Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value By Balance Sheet Grouping Text Block

		June 30, 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		$	515,338	$	515,338	$	-	$	-	$	515,338	$	535,282	$	535,282
Money market investments			949,828		-		949,828		-		949,828		1,376,174		1,376,174
Trading account securities, excluding
	derivatives[1]		417,463		-		394,547		22,916		417,463		436,330		436,330
Investment securities available-for-sale[1]			5,076,797		3,523		5,065,892		7,382		5,076,797		5,009,823		5,009,823
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	97,999	$	-	$	1,385	$	98,457	$	99,842	$	98,973	$	98,770
	Collateralized mortgage
	obligation-federal agency		147		-		-		152		152		160		151
	Other		26,500		-		1,500		25,029		26,529		26,250		26,333
Total investment securities
	held-to-maturity	$	124,646	$	-	$	2,885	$	123,638	$	126,523	$	125,383	$	125,254
Other investment securities:
	FHLB stock	$	78,650	$	-	$	78,650	$	-	$	78,650	$	84,133	$	84,133
	FRB stock		79,563		-		79,563		-		79,563		79,648		79,648
	Trust preferred securities		14,197		-		13,197		1,000		14,197		14,197		14,197
	Other investments		1,877		-		-		3,538		3,538		1,902		3,605
Total other investment securities		$	174,287	$	-	$	171,410	$	4,538	$	175,948	$	179,880	$	181,583
Loans held-for-sale		$	364,537	$	-	$	4,689	$	369,503	$	374,193	$	363,093	$	390,783
Loans not covered under loss sharing
	agreement with the FDIC		20,017,274		-		-		17,193,518		17,193,518		19,912,233		16,753,889
Loans covered under loss sharing
	agreements with the FDIC		3,898,835		-		-		4,490,006		4,490,006		4,223,758		4,663,327
FDIC loss share asset			1,631,594		-		-		1,509,000		1,509,000		1,915,128		1,755,295
Mortgage servicing rights			155,711		-		-		155,711		155,711		151,323		151,323
Derivatives			53,250		-		53,250		-		53,250		61,887		61,887
		June 30, 2012											December 31, 2011
		Carrying											Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value			amount	Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	17,844,459	$	-	$	17,844,459	$	-	$	17,844,459	$	17,232,087	$	17,232,087
	Time deposits		9,570,321		-		9,661,260		-		9,661,260		10,710,040		10,825,256
Total deposits		$	27,414,780	$	-	$	27,505,719	$	-	$	27,505,719	$	27,942,127	$	28,057,343
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	788,446	$	-	$	795,140	$	-	$	795,140	$	1,102,907	$	1,107,314
	Structured repurchase agreements		638,190		-		729,662		-		729,662		1,038,190		1,166,488
Total assets sold under agreements to
	repurchase	$	1,426,636	$	-	$	1,524,802	$	-	$	1,524,802	$	2,141,097	$	2,273,802
Other short-term borrowings[2]		$	316,200	$	-	$	316,200	$	-	$	316,200	$	296,200	$	296,200
Notes payable:
	FHLB advances	$	650,370	$	-	$	683,701	$	-	$	683,701	$	642,568	$	673,505
	Medium-term notes		278,731		-		290,459		3,964		294,423		278,897		282,898
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		328,913		-		328,913		439,800		284,238
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		484,162		-		-		737,422		737,422		470,037		457,120
	Others		24,520		-		-		24,520		24,520		25,070		25,070
Total notes payable		$	1,877,583	$	-	$	1,303,073	$	765,906	$	2,068,979	$	1,856,372	$	1,722,831
Derivatives		$	58,410	$	-	$	58,410	$	-	$	58,410	$	66,700	$	66,700
Contingent consideration		$	101,013	$	-	$	-	$	101,013	$	101,013	$	99,762	$	99,762
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value		Notional amount		Fair value
Commitments to extend credit		$	6,996,292	$	-	$	-	$	1,776	$	1,776	$	6,695,956	$	2,062
Letters of credit			140,545		-		-		2,982		2,982		136,341		2,339