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Fair value of financial instruments (Tables)
 9 Months Ended
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.