Note 5 - Restrictions on cash and due from
banks and certain securities
BPPR is
required by
regulatory agencies
to maintain
average reserve
balances with
the Federal
Reserve Bank
of New
York
(the
“Fed”) or
other banks.
Those required
average reserve
balances amounted
to
$
2.8
billion at
December 31,
2022 (December
31,
2.7
billion). Cash
and
due from
banks, as
well
as
other highly
liquid securities,
are
used to
cover
the required
average
At
December
31,
2022,
the
Corporation
held
$
80
million
in
restricted
assets
in
the
form
of
funds
deposited
in
money
market
accounts, debt
securities available for
sale and
equity securities (December
31, 2021
- $
50
million).
The restricted
assets held
in
debt securities available for
sale and equity securities
consist primarily of assets
held for the Corporation’s
non-qualified retirement
plans and fund deposits guaranteeing possible liens
or encumbrances over the title of insured
properties.