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Fair value of financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures |
Carrying amount and estimated fair value of financial instruments with corresponding level in the fair value hierarchy | June 30, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 359,973 $ 359,973 $ - $ - $ - $ 359,973 Money market investments 6,851,394 6,844,108 7,286 - - 6,851,394 Trading account debt securities, excluding derivatives [1] 28,012 7,064 20,706 242 - 28,012 Debt securities available-for-sale [1] 18,542,779 7,751,165 10,789,033 2,581 - 18,542,779 Debt securities held-to-maturity: U.S. Treasury securities $ 7,906,676 $ - $ 7,770,065 $ - $ - $ 7,770,065 Obligations of Puerto Rico, States and political subdivisions 55,110 - 6,881 48,969 - 55,850 Collateralized mortgage obligation-federal agency 1,527 - 1,341 - - 1,341 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 7,969,273 $ - $ 7,784,247 $ 48,969 $ - $ 7,833,216 Equity securities: FHLB stock $ 47,729 $ - $ 47,729 $ - $ - $ 47,729 FRB stock 98,389 - 98,389 - - 98,389 Other investments 49,673 - 43,081 6,895 388 50,364 Total equity securities $ 195,791 $ - $ 189,199 $ 6,895 $ 388 $ 196,482 Loans held-for-sale $ 8,225 $ - $ 8,225 $ - $ - $ 8,225 Loans held-in-portfolio 34,861,543 - - 33,644,881 - 33,644,881 Mortgage servicing rights 113,386 - - 113,386 - 113,386 Derivatives 25,228 - 25,228 - - 25,228 June 30, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,333,205 $ - $ 56,333,205 $ - $ - $ 56,333,205 Time deposits 9,197,657 - 8,877,178 - - 8,877,178 Total deposits $ 65,530,862 $ - $ 65,210,383 $ - $ - $ 65,210,383 Assets sold under agreements to repurchase $ 105,684 $ - $ 105,681 $ - $ - $ 105,681 Notes payable: FHLB advances $ 348,665 $ - $ 335,115 $ - $ - $ 335,115 Unsecured senior debt securities 394,556 - 407,608 - - 407,608 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,359 - 187,842 - - 187,842 Total notes payable $ 941,580 $ - $ 930,565 $ - $ - $ 930,565 Derivatives $ 23,198 $ - $ 23,198 $ - $ - $ 23,198 [1] Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. December 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 420,462 $ 420,462 $ - $ - $ - $ 420,462 Money market investments 6,998,871 6,991,758 7,113 - - 6,998,871 Trading account debt securities, excluding derivatives [1] 31,568 16,859 14,425 284 - 31,568 Debt securities available-for-sale [1] 16,729,044 3,936,036 12,789,902 3,106 - 16,729,044 Debt securities held-to-maturity: U.S. Treasury securities $ 8,121,411 $ - $ 8,092,339 $ - $ - $ 8,092,339 Obligations of Puerto Rico, States and political subdivisions 59,628 - 7,007 52,671 - 59,678 Collateralized mortgage obligation-federal agency 1,556 - 1,395 13 - 1,408 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 8,188,555 $ - $ 8,106,701 $ 52,684 $ - $ 8,159,385 Equity securities: FHLB stock $ 49,549 $ - $ 49,549 $ - $ - $ 49,549 FRB stock 98,948 - 98,948 - - 98,948 Other investments 45,229 - 37,965 7,869 310 46,144 Total equity securities $ 193,726 $ - $ 186,462 $ 7,869 $ 310 $ 194,641 Loans held-for-sale $ 4,301 $ - $ 4,328 $ - $ - $ 4,328 Loans held-in-portfolio 34,335,630 - - 33,376,255 - 33,376,255 Mortgage servicing rights 118,109 - - 118,109 - 118,109 Derivatives 24,419 - 24,419 - - 24,419 December 31, 2023 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,116,351 $ - $ 55,116,351 $ - $ - $ 55,116,351 Time deposits 8,501,892 - 8,154,823 - - 8,154,823 Total deposits $ 63,618,243 $ - $ 63,271,174 $ - $ - $ 63,271,174 Assets sold under agreements to repurchase $ 91,384 $ - $ 91,386 $ - $ - $ 91,386 Notes payable: FHLB advances $ 394,665 $ - $ 377,851 $ - $ - $ 377,851 Unsecured senior debt securities 393,937 - 400,848 - - 400,848 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,346 - 180,076 - - 180,076 Total notes payable $ 986,948 $ - $ 958,775 $ - $ - $ 958,775 Derivatives $ 21,103 $ - $ 21,103 $ - $ - $ 21,103 [1] Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

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