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Fair value of financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments | The following tables present the carrying amount and estimated fair values of financial instruments with their corresponding level in the fair value hierarchy. The aggregate fair value amounts of the financial instruments disclosed do not represent management’s estimate of the underlying value of the Corporation.
|  | December 31, 2021
| Carrying |  |  |  |  | Measured |
(In thousands) | amount | Level 1 | Level 2 | Level 3 |  | at NAV | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 428,433 | $ | 428,433 | $ | - | $ | - | $ | - | $ | 428,433
Money market investments |  | 17,536,719 |  | 17,530,640 |  | 6,079 |  | - |  | - |  | 17,536,719
Trading account debt securities, excluding derivatives[1] |  | 29,711 |  | 6,530 |  | 22,703 |  | 478 |  | - |  | 29,711
Debt securities available-for-sale[1] |  | 24,968,269 |  | - |  | 24,967,443 |  | 826 |  | - |  | 24,968,269
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
| Obligations of Puerto Rico, States and political subdivisions | $ | 65,380 | $ | - | $ | - | $ | 77,383 | $ | - | $ | 77,383
| Collateralized mortgage obligation-federal agency |  | 25 |  | - |  | - |  | 25 |  | - |  | 25
| Securities in wholly owned statutory business trusts |  | 5,960 |  | - |  | 5,960 |  | - |  | - |  | 5,960
Total debt securities held-to-maturity | $ | 71,365 | $ | - | $ | 5,960 | $ | 77,408 | $ | - | $ | 83,368
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 59,918 | $ | - | $ | 59,918 | $ | - | $ | - | $ | 59,918
| FRB stock |  | 96,217 |  | - |  | 96,217 |  | - |  | - |  | 96,217
| Other investments |  | 33,842 |  | - |  | 32,429 |  | 3,704 |  | 77 |  | 36,210
Total equity securities | $ | 189,977 | $ | - | $ | 188,564 | $ | 3,704 | $ | 77 | $ | 192,345
Loans held-for-sale | $ | 59,168 | $ | - | $ | - | $ | 59,885 | $ | - | $ | 59,885
Loans held-in-portfolio |  | 28,545,191 |  | - |  | - |  | 27,489,583 |  | - |  | 27,489,583
Mortgage servicing rights |  | 121,570 |  | - |  | - |  | 121,570 |  | - |  | 121,570
Derivatives |  | 26,093 |  | - |  | 26,093 |  | - |  | - |  | 26,093
|  | December 31, 2021
| Carrying |  |  |  |  | Measured |
(In thousands) | amount | Level 1 | Level 2 | Level 3 |  | at NAV | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 60,292,939 | $ | - | $ | 60,292,939 | $ | - | $ | - | $ | 60,292,939
| Time deposits |  | 6,712,149 |  | - |  | 6,647,301 |  | - |  | - |  | 6,647,301
Total deposits | $ | 67,005,088 | $ | - | $ | 66,940,240 | $ | - | $ | - | $ | 66,940,240
Assets sold under agreements to repurchase | $ | 91,603 | $ | - | $ | 91,602 | $ | - | $ | - | $ | 91,602
Other short-term borrowings[2] | $ | 75,000 | $ | - | $ | 75,000 | $ | - | $ | - | $ | 75,000
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 492,429 | $ | - | $ | 496,091 | $ | - | $ | - | $ | 496,091
| Unsecured senior debt securities |  | 297,842 |  | - |  | 319,296 |  | - |  | - |  | 319,296
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 198,292 |  | - |  | 201,879 |  | - |  | - |  | 201,879
Total notes payable | $ | 988,563 | $ | - | $ | 1,017,266 | $ | - | $ | - | $ | 1,017,266
Derivatives | $ | 22,878 | $ | - | $ | 22,878 | $ | - | $ | - | $ | 22,878
Contingent consideration | $ | 9,241 | $ | - | $ | - | $ | 9,241 | $ | - | $ | 9,241
[1] | Refer to Note 28 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
[2] | Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.
|  | 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 28 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

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