Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value By Balance Sheet Grouping Text Block

		March 31, 2012											December 31, 2011
		Carrying											Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value			amount	Fair value
Financial Assets:
Cash and due from banks		$	472,806	$	472,806	$	-	$	-	$	472,806	$	535,282	$	535,282
Money market investments			1,304,263		-		1,304,263		-		1,304,263		1,376,174		1,376,174
Trading account securities, excluding
	derivatives[1]		404,206		-		381,105		23,101		404,206		436,330		436,330
Investment securities available-for-sale[1]			5,138,616		3,846		5,127,544		7,226		5,138,616		5,009,823		5,009,823
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	97,717	$	-	$	1,400	$	96,739	$	98,139	$	98,973	$	98,770
	Collateralized mortgage
	obligation-federal agency		155		-		-		161		161		160		151
	Other		26,500		-		1,500		25,029		26,529		26,250		26,333
Total investment securities
	held-to-maturity	$	124,372	$	-	$	2,900	$	121,929	$	124,829	$	125,383	$	125,254
Other investment securities:
	FHLB stock	$	100,240	$	-	$	100,240	$	-	$	100,240	$	84,133	$	84,133
	FRB stock		79,369		-		79,369		-		79,369		79,648		79,648
	Trust preferred securities		14,197		-		13,197		1,000		14,197		14,197		14,197
	Other investments		1,902		-		-		3,566		3,566		1,902		3,605
Total other investment securities		$	195,708	$	-	$	192,806	$	4,566	$	197,372	$	179,880	$	181,583
Loans held-for-sale		$	361,596	$	-	$	3,229	$	375,794	$	379,023	$	363,093	$	390,783
Loans not covered under loss sharing
	agreement with the FDIC		19,813,906		-		-		16,749,026		16,749,026		19,912,233		16,753,889
Loans covered under loss sharing
	agreements with the FDIC		4,083,292		-		-		4,665,129		4,665,129		4,223,758		4,663,327
FDIC loss share asset			1,880,357		-		-		1,734,507		1,734,507		1,915,128		1,755,295
Mortgage servicing rights			156,331		-		-		156,331		156,331		151,323		151,323
Derivatives			58,691		-		58,691		-		58,691		61,887		61,887
Financial Liabilities:
Deposits:
	Demand deposits	$	17,274,145	$	-	$	17,274,145	$	-	$	17,274,145	$	17,232,087	$	17,232,087
	Time deposits		9,923,591		-		10,015,038		-		10,015,038		10,710,040		10,825,256
Total deposits		$	27,197,736	$	-	$	27,289,183	$	-	$	27,289,183	$	27,942,127	$	28,057,343
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,125,367	$	-	$	1,131,082	$	-	$	1,131,082	$	1,102,907	$	1,107,314
	Structured repurchase agreements		988,190		-		1,102,336		-		1,102,336		1,038,190		1,166,488
Total assets sold under agreements to
	repurchase	$	2,113,557	$	-	$	2,233,418	$	-	$	2,233,418	$	2,141,097	$	2,273,802
Other short-term borrowings[2]		$	751,200	$	-	$	751,200	$	-	$	751,200	$	296,200	$	296,200
Notes payable:
	FHLB advances	$	623,286	$	-	$	654,941	$	-	$	654,941	$	642,568	$	673,505
	Medium-term notes		278,815		-		283,965		4,053		288,018		278,897		282,898
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		343,276		-		343,276		439,800		284,238
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		476,957		-		-		729,351		729,351		470,037		457,120
	Others		24,896		-		-		24,896		24,896		25,070		25,070
Total notes payable		$	1,843,754	$	-	$	1,282,182	$	758,300	$	2,040,482	$	1,856,372	$	1,722,831
Derivatives		$	62,717	$	-	$	62,717	$	-	$	62,717	$	66,700	$	66,700
Contingent consideration		$	100,834	$	-	$	-	$	100,834	$	100,834	$	99,762	$	99,762
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value		Notional amount		Fair value
Commitments to extend credit		$	6,821,833	$	-	$	-	$	1,796	$	1,796	$	6,231,213	$	2,062
Letters of credit			143,485		-		-		3,450		3,450		136,341		2,339