Debt securities held-to-maturity (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Debt Securities, Held-to-maturity

		At September 30, 2022
					Allowance			Gross		Gross				Weighted
		Amortized			for Credit		Net of	unrealized		unrealized		Fair		average
(In thousands)		cost			Losses		Allowance	gains		losses		value		yield
U.S. Treasury securities
	Within 1 year	$	348,053	$	-	$	348,053	$	-	$	3,262	$	344,791	3.00	%
	After 1 to 5 years		1,533,494		-		1,533,494		-		48,605		1,484,889	2.75
Total U.S. Treasury securities			1,881,547		-		1,881,547		-		51,867		1,829,680	2.80
Obligations of Puerto Rico, States and political subdivisions
	Within 1 year		4,530		11		4,519		7		-		4,526	6.10
	After 1 to 5 years		19,105		215		18,890		149		81		18,958	4.24
	After 5 to 10 years		1,025		33		992		33		-		1,025	5.80
	After 10 years		41,519		6,951		34,568		4,947		2,130		37,385	1.41
Total obligations of Puerto Rico, States and political subdivisions			66,179		7,210		58,969		5,136		2,211		61,894	2.62
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		24		-		24		-		-		24	6.44
Total collateralized mortgage obligations - federal agencies			24		-		24		-		-		24	6.44
Securities in wholly owned statutory business trusts
	After 10 years		5,960		-		5,960		-		-		5,960	6.33
Total securities in wholly owned statutory business trusts			5,960		-		5,960		-		-		5,960	6.33
Total debt securities held-to-maturity		$	1,953,710	$	7,210	$	1,946,500	$	5,136	$	54,078	$	1,897,558	2.80	%

		At December 31, 2021
					Allowance			Gross		Gross				Weighted
		Amortized			for Credit		Net of	unrealized		unrealized		Fair		average
(In thousands)		cost			Losses		Allowance	gains		losses		value		yield
Obligations of Puerto Rico, States and political subdivisions
	Within 1 year	$	4,240	$	7	$	4,233	$	4	$	-	$	4,237	6.07	%
	After 1 to 5 years		14,395		148		14,247		149		-		14,396	6.23
	After 5 to 10 years		11,280		122		11,158		104		-		11,262	2.18
	After 10 years		43,561		7,819		35,742		11,746		-		47,488	1.50
Total obligations of Puerto Rico, States and political subdivisions			73,476		8,096		65,380		12,003		-		77,383	2.79
Collateralized mortgage obligations - federal agencies
	After 1 to 5 years		25		-		25		-		-		25	6.44
Total collateralized mortgage obligations - federal agencies			25		-		25		-		-		25	6.44
Securities in wholly owned statutory business trusts
	After 10 years		5,960		-		5,960		-		-		5,960	6.33
Total securities in wholly owned statutory business trusts			5,960		-		5,960		-		-		5,960	6.33
Total debt securities held-to-maturity		$	79,461	$	8,096	$	71,365	$	12,003	$	-	$	83,368	3.06	%

Debt securities held to maturity credit quality indicator

	At September 30, 2022		At December 31, 2021
(In thousands)	Securities issued by Puerto Rico municipalities
Watch	$	13,735	$	16,345
Pass		10,925		13,800
Total	$	24,660	$	30,145

Debt securities held to maturity allowance for credit loss

	For the quarters ended September 30,
		2022		2021
(In thousands)	Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance	$	7,495	$	10,214
Provision for credit losses (benefit)		(285)		(992)
Securities charged-off		-		-
Recoveries		-		-
Ending balance	$	7,210	$	9,222

	For the nine months ended September 30,
		2022		2021
(In thousands)		Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance	$	8,096	$	10,261
Provision for credit losses (benefit)		(886)		(1,039)
Securities charged-off		-		-
Recoveries		-		-
Ending balance	$	7,210	$	9,222