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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 53,539,000 $ 45,297,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,230,000 9,015,000
Amortization of intangible assets 2,242,000 2,442,000
Provision for loan and lease losses 43,538,000 42,039,000
Deferred income tax expense 728,000 11,972,000
Stock-based compensation 3,599,000 3,346,000
Gain on sales of investments (371,000) (8,000)
Gain on early extinguishment of debt 0 (4,217,000)
Other-than-temporary impairments on debt securities [1] 12,231,000 6,687,000
Unrealized loss (gain) on derivative instruments (307,000) 243,000
Net gain on disposition of premises and equipment and other assets (133,000) (686,000)
Net gain on sales of loans (3,696,000) (5,089,000)
Net amortization/accretion of premiums, discounts and deferred loan fees and costs (4,235,000) (4,624,000)
Originations and purchases of loans held for sale (182,678,000) (220,056,000)
Sales and repayments of loans held for sale 188,890,000 224,765,000
Amortization of broker placement fees 1,007,000 1,645,000
Net amortization/accretion of premium and discounts on investment securities 40,000 1,898,000
Decrease in accrued interest receivable 10,000 2,713,000
Increase (decrease) in accrued interest payable 567,000 (26,580,000)
Decrease in other assets 4,225,000 2,816,000
Increase (decrease) increase in other liabilities 4,148,000 (11,414,000)
Net cash provided by operating activities 131,574,000 82,204,000
Cash flows from investing activities:    
Principal collected on loans 1,362,537,000 1,494,316,000
Loans originated and purchased (1,498,967,000) (1,321,511,000)
Proceeds from sale of loans held for investment 53,245,000 0
Proceeds from sale of repossessed assets 20,999,000 27,674,000
Proceeds from sale of available-for-sale securities 23,408,000 14,990,000
Purchases of available-for-sale securities (12,440,000) (279,500,000)
Proceeds from principal repayments and maturities of available-for-sale securities 119,664,000 183,570,000
Proceeds from principal repayments and maturities of held-to-maturity securities 141,000 141,000
Additions to premises and equipment (5,269,000) (5,280,000)
Proceeds from sale of premises and equipment and other assets 1,109,000 2,250,000
Net cash outflows from purchase/sale of insurance contracts 0 (960,000)
Net purchase/sale of other equity securities 80,000 210,000
Net cash provided by investing activities 64,347,000 115,480,000
Cash flows from financing activities:    
Net increase in deposits (64,810,000) (114,613,000)
Net FHLB advances proceeds (5,000,000) 0
Dividends paid on preferred stock (1,338,000) 0
Repurchase of outstanding common stock (1,894,000) (590,000)
Repayment of junior subordinated debentures 0 (7,025,000)
Net cash used in financing activities (63,042,000) (122,228,000)
Net increase in cash and cash equivalents 132,879,000 75,456,000
Cash and cash equivalents at beginning of period 299,685,000 752,458,000
Cash and cash equivalents at end of period 432,564,000 827,914,000
Cash and cash equivalents include:    
Cash and Cash Equivalents, at Carrying Value, Total $ 299,685,000 $ 752,458,000
[1]
For the six-month periods ended June 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 six-month period ended June 30, 2016, $0.4 million of the credit impairment recognized in earnings was associated with credit losses on private label MBS.