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Fair value of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures  
Fair Value By Balance Sheet Grouping Text Block

 

 

December 31, 2019

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

388,311

$

388,311

$

-

$

-

$

388,311

Money market investments

 

3,262,286

 

3,256,274

 

6,012

 

-

 

3,262,286

Trading account debt securities, excluding derivatives[1]

 

40,321

 

7,081

 

32,270

 

970

 

40,321

Debt securities available-for-sale[1]

 

17,648,473

 

3,841,715

 

13,805,576

 

1,182

 

17,648,473

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

85,556

$

-

$

-

$

93,002

$

93,002

 

Collateralized mortgage obligation-federal agency

 

45

 

-

 

-

 

47

 

47

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

 

Other

 

500

 

-

 

500

 

-

 

500

Total debt securities held-to-maturity

$

97,662

$

-

$

12,061

$

93,049

$

105,110

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

43,787

$

-

$

43,787

$

-

$

43,787

 

FRB stock

 

93,470

 

-

 

93,470

 

-

 

93,470

 

Other investments

 

22,630

 

-

 

21,328

 

7,367

 

28,695

Total equity securities

$

159,887

$

-

$

158,585

$

7,367

$

165,952

Loans held-for-sale

$

59,203

$

-

$

-

$

60,030

$

60,030

Loans held-in-portfolio

 

26,929,165

 

-

 

-

 

25,051,400

 

25,051,400

Mortgage servicing rights

 

150,906

 

-

 

-

 

150,906

 

150,906

Derivatives

 

17,966

 

-

 

17,966

 

-

 

17,966

 

 

December 31, 2019

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

36,083,809

$

-

$

36,083,809

$

-

$

36,083,809

 

Time deposits

 

7,674,797

 

-

 

7,598,732

 

-

 

7,598,732

Total deposits

$

43,758,606

$

-

$

43,682,541

$

-

$

43,682,541

Assets sold under agreements to repurchase

$

193,378

$

-

$

193,271

$

-

$

193,271

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

421,399

$

-

$

429,718

$

-

$

429,718

 

Unsecured senior debt securities

 

295,307

 

-

 

323,415

 

-

 

323,415

 

Junior subordinated deferrable interest debentures (related to trust preferred securities)

 

384,902

 

-

 

395,216

 

-

 

395,216

Total notes payable

$

1,101,608

$

-

$

1,148,349

$

-

$

1,148,349

Derivatives

$

16,619

$

-

$

16,619

$

-

$

16,619

[1]

Refer to Note 30 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 30 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

[2]

Refer to Note 19 to the Consolidated Financial Statements for the composition of other short-term borrowings.