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v3.20.1

Fair value of financial instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Fair Value Disclosures |
Fair Value By Balance Sheet Grouping Text Block |
|  | March 31, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 445,551 | $ | 445,551 | $ | - | $ | - | $ | 445,551
Money market investments |  | 5,941,716 |  | 5,935,945 |  | 5,771 |  | - |  | 5,941,716
Trading account debt securities, excluding derivatives[1] |  | 42,545 |  | 1 |  | 41,649 |  | 895 |  | 42,545
Debt securities available-for-sale[1] |  | 15,813,301 |  | 2,099,856 |  | 13,712,268 |  | 1,177 |  | 15,813,301
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 69,771 | $ | - | $ | - | $ | 68,296 | $ | 68,296
| Collateralized mortgage obligation-federal agency |  | 41 |  | - |  | - |  | 43 |  | 43
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
| Other |  | 500 |  | - |  | 500 |  | - |  | 500
Total debt securities held-to-maturity | $ | 81,873 | $ | - | $ | 12,061 | $ | 68,339 | $ | 80,400
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 46,316 | $ | - | $ | 46,316 | $ | - | $ | 46,316
| FRB stock |  | 93,838 |  | - |  | 93,838 |  | - |  | 93,838
| Other investments |  | 22,904 |  | - |  | 21,601 |  | 6,704 |  | 28,305
Total equity securities | $ | 163,058 | $ | - | $ | 161,755 | $ | 6,704 | $ | 168,459
Loans held-for-sale | $ | 87,855 | $ | - | $ | - | $ | 91,182 | $ | 91,182
Loans held-in-portfolio |  | 26,742,556 |  | - |  | - |  | 24,977,460 |  | 24,977,460
Mortgage servicing rights |  | 147,311 |  | - |  | - |  | 147,311 |  | 147,311
Derivatives |  | 9,534 |  | - |  | 9,534 |  | - |  | 9,534
|  | March 31, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 36,269,352 | $ | - | $ | 36,269,352 | $ | - | $ | 36,269,352
| Time deposits |  | 8,527,824 |  | - |  | 8,398,572 |  | - |  | 8,398,572
Total deposits | $ | 44,797,176 | $ | - | $ | 44,667,924 | $ | - | $ | 44,667,924
Assets sold under agreements to repurchase | $ | 178,766 | $ | - | $ | 178,104 | $ | - | $ | 178,104
Other short-term borrowings[2] | $ | 100,000 | $ | - | $ | 100,000 | $ | - | $ | 100,000
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 377,598 | $ | - | $ | 393,674 | $ | - | $ | 393,674
| Unsecured senior debt securities |  | 295,624 |  | - |  | 309,228 |  | - |  | 309,228
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,909 |  | - |  | 371,086 |  | - |  | 371,086
Total notes payable | $ | 1,058,131 | $ | - | $ | 1,073,988 | $ | - | $ | 1,073,988
Derivatives | $ | 12,037 | $ | - | $ | 12,037 | $ | - | $ | 12,037
[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 16 to the Consolidated Financial Statements for the composition of other short-term borrowings.
|  | 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 |  | 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 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
[2] | Refer to Note 16 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=118260190&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=117815213&loc=d3e19207-110258 + Details
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