Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures

Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

September 30, 2023

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Assets:

Cash and due from banks

$

535,335

$

535,335

$

-

$

-

$

-

$

535,335

Money market investments

6,389,437

6,383,534

5,903

-

-

6,389,437

Trading account debt securities, excluding derivatives

[1]

30,825

15,644

14,846

335

-

30,825

Debt securities available-for-sale

[1]

17,129,858

3,871,643

13,256,562

1,653

-

17,129,858

Debt securities held-to-maturity:

U.S. Treasury securities

$

8,228,758

$

-

$

7,999,065

$

-

$

-

$

7,999,065

Obligations of Puerto Rico, States and political

subdivisions

59,745

-

6,866

51,865

-

58,731

Collateralized mortgage obligation-federal agency

1,562

-

1,296

15

-

1,311

Securities in wholly owned statutory business trusts

5,960

-

5,960

-

-

5,960

Total debt securities held-to-maturity

$

8,296,025

$

-

$

8,013,187

$

51,880

$

-

$

8,065,067

Equity securities:

FHLB stock

$

50,358

$

-

$

50,358

$

-

$

-

$

50,358

FRB stock

99,064

-

99,064

-

-

99,064

Other investments

41,266

-

35,026

6,871

286

42,183

Total equity securities

$

190,688

$

-

$

184,448

$

6,871

$

286

$

191,605

Loans held-for-sale

$

5,239

$

-

$

5,239

$

-

$

-

$

5,239

Loans held-in-portfolio

33,318,245

-

-

31,646,073

-

31,646,073

Mortgage servicing rights

119,030

-

-

119,030

-

119,030

Derivatives

23,511

-

23,511

-

-

23,511

September 30, 2023

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Liabilities:

Deposits:

Demand deposits

$

55,129,643

$

-

$

55,129,643

$

-

$

-

$

55,129,643

Time deposits

8,207,957

-

7,835,985

-

-

7,835,985

Total deposits

$

63,337,600

$

-

$

62,965,628

$

-

$

-

$

62,965,628

Assets sold under agreements to repurchase

$

93,071

$

-

$

93,050

$

-

$

-

$

93,050

Notes payable:

FHLB advances

$

412,632

$

-

$

388,483

$

-

$

-

$

388,483

Unsecured senior debt securities

393,678

-

402,324

-

-

402,324

Junior subordinated deferrable interest debentures

(related to trust preferred securities)

198,339

-

180,183

-

-

180,183

Total notes payable

$

1,004,649

$

-

$

970,990

$

-

$

-

$

970,990

Derivatives

$

21,747

$

-

$

21,747

$

-

$

-

$

21,747

[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.