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Fair value of financial instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures  
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

 

 

June 30, 2022

 

Carrying

 

 

 

 

Measured

 

(In thousands)

amount

Level 1

Level 2

Level 3

 

at NAV

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

528,590

$

528,590

$

-

$

-

$

-

$

528,590

Money market investments

 

9,687,356

 

9,680,569

 

6,787

 

-

 

-

 

9,687,356

Trading account debt securities, excluding derivatives[1]

 

32,317

 

16,873

 

15,028

 

416

 

-

 

32,317

Debt securities available-for-sale[1]

 

26,266,251

 

2,019,437

 

24,245,535

 

1,279

 

-

 

26,266,251

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

$

1,588,746

$

-

$

1,577,586

$

-

$

-

$

1,577,586

 

Obligations of Puerto Rico, States and political subdivisions

 

61,790

 

-

 

-

 

65,991

 

-

 

65,991

 

Collateralized mortgage obligation-federal agency

 

24

 

-

 

-

 

24

 

-

 

24

 

Securities in wholly owned statutory business trusts

 

5,960

 

-

 

5,960

 

-

 

-

 

5,960

Total debt securities held-to-maturity

$

1,656,520

$

-

$

1,583,546

$

66,015

$

-

$

1,649,561

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

49,595

$

-

$

49,595

$

-

$

-

$

49,595

 

FRB stock

 

94,691

 

-

 

94,691

 

-

 

-

 

94,691

 

Other investments

 

31,584

 

-

 

28,214

 

3,982

 

215

 

32,411

Total equity securities

$

175,870

$

-

$

172,500

$

3,982

$

215

$

176,697

Loans held-for-sale

$

28,546

$

-

$

-

$

29,008

$

-

$

29,008

Loans held-in-portfolio

 

29,689,186

 

-

 

-

 

28,385,203

 

-

 

28,385,203

Mortgage servicing rights

 

129,877

 

-

 

-

 

129,877

 

-

 

129,877

Derivatives

 

17,218

 

-

 

17,218

 

-

 

-

 

17,218

 

 

June 30, 2022

 

Carrying

 

 

 

 

Measured

 

(In thousands)

amount

Level 1

Level 2

Level 3

 

at NAV

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

58,232,142

$

-

$

58,232,142

$

-

$

-

$

58,232,142

 

Time deposits

 

7,095,522

 

-

 

6,813,156

 

-

 

-

 

6,813,156

Total deposits

$

65,327,664

$

-

$

65,045,298

$

-

$

-

$

65,045,298

Assets sold under agreements to repurchase

$

70,925

$

-

$

70,991

$

-

$

-

$

70,991

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

391,429

$

-

$

371,908

$

-

$

-

$

371,908

 

Unsecured senior debt securities

 

298,475

 

-

 

305,052

 

-

 

-

 

305,052

 

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

 

198,306

 

-

 

197,151

 

-

 

-

 

197,151

Total notes payable

$

888,210

$

-

$

874,111

$

-

$

-

$

874,111

Derivatives

$

16,173

$

-

$

16,173

$

-

$

-

$

16,173

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.

 

 

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.