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Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures |
Carrying amount and estimated fair value of financial instruments with corresponding level in the fair value hierarchy | September 30, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 427,594 $ 427,594 $ - $ - $ - $ 427,594 Money market investments 6,530,788 6,522,716 8,072 - - 6,530,788 Trading account debt securities, excluding derivatives [1] 30,836 7,675 22,923 238 - 30,836 Debt securities available-for-sale [1] 17,186,123 5,879,911 11,303,654 2,558 - 17,186,123 Debt securities held-to-maturity: U.S. Treasury securities $ 7,799,966 $ - $ 7,854,735 $ - $ - $ 7,854,735 Obligations of Puerto Rico, States and political subdivisions 52,415 - 6,930 46,905 - 53,835 Collateralized mortgage obligation-federal agency 1,523 - 1,398 - - 1,398 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 7,859,864 $ - $ 7,869,023 $ 46,905 $ - $ 7,915,928 Equity securities: FHLB stock $ 46,668 $ - $ 46,668 $ - $ - $ 46,668 FRB stock 98,957 - 98,957 - - 98,957 Other investments 52,566 - 46,248 6,662 385 53,295 Total equity securities $ 198,191 $ - $ 191,873 $ 6,662 $ 385 $ 198,920 Loans held-for-sale $ 5,509 $ - $ 5,509 $ - $ - $ 5,509 Loans held-in-portfolio 35,450,647 - - 34,681,826 - 34,681,826 Mortgage servicing rights 108,827 - - 108,827 - 108,827 Derivatives 25,941 - 25,941 - - 25,941 September 30, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 54,587,511 $ - $ 54,587,511 $ - $ - $ 54,587,511 Time deposits 9,080,990 - 8,872,969 - - 8,872,969 Total deposits $ 63,668,501 $ - $ 63,460,480 $ - $ - $ 63,460,480 Assets sold under agreements to repurchase $ 55,360 $ - $ 55,369 $ - $ - $ 55,369 Notes payable: FHLB advances $ 325,095 $ - $ 318,450 $ - $ - $ 318,450 Unsecured senior debt securities 394,915 - 417,316 - - 417,316 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,366 - 189,592 - - 189,592 Total notes payable $ 918,376 $ - $ 925,358 $ - $ - $ 925,358 Derivatives $ 23,608 $ - $ 23,608 $ - $ - $ 23,608 [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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