Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Taxes [Abstract]  
Components of Income Tax Expense (Benefit)
The components of income tax (benefit) expense consisted of the following:

  
2016
  
2015
  
2014
 
          
Current income tax expense
 
$
1,981
  
$
10,169
  
$
22,551
 
Deferred income tax benefit
  
(8,326
)
  
(5,070
)
  
(21,806
)
Total income tax (benefit) expense
 
$
(6,345
)
 
$
5,099
  
$
745
 
Schedule of Income Tax Expense (Benefit) Reconciliation
The income tax (benefit) expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income before income taxes as a result of the following:
  
2016
  
2015
  
2014
 
          
Income before taxes
 
$
11,086
  
$
57,131
  
$
66,051
 
Statutory tax rate
  
39.00
%
  
39.00
%
  
39.00
%
             
Income tax expense at statutory rate
  
4,324
   
22,281
   
25,760
 
Increase (decrease) in taxes resulting from
            
Exempt interest income, net
  
(5,158
)
  
(6,041
)
  
(7,139
)
Effect of taxing life insurance operations as a qualified domestic life insurance company instead of as a regular corporation
  
(5,033
)
  
(4,936
)
  
(5,572
)
Effect of taxing capital gains at a preferential rate
  
(3,799
)
  
(7,432
)
  
(14,248
)
Dividends received deduction
  
-
   
270
   
173
 
Adjustment to deferred tax assets and liabilities for changes in effective tax rates
  
1,669
   
(1,576
)
  
5,466
 
Other adjustments to deferred tax assets and liabilities
  
2,852
   
(58
)
  
(707
)
Effect of extraordinary dividend distribution from the Association - reported net of taxes in other income
  
(151
)
  
(875
)
  
-
 
Tax credit benefit
  
(709
)
  
(537
)
  
(1,482
)
Tax returns to provision true up
  
(181
)
  
(1,084
)
  
-
 
Effect of reassessment of unused credits for alternative minimum taxes paid
  
-
   
-
   
(6,486
)
Subtotal
  
(10,510
)
  
(22,269
)
  
(29,995
)
Other permanent disallowances, net:
            
Disallowed resolution agreements expense
  
-
   
1,716
   
-
 
Disallowance of expenses related to exempt interest income
  
58
   
-
   
46
 
Disallowed dividend received deduction
  
-
   
3,598
   
4,815
 
Disallowed interest expense
  
8
   
12
   
21
 
Other
  
-
   
61
   
282
 
Total other permanent differences
  
66
   
5,387
   
5,164
 
Other adjustments
  
(225
)
  
(300
)
  
(184
)
Total income tax (benefit) expense
 
$
(6,345
)
 
$
5,099
  
$
745
 
Summary of Deferred Tax Assets and Liabilities
The net deferred tax asset at December 31, 2016 and 2015 of the Company and its subsidiaries is composed of the following:
  
2016
  
2015
 
       
Deferred tax assets
      
Allowance for doubtful receivables
 
$
10,070
  
$
13,434
 
Liability for pension benefits
  
10,624
   
21,416
 
Employee benefits plan
  
1,580
   
3,177
 
Postretirement benefits
  
772
   
1,252
 
Deferred compensation
  
2,041
   
1,818
 
Accumulated depreciation
  
1,137
   
1,240
 
Impairment loss on investments
  
2,035
   
1,749
 
Contingency reserves
  
-
   
30
 
Share-based compensation
  
4,393
   
4,875
 
Alternative minimum income tax credit
  
1,991
   
2,066
 
Purchased tax credits
  
6,062
   
931
 
Net operating loss
  
33,081
   
12,721
 
Difference in tax basis of investments portfolio
  
3,049
   
6,843
 
Accrued liabilities
  
2,133
   
2,402
 
Other
  
772
   
591
 
Gross deferred tax assets
  
79,740
   
74,545
 
Less: valuation allowance
  
(8,016
)
  
(7,839
)
Deferred tax assets
  
71,724
   
66,706
 
         
Deferred tax liabilities
        
Deferred policy acquisition costs
  
(6,621
)
  
(3,673
)
Catastrophe loss reserve
  
(8,020
)
  
(7,664
)
Unrealized gain on securities available for sale
  
(15,804
)
  
(15,021
)
Unamortized debt issue costs
  
(152
)
  
(29
)
Intangible asset
  
(2,195
)
  
(3,013
)
Accumulated depreciation
  
(14
)
  
(15
)
Gross deferred tax liabilities
  
(32,806
)
  
(29,415
)
Net deferred tax asset
 
$
38,918
  
$
37,291