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v3.21.2

Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments |
|  | September 30, 2021
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 538,973 | $ | 538,973 | $ | - | $ | - | $ | 538,973
Money market investments |  | 17,526,238 |  | 17,519,832 |  | 6,406 |  | - |  | 17,526,238
Trading account debt securities, excluding derivatives[1] |  | 36,064 |  | 10,780 |  | 24,712 |  | 572 |  | 36,064
Debt securities available-for-sale[1] |  | 24,391,226 |  | 799,972 |  | 23,590,371 |  | 883 |  | 24,391,226
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 64,842 | $ | - | $ | - | $ | 78,183 | $ | 78,183
| Collateralized mortgage obligation-federal agency |  | 30 |  | - |  | - |  | 31 |  | 31
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
Total debt securities held-to-maturity | $ | 76,433 | $ | - | $ | 11,561 | $ | 78,214 | $ | 89,775
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 56,685 | $ | - | $ | 56,685 | $ | - | $ | 56,685
| FRB stock |  | 95,119 |  | - |  | 95,119 |  | - |  | 95,119
| Other investments |  | 33,127 |  | - |  | 30,212 |  | 4,313 |  | 34,525
Total equity securities | $ | 184,931 | $ | - | $ | 182,016 | $ | 4,313 | $ | 186,329
Loans held-for-sale | $ | 91,313 | $ | - | $ | - | $ | 92,903 | $ | 92,903
Loans held-in-portfolio |  | 28,136,797 |  | - |  | - |  | 27,091,726 |  | 27,091,726
Mortgage servicing rights |  | 116,567 |  | - |  | - |  | 116,567 |  | 116,567
Derivatives |  | 23,827 |  | - |  | 23,827 |  | - |  | 23,827
|  | September 30, 2021
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 59,081,441 | $ | - | $ | 59,081,441 | $ | - | $ | 59,081,441
| Time deposits |  | 6,932,120 |  | - |  | 6,881,141 |  | - |  | 6,881,141
Total deposits | $ | 66,013,561 | $ | - | $ | 65,962,582 | $ | - | $ | 65,962,582
Assets sold under agreements to repurchase | $ | 86,470 | $ | - | $ | 86,455 | $ | - | $ | 86,455
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 494,469 | $ | - | $ | 502,792 | $ | - | $ | 502,792
| Unsecured senior debt securities |  | 297,525 |  | - |  | 322,938 |  | - |  | 322,938
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,949 |  | - |  | 411,186 |  | - |  | 411,186
Total notes payable | $ | 1,176,943 | $ | - | $ | 1,236,916 | $ | - | $ | 1,236,916
Derivatives | $ | 20,879 | $ | - | $ | 20,879 | $ | - | $ | 20,879
[1] | Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
|  | December 31, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 491,065 | $ | 491,065 | $ | - | $ | - | $ | 491,065
Money market investments |  | 11,640,880 |  | 11,634,851 |  | 6,029 |  | - |  | 11,640,880
Trading account debt securities, excluding derivatives[1] |  | 36,674 |  | 11,506 |  | 24,509 |  | 659 |  | 36,674
Debt securities available-for-sale[1] |  | 21,561,152 |  | 3,499,781 |  | 18,060,357 |  | 1,014 |  | 21,561,152
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 70,768 | $ | - | $ | - | $ | 83,298 | $ | 83,298
| Collateralized mortgage obligation-federal agency |  | 31 |  | - |  | - |  | 32 |  | 32
| Securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | 11,561
Total debt securities held-to-maturity | $ | 82,360 | $ | - | $ | 11,561 | $ | 83,330 | $ | 94,891
Equity securities: |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 49,799 | $ | - | $ | 49,799 | $ | - | $ | 49,799
| FRB stock |  | 93,045 |  | - |  | 93,045 |  | - |  | 93,045
| Other investments |  | 30,893 |  | - |  | 29,590 |  | 1,495 |  | 31,085
Total equity securities | $ | 173,737 | $ | - | $ | 172,434 | $ | 1,495 | $ | 173,929
Loans held-for-sale | $ | 99,455 | $ | - | $ | - | $ | 102,189 | $ | 102,189
Loans held-in-portfolio |  | 28,488,946 |  | - |  | - |  | 27,098,297 |  | 27,098,297
Mortgage servicing rights |  | 118,395 |  | - |  | - |  | 118,395 |  | 118,395
Derivatives |  | 20,785 |  | - |  | 20,785 |  | - |  | 20,785
|  | December 31, 2020
| Carrying |  |  |  |
(In thousands) | amount | Level 1 | Level 2 | Level 3 | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 49,558,492 | $ | - | $ | 49,558,492 | $ | - | $ | 49,558,492
| Time deposits |  | 7,307,848 |  | - |  | 7,319,963 |  | - |  | 7,319,963
Total deposits | $ | 56,866,340 | $ | - | $ | 56,878,455 | $ | - | $ | 56,878,455
Assets sold under agreements to repurchase | $ | 121,303 | $ | - | $ | 121,257 | $ | - | $ | 121,257
Notes payable: |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 542,469 | $ | - | $ | 561,977 | $ | - | $ | 561,977
| Unsecured senior debt securities |  | 296,574 |  | - |  | 321,078 |  | - |  | 321,078
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 384,929 |  | - |  | 395,078 |  | - |  | 395,078
| FRB advances |  | 1,009 |  | - |  | 1,009 |  | - |  | 1,009
Total notes payable | $ | 1,224,981 | $ | - | $ | 1,279,142 | $ | - | $ | 1,279,142
Derivatives | $ | 18,925 | $ | - | $ | 18,925 | $ | - | $ | 18,925
[1] | Refer to Note 23 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=121572278&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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