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Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures |
Fair Value By Balance Sheet Grouping Text Block |
|  | September 30, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 565,202 | $ | 565,202 | $ | - | $ | - | $ | 565,202
Money market investments |  | 11,859,924 |  | 11,853,978 |  | 5,946 |  | - |  | 11,859,924
Trading account debt securities, excluding derivatives[1] |  | 33,053 |  | 4,106 |  | 28,124 |  | 823 |  | 33,053
Debt securities available-for-sale[1] |  | 21,177,839 |  | 3,999,320 |  | 17,177,395 |  | 1,124 |  | 21,177,839
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 68,646 | $ | - | $ | - | $ | 82,995 | $ | 82,995
| Collateralized mortgage obligation-federal agency |  | 35 |  | - |  | - |  | 37 |  | 37
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
| Other |  | 500 |  | - |  | 500 |  | - |  | 500
Total debt securities held-to-maturity | $ | 80,742 | $ | - | $ | 12,061 | $ | 83,032 | $ | 95,093
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 53,252 | $ | - | $ | 53,252 | $ | - | $ | 53,252
| FRB stock |  | 92,721 |  | - |  | 92,721 |  | - |  | 92,721
| Other investments |  | 28,020 |  | - |  | 26,718 |  | 1,679 |  | 28,397
Total equity securities | $ | 173,993 | $ | - | $ | 172,691 | $ | 1,679 | $ | 174,370
Loans held-for-sale | $ | 102,760 | $ | - | $ | - | $ | 104,915 | $ | 104,915
Loans held-in-portfolio |  | 28,466,660 |  | - |  | - |  | 27,023,763 |  | 27,023,763
Mortgage servicing rights |  | 123,552 |  | - |  | - |  | 123,552 |  | 123,552
Derivatives |  | 18,080 |  | - |  | 18,080 |  | - |  | 18,080
|  | September 30, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 48,177,054 | $ | - | $ | 48,177,054 | $ | - | $ | 48,177,054
| Time deposits |  | 7,844,929 |  | - |  | 7,845,290 |  | - |  | 7,845,290
Total deposits | $ | 56,021,983 | $ | - | $ | 56,022,344 | $ | - | $ | 56,022,344
Assets sold under agreements to repurchase | $ | 106,028 | $ | - | $ | 105,699 | $ | - | $ | 105,699
Other short-term borrowings[2] | $ | 100,000 | $ | - | $ | 100,000 | $ | - | $ | 100,000
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 519,208 | $ | - | $ | 540,547 | $ | - | $ | 540,547
| Unsecured senior debt securities |  | 296,257 |  | - |  | 301,082 |  | - |  | 301,082
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,922 |  | - |  | 407,262 |  | - |  | 407,262
| FRB advances |  | 1,009 |  | - |  | 1,009 |  | - |  | 1,009
Total notes payable | $ | 1,201,396 | $ | - | $ | 1,249,900 | $ | - | $ | 1,249,900
Derivatives | $ | 15,346 | $ | - | $ | 15,346 | $ | - | $ | 15,346
[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.

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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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