quarter of 2015.
(2)During the third quarter of 2015, upon the signing of a new agreement with the borrower, the Corporation changed its intent to sell a $40.0 million construction loan in the Virgin Islands. Accordingly, the loan was transferred back from held for sale to held for investment and continues to be classified as a TDR and a nonperforming loan.
Breakdown Between Accrual and Nonaccrual Status of TDRs
The following table provides a breakdown between accrual and nonaccrual status of TDR loans:
(In thousands)As of September 30, 2016
AccrualNonaccrual (1) Total TDRs
Non-FHA/VA Residential Mortgage loans$296,840$81,881$378,721
Commercial Mortgage Loans28,69915,27343,972
Commercial and Industrial Loans58,00492,886150,890
Construction Loans:
Land1,2051,6752,880
Construction-commercial -36,95336,953
Construction-residential-357357
Consumer Loans - Auto16,5618,46225,023
Finance Leases2,4371392,576
Consumer Loans - Other12,1732,77314,946
Total Troubled Debt Restructurings$415,919$240,399$656,318
(1) Included in non-accrual loans are $121.3 million in loans that are performing under the terms of the restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible.

(In thousands)As of December 31, 2015
AccrualNonaccrual (1) Total TDRs
Non- FHA/VA Residential Mortgage loans$303,885$78,787$382,672
Commercial Mortgage Loans29,12115,37744,498
Commercial and Industrial Loans48,392101,862150,254
Construction Loans:
Land9241,8422,766
Construction-commercial-39,46639,466
Construction-residential3,0464363,482
Consumer Loans - Auto14,8236,75921,582
Finance Leases1,980972,077
Consumer Loans - Other12,7372,05714,794
Total Troubled Debt Restructurings$414,908$246,683$661,591
(1) Included in non-accrual loans are $118.2 million in loans that are performing under the terms of the restructuring agreement but are reported in non-accrual 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.
Schedule Of Troubled Debt Restructurings Table [Text Block]
(Dollars in thousands)Quarter Ended September 30, 2016
Number of contractsPre-modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded Investment
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans55$8,631$8,449
Commercial Mortgage Loans5679712
Commercial and Industrial Loans21,4321,432
Construction Loans:
Land4158155
Consumer Loans - Auto1893,2623,262
Finance Leases11295295
Consumer Loans - Other2571,2691,291
Total Troubled Debt Restructurings523$15,726$15,596
(Dollars in thousands)Nine-Month Period Ended September 30, 2016
Number of contractsPre-modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded Investment
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans167$25,040$24,040
Commercial Mortgage Loans83,3513,380
Commercial and Industrial Loans2121,69321,693
Construction Loans:
Land4158155
Consumer Loans - Auto61210,96110,961
Finance Leases591,4771,477
Consumer Loans - Other8624,3124,369
Total Troubled Debt Restructurings1,733$66,992$66,075

(Dollars in thousands)Quarter Ended September 30, 2015
Number of contractsPre-Modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded Investment
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans98$19,901$19,481
Commercial Mortgage Loans47,3805,719
Construction Loans:
Land1109109
Consumer Loans - Auto2033,3523,297
Finance Leases19521418
Consumer Loans - Other1971,0261,020
Total Troubled Debt Restructurings522$32,289$30,044
(Dollars in thousands)Nine-Month Period Ended September 30, 2015
Number of contractsPre-Modification Outstanding Recorded InvestmentPost-Modification Outstanding Recorded Investment
Troubled Debt Restructurings:
Non-FHA/VA Residential Mortgage loans350$60,043$57,882
Commercial Mortgage Loans1320,33218,781
Commercial and Industrial Loans32,9972,579
Construction Loans:
Land7603600
Consumer Loans - Auto5478,7398,564
Finance Leases431,2151,056
Consumer Loans - Other9296,4326,378
Total Troubled Debt Restructurings1,892$100,361$95,840
Loan Modifications Considered Troubled Debt Restructurings Defaulted
Quarter Ended September 30,
(Dollars in thousands)20162015
Number of contractsRecorded InvestmentNumber of contractsRecorded Investment
Non-FHA/VA Residential Mortgage loans14$1,70723$3,744
Consumer Loans - Auto568110
Consumer Loans - Other229351219
Finance Leases1303145
Total 42$1,89878$4,118

Nine-Month Period Ended September 30,
(Dollars in thousands)20162015
Number of contractsRecorded InvestmentNumber of contractsRecorded Investment
Non-FHA/VA Residential Mortgage loans35$4,86350$7,646
Commercial and Industrial Loans--45,745
Consumer Loans - Auto45702850
Consumer Loans - Other89339141589
Finance Leases2436185
Total 171$5,947209$14,215
Loan Restructuring and Effect on Allowance for Loan and Lease Losses
(In thousands)September 30, 2016September 30, 2015
Principal balance deemed collectible at end of period$38,004$40,632
Amount charged off$-$-
Charges to the provision for loan losses$2,660$185
Allowance for loan losses at end of period$3,521$916
Past Due Purchased Credit Impaired Table [Text Block]
The following tables present PCI loans by past due status as of September 30, 2016 and December 31, 2015:
As of September 30, 201630-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans
(In thousands)Current
Residential mortgage loans (1)$-$12,048$26,621$38,669$126,345$165,014
Commercial mortgage loans (1)--1,2831,2831,8443,127
$-$12,048$27,904$39,952$128,189$168,141
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(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 September 30, 2016 amounted to $22.3 million and $0.4 million, respectively.
As of December 31, 201530-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans
(In thousands)Current
Residential mortgage loans (1)$-$16,094$22,218$38,312$132,454$170,766
Commercial mortgage loans (1)--9929922,1553,147
$-$16,094$23,210$39,304$134,609$173,913
(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 past due 30-59 days as of December 31, 2015 amounted to $23.6 million.
Changes In Carrying Amount Of Purchased Credit Impaired Loans Table [Text Block]
Changes in the carrying amount of loans accounted for pursuant to ASC 310-30 are as follows:
Quarter EndedNine-Month Period Ended
September 30, 2016September 30, 2015September 30, 2016September 30, 2015
(In thousands)
Balance at beginning of period $169,690$178,494$173,913$102,604
Additions (1)---79,889
Accretion2,8753,4118,6918,695
Collections (4,184)(5,663)(13,136)(14,946)
Foreclosures(240)(157)(1,327)(157)
Ending balance $168,141$176,085$168,141$176,085
Allowance for loan losses(6,857)(3,163)(6,857)(3,163)
Ending balance, net of allowance for loan losses$161,284$172,922$161,284$172,922
(1) For the nine-month period ended September 30, 2015, additions represents the estimated fair value of PCI loans acquired from Doral Bank at the date of acquisition.
Allowance For Credit Losses On Purchased Credit Impaired Loans Table [Text Block]
Changes in the allowance for loan losses related to PCI loans follows:
Quarter Ended Nine-Month Period Ended
September 30, 2016September 30, 2015September 30, 2016September 30, 2015
(In thousands)
Balance at beginning of period $6,857$3,163$3,962$-
Provision for loan losses--2,8953,163
Balance at end of period$6,857$3,163$6,857$3,163