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CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income:        
Loans $ 139,205 $ 134,593 $ 409,918 $ 398,732
Investment securities 15,121 12,109 43,840 39,361
Money market investments and interest-bearing cash accounts 3,166 1,293 8,785 2,504
Total interest income 157,492 147,995 462,543 440,597
Interest expense:        
Deposits 16,979 16,898 50,924 49,218
Securities sold under agreements to repurchase 2,333 2,917 7,173 8,305
Advances from FHLB 3,344 3,209 10,126 7,623
Other borrowings 2,315 2,139 6,635 6,166
Total interest expense 24,971 25,163 74,858 71,312
Net interest income 132,521 122,832 387,685 369,285
Provision for loan and lease losses 11,524 75,013 51,604 118,551
Net interest income after provision for loan and lease losses 120,997 47,819 336,081 250,734
Non-interest income:        
Mortgage banking activities 4,551 3,117 13,551 11,579
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities:        
Total OTTI losses 0 0 0 (12,231)
Portion of OTTI recognized in other comprehensive income (OCI) 0 0 0 0
Net impairment losses on available-for-sale debt securities [1] 0 0 0 (12,231)
Gain on early extinguishment of debt 0 1,391 2,316 1,391
Insurance commission income 1,493 1,377 6,628 6,819
Other non-interest income 6,898 6,963 23,271 22,118
Total non-interest income 18,523 18,645 61,779 47,437
Non-interest expenses:        
Employees' compensation and benefits 39,243 37,128 119,482 114,190
Occupancy and equipment 14,660 13,745 43,511 41,592
Business promotion 3,860 3,244 10,452 9,717
Professional fees 11,502 12,023 31,755 34,779
Taxes, other than income taxes 3,534 3,763 11,027 11,184
FDIC deposit insurance 2,067 3,179 7,159 10,671
Net loss on OREO and OREO operations 4,360 1,351 10,205 8,796
Credit and debit card processing expenses 4,147 3,737 11,450 10,134
Communications 1,642 1,603 4,706 4,774
Other non-interest expenses 5,850 5,841 17,361 16,728
Total non-interest expenses 90,865 85,614 267,108 262,565
Income (loss) before income taxes 48,655 (19,150) 130,752 35,606
Income tax (expense) benefit (12,332) 8,398 (30,249) 7,181
Net income (loss) 36,323 (10,752) 100,503 42,787
Net income (loss) attributable to common stockholders $ 35,654 $ (11,421) $ 98,496 $ 40,780
Net income per common share:        
Basic $ 0.16 $ (0.05) $ 0.46 $ 0.19
Diluted 0.16 (0.05) 0.45 0.19
Dividends declared per common share $ 0 $ 0 $ 0 $ 0
Deposit Account [Member]        
Non-interest income:        
Service charges and fees on deposit accounts $ 5,581 $ 5,797 $ 16,013 $ 17,390
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities:        
Total non-interest income $ 5,570   $ 16,002  
[1]
Credit losses on Puerto Rico government debt securities, recorded in the first quarter of 2017.