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Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures |
Fair Value By Balance Sheet Grouping Text Block |
|  | September 30, 2019
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 502,060 | $ | 502,060 | $ | - | $ | - | $ | 502,060
Money market investments |  | 5,168,585 |  | 5,162,672 |  | 5,913 |  | - |  | 5,168,585
Trading account debt securities, excluding derivatives[1] |  | 36,303 |  | 2,758 |  | 32,506 |  | 1,039 |  | 36,303
Debt securities available-for-sale[1] |  | 16,479,110 |  | 4,487,422 |  | 11,990,479 |  | 1,209 |  | 16,479,110
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 85,598 | $ | - | $ | - | $ | 91,808 | $ | 91,808
| Collateralized mortgage obligation-federal agency |  | 48 |  | - |  | - |  | 50 |  | 50
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
| Other |  | 500 |  | - |  | 499 |  | - |  | 499
Total debt securities held-to-maturity | $ | 97,707 | $ | - | $ | 12,060 | $ | 91,858 | $ | 103,918
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 46,729 | $ | - | $ | 46,729 | $ | - | $ | 46,729
| FRB stock |  | 92,648 |  | - |  | 92,648 |  | - |  | 92,648
| Other investments |  | 21,081 |  | - |  | 19,778 |  | 7,296 |  | 27,074
Total equity securities | $ | 160,458 | $ | - | $ | 159,155 | $ | 7,296 | $ | 166,451
Loans held-for-sale | $ | 56,370 | $ | - | $ | - | $ | 57,572 | $ | 57,572
Loans held-in-portfolio |  | 26,495,610 |  | - |  | - |  | 24,603,515 |  | 24,603,515
Mortgage servicing rights |  | 150,652 |  | - |  | - |  | 150,652 |  | 150,652
Derivatives |  | 15,234 |  | - |  | 15,234 |  | - |  | 15,234
|  | September 30, 2019
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 36,370,038 | $ | - | $ | 36,370,038 | $ | - | $ | 36,370,038
| Time deposits |  | 7,796,157 |  | - |  | 7,648,739 |  | - |  | 7,648,739
Total deposits | $ | 44,166,195 | $ | - | $ | 44,018,777 | $ | - | $ | 44,018,777
Assets sold under agreements to repurchase | $ | 213,097 | $ | - | $ | 212,812 | $ | - | $ | 212,812
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 486,785 | $ | - | $ | 496,552 | $ | - | $ | 496,552
| Unsecured senior debt securities |  | 294,990 |  | - |  | 322,014 |  | - |  | 322,014
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,895 |  | - |  | 406,485 |  | - |  | 406,485
Total notes payable | $ | 1,166,670 | $ | - | $ | 1,225,051 | $ | - | $ | 1,225,051
Derivatives | $ | 14,069 | $ | - | $ | 14,069 | $ | - | $ | 14,069
[1] | Refer to Note 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level
|  | 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 25 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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- 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 + Details
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