Debt securities held-to-maturity |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Held To Maturity Debt Securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investments in debt and marketable equity securities | Note 7 –Debt securities held-to-maturity The following value, weighted 2022. At March 31, 2023 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 $ 649,391 $ 649,391 $ - $ 649,391 $ - $ 6,923 $ 642,468 2.75 % After 1 to 5 years 6,591,199 6,043,507 - 6,043,507 49,211 28,571 6,064,147 1.45 After 5 to 10 years 2,043,395 1,801,754 - 1,801,754 25,736 - 1,827,490 1.44 Total U.S. Treasury 9,283,985 8,494,652 - 8,494,652 74,947 35,494 8,534,105 1.54 Obligations of Puerto Rico, States and political subdivisions Within 1 year 4,730 4,730 21 4,709 18 3 4,724 6.15 After 1 to 5 years 15,805 15,805 212 15,593 119 115 15,597 3.83 After 5 to 10 years 1,025 1,025 34 991 34 - 1,025 5.80 After 10 years 40,865 40,865 6,525 34,340 4,423 2,270 36,493 1.40 Total obligations of political subdivisions 62,425 62,425 6,792 55,633 4,594 2,388 57,839 2.45 Collateralized mortgage obligations - federal agencies After 1 to 5 years 16 16 - 16 1 - 17 6.44 Total collateralized federal agencies 16 16 - 16 1 - 17 6.44 Securities in wholly owned statutory business trusts After 10 years 5,959 5,959 - 5,959 - - 5,959 6.33 Total securities business trusts 5,959 5,959 - 5,959 - - 5,959 6.33 Total debt securities $ 9,352,385 $ 8,563,052 $ 6,792 $ 8,556,260 $ 79,542 $ 37,882 $ 8,597,920 1.55 % [1] Book value includes $ 789 securities transferred from available-for-sale securities [2] Includes $ 7.1 Corporation had unpledged held-to-maturities securities with 1.3 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 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 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 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 business trusts 5,959 5,959 - 5,959 - - 5,959 6.33 Total debt securities $ 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 securities transferred from available-for-sale securities [2] Includes $ 6.9 Corporation had unpledged held-to-maturities securities with 1.5 Debt securities not due on a single contractual maturity date, of final from their contractual maturities because they may be Credit Quality Indicators The following describes the credit quality the allowance for credit losses for investment securities As discussed in guarantee Accordingly, the Corporation applies a zero-credit loss assumption and no ACL for At March 31, 2023 maturity, includes $ 22 from 25 obligations, they required by law to levy property taxes in an amount sufficient for the payment of Corporation performs periodic credit quality on its evaluation. these Financial Statements. The aggregated by the internally assigned standardized At March 31, 2023 At December 31, 2022 (In thousands) Securities issued by Puerto Rico municipalities Watch $ 2,905 $ 13,735 Pass 18,655 10,925 Total $ 21,560 $ 24,660 At 41 securities source of payment is second mortgage loans in Puerto Rico a guarantee 42 securities evaluating refreshed FICO 66 % estimate was 707 65 % 707 , based on the methodology established under CECL guarantee when estimating the credit losses associated A instrumentalities (including if any of could further affect the value of these securities, resulting in losses Refer to to the for additional Rico Government. Delinquency status At March 31, 2023 and December 31, 2022, there were no Allowance for credit losses on debt securities held-to-maturity The following table provides the at March 31, 2023 and March 31, 2022: For the quarters ended March 31, 2023 2022 (In thousands) Obligations of Puerto Rico, States and political subdivisions Allowance for credit losses: Beginning balance $ 6,911 $ 8,096 Provision for credit losses (benefit) (119) (252) Securities charged-off - - Recoveries - - Ending balance $ 6,792 $ 7,844 The 0.3 securities issued by municipalities of 6.5 second mortgage loans on 0.3 6.6 31, 2022). |