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Debt securities held-to-maturity (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Debt Securities, Held-to-maturity | At December 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 $ 597,768 $ 597,768 $ - $ 597,768 $ - $ 7,526 $ 590,242 2.58 % After 1 to 5 years 7,971,072 7,335,159 - 7,335,159 637 21,996 7,313,800 1.39 After 5 to 10 years 211,061 188,484 - 188,484 - 187 188,297 1.50 Total U.S. Treasury securities 8,779,901 8,121,411 - 8,121,411 637 29,709 8,092,339 1.47 Obligations of Puerto Rico, States and political subdivisions Within 1 year 4,820 4,820 9 4,811 3 - 4,814 6.17 After 1 to 5 years 20,171 20,171 147 20,024 96 125 19,995 3.80 After 5 to 10 years 845 845 28 817 28 - 845 5.80 After 10 years 39,572 39,572 5,596 33,976 2,814 2,766 34,024 1.41 Total obligations of Puerto Rico, States and political subdivisions 65,408 65,408 5,780 59,628 2,941 2,891 59,678 2.55 Collateralized mortgage obligations - federal agencies Within 1 year 13 13 - 13 - - 13 6.44 After 10 years 1,543 1,543 - 1,543 - 148 1,395 2.87 Total collateralized mortgage obligations - federal agencies 1,556 1,556 - 1,556 - 148 1,408 2.90 Securities in wholly owned statutory business trusts After 10 years 5,960 5,960 - 5,960 - - 5,960 6.33 Total securities in wholly owned statutory business trusts 5,960 5,960 - 5,960 - - 5,960 6.33 Total debt securities held-to-maturity [2] $ 8,852,825 $ 8,194,335 $ 5,780 $ 8,188,555 $ 3,578 $ 32,748 $ 8,159,385 1.48 % [1] Book value includes $ 658 million of net unrealized loss which remains in Accumulated other comprehensive (loss) 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 $ 8.1 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 $ 67.3 million 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 (loss) 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.
Schedule Of Aggregate Amortized Cost And Fair Value Of HTMs By Contractual Maturity | (In thousands) Amortized cost Book Value Fair value Within 1 year $ 602,601 $ 602,601 $ 595,069 After 1 to 5 years 7,991,243 7,355,330 7,333,795 After 5 to 10 years 211,906 189,329 189,142 After 10 years 47,075 47,075 41,379 Total debt securities held-to-maturity $ 8,852,825 $ 8,194,335 $ 8,159,385
Debt securities held to maturity credit quality indicator | At December 31, 2023 At December 31, 2022 (In thousands) Securities issued by Puerto Rico municipalities Watch $ 2,255 $ 13,735 Pass 16,565 10,925 Total $ 18,820 $ 24,660
Debt securities held to maturity allowance for credit loss | For the year ended December 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) (1,131) (1,185) Securities charged-off - - Recoveries - - Ending balance $ 5,780 $ 6,911

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