September 30, 2022

Carrying

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value

Financial Assets:

Cash and due from banks

$

2,017,312

$

2,017,312

$

-

$

-

$

-

$

2,017,312

Money market investments

3,975,048

3,967,849

7,199

-

3,975,048

Trading account debt securities, excluding derivatives^[1]

30,271

15,711

14,170

390

-

30,271

Debt securities available-for-sale^[1]

28,264,148

5,450,397

22,812,040

1,711

-

28,264,148

Debt securities held-to-maturity:

U.S. Treasury securities

$

1,881,547

$

-

$

1,829,680

$

-

$

-

$

1,829,680

Obligations of Puerto Rico, States and political subdivisions

58,969

-

61,894

-

61,894

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

$

1,946,500

$

-

$

1,835,640

$

61,918

$

-

$

1,897,558

Equity securities:

FHLB stock

$

60,844

$

-

$

60,844

$

-

$

-

$

60,844

FRB stock

94,870

-

94,870

-

94,870

Other investments

30,209

-

26,723

3,969

331

31,023

Total equity securities

$

185,923

$

-

$

182,437

$

3,969

$

331

$

186,737

Loans held-for-sale

$

8,065

$

-

$

-

$

8,065

$

-

$

8,065

Loans held-in-portfolio

30,820,092

-

29,308,370

-

29,308,370

Mortgage servicing rights

130,541

-

130,541

-

130,541

Derivatives

16,653

-

16,653

-

16,653

September 30, 2022

Carrying

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value

Financial Liabilities:

Deposits:

Demand deposits

$

57,890,036

$

-

$

57,890,036

$

-

$

-

$

57,890,036

Time deposits

6,929,291

-

6,553,096

-

6,553,096

Total deposits

$

64,819,327

$

-

$

64,443,132

$

-

$

-

$

64,443,132

Assets sold under agreements to repurchase

$

162,450

$

-

$

162,380

$

-

$

-

$

162,380

Other short-term borrowings^[2]

250,000

-

250,000

-

250,000

Notes payable:

FHLB advances

$

391,429

$

-

$

362,885

$

-

$

-

$

362,885

Unsecured senior debt securities

298,793

-

304,080

-

304,080

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

198,312

-

181,574

-

181,574

Total notes payable

$

888,534

$

-

$

848,539

$

-

$

-

$

848,539

Derivatives

$

14,776

$

-

$

14,776

$

-

$

-

$

14,776

[1]

Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

[2]

Refer to Note 16 to the Consolidated Financial Statements for the composition of other short-term borrowings.