Debt securities held-to-maturity (Tables)

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Debt Securities, Held-to-maturity

		At September 30, 2021
					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	$	4,240	$	46	$	4,194	$	47	$	-	$	4,241	6.09	%
	After 1 to 5 years		14,395		555		13,840		555		-		14,395	6.23
	After 5 to 10 years		11,280		347		10,933		194		-		11,127	2.18
	After 10 years		44,149		8,274		35,875		12,545		-		48,420	1.52
Total obligations of Puerto Rico, States and political subdivisions			74,064		9,222		64,842		13,341		-		78,183	2.80
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		30		-		30		1		-		31	6.44
Total collateralized mortgage obligations - federal agencies			30		-		30		1		-		31	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
Total debt securities held-to-maturity		$	85,655	$	9,222	$	76,433	$	13,342	$	-	$	89,775	3.30	%

		At December 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	$	3,990	$	50	$	3,940	$	47	$	-	$	3,987	6.05	%
	After 1 to 5 years		16,030		710		15,320		710		-		16,030	6.16
	After 5 to 10 years		14,845		573		14,272		295		23		14,544	2.77
	After 10 years		46,164		8,928		37,236		11,501		-		48,737	1.58
Total obligations of Puerto Rico, States and political subdivisions			81,029		10,261		70,768		12,553		23		83,298	2.93
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		31		-		31		1		-		32	6.44
Total collateralized mortgage obligations - federal agencies			31		-		31		1		-		32	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
Total debt securities held-to-maturity		$	92,621	$	10,261	$	82,360	$	12,554	$	23	$	94,891	3.38	%

Debt securities held to maturity credit quality indicator

	At September 30, 2021		At December 31, 2020
(In thousands)	Securities issued by Puerto Rico municipalities
Watch	$	16,345	$	35,315
Pass		13,800		-
Total	$	30,145	$	35,315

Debt securities held to maturity allowance for credit loss

	For the quarters ended September 30,
		2021		2020
(In thousands)	Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance	$	10,214	$	12,735
Provision for credit losses (benefit)		(992)		(314)
Securities charged-off		-		-
Recoveries		-		-
Ending balance	$	9,222	$	12,421

	For the nine months ended September 30,
		2021		2020
(In thousands)		Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance	$	10,261	$	-
Impact of adopting CECL		-		12,654
Provision for credit losses (benefit)		(1,039)		(233)
Securities charged-off		-		-
Recoveries		-		-
Ending balance	$	9,222	$	12,421