December 31, 2021

Carrying

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value

Financial Assets:

Cash and due from banks

$

428,433

$

428,433

$

-

$

-

$

-

$

428,433

Money market investments

17,536,719

17,530,640

6,079

-

17,536,719

Trading account debt securities, excluding derivatives^[1]

29,711

6,530

22,703

478

-

29,711

Debt securities available-for-sale^[1]

24,968,269

-

24,967,443

826

-

24,968,269

Debt securities held-to-maturity:

Obligations of Puerto Rico, States and political subdivisions

$

65,380

$

-

$

-

$

77,383

$

-

$

77,383

Collateralized mortgage obligation-federal agency

25

-

25

-

25

Securities in wholly owned statutory business trusts

5,960

-

5,960

-

5,960

Total debt securities held-to-maturity

$

71,365

$

-

$

5,960

$

77,408

$

-

$

83,368

Equity securities:

FHLB stock

$

59,918

$

-

$

59,918

$

-

$

-

$

59,918

FRB stock

96,217

-

96,217

-

96,217

Other investments

33,842

-

32,429

3,704

77

36,210

Total equity securities

$

189,977

$

-

$

188,564

$

3,704

$

77

$

192,345

Loans held-for-sale

$

59,168

$

-

$

-

$

59,885

$

-

$

59,885

Loans held-in-portfolio

28,545,191

-

27,489,583

-

27,489,583

Mortgage servicing rights

121,570

-

121,570

-

121,570

Derivatives

26,093

-

26,093

-

26,093

December 31, 2021

Carrying

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value

Financial Liabilities:

Deposits:

Demand deposits

$

60,292,939

$

-

$

60,292,939

$

-

$

-

$

60,292,939

Time deposits

6,712,149

-

6,647,301

-

6,647,301

Total deposits

$

67,005,088

$

-

$

66,940,240

$

-

$

-

$

66,940,240

Assets sold under agreements to repurchase

$

91,603

$

-

$

91,602

$

-

$

-

$

91,602

Other short-term borrowings^[2]

$

75,000

$

-

$

75,000

$

-

$

-

$

75,000

Notes payable:

FHLB advances

$

492,429

$

-

$

496,091

$

-

$

-

$

496,091

Unsecured senior debt securities

297,842

-

319,296

-

319,296

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

198,292

-

201,879

-

201,879

Total notes payable

$

988,563

$

-

$

1,017,266

$

-

$

-

$

1,017,266

Derivatives

$

22,878

$

-

$

22,878

$

-

$

-

$

22,878

Contingent consideration

$

9,241

$

-

$

-

$

9,241

$

-

$

9,241

[1]

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

[2]

Refer to Note 15 to the Consolidated Financial Statements for the composition of other short-term borrowings.