Assets and Liabilities Measured at Fair Value on a Recurring Basis | At December 31, 2010 | | | | | | | | Balance at | (In thousands) | Level 1 | Level 2 | Level 3 | December 31, 2010 | | | | | | | | | | Assets | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | U.S. Treasury securities | $ | - | $ | 38,136 | $ | - | $ | 38,136 | Obligations of U.S. Government sponsored entities | | - | | 1,211,304 | | - | | 1,211,304 | Obligations of Puerto Rico, States and political subdivisions | | - | | 52,702 | | - | | 52,702 | Collateralized mortgage obligations - federal agencies | | - | | 1,238,294 | | - | | 1,238,294 | Collateralized mortgage obligations - private label | | - | | 84,938 | | - | | 84,938 | Mortgage-backed securities | | - | | 2,568,396 | | 7,759 | | 2,576,155 | Equity securities | | 3,952 | | 5,523 | | - | | 9,475 | Other | | - | | 25,848 | | - | | 25,848 | Total investment securities available-for-sale | $ | 3,952 | $ | 5,225,141 | $ | 7,759 | $ | 5,236,852 | | | | | | | | | | Trading account securities, excluding derivatives: | | | | | | | | | Obligations of Puerto Rico, States and political subdivisions | $ | - | $ | 16,438 | $ | - | $ | 16,438 | Collateralized mortgage obligations | | - | | 769 | | 2,746 | | 3,515 | Residential mortgage-backed securities - federal agencies | | - | | 472,806 | | 20,238 | | 493,044 | Other | | - | | 30,423 | | 2,810 | | 33,233 | Total trading account securities | $ | - | $ | 520,436 | $ | 25,794 | $ | 546,230 | Mortgage servicing rights | $ | - | $ | - | $ | 166,907 | $ | 166,907 | Derivatives | | - | | 72,993 | | - | | 72,993 | Total | $ | 3,952 | $ | 5,818,570 | $ | 200,460 | $ | 6,022,982 | | | | | | | | | | Liabilities | | | | | | | | | Derivatives | $ | - | $ | (76,344) | $ | - | $ | (76,344) | Trading liabilities | | - | | (10,459) | | - | | (10,459) | Equity appreciation instrument | | - | | (9,945) | | - | | (9,945) | Total | $ | - | $ | (96,748) | $ | - | $ | (96,748) |
At September 30, 2010 | | | | | | | | Balance at | (In thousands) | Level 1 | Level 2 | Level 3 | September 30, 2010 | | | | | | | | | | Assets | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | U.S. Treasury securities | $ | - | $ | 39,423 | $ | - | $ | 39,423 | Obligations of U.S. Government sponsored entities | | - | | 1,396,960 | | - | | 1,396,960 | Obligations of Puerto Rico, States and political subdivisions | | - | | 53,324 | | - | | 53,324 | Collateralized mortgage obligations - federal agencies | | - | | 1,347,041 | | - | | 1,347,041 | Collateralized mortgage obligations - private label | | - | | 95,390 | | - | | 95,390 | Mortgage-backed securities | | - | | 2,774,835 | | 7,816 | | 2,782,651 | Equity securities | | 3,571 | | 5,273 | | - | | 8,844 | Other | | - | | 17,850 | | - | | 17,850 | Total investment securities available-for-sale | $ | 3,571 | $ | 5,730,096 | $ | 7,816 | $ | 5,741,483 | | | | | | | | | | Trading account securities, excluding derivatives: | | | | | | | | | Obligations of Puerto Rico, States and political subdivisions | $ | - | $ | 17,063 | $ | - | $ | 17,063 | Collateralized mortgage obligations | | - | | 843 | | 2,753 | | 3,596 | Residential mortgage-backed securities - federal agencies | | - | | 426,321 | | 24,159 | | 450,480 | Other | | - | | 9,013 | | 2,870 | | 11,883 | Total trading account securities | $ | - | $ | 453,240 | $ | 29,782 | $ | 483,022 | Mortgage servicing rights | $ | - | $ | - | $ | 165,947 | $ | 165,947 | Derivatives | | - | | 85,350 | | - | | 85,350 | Total | $ | 3,571 | $ | 6,268,686 | $ | 203,545 | $ | 6,475,802 | | | | | | | | | | Liabilities | | | | | | | | | Derivatives | $ | - | $ | (91,332) | $ | - | $ | (91,332) | Equity appreciation instrument | | - | | (17,465) | | - | | (17,465) | Total | $ | - | $ | (108,797) | $ | - | $ | (108,797) |
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Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | At September 30, 2011 | | | | | | | | Balance at | (In thousands) | Level 1 | Level 2 | Level 3 | September 30, 2011 | | | | | | | | | | Assets | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | U.S. Treasury securities | $ | - | $ | 38,898 | $ | - | $ | 38,898 | Obligations of U.S. Government sponsored entities | | - | | 984,685 | | - | | 984,685 | Obligations of Puerto Rico, States and political subdivisions | | - | | 56,436 | | - | | 56,436 | Collateralized mortgage obligations - federal agencies | | - | | 1,756,647 | | - | | 1,756,647 | Collateralized mortgage obligations - private label | | - | | 65,250 | | - | | 65,250 | Mortgage-backed securities | | - | | 2,284,749 | | 7,492 | | 2,292,241 | Equity securities | | 2,710 | | 3,361 | | - | | 6,071 | Other | | - | | 26,301 | | - | | 26,301 | Total investment securities available-for-sale | $ | 2,710 | $ | 5,216,327 | $ | 7,492 | $ | 5,226,529 | | | | | | | | | | Trading account securities, excluding derivatives: | | | | | | | | | Obligations of Puerto Rico, States and political subdivisions | $ | - | $ | 5,543 | $ | - | $ | 5,543 | Collateralized mortgage obligations | | - | | 709 | | 2,571 | | 3,280 | Residential mortgage-backed securities - federal agencies | | - | | 218,452 | | 22,477 | | 240,929 | Other | | - | | 19,092 | | 4,091 | | 23,183 | Total trading account securities | $ | - | $ | 243,796 | $ | 29,139 | $ | 272,935 | Mortgage servicing rights | $ | - | $ | - | $ | 157,226 | $ | 157,226 | Derivatives | | - | | 67,586 | | - | | 67,586 | Total | $ | 2,710 | $ | 5,527,709 | $ | 193,857 | $ | 5,724,276 | | | | | | | | | | Liabilities | | | | | | | | | Derivatives | $ | - | $ | (71,165) | $ | - | $ | (71,165) | Total | $ | - | $ | (71,165) | $ | - | $ | (71,165) |
| Quarter ended September 30, 2011 | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | unrealized | | | | | | | | | | | | | | | gains | | | | | | | | | | | | | | | (losses) | | | | | | | | | | | | | | | included in | | | | | Gains | | | | | | | | | earnings/OCI | | | | | (losses) | | | | | | | | | related to | | | | | included | | | | | | | | | assets still | | | Balance at | in | | | | | | | Balance | held at | | | June 30, | earnings/ | | | | | | | at September 30, | September 30, | (In millions) | 2011 | OCI | Purchases | Sales | Settlements | 2011 | 2011 | Assets | | | | | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | | | | | Mortgage-backed securities | $ | 8 | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | | Total investment securities available-for- | | | | | | | | | | | | | | | | | sale | $ | 8 | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | | Trading account securities: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | $ | 3 | $ | - | $ | - | $ | - | $ | - | $ | 3 | $ | - | | Residential mortgage- backed securities - | | | | | | | | | | | | | | | | | federal agencies | | 27 | | (1) | | 1 | | (5) | | - | | 22 | | - | | Other | | 3 | | - | | 2 | | (1) | | - | | 4 | | - | | Total trading account securities | $ | 33 | $ | (1) | $ | 3 | $ | (6) | $ | - | $ | 29 | $ | - | [a] | Mortgage servicing rights | $ | 163 | $ | (11) | $ | 5 | $ | - | $ | - | $ | 157 | $ | (6) | [b] | Total | $ | 204 | $ | (12) | $ | 8 | $ | (6) | $ | 0 | $ | 194 | $ | (6) | |
| Nine months ended September 30, 2011 | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | unrealized | | | | | | | | | | | | | | | gains | | | | | | | | | | | | | | | (losses) | | | | | | | | | | | | | | | included in | | | | | Gains | | | | | | | | | earnings/OCI | | | | | (losses) | | | | | | | | | related to | | | | | included | | | | | | | | | assets still | | | Balance at | in | | | | | | | Balance | held at | | | December 31, | earnings/ | | | | | | | at September 30, | September 30, | (In millions) | 2010 | OCI | Purchases | Sales | Settlements | 2011 | 2011 | Assets | | | | | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | | | | | Mortgage-backed securities | $ | 8 | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | | Total investment securities available-for- | | | | | | | | | | | | | | | | | sale | $ | 8 | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | | Trading account securities: | | | | | | | | | | | | | | | | Collateralized mortgage obligations | $ | 3 | $ | - | $ | - | $ | - | $ | - | $ | 3 | $ | - | | Residential mortgage- backed securities - | | | | | | | | | | | | | | | | | federal agencies | | 20 | | - | | 11 | | (8) | | (1) | | 22 | | - | | Other | | 3 | | - | | 3 | | (2) | | - | | 4 | | 1 | | Total trading account securities | $ | 26 | $ | - | $ | 14 | $ | (10) | $ | (1) | $ | 29 | $ | 1 | [a] | Mortgage servicing rights | $ | 167 | $ | (27) | $ | 17 | $ | - | $ | - | $ | 157 | $ | (14) | [b] | Total | $ | 201 | $ | (27) | $ | 31 | $ | (10) | $ | (1) | $ | 194 | $ | (13) | |
| Quarter ended September 30, 2010 | | | | | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | | | | | unrealized | | | | | | | | | | | | | | | | | | | gains | | | | | | | | | | | | | | | | | | | (losses) | | | | | | | | | | | | | | | | | | | included in | | | | | Gains | | | | | | | | | | | | | earnings/OCI | | | | | (losses) | | | | | | | | | | | | | related to | | | | | included | | | | | | | | | | | | | assets still | | | Balance at | in | | | | | | | | | Transfers | Balance at | held at | | | June 30, | earnings/ | | | | | | | | | in (out) of | September 30, | September 30, | (In millions) | 2010 | OCI | Issuances | Purchases | Sales | Settlements | Level 3 | 2010 | 2010 | Assets | | | | | | | | | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | $ | 32 | $ | - | $ | - | $ | 1 | $ | - | $ | - | $ | (25) | $ | 8 | $ | - | | Total investment securities available-for- | | | | | | | | | | | | | | | | | | | | | sale | $ | 32 | $ | - | $ | - | $ | 1 | $ | - | $ | - | $ | (25) | $ | 8 | $ | - | | Trading account securities: | | | | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | $ | 3 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3 | $ | - | | Residential mortgage- backed securities - | | | | | | | | | | | | | | | | | | | | | federal agencies | | 114 | | 1 | | - | | 8 | | (8) | | (3) | | (88) | | 24 | | - | | Other | | 3 | | - | | - | | - | | - | | - | | - | | 3 | | - | | Total trading account securities | $ | 120 | $ | 1 | $ | - | $ | 8 | $ | (8) | $ | (3) | $ | (88) | $ | 30 | $ | - | [a] | Mortgage servicing rights | $ | 172 | $ | (10) | $ | - | $ | 4 | $ | - | $ | - | $ | - | $ | 166 | $ | (6) | [b] | Total | $ | 324 | $ | (9) | $ | - | $ | 13 | $ | (8) | $ | (3) | $ | (113) | $ | 204 | $ | (6) | |
| Nine months ended September 30, 2010 | | | | | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | | | | | unrealized | | | | | | | | | | | | | | | | | | | gains | | | | | | | | | | | | | | | | | | | (losses) | | | | | | | | | | | | | | | | | | | included in | | | | | Gains | | | | | | | | | | | | | earnings/OCI | | | | | (losses) | | | | | | | | | | | | | related to | | | | | included | | | | | | | | | | | | | assets still | | | Balance at | in | | | | | | | | | Transfers | Balance at | held at | | | December 31, | earnings/ | | | | | | | | | in (out) of | September 30, | September 30, | (In millions) | 2009 | OCI | Issuances | Purchases | Sales | Settlements | Level 3 | 2010 | 2010 | Assets | | | | | | | | | | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | $ | 34 | $ | 1 | $ | 3 | $ | - | $ | - | $ | (3) | $ | (27) | $ | 8 | $ | - | | Total investment securities available-for- | | | | | | | | | | | | | | | | | | | | | sale | $ | 34 | $ | 1 | $ | 3 | $ | - | $ | - | $ | (3) | $ | (27) | $ | 8 | $ | - | | Trading account securities: | | | | | | | | | | | | | | | | | | | | Collateralized mortgage obligations | $ | 3 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3 | $ | - | | Residential mortgage- backed securities - | | | | | | | | | | | | | | | | | | | | | federal agencies | | 224 | | 4 | | - | | 22 | | (45) | | (11) | | (170) | | 24 | | - | | Other | | 3 | | - | | - | | 1 | | (1) | | - | | - | | 3 | | - | | Total trading account securities | $ | 230 | $ | 4 | $ | - | $ | 23 | $ | (46) | $ | (11) | $ | (170) | $ | 30 | $ | - | [a] | Mortgage servicing rights | $ | 170 | $ | (20) | $ | - | $ | 16 | $ | - | $ | - | $ | - | $ | 166 | $ | (12) | [b] | Total | $ | 434 | $ | (15) | $ | 3 | $ | 39 | $ | (46) | $ | (14) | $ | (197) | $ | 204 | $ | (12) | |
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