Debt securities held-to-maturity (Tables)

3 Months Ended

Mar. 31, 2020

Investments [Abstract]

Debt Securities, Held-to-maturity

		At March 31, 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	$	3,920	$	191	$	3,729	$	-	$	27	$	3,702	6.05	%
	After 1 to 5 years		16,390		1,683		14,707		-		131		14,576	6.13
	After 5 to 10 years		16,660		1,424		15,236		-		1,880		13,356	2.81
	After 10 years		46,191		10,092		36,099		3,083		2,520		36,662	1.65
Total obligations of Puerto Rico, States and political subdivisions			83,161		13,390		69,771		3,083		4,558		68,296	2.97
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		41		-		41		2		-		43	6.44
Total collateralized mortgage obligations - federal agencies			41		-		41		2		-		43	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		$	95,263	$	13,390	$	81,873	$	3,085	$	4,558	$	80,400	3.40	%

		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

At March 31, 2020
(In thousands)		Securities issued by Puerto Rico Municipalities
Watch	$	22,230
Special Mention		15,395
Ending Balance	$	37,625

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 period ended March 31, 2020.

	At March 31, 2020
(In thousands)			Obligations of Puerto Rico, States and political subdivisions		Collateralized mortgage obligations - federal agencies		Securities in wholly owned statutory business trusts		Other		Total
Allowance for credit losses:
	Beginning balance, January 1, 2020	$	-	$	-	$	-	$	-	$	-
	Impact of adopting CECL		12,654		-		-		-		12,654
	Provision for credit loss expense (reversal of provision)		736		-		-		-		736
	Securities charged-off		-		-		-		-		-
	Recoveries		-		-		-		-		-
Ending Balance		$	13,390	$	-	$	-	$	-	$	13,390