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v3.22.2.2

Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments |
|  | September 30, 2022
| Carrying |  |  |  |  | Measured |
(In thousands) | amount | Level 1 | Level 2 | Level 3 |  | at NAV | Fair value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 2,017,312 | $ | 2,017,312 | $ | - | $ | - | $ | - | $ | 2,017,312
Money market investments |  | 3,975,048 |  | 3,967,849 |  | 7,199 |  | - |  | - |  | 3,975,048
Trading account debt securities, excluding derivatives[1] |  | 30,271 |  | 15,711 |  | 14,170 |  | 390 |  | - |  | 30,271
Debt securities available-for-sale[1] |  | 28,264,148 |  | 5,450,397 |  | 22,812,040 |  | 1,711 |  | - |  | 28,264,148
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury securities | $ | 1,881,547 | $ | - | $ | 1,829,680 | $ | - | $ | - | $ | 1,829,680
| Obligations of Puerto Rico, States and political subdivisions |  | 58,969 |  | - |  | - |  | 61,894 |  | - |  | 61,894
| Collateralized mortgage obligation-federal agency |  | 24 |  | - |  | - |  | 24 |  | - |  | 24
| Securities in wholly owned statutory business trusts |  | 5,960 |  | - |  | 5,960 |  | - |  | - |  | 5,960
Total debt securities held-to-maturity | $ | 1,946,500 | $ | - | $ | 1,835,640 | $ | 61,918 | $ | - | $ | 1,897,558
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
| FHLB stock | $ | 60,844 | $ | - | $ | 60,844 | $ | - | $ | - | $ | 60,844
| FRB stock |  | 94,870 |  | - |  | 94,870 |  | - |  | - |  | 94,870
| Other investments |  | 30,209 |  | - |  | 26,723 |  | 3,969 |  | 331 |  | 31,023
Total equity securities | $ | 185,923 | $ | - | $ | 182,437 | $ | 3,969 | $ | 331 | $ | 186,737
Loans held-for-sale | $ | 8,065 | $ | - | $ | - | $ | 8,065 | $ | - | $ | 8,065
Loans held-in-portfolio |  | 30,820,092 |  | - |  | - |  | 29,308,370 |  | - |  | 29,308,370
Mortgage servicing rights |  | 130,541 |  | - |  | - |  | 130,541 |  | - |  | 130,541
Derivatives |  | 16,653 |  | - |  | 16,653 |  | - |  | - |  | 16,653
|  | September 30, 2022
| Carrying |  |  |  |  | Measured |
(In thousands) | amount | Level 1 | Level 2 | Level 3 |  | at NAV | Fair value
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |
| Demand deposits | $ | 57,890,036 | $ | - | $ | 57,890,036 | $ | - | $ | - | $ | 57,890,036
| Time deposits |  | 6,929,291 |  | - |  | 6,553,096 |  | - |  | - |  | 6,553,096
Total deposits | $ | 64,819,327 | $ | - | $ | 64,443,132 | $ | - | $ | - | $ | 64,443,132
Assets sold under agreements to repurchase | $ | 162,450 | $ | - | $ | 162,380 | $ | - | $ | - | $ | 162,380
Other short-term borrowings[2] |  | 250,000 |  | - |  | 250,000 |  | - |  | - |  | 250,000
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
| FHLB advances | $ | 391,429 | $ | - | $ | 362,885 | $ | - | $ | - | $ | 362,885
| Unsecured senior debt securities |  | 298,793 |  | - |  | 304,080 |  | - |  | - |  | 304,080
| Junior subordinated deferrable interest debentures (related to trust preferred securities) |  | 198,312 |  | - |  | 181,574 |  | - |  | - |  | 181,574
Total notes payable | $ | 888,534 | $ | - | $ | 848,539 | $ | - | $ | - | $ | 848,539
Derivatives | $ | 14,776 | $ | - | $ | 14,776 | $ | - | $ | - | $ | 14,776
[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, 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 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.

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