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Fair value of financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments | June 30, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 476,642 $ 476,642 $ - $ - $ - $ 476,642 Money market investments 8,593,476 8,587,418 6,058 - - 8,593,476 Trading account debt securities, excluding derivatives [1] 29,035 13,338 15,287 410 - 29,035 Debt securities available-for-sale [1] 17,242,217 2,854,502 14,386,060 1,655 - 17,242,217 Debt securities held-to-maturity: U.S. Treasury securities $ 8,336,569 $ - $ 8,206,858 $ - $ - $ 8,206,858 Obligations of Puerto Rico, States and political subdivisions 60,326 - - 60,676 - 60,676 Collateralized mortgage obligation-federal agency 1,566 - 1,440 16 - 1,456 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 8,404,421 $ - $ 8,214,258 $ 60,692 $ - $ 8,274,950 Equity securities: FHLB stock $ 50,357 $ - $ 50,357 $ - $ - $ 50,357 FRB stock 100,267 - 100,267 - - 100,267 Other investments 41,749 - 35,541 6,771 303 42,615 Total equity securities $ 192,373 $ - $ 186,165 $ 6,771 $ 303 $ 193,239 Loans held-for-sale $ 55,421 $ - $ 55,421 $ - $ - $ 55,421 Loans held-in-portfolio 32,330,722 - - 30,758,440 - 30,758,440 Mortgage servicing rights 121,249 - - 121,249 - 121,249 Derivatives 24,346 - 24,346 - - 24,346 June 30, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,002,966 $ - $ 56,002,966 $ - $ - $ 56,002,966 Time deposits 8,001,852 - 7,655,442 - - 7,655,442 Total deposits $ 64,004,818 $ - $ 63,658,408 $ - $ - $ 63,658,408 Assets sold under agreements to repurchase $ 123,205 $ - $ 123,185 $ - $ - $ 123,185 Notes payable: FHLB advances $ 412,632 $ - $ 388,283 $ - $ - $ 388,283 Unsecured senior debt securities 693,085 - 696,103 - - 696,103 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,332 - 169,879 - - 169,879 Total notes payable $ 1,304,049 $ - $ 1,254,265 $ - $ - $ 1,254,265 Derivatives $ 21,575 $ - $ 21,575 $ - $ - $ 21,575 [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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