Borrowings

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014.


(In thousands)	June 30, 2015		December 31, 2014
Federal funds purchased	$	-	$	100,000
Assets sold under agreements to repurchase		1,121,244		1,171,657
Total federal funds purchased and assets sold under agreements to repurchase	$	1,121,244	$	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

		June 30, 2015		December 31, 2014
			Repurchase		Repurchase
(In thousands)			liability		liability
U.S. Treasury Securities
	Within 30 days	$	999	$	-
Total U.S. Treasury Securities			999		-
Obligations of U.S. government
	sponsored entities
	Overnight		275		-
	Within 30 days		65,476		289,545
	After 30 to 90 days		208,855		25,761
	After 90 days		150,521		420,176
Total obligations of U.S. government sponsored entities			425,127		735,482
Obligations of Puerto Rico, states and political subdivisions
	Overnight		-		23,397
	Within 30 days		6,836		5,199
	After 30 to 90 days		116		-
Total Obligations of Puerto Rico, states and political subdivisions			6,952		28,596
Mortgage-backed securities
	Overnight		4,792		4,850
	Within 30 days		37,535		54,311
	After 30 to 90 days		70,458		-
	After 90 days		469,800		195,629
Total mortgage-backed securities			582,585		254,790
Collateralized mortgage obligations
	Within 30 days		42,998		16,700
	After 30 to 90 days		42,590		55,338
	After 90 days		17,945		71,281
Total collateralized mortgage
	obligations		103,533		143,319
Other
	Overnight		1,858		1,353
	Within 30 days		-		8,117
	After 30 to 90 days		190		-
Total other			2,048		9,470
Total		$	1,121,244	$	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 June 30, 2015 and December 31, 2014.

(In thousands)	June 30, 2015		December 31, 2014
Advances with the FHLB paying interest at maturity of 0.34%	$	100,000	$	20,000
Others		1,200		1,200
Total other short-term borrowings	$	101,200	$	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 June 30, 2015 and December 31, 2014.

(In thousands)		June 30, 2015		December 31, 2014

Advances with the FHLB with maturities ranging from 2015 through 2029 paying interest at
	monthly fixed rates ranging from 0.41% to 4.19 %	$	894,800	$	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			19,428		19,830
Total notes payable		$	1,804,028	$	1,711,828

A breakdown of borrowings by contractual maturities at June 30, 2015 is included in the table below.

	Assets sold under			Short-term
(In thousands)	agreements to repurchase			borrowings	Notes payable		Total
Year
2015	$	792,506	$	101,200	$	318,516	$	1,212,222
2016		328,738		-		253,536		582,274
2017		-		-		85,645		85,645
2018		-		-		109,494		109,494
2019		-		-		465,813		465,813
Later years		-		-		571,024		571,024
Total borrowings	$	1,121,244	$	101,200	$	1,804,028	$	3,026,472