Debt securities held-to-maturity (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Debt Securities, Held-to-maturity

At December 31, 2022

Allowance

Carrying

Value 

Gross 

Gross 

Weighted

Amortized 

Book

[1]

for Credit

Net of 

unrealized

unrealized

Fair 

average

(In thousands)

cost

Value

Losses

Allowance

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

499,034

$

499,034

$

-

$

499,034

$

-

$

6,203

$

492,831

2.83

%

After 1 to 5 years

6,147,568

5,640,767

-

5,640,767

-

59,806

5,580,961

1.49

After 5 to 10 years

2,638,238

2,313,666

-

2,313,666

-

14,857

2,298,809

1.41

Total U.S. Treasury securities

9,284,840

8,453,467

-

8,453,467

-

80,866

8,372,601

1.54

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

4,530

4,530

8

4,522

5

-

4,527

6.08

After 1 to 5 years

19,105

19,105

234

18,871

150

82

18,939

4.24

After 5 to 10 years

1,025

1,025

34

991

34

-

1,025

5.80

After 10 years

41,261

41,261

6,635

34,626

4,729

2,229

37,126

1.40

Total obligations of Puerto Rico, States and

political subdivisions

65,921

65,921

6,911

59,010

4,918

2,311

61,617

2.61

Collateralized mortgage obligations - federal

agencies

After 1 to 5 years

19

19

-

19

-

-

19

6.44

Total collateralized mortgage obligations -

federal agencies

19

19

-

19

-

-

19

6.44

Securities in wholly owned statutory business

trusts

After 10 years

5,959

5,959

-

5,959

-

-

5,959

6.33

Total securities in wholly owned statutory

business trusts

5,959

5,959

-

5,959

-

-

5,959

6.33

Total debt securities held-to-maturity [2]

$

9,356,739

$

8,525,366

$

6,911

$

8,518,455

$

4,918

$

83,177

$

8,440,196

1.55

%

[1]

Book value includes $

831

 million of net unrealized loss which remains in Accumulated other comprehensive income (AOCI) related to certain

securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio as discussed in Note 6.

[2]

Includes $

6.9

 million pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral.

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

%

Schedule Of Aggregate Amortized Cost And Fair Value Of HTMs By Contractual Maturity

(In thousands)

Amortized cost 

Book Value

Fair value

Within 1 year

$

503,564

$

503,564

$

497,358

After 1 to 5 years

6,166,692

5,659,891

5,599,919

After 5 to 10 years

2,639,263

2,314,691

2,299,834

After 10 years

47,220

47,220

43,085

Total debt securities held-to-maturity

$

9,356,739

$

8,525,366

$

8,440,196

Debt securities held to maturity credit quality indicator

At December 31, 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 year ended December 31, 

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)

(1,185)

(2,165)

Securities charged-off

-

-

Recoveries

-

-

Ending balance

$

6,911

$

8,096