Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value By Balance Sheet Grouping Text Block

		September 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		$	477,342	$	477,342	$	-	$	-	$	477,342	$	535,282	$	535,282
Money market investments			925,663		611,796		313,867		-		925,663		1,376,174		1,376,174
Trading account securities, excluding
	derivatives[1]		226,916		-		209,323		17,593		226,916		436,330		436,330
Investment securities available-for-sale[1]			5,120,301		3,941		5,109,217		7,143		5,120,301		5,009,823		5,009,823
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		95,425		-		-		97,424		97,424		98,973		98,770
	Collateralized mortgage
	obligation-federal agency		147		-		-		153		153		160		151
	Other		26,500		-		1,500		25,025		26,525		26,250		26,333
Total investment securities
	held-to-maturity	$	122,072	$	-	$	1,500	$	122,602	$	124,102	$	125,383	$	125,254
Other investment securities:
	FHLB stock	$	117,550	$	-	$	117,550	$	-	$	117,550	$	84,133	$	84,133
	FRB stock		79,718		-		79,718		-		79,718		79,648		79,648
	Trust preferred securities		14,197		-		13,197		1,000		14,197		14,197		14,197
	Other investments		1,924		-		-		3,675		3,675		1,902		3,605
Total other investment securities		$	213,389	$	-	$	210,465	$	4,675	$	215,140	$	179,880	$	181,583
Loans held-for-sale		$	337,049	$	-	$	9,387	$	342,287	$	351,675	$	363,093	$	390,783
Loans not covered under loss sharing
	agreement with the FDIC		20,117,554		-		-		16,926,290		16,926,290		19,912,233		16,753,889
Loans covered under loss sharing
	agreements with the FDIC		3,778,994		-		-		4,380,019		4,380,019		4,223,758		4,663,327
FDIC loss share asset			1,559,057		-		-		1,450,671		1,450,671		1,915,128		1,755,295
Mortgage servicing rights			158,367		-		-		158,367		158,367		151,323		151,323
Derivatives			49,881		-		49,881		-		49,881		61,887		61,887
		September 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	$	17,593,304	$	-	$	17,593,304	$	-	$	17,593,304	$	17,232,087	$	17,232,087
	Time deposits		8,726,195		-		8,808,199		-		8,808,199		10,710,040		10,825,256
Total deposits		$	26,319,499	$	-	$	26,401,503	$	-	$	26,401,503	$	27,942,127	$	28,057,343
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,306,374	$	-	$	1,313,558	$	-	$	1,313,558	$	1,102,907	$	1,107,314
	Structured repurchase agreements		638,190		-		727,844		-		727,844		1,038,190		1,166,488
Total assets sold under agreements to
	repurchase	$	1,944,564	$	-	$	2,041,401	$	-	$	2,041,401	$	2,141,097	$	2,273,802
Other short-term borrowings[2]		$	1,206,200	$	-	$	1,206,200	$	-	$	1,206,200	$	296,200	$	296,200
Notes payable:
	FHLB advances	$	631,898	$	-	$	664,250	$	-	$	664,250	$	642,568	$	673,505
	Medium-term notes		278,644		-		310,143		3,903		314,045		278,897		282,898
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		370,273		-		370,273		439,800		284,238
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		491,662		-		-		728,096		728,096		470,037		457,120
	Others		24,373		-		-		24,373		24,373		25,070		25,070
Total notes payable		$	1,866,377	$	-	$	1,344,666	$	756,372	$	2,101,038	$	1,856,372	$	1,722,831
Derivatives		$	56,629	$	-	$	56,629	$	-	$	56,629	$	66,700	$	66,700
Contingent consideration		$	103,688	$	-	$	-	$	103,688	$	103,688	$	99,762	$	99,762
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value		Notional amount		Fair value
Commitments to extend credit		$	7,327,865	$	-	$	-	$	1,633	$	1,633	$	6,695,956	$	2,062
Letters of credit			154,745		-		-		2,285		2,285		136,341		2,339