Debt securities held-to-maturity (Tables) |
3 Months Ended |
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Mar. 31, 2023 | |
Investments [Abstract] | |
Debt Securities, Held-to-maturity | 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 held to maturity credit quality indicator | 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 |
Debt securities held to maturity allowance for credit loss | 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 |