XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 42,787,000 $ 69,371,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,263,000 13,359,000
Amortization of intangible assets 3,325,000 3,669,000
Provision for loan and lease losses 118,551,000 63,542,000
Deferred income tax (benefit) expense (18,094,000) 19,153,000
Stock-based compensation 5,423,000 5,132,000
Gain on sales of investments (371,000) (6,104,000)
Gain on early extinguishment of debt (1,391,000) (4,217,000)
Other-than-temporary impairments on debt securities [1] 12,231,000 6,687,000
Unrealized (gain) loss on derivative instruments (272,000) 19,000
Net gain on sales of premises and equipment and other assets (146,000) (686,000)
Net gain on sales of loans (5,348,000) (7,794,000)
Net amortization/accretion of premiums, discounts and deferred loan fees and costs (6,331,000) (6,629,000)
Originations and purchases of loans held for sale (257,997,000) (354,006,000)
Sales and repayments of loans held for sale 275,855,000 355,636,000
Amortization of broker placement fees 1,461,000 2,300,000
Net amortization/accretion of premium and discounts on investment securities 1,283,000 4,503,000
Increase (decrease) in accrued interest receivable (4,791,000) 7,258,000
Increase (decrease) in accrued interest payable 1,030,000 (27,865,000)
Decrease (increase) in other assets 4,926,000 (10,275,000)
Increase (decrease) increase in other liabilities 9,604,000 (13,944,000)
Impairment on fixed assets 640,000 0
Net cash provided by operating activities 194,638,000 119,109,000
Cash flows from investing activities:    
Principal collected on loans 1,920,088,000 2,174,933,000
Loans originated and purchased (2,092,161,000) (2,085,444,000)
Proceeds from sale of loans held for investment 53,245,000 20,186,000
Proceeds from sale of repossessed assets 28,004,000 43,093,000
Proceeds from sale of available-for-sale securities 23,408,000 219,780,000
Purchases of available-for-sale securities (53,208,000) (420,513,000)
Proceeds from principal repayments and maturities of available-for-sale securities 172,493,000 270,345,000
Proceeds from principal repayments and maturities of held-to-maturity securities 5,563,000 5,293,000
Additions to premises and equipment (7,607,000) (8,239,000)
Proceeds from sale of premises and equipment and other assets 2,040,000 2,265,000
Net cash outflows from purchase/sale of insurance contracts 0 (960,000)
Net purchase/sale of other equity securities 9,127,000 (3,452,000)
Net cash provided by investing activities 42,738,000 224,191,000
Cash flows from financing activities:    
Net increase in deposits (34,754,000) (358,930,000)
Net FHLB advances proceeds (repayments) (245,000,000) 100,000,000
Dividends paid on preferred stock (2,007,000) 0
Repurchase of outstanding common stock (2,176,000) (860,000)
Change in securities sold under agreements to repurchase 0 (100,000,000)
Repayment of junior subordinated debentures (5,930,000) (7,025,000)
Net cash provided by (used in) financing activities 200,133,000 (566,815,000)
Net increase in cash and cash equivalents 437,509,000 (223,515,000)
Cash and cash equivalents at beginning of period 299,685,000 752,458,000
Cash and cash equivalents at end of period 737,194,000 528,943,000
Cash and cash equivalents include:    
Cash and Cash Equivalents, at Carrying Value, Total $ 299,685,000 $ 752,458,000
[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.