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Debt securities held-to-maturity (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments [Abstract] |
Debt Securities, Held-to-maturity | The following tables present the amortized cost, allowance for credit losses, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities held-to-maturity at March 31, 2025 and December 31, 2024. At March 31, 2025 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 $ 850,742 $ 844,252 $ - $ 844,252 $ - $ 3,680 $ 840,572 2.45 % After 1 to 5 years 7,169,044 6,741,917 - 6,741,917 2,506 1,481 6,742,942 1.24 Total U.S. Treasury securities 8,019,786 7,586,169 - 7,586,169 2,506 5,161 7,583,514 1.37 Obligations of Puerto Rico, States and political subdivisions Within 1 year 2,540 2,540 11 2,529 10 1 2,538 6.41 After 1 to 5 years 14,798 14,798 69 14,729 36 84 14,681 3.39 After 5 to 10 years 655 655 22 633 21 - 654 5.81 After 10 years 37,082 37,082 5,379 31,703 2,632 2,325 32,010 1.42 Total obligations of Puerto Rico, States and political subdivisions 55,075 55,075 5,481 49,594 2,699 2,410 49,883 2.23 Collateralized mortgage obligations - federal agencies After 10 years 1,514 1,514 - 1,514 - 185 1,329 2.87 Total collateralized mortgage obligations - federal agencies 1,514 1,514 - 1,514 - 185 1,329 2.87 Securities in wholly owned statutory business trusts After 5 to 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] $ 8,082,335 $ 7,648,718 $ 5,481 $ 7,643,237 $ 5,205 $ 7,756 $ 7,640,686 1.38 % [1] Book value includes $ 434 million of 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 $ 7.5 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 $ 138.3 million that could be used to increase its borrowing facilities. At December 31, 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 $ 599,910 $ 599,910 $ - $ 599,910 $ - $ 4,498 $ 595,412 2.76 % After 1 to 5 years 7,572,435 7,093,508 - 7,093,508 - 65,096 7,028,412 1.28 Total U.S. Treasury securities 8,172,345 7,693,418 - 7,693,418 - 69,594 7,623,824 1.39 Obligations of Puerto Rico, States and political subdivisions ` Within 1 year 2,440 2,440 5 2,435 3 - 2,438 6.39 After 1 to 5 years 16,454 16,454 80 16,374 47 80 16,341 3.69 After 5 to 10 years 655 655 22 633 20 - 653 5.81 After 10 years 37,633 37,633 5,210 32,423 2,318 2,596 32,145 1.42 Total obligations of Puerto Rico, States and political subdivisions 57,182 57,182 5,317 51,865 2,388 2,676 51,577 2.34 Collateralized mortgage obligations - federal agencies After 10 years 1,518 1,518 - 1,518 - 214 1,304 2.87 Total collateralized mortgage obligations - federal agencies 1,518 1,518 - 1,518 - 214 1,304 2.87 Securities in wholly owned statutory business trusts After 5 to 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] $ 8,237,004 $ 7,758,077 $ 5,317 $ 7,752,760 $ 2,388 $ 72,484 $ 7,682,664 1.40 % [1] Book value includes $ 479 million of 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. [2] Includes $ 7.6 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 $ 139.9 million that could be used to increase its borrowing facilities.
Debt securities held to maturity credit quality indicator | At March 31, 2025 At December 31, 2024 (In thousands) Securities issued by Puerto Rico municipalities Watch $ 1,555 $ 1,555 Pass 9,525 11,060 Total $ 11,080 $ 12,615
Debt securities held to maturity allowance for credit loss | For the quarters ended March 31, 2025 2024 (In thousands) Obligations of Puerto Rico, States and political subdivisions Allowance for credit losses: Beginning balance $ 5,317 $ 5,780 Provision for credit losses (benefit) 164 (49) Securities charged-off - - Recoveries - - Ending balance $ 5,481 $ 5,731

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