Fair value of financial instruments |
3 Months Ended |
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Mar. 31, 2024 | |
Fair Value Disclosures | |
Fair Value of Financial Instruments | Note 24 – Fair value of financial instruments The fair between available, fair values have been estimated using present best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment assumptions. Many of these in actual transactions. The fair values 31, 2023, as applicable. In different interest rate environments, rate generating businesses concern. There have been each class of financial assets and liabilities not measured at The following tables present the the fair estimate of the underlying value of the Corporation. March 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 320,486 $ 320,486 $ - $ - $ - $ 320,486 Money market investments 5,928,578 5,920,785 7,793 - - 5,928,578 Trading account debt securities, excluding [1] 27,303 8,316 18,737 250 - 27,303 Debt securities available-for-sale [1] 18,017,424 6,262,480 11,752,337 2,607 - 18,017,424 Debt securities held-to-maturity: U.S. Treasury securities $ 8,013,952 $ - $ 7,894,800 $ - $ - $ 7,894,800 Obligations of Puerto Rico, States and political subdivisions 55,981 - 6,918 49,284 - 56,202 Collateralized mortgage obligation-federal agency 1,536 - 1,364 - - 1,364 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities $ 8,077,429 $ - $ 7,909,042 $ 49,284 $ - $ 7,958,326 Equity securities: FHLB stock $ 48,604 $ - $ 48,604 $ - $ - $ 48,604 FRB stock 99,920 - 99,920 - - 99,920 Other investments 47,223 - 40,933 6,531 336 47,800 Total equity securities $ 195,747 $ - $ 189,457 $ 6,531 $ 336 $ 196,324 Loans held-for-sale $ 5,352 $ - $ 5,532 $ - $ - $ 5,532 Loans held-in-portfolio 34,379,194 - - 33,249,195 - 33,249,195 Mortgage servicing rights 114,964 - - 114,964 - 114,964 Derivatives 24,045 - 24,045 - - 24,045 March 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,053,712 $ - $ 55,053,712 $ - $ - $ 55,053,712 Time deposits 8,755,072 - 8,430,548 - - 8,430,548 Total deposits $ 63,808,784 $ - $ 63,484,260 $ - $ - $ 63,484,260 Assets sold under agreements to repurchase $ 66,090 $ - $ 66,088 $ - $ - $ 66,088 Notes payable: FHLB advances $ 373,665 $ - $ 358,046 $ - $ - $ 358,046 Unsecured senior debt securities 394,285 - 410,228 - - 410,228 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,353 - 187,383 - - 187,383 Total notes payable $ 966,303 $ - $ 955,657 $ - $ - $ 955,657 Derivatives $ 21,784 $ - $ 21,784 $ - $ - $ 21,784 [1] Refer to Note 23 to the Consolidated Financial Statements December 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 420,462 $ 420,462 $ - $ - $ - $ 420,462 Money market investments 6,998,871 6,991,758 7,113 - - 6,998,871 Trading account debt securities, excluding [1] 31,568 16,859 14,425 284 - 31,568 Debt securities available-for-sale [1] 16,729,044 3,936,036 12,789,902 3,106 - 16,729,044 Debt securities held-to-maturity: U.S. Treasury securities $ 8,121,411 $ - $ 8,092,339 $ - $ - $ 8,092,339 Obligations of Puerto Rico, States and political subdivisions 59,628 - 7,007 52,671 - 59,678 Collateralized mortgage 1,556 - 1,395 13 - 1,408 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities $ 8,188,555 $ - $ 8,106,701 $ 52,684 $ - $ 8,159,385 Equity securities: FHLB stock $ 49,549 $ - $ 49,549 $ - $ - $ 49,549 FRB stock 98,948 - 98,948 - - 98,948 Other investments 45,229 - 37,965 7,869 310 46,144 Total equity securities $ 193,726 $ - $ 186,462 $ 7,869 $ 310 $ 194,641 Loans held-for-sale $ 4,301 $ - $ 4,328 $ - $ - $ 4,328 Loans held-in-portfolio 34,335,630 - - 33,376,255 - 33,376,255 Mortgage servicing rights 118,109 - - 118,109 - 118,109 Derivatives 24,419 - 24,419 - - 24,419 December 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,116,351 $ - $ 55,116,351 $ - $ - $ 55,116,351 Time deposits 8,501,892 - 8,154,823 - - 8,154,823 Total deposits $ 63,618,243 $ - $ 63,271,174 $ - $ - $ 63,271,174 Assets sold under agreements to repurchase $ 91,384 $ - $ 91,386 $ - $ - $ 91,386 Notes payable: FHLB advances $ 394,665 $ - $ 377,851 $ - $ - $ 377,851 Unsecured senior debt securities 393,937 - 400,848 - - 400,848 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,346 - 180,076 - - 180,076 Total notes payable $ 986,948 $ - $ 958,775 $ - $ - $ 958,775 Derivatives $ 21,103 $ - $ 21,103 $ - $ - $ 21,103 [1] Refer to Note 23 to the Consolidated Financial Statements The notional 11 10 respectively, and March 31, 117 82 that is required to be paid in the event of nonperformance. The fair are based on the fees charged to enter into those |