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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items]

Investments Classified by Contractual Maturity Date [Table Text Block]

		March 31, 2022
		Amortized cost			Gross									Fair value
					Unrealized												Weighted-
					Gains			Losses				ACL					average yield %
(Dollars in thousands)
U.S. Treasury securities:
	After 1 to 5 years	$	149,462		$	-		$	6,713		$	-		$	142,749		0.68
U.S. government-sponsored agencies' obligations:
	After 1 to 5 years		2,340,512			28			122,189			-			2,218,351		0.77
	After 5 to 10 years		239,860			62			19,049			-			220,873		0.96
	After 10 years		14,775			202			-			-			14,977		0.88
Puerto Rico government obligations:
	After 10 years (1)		3,498			-			463			308			2,727		-
United States and Puerto Rico government obligations			2,748,107			292			148,414			308			2,599,677		0.78
Mortgage-backed securities ("MBS"):
Freddie Mac ("FHLMC") certificates:
	After 1 to 5 years		6,181			19			11			-			6,189		2.33
After 5 to 10 years			207,503			207			7,905			-			199,805		1.37
After 10 years			1,221,834			194			94,235			-			1,127,793		1.26
			1,435,518			420			102,151			-			1,333,787		1.28
Ginnie Mae ("GNMA") certificates:
	Due within one year		7			-			-			-			7		1.70
	After 1 to 5 years		22,699			201			265			-			22,635		2.05
	After 5 to 10 years		27,524			-			1,097			-			26,427		0.68
	After 10 years		297,566			3,595			11,611			-			289,550		1.69
			347,796			3,796			12,973			-			338,619		1.64
Fannie Mae ("FNMA") certificates:
	Due within one year		4,935			-			6			-			4,929		1.92
	After 1 to 5 years		16,108			194			38			-			16,264		2.85
	After 5 to 10 years		388,664			185			14,483			-			374,366		1.49
	After 10 years		1,382,595			1,339			97,180			-			1,286,754		1.31
			1,792,302			1,718			111,707			-			1,682,313		1.36
Collateralized mortgage obligations issued or guaranteed
by the FHLMC, FNMA and GNMA:
	Due within one year		68			-			-			-			68		1.12
After 1 to 5 years			35,157			50			2,008			-			33,199		1.25
After 10 years			467,368			82			38,373			-			429,077		1.21
			502,593			132			40,381			-			462,344		1.22
Private label:
	After 10 years		9,526			-			2,203			403			6,920		2.96
Total MBS			4,087,735			6,066			269,415			403			3,823,983		1.34
Other:
	Due within one year		1,000			-			-			-			1,000		0.78
Total investment securities available-for-sale		$	6,836,842		$	6,358		$	417,829		$	711		$	6,424,660		1.11
(1)	Consists of a residential pass-through MBS issued by the Puerto Rico Housing Finance Authority (“PRHFA”) that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. During 2021, the Corporation placed this instrument in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral.

		December 31, 2021
		Amortized cost			Gross									Fair value
					Unrealized												Weighted-
					Gains			Losses			ACL						average yield%
(Dollars in thousands)
U.S. Treasury securities:
	After 1 to 5 years	$	149,660		$	59		$	1,233		$	-		$	148,486		0.68
U.S. government-sponsored agencies' obligations:
	After 1 to 5 years		1,877,181			240			29,555			-			1,847,866		0.60
	After 5 to 10 years		403,785			175			10,856			-			393,104		0.90
	After 10 years		15,788			224			-			-			16,012		0.63
Puerto Rico government obligations:
	After 10 years (1)		3,574			-			416			308			2,850		-
United States and Puerto Rico government obligations			2,449,988			698			42,060			308			2,408,318		0.67
MBS:
FHLMC certificates:
	After 1 to 5 years		2,811			119			-			-			2,930		2.65
	After 5 to 10 years		193,234			2,419			1,122			-			194,531		1.29
	After 10 years		1,240,964			3,748			23,503			-			1,221,209		1.18
			1,437,009			6,286			24,625			-			1,418,670		1.20
GNMA certificates:
	Due within one year		2			-			-			-			2		1.32
	After 1 to 5 years		16,714			572			-			-			17,286		2.90
	After 5 to 10 years		27,271			80			139			-			27,212		0.51
	After 10 years		338,927			7,091			2,174			-			343,844		1.45
			382,914			7,743			2,313			-			388,344		1.45
FNMA certificates:
	Due within one year		4,975			21			-			-			4,996		2.03
	After 1 to 5 years		21,337			424			-			-			21,761		2.87
	After 5 to 10 years		298,771			4,387			1,917			-			301,241		1.41
	After 10 years		1,389,381			8,953			21,747			-			1,376,587		1.21
			1,714,464			13,785			23,664			-			1,704,585		1.27
Collateralized mortgage obligations issued or guaranteed
	by the FHLMC, FNMA and GNMA:
	After 1 to 5 years		24,007			1			778			-			23,230		1.31
	After 5 to 10 years		14,316			97			-			-			14,413		0.76
	After 10 years		500,811			290			13,134			-			487,967		1.23
			539,134			388			13,912			-			525,610		1.22
Private label:
	After 10 years		9,994			-			1,963			797			7,234		2.21
Total MBS			4,083,515			28,202			66,477			797			4,044,443		1.26
Other:
	Due within one year		500			-			-			-			500		0.72
	After 1 to 5 years		500			-			-			-			500		0.84
			1,000			-			-			-			1,000		0.78
Total investment securities
	available-for-sale	$	6,534,503		$	28,900		$	108,537		$	1,105		$	6,453,761		1.03
(1)	Consists of a residential pass-through MBS issued by the PRHFA that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. During 2021, the Corporation placed this instrument in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral.

Schedule of Unrealized Loss on Investments [Table Text Block]

		As of March 31, 2022
		Less than 12 months						12 months or more						Total
					Unrealized						Unrealized						Unrealized
		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
(In thousands)
Debt securities:
	Puerto Rico-government obligations	$	-		$	-		$	2,727		$	463	(1)	$	2,727		$	463
	U.S. Treasury and U.S. government
	agenciesʼ obligations		1,717,041			80,078			854,995			67,873			2,572,036			147,951
MBS:
	FNMA		1,053,447			60,002			548,419			51,705			1,601,866			111,707
	FHLMC		824,433			53,859			479,664			48,292			1,304,097			102,151
	GNMA		198,644			7,247			63,924			5,726			262,568			12,973
	Collateralized mortgage obligations
	issued or guaranteed by the
	FHLMC, FNMA and GNMA		305,798			28,149			131,285			12,232			437,083			40,381
	Private label MBS		-			-			6,920			2,203	(1)		6,920			2,203
		$	4,099,363		$	229,335		$	2,087,934		$	188,494		$	6,187,297		$	417,829
(1)	Unrealized losses do not include credit loss component recorded as part of the ACL. As of March 31, 2022, PRHFA bond and private label MBS had an ACL of $0.3 million and $0.4 million, respectively.
		As of December 31, 2021
		Less than 12 months						12 months or more						Total
					Unrealized						Unrealized						Unrealized
		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
(In thousands)
Debt securities:
	Puerto Rico-government obligations	$	-		$	-		$	2,850		$	416	(1)	$	2,850		$	416
	U.S. Treasury and U.S. government
	agenciesʼ obligations		1,717,340			25,401			606,179			16,243			2,323,519			41,644
MBS:
	FNMA		1,237,701			19,843			112,559			3,821			1,350,260			23,664
	FHLMC		986,345			16,144			221,896			8,481			1,208,241			24,625
	GNMA		194,271			1,329			41,233			984			235,504			2,313
	Collateralized mortgage obligations
	issued or guaranteed by the
	FHLMC, FNMA and GNMA		466,004			13,552			16,656			360			482,660			13,912
	Private label MBS		-			-			7,234			1,963	(1)		7,234			1,963
		$	4,601,661		$	76,269		$	1,008,607		$	32,268		$	5,610,268		$	108,537
(1)	Unrealized losses do not include credit loss component recorded as part of the ACL. As of December 31, 2021, PRHFA bond and private label MBS had an ACL of $0.3 million and $0.8 million, respectively.

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

The following tables present a rollforward by major security type for the quarters ended March 31, 2022 and 2021 of the ACL on debt securities available for sale:

	Quarter Ended March 31, 2022
	Private label			Puerto Rico Government
	MBS			Obligations			Total
(In thousands)
Beginning Balance	$	797		$	308		$	1,105
Provision for credit losses - benefit		(388)			-			(388)
Net charge-offs		(6)			-			(6)
ACL on debt securities available for sale	$	403		$	308		$	711
	Quarter Ended March 31, 2021
	Private label			Puerto Rico Government
	MBS			Obligations			Total
(In thousands)
Beginning Balance	$	1,002		$	308		$	1,310
Provision for credit losses - benefit		(127)			-			(127)
ACL on debt securities available for sale	$	875		$	308		$	1,183

Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]

The following table presents the activity in the ACL for debt securities held-to-maturity by major security type for the quarters ended March 31, 2022 and 2021:

	Puerto Rico Municipal Bonds
	Quarter Ended			Quarter Ended
	March 31, 2022			March 31, 2021
(In thousands)
Beginning balance	$	8,571		$	8,845
Provision for credit losses - expense		3,753			24
	$	12,324		$	8,869

Significant Assumptions in Valuation of Private Label MBS [Table Text Block]

The tables below present qualitative information for significant assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2022 and December 31, 2021:
	March 31, 2022
								Range				Weighted Average
(In thousands)	Fair Value			Valuation Technique		Unobservable Input		Minimum		Maximum
Investment securities available-for-sale:
Private label MBS	$	6,920		Discounted cash flows		Discount rate		14.3	%	14.3	%	14.3	%
						Prepayment rate		9.4	%	24.1	%	14.4	%
						Projected Cumulative Loss Rate		0.3	%	14.9	%	6.5	%
Puerto Rico government obligations		2,727		Discounted cash flows		Discount rate		6.3	%	8.6	%	8.4	%
						Projected Cumulative Loss Rate		8.8	%	8.8	%	8.8	%

	December 31, 2021
								Range				Weighted
(In thousands)	Fair Value			Valuation Technique		Unobservable Input		Minimum		Maximum		Average
Investment securities available-for-sale:
Private label MBS	$	7,234		Discounted cash flows		Discount rate		12.9	%	12.9	%	12.9	%
						Prepayment rate		7.6	%	24.9	%	15.2	%
						Projected Cumulative Loss Rate		0.2	%	15.7	%	7.6	%
Puerto Rico government obligations		2,850		Discounted cash flows		Discount rate		6.6	%	8.4	%	7.9	%
						Projected Cumulative Loss Rate		8.6	%	8.6	%	8.6	%

Held-to-maturity Securities [Member]

Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items]

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, gross unrecognized gains and losses, estimated fair value, ACL, weighted-average yield and contractual maturities of investment securities held to maturity as of March 31, 2022 and December 31, 2021 were as follows:

		March 31, 2022
		Amortized cost									Fair value
					Gross Unrecognized									ACL
																	Weighted - average yield %
					Gains			Losses
(Dollars in thousands)
Puerto Rico municipal bonds:
	Due within one year	$	2,598		$	1		$	4		$	2,595		$	93		5.39
	After 1 to 5 years		14,903			541			151			15,293			550		2.40
	After 5 to 10 years		90,790			1,683			3,639			88,834			6,774		4.28
	After 10 years		69,768			-			7,676			62,092			4,907		4.07
Total investment securities
	held to maturity	$	178,059		$	2,225		$	11,470		$	168,814		$	12,324		4.06

		December 31, 2021
		Amortized cost										Fair value
						Gross Unrecognized
																		Weighted - average yield %
						Gains			Losses						ACL
(Dollars in thousands)
Puerto Rico municipal bonds:
	Due within one year	$	2,995			$	5		$	-		$	3,000		$	70		5.39
	After 1 to 5 years		14,785				526			156			15,155			347		2.35
	After 5 to 10 years		90,584				1,555			3,139			89,000			3,258		4.25
	After 10 years		69,769				-			9,777			59,992			4,896		4.06
Total investment securities
	held to maturity	$	178,133			$	2,086		$	13,072		$	167,147		$	8,571		4.04

Schedule of Unrealized Loss on Investments [Table Text Block]

The following tables show the Corporation’s held-to-maturity investments’ fair value and gross unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrecognized loss position, as of March 31, 2022 and December 31, 2021, including debt securities for which an ACL was recorded.

	As of March 31, 2022
	Less than 12 months						12 months or more						Total
				Unrecognized						Unrecognized						Unrecognized
	Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
(In thousands)
Debt securities:
Puerto Rico municipal bonds	$	-		$	-		$	138,389		$	11,470		$	138,389		$	11,470
	As of December 31, 2021
	Less than 12 months						12 months or more						Total
				Unrecognized						Unrecognized						Unrecognized
	Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
(In thousands)
Debt securities:
Puerto Rico municipal bonds	$	-		$	-		$	140,732		$	13,072		$	140,732		$	13,072

Available-for-sale Securities [Member]

Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items]

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, gross unrealized gains and losses recorded in accumulated other comprehensive loss, ACL, estimated fair value, and weighted-average yield of investment securities available for sale by contractual maturities as of March 31, 2022 were as follows:The amortized cost, gross unrealized gains and losses recorded in accumulated other comprehensive loss, ACL, estimated fair value, and weighted-average yield of investment securities available-for-sale by contractual maturities as of December 31, 2021 were as follows:

Significant Assumptions in Valuation of Private Label MBS [Table Text Block]

	As of						As of
	March 31, 2022						December 31, 2021
	Weighted		Range				Weighted		Range
	Average		Minimum		Maximum		Average		Minimum		Maximum
Discount rate	14.3%		14.3%		14.3%		12.9%		12.9%		12.9%
Prepayment rate	14.4%		9.4%		24.1%		15.2%		7.6%		24.9%
Projected Cumulative Loss Rate	6.5%		0.3%		14.9%		7.6%		0.2%		15.7%

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