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Fair value of financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures |
Carrying amount and estimated fair value of financial instruments with corresponding level in the fair value hierarchy | September 30, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 377,079 $ 377,079 $ - $ - $ - $ 377,079 Money market investments 4,754,391 4,744,211 10,180 - - 4,754,391 Trading account debt securities, excluding derivatives [1] 33,106 8,026 24,878 202 - 33,106 Debt securities available-for-sale [1] 20,686,423 6,423,246 14,261,996 1,181 - 20,686,423 Debt securities held-to-maturity: U.S. Treasury securities $ 7,374,072 $ - $ 7,405,080 $ - $ - $ 7,405,080 Obligations of Puerto Rico, States and political subdivisions 45,760 - 6,799 40,334 - 47,133 Collateralized mortgage obligation-federal agency 1,506 - 1,315 - - 1,315 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 7,427,298 $ - $ 7,419,154 $ 40,334 $ - $ 7,459,488 Equity securities: FHLB stock $ 58,552 $ - $ 58,552 $ - $ - $ 58,552 FRB stock 102,038 - 102,038 - - 102,038 Other investments 58,403 - 50,047 8,137 825 59,009 Total equity securities $ 218,993 $ - $ 210,637 $ 8,137 $ 825 $ 219,599 Loans held-for-sale $ 7,783 $ - $ 7,783 $ - $ - $ 7,783 Loans held-in-portfolio 37,900,938 - - 37,105,428 - 37,105,428 Mortgage servicing rights 99,523 - - 99,523 - 99,523 Derivatives 27,716 - 27,716 - - 27,716 September 30, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,892,010 $ - $ 56,892,010 $ - $ - $ 56,892,010 Time deposits 9,621,394 - 9,419,413 - - 9,419,413 Total deposits $ 66,513,404 $ - $ 66,311,423 $ - $ - $ 66,311,423 Assets sold under agreements to repurchase $ 56,853 $ - $ 56,859 $ - $ - $ 56,859 Other short-term borrowings [2] 400,000 - 400,000 - - 400,000 Notes payable: FHLB advances $ 195,312 $ - $ 193,131 $ - $ - $ 193,131 Unsecured senior debt securities 396,249 - 420,152 - - 420,152 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,393 - 188,081 - - 188,081 Total notes payable $ 789,954 $ - $ 801,364 $ - $ - $ 801,364 Derivatives $ 26,157 $ - $ 26,157 $ - $ - $ 26,157 [1] Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings. December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 419,638 $ 419,638 $ - $ - $ - $ 419,638 Money market investments 6,380,948 6,371,180 9,768 - - 6,380,948 Trading account debt securities, excluding derivatives [1] 32,783 2,814 29,752 217 - 32,783 Debt securities available-for-sale [1] 18,245,903 7,512,171 10,730,998 2,734 - 18,245,903 Debt securities held-to-maturity: U.S. Treasury securities $ 7,693,418 $ - $ 7,623,824 $ - $ - $ 7,623,824 Obligations of Puerto Rico, States and political subdivisions 51,865 - 6,866 44,711 - 51,577 Collateralized mortgage obligation-federal agency 1,518 - 1,304 - - 1,304 Securities in wholly owned statutory business trusts 5,959 - 5,959 - - 5,959 Total debt securities held-to-maturity $ 7,752,760 $ - $ 7,637,953 $ 44,711 $ - $ 7,682,664 Equity securities: FHLB stock $ 55,786 $ - $ 55,786 $ - $ - $ 55,786 FRB stock 100,304 - 100,304 - - 100,304 Other investments 52,076 - 45,664 6,528 381 52,573 Total equity securities $ 208,166 $ - $ 201,754 $ 6,528 $ 381 $ 208,663 Loans held-for-sale $ 5,423 $ - $ 5,423 $ - $ - $ 5,423 Loans held-in-portfolio 36,361,628 - - 35,652,539 - 35,652,539 Mortgage servicing rights 108,103 - - 108,103 - 108,103 Derivatives 26,023 - 26,023 - - 26,023 December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,871,463 $ - $ 55,871,463 $ - $ - $ 55,871,463 Time deposits 9,012,882 - 8,795,803 - - 8,795,803 Total deposits $ 64,884,345 $ - $ 64,667,266 $ - $ - $ 64,667,266 Assets sold under agreements to repurchase $ 54,833 $ - $ 54,845 $ - $ - $ 54,845 Other short-term borrowings [2] 225,000 - 225,000 - - 225,000 Notes payable: FHLB advances $ 302,722 $ - $ 295,023 $ - $ - $ 295,023 Unsecured senior debt securities 395,198 - 415,148 - - 415,148 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,373 - 189,758 - - 189,758 Total notes payable $ 896,293 $ - $ 899,929 $ - $ - $ 899,929 Derivatives $ 22,832 $ - $ 22,832 $ - $ - $ 22,832 [1] Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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