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 March 31, 2023
(December 31, 2022 -
$
2.8
billion). Cash
and due
from banks,
as well
as other
highly liquid
securities, are
used to
cover the
required average
reserve
At March 31,
2023, the Corporation
held $
72
million in restricted
assets in the
form of funds
deposited in money
market accounts,
debt
securities
available
for
sale
and
equity
securities
(December
31,
2022
-
$
80
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.