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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net income $ 27,998 $ 21,953 $ 53,539 $ 45,297
Available-for-sale debt securities on which an other-than-temporary impairment has been recognized:        
Unrealized gain (loss) on debt securities on which an other-than-temporary impairment has been recognized 1,127 2,453 (1,803) 1,455
Reclassification adjustment for other-than-temporary impairment on debt securities included in net income [1] 0 0 12,231 6,687
Reduction of non-credit OTTI component on securities sold 5,678 0 5,678 0
Reclassification adjustment for net gain included in net income (371) 0 (371) 0
All other unrealized gains and losses on available-for-sale securities:        
Reclassification Adjustment for net gain included in net income 0 0 0 (8)
All other unrealized holding gains on available-for-sale securities arising during the period 2,631 11,422 4,026 36,132
Other comprehensive income for the period 9,065 13,875 19,761 44,266
Total comprehensive income $ 37,063 $ 35,828 $ 73,300 $ 89,563
[1]
For the six-month periods ended June 30, 2017 and 2016, approximately $12.2 million and $6.3 million, respectively, of the credit impairment recognized in earnings consisted of credit losses on Puerto Rico Government debt securities that were sold in the second quarter of 2017, as further discussed below. For the six-month period ended June 30, 2016, $0.4 million of the credit impairment recognized in earnings was associated with credit losses on private label MBS.