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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net (loss) income $ (10,752) $ 24,074 $ 42,787 $ 69,371
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 647 (2,228) (1,156) (773)
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 0 0 5,678 0
Reclassification adjustment for net gain included in net income 0 0 (371) 0
All other unrealized gains and losses on available-for-sale securities:        
Reclassification Adjustment for net gain included in net income 0 (6,096) 0 (6,104)
All other unrealized holding gains on available-for-sale securities arising during the period 3,072 (3,833) 7,098 32,299
Other comprehensive income (loss) for the period 3,719 (12,157) 23,480 32,109
Total comprehensive (loss) income $ (7,033) $ 11,917 $ 66,267 $ 101,480
[1]
For the nine-month periods ended September 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 nine-month period ended September 30, 2016, $0.4 million of the credit impairment recognized in earnings was associated with credit losses on private label MBS.