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