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Debt securities held-to-maturity (Tables)
 6 Months Ended
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