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Fair value of financial instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments | March 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 462,013 $ 462,013 $ - $ - $ - $ 462,013 Money market investments 6,098,288 6,091,115 7,173 - - 6,098,288 Trading account debt securities, excluding derivatives [1] 29,823 15,462 13,886 475 - 29,823 Debt securities available-for-sale [1] 17,173,128 1,865,470 15,306,003 1,655 - 17,173,128 Debt securities held-to-maturity: U.S. Treasury securities $ 8,494,652 $ - $ 8,534,105 $ - $ - $ 8,534,105 Obligations of Puerto Rico, States and political subdivisions 55,633 - - 57,839 - 57,839 Collateralized mortgage obligation-federal agency 16 - - 16 - 16 Securities in wholly owned statutory business trusts 5,959 - 5,959 - - 5,959 Total debt securities held-to-maturity $ 8,556,260 $ - $ 8,540,064 $ 57,855 $ - $ 8,597,919 Equity securities: FHLB stock $ 49,265 $ - $ 49,265 $ - $ - $ 49,265 FRB stock 99,134 - 99,134 - - 99,134 Other investments 37,518 - 32,545 5,482 318 38,345 Total equity securities $ 185,917 $ - $ 180,944 $ 5,482 $ 318 $ 186,744 Loans held-for-sale $ 11,181 $ - $ 11,181 $ - $ - $ 11,181 Loans held-in-portfolio 31,649,253 - - 30,066,069 - 30,066,069 Mortgage servicing rights 127,475 - - 127,475 - 127,475 Derivatives 19,365 - 19,365 - - 19,365 March 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 53,547,761 $ - $ 53,547,761 $ - $ - $ 53,547,761 Time deposits 7,406,127 - 7,019,993 - - 7,019,993 Total deposits $ 60,953,888 $ - $ 60,567,754 $ - $ - $ 60,567,754 Assets sold under agreements to repurchase $ 123,499 $ - $ 123,487 $ - $ - $ 123,487 Notes payable: FHLB advances $ 388,282 $ - $ 365,862 $ - $ - $ 365,862 Unsecured senior debt securities 692,519 - 693,253 - - 693,253 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,326 - 177,823 - - 177,823 Total notes payable $ 1,279,127 $ - $ 1,236,938 $ - $ - $ 1,236,938 Derivatives $ 17,115 $ - $ 17,115 $ - $ - $ 17,115 [1] Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. 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 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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- 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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