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Fair value of financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures |
Fair Value By Balance Sheet Grouping Text Block |
|  | June 30, 2019
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 391,703 | $ | 391,703 | $ | - | $ | - | $ | 391,703
Money market investments |  | 3,172,116 |  | 3,164,137 |  | 7,979 |  | - |  | 3,172,116
Trading account debt securities, excluding derivatives[1] |  | 35,623 |  | 3,279 |  | 31,232 |  | 1,112 |  | 35,623
Debt securities available-for-sale[1] |  | 16,734,722 |  | 5,130,255 |  | 11,603,232 |  | 1,235 |  | 16,734,722
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 87,488 | $ | - | $ | - | $ | 93,721 | $ | 93,721
| Collateralized mortgage obligation-federal agency |  | 50 |  | - |  | - |  | 52 |  | 52
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
| Other |  | 500 |  | - |  | 500 |  | - |  | 500
Total debt securities held-to-maturity | $ | 99,599 | $ | - | $ | 12,061 | $ | 93,773 | $ | 105,834
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 55,965 | $ | - | $ | 55,965 | $ | - | $ | 55,965
| FRB stock |  | 91,680 |  | - |  | 91,680 |  | - |  | 91,680
| Other investments |  | 20,509 |  | - |  | 19,206 |  | 6,920 |  | 26,126
Total equity securities | $ | 168,154 | $ | - | $ | 166,851 | $ | 6,920 | $ | 173,771
Loans held-for-sale | $ | 54,028 | $ | - | $ | - | $ | 55,338 | $ | 55,338
Loans held-in-portfolio |  | 26,462,079 |  | - |  | - |  | 24,459,100 |  | 24,459,100
Mortgage servicing rights |  | 153,021 |  | - |  | - |  | 153,021 |  | 153,021
Derivatives |  | 14,792 |  | - |  | 14,792 |  | - |  | 14,792
|  | June 30, 2019
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 34,146,573 | $ | - | $ | 34,146,573 | $ | - | $ | 34,146,573
| Time deposits |  | 7,913,264 |  | - |  | 7,777,200 |  | - |  | 7,777,200
Total deposits | $ | 42,059,837 | $ | - | $ | 41,923,773 | $ | - | $ | 41,923,773
Assets sold under agreements to repurchase | $ | 233,091 | $ | - | $ | 232,709 | $ | - | $ | 232,709
Other short-term borrowings[2] | $ | 160,000 | $ | - | $ | 160,000 | $ | - | $ | 160,000
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 532,017 | $ | - | $ | 538,784 | $ | - | $ | 538,784
| Unsecured senior debt securities |  | 294,673 |  | - |  | 313,647 |  | - |  | 313,647
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,889 |  | - |  | 397,722 |  | - |  | 397,722
Total notes payable | $ | 1,211,579 | $ | - | $ | 1,250,153 | $ | - | $ | 1,250,153
Derivatives | $ | 14,233 | $ | - | $ | 14,233 | $ | - | $ | 14,233
[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 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.
|  | 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 held-in-portfolio |  | 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 |  | 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
[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 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.

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