Borrowings

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements [Abstract]

Note 20 – Borrowings

The following table presents the composition of fed funds purchased and assets sold under agreements to repurchase at March 31, 2015 and December 31, 2014.


(In thousands)	March 31, 2015		December 31, 2014
Federal funds purchased	$	-	$	100,000
Assets sold under agreements to repurchase		1,132,643		1,171,657
Total federal funds purchased and assets sold under agreements to repurchase	$	1,132,643	$	1,271,657

The following table presents information related to the Corporation's repurchase transactions accounted for as secured borrowings that are collateralized with investment securities available-for-sale, other assets held-for-trading purposes or which have been obtained under agreements to resell. It is the Corporation's policy to maintain effective control over assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the consolidated statements of financial condition.

Repurchase agreements accounted for as secured borrowings

		March 31, 2015		December 31, 2014
			Repurchase		Repurchase
(Dollars in thousands)			liability		liability
U.S. Treasury Securities
Obligations of U.S. government
	sponsored entities
	Overnight	$	8,150	$	-
	Within 30 days		220,664		289,545
	After 30 to 90 days		113,779		25,761
	After 90 days		140,320		420,176
Total obligations of U.S. government sponsored entities			482,913		735,482
Obligations of Puerto Rico, states and political subdivisions
	Overnight		93		23,397
	Within 30 days		2,954		5,199
Total Obligations of Puerto Rico, states and political subdivisions			3,047		28,596
Mortgage-backed securities
	Overnight		6,071		4,850
	Within 30 days		96,791		54,311
	After 30 to 90 days		83,206		-
	After 90 days		291,315		195,629
Total mortgage-backed securities			477,383		254,790
Collateralized mortgage obligations
	Overnight		219		-
	Within 30 days		37,682		16,700
	After 30 to 90 days		48,650		55,338
	After 90 days		72,079		71,281
Total collateralized mortgage
	obligations		158,630		143,319
Other
	Overnight		2,489		1,353
	Within 30 days		8,181		8,117
Total other			10,670		9,470
Total		$	1,132,643	$	1,171,657

Repurchase agreements in portfolio are generally short-term, often overnight and Popular acts as borrowers transferring assets to the counterparty. As such our risk is very limited. We manage the liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate.

The following table presents the composition of other short-term borrowings at March 31, 2015 and December 31, 2014.

(In thousands)	March 31, 2015		December 31, 2014
Advances with the FHLB paying interest at maturity	$	-	$	20,000
Others		1,200		1,200
Total other short-term borrowings	$	1,200	$	21,200
Note: Refer to the Corporation's 2014 Annual Report for rates information at December 31, 2014.

The following table presents the composition of notes payable at March 31, 2015 and December 31, 2014.

(In thousands)		March 31, 2015		December 31, 2014

Advances with the FHLB with maturities ranging from 2015 through 2025 paying interest at
	monthly fixed rates ranging from 0.41% to 4.19 %	$	847,884	$	802,198

Unsecured senior debt securities maturing on 2019 paying interest semiannually at a
	fixed rate of 7.00%		450,000		450,000

Junior subordinated deferrable interest debentures (related to trust preferred
	securities) with maturities ranging from 2027 to 2034 with fixed interest
	rates ranging from 6.125% to 8.327% (Refer to Note 22)		439,800		439,800

Others			19,629		19,830
Total notes payable		$	1,757,313	$	1,711,828

A breakdown of borrowings by contractual maturities at March 31, 2015 is included in the table below.

	Assets sold under			Short-term
(In thousands)	agreements to repurchase			borrowings	Notes payable		Total
Year
2015	$	963,092	$	1,200	$	328,716	$	1,293,008
2016		169,551		-		251,966		421,517
2017		-		-		83,983		83,983
2018		-		-		107,840		107,840
2019		-		-		464,121		464,121
Later years		-		-		520,687		520,687
Total borrowings	$	1,132,643	$	1,200	$	1,757,313	$	2,891,156

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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