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Fair value of financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 469,501 $ 469,501 $ - $ - $ - $ 469,501 Money market investments 5,614,595 5,607,937 6,658 - - 5,614,595 Trading account debt securities, excluding derivatives [1] 27,723 13,069 14,119 535 - 27,723 Debt securities available-for-sale [1] 17,804,374 1,908,589 15,894,074 1,711 - 17,804,374 Debt securities held-to-maturity: U.S. Treasury securities $ 8,453,467 $ - $ 8,372,601 $ - $ - $ 8,372,601 Obligations of Puerto Rico, States and political subdivisions 59,010 - - 61,617 - 61,617 Collateralized mortgage obligation-federal agency 19 - - 19 - 19 Securities in wholly owned statutory business trusts 5,959 - 5,959 - - 5,959 Total debt securities held-to-maturity $ 8,518,455 $ - $ 8,378,560 $ 61,636 $ - $ 8,440,196 Equity securities: FHLB stock $ 65,861 $ - $ 65,861 $ - $ - $ 65,861 FRB stock 96,206 - 96,206 - - 96,206 Other investments 33,787 - 29,302 4,966 330 34,598 Total equity securities $ 195,854 $ - $ 191,369 $ 4,966 $ 330 $ 196,665 Loans held-for-sale $ 5,381 $ - $ - $ 5,404 $ - $ 5,404 Loans held-in-portfolio 31,357,467 - - 29,366,365 - 29,366,365 Mortgage servicing rights 128,350 - - 128,350 - 128,350 Derivatives 19,229 - 19,229 - - 19,229 December 31, 2022 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 54,445,825 $ - $ 54,445,825 $ - $ - $ 54,445,825 Time deposits 6,781,402 - 6,464,943 - - 6,464,943 Total deposits $ 61,227,227 $ - $ 60,910,768 $ - $ - $ 60,910,768 Assets sold under agreements to repurchase $ 148,609 $ - $ 148,566 $ - $ - $ 148,566 Other short-term borrowings [2] 365,000 - 365,000 - - 365,000 Notes payable: FHLB advances $ 389,282 $ - $ 361,951 $ - $ - $ 361,951 Unsecured senior debt securities 299,109 - 300,027 - - 300,027 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,319 - 173,938 - - 173,938 Total notes payable $ 886,710 $ - $ 835,916 $ - $ - $ 835,916 Derivatives $ 17,000 $ - $ 17,000 $ - $ - $ 17,000 [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, 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.

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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 https://asc.fasb.org/extlink&oid=123594938&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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