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Debt securities held-to-maturity (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments [Abstract] |
Debt Securities, Held-to-maturity | At June 30, 2024 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 $ 598,695 $ 598,695 $ - $ 598,695 $ - $ 7,917 $ 590,778 2.66 % After 1 to 5 years 7,878,042 7,307,981 - 7,307,981 - 128,694 7,179,287 1.34 Total U.S. Treasury securities 8,476,737 7,906,676 - 7,906,676 - 136,611 7,770,065 1.43 Obligations of Puerto Rico, States and political subdivisions Within 1 year 3,055 3,055 6 3,049 2 - 3,051 6.23 After 1 to 5 years 18,595 18,595 112 18,483 52 148 18,387 3.60 After 5 to 10 years 845 845 28 817 20 - 837 5.80 After 10 years 38,866 38,866 6,105 32,761 2,781 1,967 33,575 1.42 Total obligations of Puerto Rico, States and political subdivisions 61,361 61,361 6,251 55,110 2,855 2,115 55,850 2.38 Collateralized mortgage obligations - federal agencies After 10 years 1,527 1,527 - 1,527 - 186 1,341 2.87 Total collateralized mortgage obligations - federal agencies 1,527 1,527 - 1,527 - 186 1,341 2.87 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] $ 8,545,585 $ 7,975,524 $ 6,251 $ 7,969,273 $ 2,855 $ 138,912 $ 7,833,216 1.44 % [1] Book value includes $ 570 million of net unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to certain securities previously transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio. [2] Includes $ 7.9 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 $ 69.7 million that could be used to increase its borrowing facilities. 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 of the 2023 Form 10-K. [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.
Debt securities held to maturity credit quality indicator | At June 30, 2024 At December 31, 2023 (In thousands) Securities issued by Puerto Rico municipalities Watch $ 2,255 $ 2,255 Pass 13,265 16,565 Total $ 15,520 $ 18,820
Debt securities held to maturity allowance for credit loss | For the quarters ended June 30, 2024 2023 (In thousands) Obligations of Puerto Rico, States and political subdivisions Allowance for credit losses: Beginning balance $ 5,731 $ 6,792 Provision for credit losses (benefit) 520 (647) Securities charged-off - - Recoveries - - Ending balance $ 6,251 $ 6,145 For the six months ended June 30, 2024 2023 (In thousands) Obligations of Puerto Rico, States and political subdivisions Allowance for credit losses: Beginning balance $ 5,780 $ 6,911 Provision for credit losses (benefit) 471 (766) Securities charged-off - - Recoveries - - Ending balance $ 6,251 $ 6,145

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