Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures

Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

March 31, 2023

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Assets:

Cash and due from banks

$

462,013

$

462,013

$

-

$

-

$

-

$

462,013

Money market investments

6,098,288

6,091,115

7,173

-

-

6,098,288

Trading account debt securities, excluding derivatives

[1]

29,823

15,462

13,886

475

-

29,823

Debt securities available-for-sale

[1]

17,173,128

1,865,470

15,306,003

1,655

-

17,173,128

Debt securities held-to-maturity:

U.S. Treasury securities

$

8,494,652

$

-

$

8,534,105

$

-

$

-

$

8,534,105

Obligations of Puerto Rico, States and political

subdivisions

55,633

-

-

57,839

-

57,839

Collateralized mortgage obligation-federal agency

16

-

-

16

-

16

Securities in wholly owned statutory business trusts

5,959

-

5,959

-

-

5,959

Total debt securities held-to-maturity

$

8,556,260

$

-

$

8,540,064

$

57,855

$

-

$

8,597,919

Equity securities:

FHLB stock

$

49,265

$

-

$

49,265

$

-

$

-

$

49,265

FRB stock

99,134

-

99,134

-

-

99,134

Other investments

37,518

-

32,545

5,482

318

38,345

Total equity securities

$

185,917

$

-

$

180,944

$

5,482

$

318

$

186,744

Loans held-for-sale

$

11,181

$

-

$

11,181

$

-

$

-

$

11,181

Loans held-in-portfolio

31,649,253

-

-

30,066,069

-

30,066,069

Mortgage servicing rights

127,475

-

-

127,475

-

127,475

Derivatives

19,365

-

19,365

-

-

19,365

March 31, 2023

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Liabilities:

Deposits:

Demand deposits

$

53,547,761

$

-

$

53,547,761

$

-

$

-

$

53,547,761

Time deposits

7,406,127

-

7,019,993

-

-

7,019,993

Total deposits

$

60,953,888

$

-

$

60,567,754

$

-

$

-

$

60,567,754

Assets sold under agreements to repurchase

$

123,499

$

-

$

123,487

$

-

$

-

$

123,487

Notes payable:

FHLB advances

$

388,282

$

-

$

365,862

$

-

$

-

$

365,862

Unsecured senior debt securities

692,519

-

693,253

-

-

693,253

Junior subordinated deferrable interest debentures

(related to trust preferred securities)

198,326

-

177,823

-

-

177,823

Total notes payable

$

1,279,127

$

-

$

1,236,938

$

-

$

-

$

1,236,938

Derivatives

$

17,115

$

-

$

17,115

$

-

$

-

$

17,115

[1]

Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

December 31, 2022

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Assets:

Cash and due from banks

$

469,501

$

469,501

$

-

$

-

$

-

$

469,501

Money market investments

5,614,595

5,607,937

6,658

-

-

5,614,595

Trading account debt securities, excluding derivatives

[1]

27,723

13,069

14,119

535

-

27,723

Debt securities available-for-sale

[1]

17,804,374

1,908,589

15,894,074

1,711

-

17,804,374

Debt securities held-to-maturity:

U.S. Treasury securities

$

8,453,467

$

-

$

8,372,601

$

-

$

-

$

8,372,601

Obligations of Puerto Rico, States and political

subdivisions

59,010

-

-

61,617

-

61,617

Collateralized mortgage obligation-federal agency

19

-

-

19

-

19

Securities in wholly owned statutory business trusts

5,959

-

5,959

-

-

5,959

Total debt securities held-to-maturity

$

8,518,455

$

-

$

8,378,560

$

61,636

$

-

$

8,440,196

Equity securities:

FHLB stock

$

65,861

$

-

$

65,861

$

-

$

-

$

65,861

FRB stock

96,206

-

96,206

-

-

96,206

Other investments

33,787

-

29,302

4,966

330

34,598

Total equity securities

$

195,854

$

-

$

191,369

$

4,966

$

330

$

196,665

Loans held-for-sale

$

5,381

$

-

$

-

$

5,404

$

-

$

5,404

Loans held-in-portfolio

31,357,467

-

-

29,366,365

-

29,366,365

Mortgage servicing rights

128,350

-

-

128,350

-

128,350

Derivatives

19,229

-

19,229

-

-

19,229

December 31, 2022

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Liabilities:

Deposits:

Demand deposits

$

54,445,825

$

-

$

54,445,825

$

-

$

-

$

54,445,825

Time deposits

6,781,402

-

6,464,943

-

-

6,464,943

Total deposits

$

61,227,227

$

-

$

60,910,768

$

-

$

-

$

60,910,768

Assets sold under agreements to repurchase

$

148,609

$

-

$

148,566

$

-

$

-

$

148,566

Other short-term borrowings

[2]

365,000

-

365,000

-

-

365,000

Notes payable:

-

FHLB advances

$

389,282

$

-

$

361,951

$

-

$

-

$

361,951

Unsecured senior debt securities

299,109

-

300,027

-

-

300,027

Junior subordinated deferrable interest debentures

(related to trust preferred securities)

198,319

-

173,938

-

-

173,938

Total notes payable

$

886,710

$

-

$

835,916

$

-

$

-

$

835,916

Derivatives

$

17,000

$

-

$

17,000

$

-

$

-

$

17,000

[1]

Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. 

[2]

Refer to Note 16 to the Consolidated Financial Statements for the composition of other short-term borrowings.