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Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures |
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments | September 30, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 535,335 $ 535,335 $ - $ - $ - $ 535,335 Money market investments 6,389,437 6,383,534 5,903 - - 6,389,437 Trading account debt securities, excluding derivatives [1] 30,825 15,644 14,846 335 - 30,825 Debt securities available-for-sale [1] 17,129,858 3,871,643 13,256,562 1,653 - 17,129,858 Debt securities held-to-maturity: U.S. Treasury securities $ 8,228,758 $ - $ 7,999,065 $ - $ - $ 7,999,065 Obligations of Puerto Rico, States and political subdivisions 59,745 - 6,866 51,865 - 58,731 Collateralized mortgage obligation-federal agency 1,562 - 1,296 15 - 1,311 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 8,296,025 $ - $ 8,013,187 $ 51,880 $ - $ 8,065,067 Equity securities: FHLB stock $ 50,358 $ - $ 50,358 $ - $ - $ 50,358 FRB stock 99,064 - 99,064 - - 99,064 Other investments 41,266 - 35,026 6,871 286 42,183 Total equity securities $ 190,688 $ - $ 184,448 $ 6,871 $ 286 $ 191,605 Loans held-for-sale $ 5,239 $ - $ 5,239 $ - $ - $ 5,239 Loans held-in-portfolio 33,318,245 - - 31,646,073 - 31,646,073 Mortgage servicing rights 119,030 - - 119,030 - 119,030 Derivatives 23,511 - 23,511 - - 23,511 September 30, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,129,643 $ - $ 55,129,643 $ - $ - $ 55,129,643 Time deposits 8,207,957 - 7,835,985 - - 7,835,985 Total deposits $ 63,337,600 $ - $ 62,965,628 $ - $ - $ 62,965,628 Assets sold under agreements to repurchase $ 93,071 $ - $ 93,050 $ - $ - $ 93,050 Notes payable: FHLB advances $ 412,632 $ - $ 388,483 $ - $ - $ 388,483 Unsecured senior debt securities 393,678 - 402,324 - - 402,324 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,339 - 180,183 - - 180,183 Total notes payable $ 1,004,649 $ - $ 970,990 $ - $ - $ 970,990 Derivatives $ 21,747 $ - $ 21,747 $ - $ - $ 21,747 [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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