Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value By Balance Sheet Grouping Text Block

		September 30, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	400,949	$	400,949	$	-	$	-	$	400,949
Money market investments			4,609,061		4,597,827		11,234		-		4,609,061
Trading account debt securities, excluding
	derivatives^[1]		37,731		5,183		31,363		1,185		37,731
Debt securities available-for-sale^[1]			13,047,617		2,496,517		10,549,837		1,263		13,047,617
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	89,121	$	-	$	-	$	92,959	$	92,959
	Collateralized mortgage
	obligation-federal agency		56		-		-		59		59
	Trust preferred securities		11,561		-		11,561		-		11,561
	Other		500		-		495		-		495
Total debt securities
	held-to-maturity	$	101,238	$	-	$	12,056	$	93,018	$	105,074
Equity securities:
	FHLB stock	$	53,562	$	-	$	53,562	$	-	$	53,562
	FRB stock		88,945		-		88,945		-		88,945
	Other investments		15,455		-		14,152		6,082		20,234
Total equity securities		$	157,962	$	-	$	156,659	$	6,082	$	162,741
Loans held-for-sale		$	51,742	$	-	$	-	$	52,151	$	52,151
Loans not covered under loss sharing
	agreement with the FDIC		25,878,450		-		-		23,709,245		23,709,245
Mortgage servicing rights			162,779		-		-		162,779		162,779
Derivatives			18,977		-		18,977		-		18,977
		September 30, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	32,236,547	$	-	$	32,236,547	$	-	$	32,236,547
	Time deposits		7,412,280		-		7,187,889		-		7,187,889
Total deposits		$	39,648,827	$	-	$	39,424,436	$	-	$	39,424,436
Assets sold under agreements to
	repurchase	$	300,116	$	-	$	300,150	$	-	$	300,150
Other short-term borrowings^[2]		$	1,200	$	-	$	1,200	$	-	$	1,200
Notes payable:
	FHLB advances	$	599,755	$	-	$	591,397	$	-	$	591,397
	Unsecured senior debt securities		742,159		-		763,863		-		763,863
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		384,869		-		371,913		-		371,913
	Others		17,904		-		-		17,904		17,904
Total notes payable		$	1,744,687	$	-	$	1,727,173	$	17,904	$	1,745,077
Derivatives		$	16,554	$	-	$	16,554	$	-	$	16,554

		December 31, 2017
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	402,857	$	402,857	$	-	$	-	$	402,857
Money market investments			5,255,119		5,245,346		9,773		-		5,255,119
Trading account debt securities, excluding
	derivatives^[1]		33,746		261		32,384		1,101		33,746
Debt securities available-for-sale^[1]			10,176,923		503,385		9,672,250		1,288		10,176,923
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	92,754	$	-	$	-	$	83,239	$	83,239
	Collateralized mortgage
	obligation-federal agency		67		-		-		71		71
	Trust preferred securities		13,198		-		13,198		-		13,198
	Other		1,000		-		750		243		993
Total debt securities
	held-to-maturity	$	107,019	$	-	$	13,948	$	83,553	$	97,501
Equity securities:
	FHLB stock	$	57,819	$	-	$	57,819	$	-	$	57,819
	FRB stock		94,308		-		94,308		-		94,308
	Other investments		12,976		-		11,076		5,214		16,290
Total equity securities		$	165,103	$	-	$	163,203	$	5,214	$	168,417
Loans held-for-sale		$	132,395	$	-	$	-	$	134,839	$	134,839
Loans not covered under loss sharing
	agreement with the FDIC		23,702,612		-		-		21,883,003		21,883,003
Loans covered under loss sharing
	agreements with the FDIC		484,030		-		-		465,893		465,893
FDIC loss share asset			45,192		-		-		33,323		33,323
Mortgage servicing rights			168,031		-		-		168,031		168,031
Derivatives			16,719		-		16,719		-		16,719
		December 31, 2017
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	27,938,630	$	-	$	27,938,630	$	-	$	27,938,630
	Time deposits		7,514,878		-		7,381,232		-		7,381,232
Total deposits		$	35,453,508	$	-	$	35,319,862	$	-	$	35,319,862
Assets sold under agreements to
	repurchase	$	390,921	$	-	$	390,752	$	-	$	390,752
Other short-term borrowings^[2]		$	96,208	$	-	$	96,208	$	-	$	96,208
Notes payable:
	FHLB advances	$	631,490	$	-	$	628,839	$	-	$	628,839
	Unsecured senior debt		446,873		-		463,554		-		463,554
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,351		-		406,883		-		406,883
	Others		18,642		-		-		18,642		18,642
Total notes payable		$	1,536,356	$	-	$	1,499,276	$	18,642	$	1,517,918
Derivatives		$	14,431	$	-	$	14,431	$	-	$	14,431
Contingent consideration		$	164,858	$	-	$	-	$	164,858	$	164,858