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Debt securities held-to-maturity (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
Debt Securities, Held-to-maturity | At March 31, 2023 Allowance Carrying Value Gross Gross Weighted Amortized Book [1] for Credit Net of unrealized unrealized Fair average (In thousands) cost Value Losses Allowance gains losses value yield U.S. Treasury securities Within 1 year $ 649,391 $ 649,391 $ - $ 649,391 $ - $ 6,923 $ 642,468 2.75 % After 1 to 5 years 6,591,199 6,043,507 - 6,043,507 49,211 28,571 6,064,147 1.45 After 5 to 10 years 2,043,395 1,801,754 - 1,801,754 25,736 - 1,827,490 1.44 Total U.S. Treasury securities 9,283,985 8,494,652 - 8,494,652 74,947 35,494 8,534,105 1.54 Obligations of Puerto Rico, States and political subdivisions Within 1 year 4,730 4,730 21 4,709 18 3 4,724 6.15 After 1 to 5 years 15,805 15,805 212 15,593 119 115 15,597 3.83 After 5 to 10 years 1,025 1,025 34 991 34 - 1,025 5.80 After 10 years 40,865 40,865 6,525 34,340 4,423 2,270 36,493 1.40 Total obligations of Puerto Rico, States and political subdivisions 62,425 62,425 6,792 55,633 4,594 2,388 57,839 2.45 Collateralized mortgage obligations - federal agencies After 1 to 5 years 16 16 - 16 1 - 17 6.44 Total collateralized mortgage obligations - federal agencies 16 16 - 16 1 - 17 6.44 Securities in wholly owned statutory business trusts After 10 years 5,959 5,959 - 5,959 - - 5,959 6.33 Total securities in wholly owned statutory business trusts 5,959 5,959 - 5,959 - - 5,959 6.33 Total debt securities held-to-maturity [2] $ 9,352,385 $ 8,563,052 $ 6,792 $ 8,556,260 $ 79,542 $ 37,882 $ 8,597,920 1.55 % [1] Book value includes $ 789 million of net unrealized loss which remains in Accumulated other comprehensive income (AOCI) related to certain securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio as discussed in Note 6. [2] Includes $ 7.1 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The Corporation had unpledged held-to-maturities securities with a fair value of $ 1.3 billion that could be used to increase its borrowing facilities. At December 31, 2022 Allowance Carrying Value Gross Gross Weighted Amortized Book [1] for Credit Net of unrealized unrealized Fair average (In thousands) cost Value Losses Allowance gains losses value yield U.S. Treasury securities Within 1 year $ 499,034 $ 499,034 $ - $ 499,034 $ - $ 6,203 $ 492,831 2.83 % After 1 to 5 years 6,147,568 5,640,767 - 5,640,767 - 59,806 5,580,961 1.49 After 5 to 10 years 2,638,238 2,313,666 - 2,313,666 - 14,857 2,298,809 1.41 Total U.S. Treasury securities 9,284,840 8,453,467 - 8,453,467 - 80,866 8,372,601 1.54 Obligations of Puerto Rico, States and political subdivisions ` Within 1 year 4,530 4,530 8 4,522 5 - 4,527 6.08 % After 1 to 5 years 19,105 19,105 234 18,871 150 82 18,939 4.24 After 5 to 10 years 1,025 1,025 34 991 34 - 1,025 5.80 After 10 years 41,261 41,261 6,635 34,626 4,729 2,229 37,126 1.40 Total obligations of Puerto Rico, States and political subdivisions 65,921 65,921 6,911 59,010 4,918 2,311 61,617 2.61 Collateralized mortgage obligations - federal agencies After 1 to 5 years 19 19 - 19 - - 19 6.44 Total collateralized mortgage obligations - federal agencies 19 19 - 19 - - 19 6.44 Securities in wholly owned statutory business trusts After 10 years 5,959 5,959 - 5,959 - - 5,959 6.33 Total securities in wholly owned statutory business trusts 5,959 5,959 - 5,959 - - 5,959 6.33 Total debt securities held-to-maturity [2] $ 9,356,739 $ 8,525,366 $ 6,911 $ 8,518,455 $ 4,918 $ 83,177 $ 8,440,196 1.55 % [1] Book value includes $ 831 million of net unrealized loss which remains in Accumulated other comprehensive income (AOCI) related to certain securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio as discussed in Note 6. [2] Includes $ 6.9 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The Corporation had unpledged held-to-maturities securities with a fair value of $ 1.5 billion that could be used to increase its borrowing facilities.
Debt securities held to maturity credit quality indicator | At March 31, 2023 At December 31, 2022 (In thousands) Securities issued by Puerto Rico municipalities Watch $ 2,905 $ 13,735 Pass 18,655 10,925 Total $ 21,560 $ 24,660
Debt securities held to maturity allowance for credit loss | For the quarters ended March 31, 2023 2022 (In thousands) Obligations of Puerto Rico, States and political subdivisions Allowance for credit losses: Beginning balance $ 6,911 $ 8,096 Provision for credit losses (benefit) (119) (252) Securities charged-off - - Recoveries - - Ending balance $ 6,792 $ 7,844

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