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Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures

Fair Value By Balance Sheet Grouping Text Block

		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	394,035	$	394,035	$	-	$	-	$	394,035
Money market investments			4,171,048		4,161,832		9,216		-		4,171,048
Trading account debt securities, excluding
	derivatives[1]		37,787		6,278		30,370		1,139		37,787
Debt securities available-for-sale[1]			13,300,184		2,719,740		10,579,211		1,233		13,300,184
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions	$	89,459	$	-	$	-	$	90,534	$	90,534
	Collateralized mortgage
	obligation-federal agency		55		-		-		58		58
	Securities in wholly owned statutory
	business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities
	held-to-maturity	$	101,575	$	-	$	12,061	$	90,592	$	102,653
Equity securities:
	FHLB stock	$	51,628	$	-	$	51,628	$	-	$	51,628
	FRB stock		89,358		-		89,358		-		89,358
	Other investments		14,598		-		13,296		5,539		18,835
Total equity securities		$	155,584	$	-	$	154,282	$	5,539	$	159,821
Loans held-for-sale		$	51,422	$	-	$	-	$	52,474	$	52,474
Loans not covered under loss sharing
	agreement with the FDIC		25,938,541		-		-		23,143,027		23,143,027
Mortgage servicing rights			169,777		-		-		169,777		169,777
Derivatives			13,603		-		13,603		-		13,603
		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	32,093,274	$	-	$	32,093,274	$	-	$	32,093,274
	Time deposits		7,616,765		-		7,392,698		-		7,392,698
Total deposits		$	39,710,039	$	-	$	39,485,972	$	-	$	39,485,972
Assets sold under agreements to
	repurchase	$	281,529	$	-	$	281,535	$	-	$	281,535
Other short-term borrowings[2]		$	42	$	-	$	42	$	-	$	42
Notes payable:
	FHLB advances	$	556,776	$	-	$	553,111	$	-	$	553,111
	Unsecured senior debt securities		294,039		-		302,664		-		302,664
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		384,875		-		381,079		-		381,079
	Capital lease obligations		20,412		-		-		20,412		20,412
Total notes payable		$	1,256,102	$	-	$	1,236,854	$	20,412	$	1,257,266
Derivatives		$	12,320	$	-	$	12,320	$	-	$	12,320

		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
	Securities in wholly owned statutory
	business trusts		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
	Capital lease obligations		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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- References

No definition available.

+ Details

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