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Fair value of financial instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures  
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

 

 

March 31, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

495,915

$

495,915

$

-

$

-

$

495,915

Money market investments

 

11,568,677

 

11,562,567

 

6,110

 

-

 

11,568,677

Trading account debt securities, excluding derivatives[1]

 

36,504

 

11,620

 

24,261

 

623

 

36,504

Debt securities available-for-sale[1]

 

22,771,609

 

-

 

22,770,675

 

934

 

22,771,609

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

68,037

$

-

$

-

$

81,050

$

81,050

 

Collateralized mortgage obligation-federal agency

 

31

 

-

 

-

 

32

 

32

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

Total debt securities held-to-maturity

$

79,629

$

-

$

11,561

$

81,082

$

92,643

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

50,554

$

-

$

50,554

$

-

$

50,554

 

FRB stock

 

93,522

 

-

 

93,522

 

-

 

93,522

 

Other investments

 

34,574

 

-

 

31,787

 

3,137

 

34,924

Total equity securities

$

178,650

$

-

$

175,863

$

3,137

$

179,000

Loans held-for-sale

$

84,214

$

-

$

-

$

84,608

$

84,608

Loans held-in-portfolio

 

28,330,831

 

-

 

-

 

27,285,789

 

27,285,789

Mortgage servicing rights

 

122,543

 

-

 

-

 

122,543

 

122,543

Derivatives

 

20,971

 

-

 

20,971

 

-

 

20,971

 

 

March 31, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

51,486,280

$

-

$

51,486,280

$

-

$

51,486,280

 

Time deposits

 

7,256,521

 

-

 

7,234,844

 

-

 

7,234,844

Total deposits

$

58,742,801

$

-

$

58,721,124

$

-

$

58,721,124

Assets sold under agreements to repurchase

$

86,834

$

-

$

86,816

$

-

$

86,816

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

541,469

$

-

$

551,151

$

-

$

551,151

 

Unsecured senior debt securities

 

296,891

 

-

 

324,342

 

-

 

324,342

 

Junior subordinated deferrable interest debentures (related to trust preferred securities)

 

384,936

 

-

 

385,792

 

-

 

385,792

 

FRB advances

 

934

 

-

 

934

 

-

 

934

Total notes payable

$

1,224,230

$

-

$

1,262,219

$

-

$

1,262,219

Derivatives

$

17,851

$

-

$

17,851

$

-

$

17,851

[1]

Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

 

 

December 31, 2020

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

491,065

$

491,065

$

-

$

-

$

491,065

Money market investments

 

11,640,880

 

11,634,851

 

6,029

 

-

 

11,640,880

Trading account debt securities, excluding derivatives[1]

 

36,674

 

11,506

 

24,509

 

659

 

36,674

Debt securities available-for-sale[1]

 

21,561,152

 

3,499,781

 

18,060,357

 

1,014

 

21,561,152

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

70,768

$

-

$

-

$

83,298

$

83,298

 

Collateralized mortgage obligation-federal agency

 

31

 

-

 

-

 

32

 

32

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

Total debt securities held-to-maturity

$

82,360

$

-

$

11,561

$

83,330

$

94,891

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

49,799

$

-

$

49,799

$

-

$

49,799

 

FRB stock

 

93,045

 

-

 

93,045

 

-

 

93,045

 

Other investments

 

30,893

 

-

 

29,590

 

1,495

 

31,085

Total equity securities

$

173,737

$

-

$

172,434

$

1,495

$

173,929

Loans held-for-sale

$

99,455

$

-

$

-

$

102,189

$

102,189

Loans held-in-portfolio

 

28,488,946

 

-

 

-

 

27,098,297

 

27,098,297

Mortgage servicing rights

 

118,395

 

-

 

-

 

118,395

 

118,395

Derivatives

 

20,785

 

-

 

20,785

 

-

 

20,785

 

 

December 31, 2020

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

49,558,492

$

-

$

49,558,492

$

-

$

49,558,492

 

Time deposits

 

7,307,848

 

-

 

7,319,963

 

-

 

7,319,963

Total deposits

$

56,866,340

$

-

$

56,878,455

$

-

$

56,878,455

Assets sold under agreements to repurchase

$

121,303

$

-

$

121,257

$

-

$

121,257

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

542,469

$

-

$

561,977

$

-

$

561,977

 

Unsecured senior debt securities

 

296,574

 

-

 

321,078

 

-

 

321,078

 

Junior subordinated deferrable interest debentures (related to trust preferred securities)

 

384,929

 

-

 

395,078

 

-

 

395,078

 

FRB advances

 

1,009

 

-

 

1,009

 

-

 

1,009

Total notes payable

$

1,224,981

$

-

$

1,279,142

$

-

$

1,279,142

Derivatives

$

18,925

$

-

$

18,925

$

-

$

18,925

[1]

Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.