Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures

Fair Value By Balance Sheet Grouping Text Block

		March 31, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	376,558	$	376,558	$	-	$	-	$	376,558
Money market investments			4,814,134		4,804,949		9,185		-		4,814,134
Trading account debt securities, excluding
	derivatives[1]		39,217		6,764		31,337		1,116		39,217
Debt securities available-for-sale[1]			13,542,695		2,476,890		11,064,570		1,235		13,542,695
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	87,341	$	-	$	-	$	91,340	$	91,340
	Collateralized mortgage
	obligation-federal agency		53		-		-		56		56
	Securities in wholly owned statutory
	business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities
	held-to-maturity	$	99,455	$	-	$	12,061	$	91,396	$	103,457
Equity securities:
	FHLB stock	$	48,949	$	-	$	48,949	$	-	$	48,949
	FRB stock		90,598		-		90,598		-		90,598
	Other investments		18,960		-		17,658		6,345		24,003
Total equity securities		$	158,507	$	-	$	157,205	$	6,345	$	163,550
Loans held-for-sale		$	43,985	$	-	$	-	$	45,085	$	45,085
Loans held-in-portfolio			26,097,080		-		-		23,941,120		23,941,120
Mortgage servicing rights			167,813		-		-		167,813		167,813
Derivatives			14,843		-		14,843		-		14,843
		March 31, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	33,074,074	$	-	$	33,074,074	$	-	$	33,074,074
	Time deposits		7,805,764		-		7,633,195		-		7,633,195
Total deposits		$	40,879,838	$	-	$	40,707,269	$	-	$	40,707,269
Assets sold under agreements to
	repurchase	$	200,871	$	-	$	200,691	$	-	$	200,691
Other short-term borrowings[2]		$	42	$	-	$	42	$	-	$	42
Notes payable:
	FHLB advances	$	497,250	$	-	$	498,220	$	-	$	498,220
	Unsecured senior debt securities		294,356		-		308,142		-		308,142
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		384,882		-		389,331		-		389,331
Total notes payable		$	1,176,488	$	-	$	1,195,693	$	-	$	1,195,693
Derivatives		$	12,770	$	-	$	12,770	$	-	$	12,770

[1] Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

[2] Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.

		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	394,035	$	394,035	$	-	$	-	$	394,035
Money market investments			4,171,048		4,161,832		9,216		-		4,171,048
Trading account debt securities, excluding
	derivatives[1]		37,787		6,278		30,370		1,139		37,787
Debt securities available-for-sale[1]			13,300,184		2,719,740		10,579,211		1,233		13,300,184
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	89,459	$	-	$	-	$	90,534	$	90,534
	Collateralized mortgage
	obligation-federal agency		55		-		-		58		58
	Securities in wholly owned statutory
	business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities
	held-to-maturity	$	101,575	$	-	$	12,061	$	90,592	$	102,653
Equity securities:
	FHLB stock	$	51,628	$	-	$	51,628	$	-	$	51,628
	FRB stock		89,358		-		89,358		-		89,358
	Other investments		14,598		-		13,296		5,539		18,835
Total equity securities		$	155,584	$	-	$	154,282	$	5,539	$	159,821
Loans held-for-sale		$	51,422	$	-	$	-	$	52,474	$	52,474
Loans held-in-portfolio			25,938,541		-		-		23,143,027		23,143,027
Loans covered under loss sharing
Mortgage servicing rights			169,777		-		-		169,777		169,777
Derivatives			13,603		-		13,603		-		13,603
		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	32,093,274	$	-	$	32,093,274	$	-	$	32,093,274
	Time deposits		7,616,765		-		7,392,698		-		7,392,698
Total deposits		$	39,710,039	$	-	$	39,485,972	$	-	$	39,485,972
Assets sold under agreements to
	repurchase	$	281,529	$	-	$	281,535	$	-	$	281,535
Other short-term borrowings[2]		$	42	$	-	$	42	$	-	$	42
Notes payable:
	FHLB advances	$	556,776	$	-	$	553,111	$	-	$	553,111
	Unsecured senior debt		294,039		-		302,664		-		302,664
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		384,875		-		381,079		-		381,079
	Capital lease obligations		20,412		-		-		20,412		20,412
Total notes payable		$	1,256,102	$	-	$	1,236,854	$	20,412	$	1,257,266
Derivatives		$	12,320	$	-	$	12,320	$	-	$	12,320

[1] Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

[2] Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.