Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures

Fair Value By Balance Sheet Grouping Text Block

		March 31, 2020
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	445,551	$	445,551	$	-	$	-	$	445,551
Money market investments			5,941,716		5,935,945		5,771		-		5,941,716
Trading account debt securities, excluding derivatives[1]			42,545		1		41,649		895		42,545
Debt securities available-for-sale[1]			15,813,301		2,099,856		13,712,268		1,177		15,813,301
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States and political subdivisions	$	69,771	$	-	$	-	$	68,296	$	68,296
	Collateralized mortgage obligation-federal agency		41		-		-		43		43
	Securities in wholly owned statutory business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities held-to-maturity		$	81,873	$	-	$	12,061	$	68,339	$	80,400
Equity securities:
	FHLB stock	$	46,316	$	-	$	46,316	$	-	$	46,316
	FRB stock		93,838		-		93,838		-		93,838
	Other investments		22,904		-		21,601		6,704		28,305
Total equity securities		$	163,058	$	-	$	161,755	$	6,704	$	168,459
Loans held-for-sale		$	87,855	$	-	$	-	$	91,182	$	91,182
Loans held-in-portfolio			26,742,556		-		-		24,977,460		24,977,460
Mortgage servicing rights			147,311		-		-		147,311		147,311
Derivatives			9,534		-		9,534		-		9,534
		March 31, 2020
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	36,269,352	$	-	$	36,269,352	$	-	$	36,269,352
	Time deposits		8,527,824		-		8,398,572		-		8,398,572
Total deposits		$	44,797,176	$	-	$	44,667,924	$	-	$	44,667,924
Assets sold under agreements to repurchase		$	178,766	$	-	$	178,104	$	-	$	178,104
Other short-term borrowings[2]		$	100,000	$	-	$	100,000	$	-	$	100,000
Notes payable:
	FHLB advances	$	377,598	$	-	$	393,674	$	-	$	393,674
	Unsecured senior debt securities		295,624		-		309,228		-		309,228
	Junior subordinated deferrable interest debentures (related to trust preferred securities)		384,909		-		371,086		-		371,086
Total notes payable		$	1,058,131	$	-	$	1,073,988	$	-	$	1,073,988
Derivatives		$	12,037	$	-	$	12,037	$	-	$	12,037
[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 16 to the Consolidated Financial Statements for the composition of other short-term borrowings.

		December 31, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	388,311	$	388,311	$	-	$	-	$	388,311
Money market investments			3,262,286		3,256,274		6,012		-		3,262,286
Trading account debt securities, excluding derivatives[1]			40,321		7,081		32,270		970		40,321
Debt securities available-for-sale[1]			17,648,473		3,841,715		13,805,576		1,182		17,648,473
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States and political subdivisions	$	85,556	$	-	$	-	$	93,002	$	93,002
	Collateralized mortgage obligation-federal agency		45		-		-		47		47
	Securities in wholly owned statutory business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities held-to-maturity		$	97,662	$	-	$	12,061	$	93,049	$	105,110
Equity securities:
	FHLB stock	$	43,787	$	-	$	43,787	$	-	$	43,787
	FRB stock		93,470		-		93,470		-		93,470
	Other investments		22,630		-		21,328		7,367		28,695
Total equity securities		$	159,887	$	-	$	158,585	$	7,367	$	165,952
Loans held-for-sale		$	59,203	$	-	$	-	$	60,030	$	60,030
Loans held-in-portfolio			26,929,165		-		-		25,051,400		25,051,400
Mortgage servicing rights			150,906		-		-		150,906		150,906
Derivatives			17,966		-		17,966		-		17,966
		December 31, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	36,083,809	$	-	$	36,083,809	$	-	$	36,083,809
	Time deposits		7,674,797		-		7,598,732		-		7,598,732
Total deposits		$	43,758,606	$	-	$	43,682,541	$	-	$	43,682,541
Assets sold under agreements to repurchase		$	193,378	$	-	$	193,271	$	-	$	193,271
Notes payable:
	FHLB advances	$	421,399	$	-	$	429,718	$	-	$	429,718
	Unsecured senior debt		295,307		-		323,415		-		323,415
	Junior subordinated deferrable interest debentures (related to trust preferred securities)		384,902		-		395,216		-		395,216
Total notes payable		$	1,101,608	$	-	$	1,148,349	$	-	$	1,148,349
Derivatives		$	16,619	$	-	$	16,619	$	-	$	16,619
[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 16 to the Consolidated Financial Statements for the composition of other short-term borrowings.