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Fair value of financial instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures  
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

 

 

September 30, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

538,973

$

538,973

$

-

$

-

$

538,973

Money market investments

 

17,526,238

 

17,519,832

 

6,406

 

-

 

17,526,238

Trading account debt securities, excluding derivatives[1]

 

36,064

 

10,780

 

24,712

 

572

 

36,064

Debt securities available-for-sale[1]

 

24,391,226

 

799,972

 

23,590,371

 

883

 

24,391,226

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

64,842

$

-

$

-

$

78,183

$

78,183

 

Collateralized mortgage obligation-federal agency

 

30

 

-

 

-

 

31

 

31

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

Total debt securities held-to-maturity

$

76,433

$

-

$

11,561

$

78,214

$

89,775

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

56,685

$

-

$

56,685

$

-

$

56,685

 

FRB stock

 

95,119

 

-

 

95,119

 

-

 

95,119

 

Other investments

 

33,127

 

-

 

30,212

 

4,313

 

34,525

Total equity securities

$

184,931

$

-

$

182,016

$

4,313

$

186,329

Loans held-for-sale

$

91,313

$

-

$

-

$

92,903

$

92,903

Loans held-in-portfolio

 

28,136,797

 

-

 

-

 

27,091,726

 

27,091,726

Mortgage servicing rights

 

116,567

 

-

 

-

 

116,567

 

116,567

Derivatives

 

23,827

 

-

 

23,827

 

-

 

23,827

 

 

September 30, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

59,081,441

$

-

$

59,081,441

$

-

$

59,081,441

 

Time deposits

 

6,932,120

 

-

 

6,881,141

 

-

 

6,881,141

Total deposits

$

66,013,561

$

-

$

65,962,582

$

-

$

65,962,582

Assets sold under agreements to repurchase

$

86,470

$

-

$

86,455

$

-

$

86,455

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

494,469

$

-

$

502,792

$

-

$

502,792

 

Unsecured senior debt securities

 

297,525

 

-

 

322,938

 

-

 

322,938

 

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

 

384,949

 

-

 

411,186

 

-

 

411,186

Total notes payable

$

1,176,943

$

-

$

1,236,916

$

-

$

1,236,916

Derivatives

$

20,879

$

-

$

20,879

$

-

$

20,879

[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.