Debt securities held-to-maturity (Tables)

9 Months Ended

Sep. 30, 2020

Investments [Abstract]

Debt Securities, Held-to-maturity

		At September 30, 2020
					Allowance			Gross		Gross				Weighted
		Amortized			for Credit		Net of	unrealized		unrealized		Fair		average
(In thousands)		cost			Losses		Allowance	gains		losses		value		yield
Obligations of Puerto Rico, States and political subdivisions
	Within 1 year	$	3,990	$	206	$	3,784	$	83	$	-	$	3,867	6.06	%
	After 1 to 5 years		16,030		1,547		14,483		1,507		-		15,990	6.16
	After 5 to 10 years		14,845		1,118		13,727		556		131		14,152	2.77
	After 10 years		46,202		9,550		36,652		12,334		-		48,986	1.60
Total obligations of Puerto Rico, States and political subdivisions			81,067		12,421		68,646		14,480		131		82,995	2.93
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		35		-		35		2		-		37	6.44
Total collateralized mortgage obligations - federal agencies			35		-		35		2		-		37	6.44
Securities in wholly owned statutory business trusts
	After 10 years		11,561		-		11,561		-		-		11,561	6.51
Total securities in wholly owned statutory business trusts			11,561		-		11,561		-		-		11,561	6.51
Other
	Within 1 year		500		-		500		-		-		500	2.97
Total other			500		-		500		-		-		500	2.97
Total debt securities held-to-maturity		$	93,163	$	12,421	$	80,742	$	14,482	$	131	$	95,093	3.38	%

		At December 31, 2019
				Gross		Gross				Weighted
		Amortized		unrealized		unrealized		Fair		average
(In thousands)		cost		gains		losses		value		yield
Obligations of Puerto Rico, States and political subdivisions
	Within 1 year	$	3,745	$	-	$	11	$	3,734	6.01	%
	After 1 to 5 years		17,580		-		320		17,260	6.11
	After 5 to 10 years		18,195		-		1,607		16,588	3.11
	After 10 years		46,036		9,384		-		55,420	1.67
Total obligations of Puerto Rico, States and political subdivisions			85,556		9,384		1,938		93,002	3.08
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		45		2		-		47	6.44
Total collateralized mortgage obligations - federal agencies			45		2		-		47	6.44
Securities in wholly owned statutory business trusts
	After 10 years		11,561		-		-		11,561	6.51
Total securities in wholly owned statutory business trusts			11,561		-		-		11,561	6.51
Other
	Within 1 year		500		-		-		500	2.97
Total other			500		-		-		500	2.97
Total debt securities held-to-maturity		$	97,662	$	9,386	$	1,938	$	105,110	3.49	%

Debt Securities Held To Maturity Unrealized Loss Position Fair Value

	At December 31, 2019
	Less than 12 months				12 months or more				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
(In thousands)	value		losses		value		losses		value		losses
Obligations of Puerto Rico, States and political subdivisions	$	17,544	$	291	$	12,673	$	1,647	$	30,217	$	1,938
Total debt securities held-to-maturity in an unrealized loss position	$	17,544	$	291	$	12,673	$	1,647	$	30,217	$	1,938

Debt securities held to maturity credit quality indicator

	September 30, 2020
(In thousands)		Securities issued by Puerto Rico Municipalities
Watch	$	20,585
Special Mention		14,730
Ending Balance	$	35,315

Debt securities held to maturity allowance for credit loss

Allowance for credit losses on debt securities held-to-maturity

The following table provides the activity in the allowance for credit losses related to debt securities held-to-maturity by security type for the quarter and nine months ended September 30, 2020.

		For the quarter ended September 30, 2020
(In thousands)			Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
	Beginning balance	$	12,735
	Provision for credit loss expense (reversal of provision)		(314)
	Securities charged-off		-
	Recoveries		-
Ending Balance		$	12,421

		For the nine months ended September 30, 2020
(In thousands)			Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
	Beginning balance, January 1, 2020	$	-
	Impact of adopting CECL		12,654
	Provision for credit loss expense (reversal of provision)		(233)
	Securities charged-off		-
	Recoveries		-
Ending Balance		$	12,421