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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis [Table Text Block]

Assets and liabilities measured at fair value on a recurring basis are summarized below as of March 31, 2022 and December 31, 2021:
	As of March 31, 2022												As of December 31, 2021
	Fair Value Measurements Using												Fair Value Measurements Using
(In thousands)	Level 1			Level 2			Level 3			Assets/Liabilities at Fair Value			Level 1			Level 2			Level 3			Assets/Liabilities at Fair Value
Assets:
Securities available for sale:
U.S. Treasury Securities	$	142,749		$	-		$	-		$	142,749		$	148,486		$	-		$	-		$	148,486
Noncallable U.S. agencies debt securities		-			323,180			-			323,180			-			285,028			-			285,028
Callable U.S. agencies debt securities
and MBS		-			5,948,084			-			5,948,084			-			6,009,163			-			6,009,163
Puerto Rico government obligations		-			-			2,727			2,727			-			-			2,850			2,850
Private label MBS		-			-			6,920			6,920			-			-			7,234			7,234
Other investments		-			-			1,000			1,000			-			-			1,000			1,000
Equity securities		5,202			-			-			5,202			5,378			-			-			5,378
Derivatives, included in assets:
Interest rate swap agreements		-			755			-			755			-			1,098			-			1,098
Purchased interest rate cap agreements		-			60			-			60			-			8			-			8
Forward contracts		-			238			-			238			-			-			-			-
Interest rate lock commitments		-			108			-			108			-			379			-			379
Forward loan sales commitments		-			9			-			9			-			20			-			20
Liabilities:
Derivatives, included in liabilities:
Interest rate swap agreements		-			734			-			734			-			1,092			-			1,092
Written interest rate cap agreements		-			60			-			60			-			8			-			8
Forward contracts		-			28			-			28			-			78			-			78

Fair Value Measurement Inputs and Valuation Techniques [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	%

Schedule Of Changes In Unrealized Gains Losses [Table Text Block]

		Changes in Unrealized Losses
Level 3 Instruments Only		Quarter ended March 31,
(In thousands)		2022			2021
Changes in unrealized losses relating to assets still held at reporting date:
Provision for credit losses - (benefit)		$	(388)		$	(127)

Impairment or Valuation Adjustments were Recorded for Assets Recognized at Fair Value [Table Text Block]

As of March 31, 2022, the Corporation recorded losses or valuation adjustments for assets recognized at fair value on a non-recurring basis as shown in the following table:
		Carrying value as of March 31, 2022									Losses recorded for the Quarter Ended March 31, 2022
		Level 1			Level 2			Level 3
(In thousands)
Loans receivable (1)		$	-		$	-		$	154,875		$	(2,787)
OREO (2)			-			-			42,894			(73)
(1)	Consists mainly of collateral dependent commercial and construction loans. The Corporation generally measured losses on the fair value of the collateral. The Corporation derived the fair values from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g., absorption rates), which are not market observable.
(2)	The Corporation derived the fair values from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g., absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio.

As of March 31, 2021, the Corporation recorded losses or valuation adjustments for assets recognized at fair value on a non-recurring basis as shown in the following table:
		Carrying value as of March 31, 2021									Losses recorded for the Quarter Ended March 31, 2021
		Level 1			Level 2			Level 3
(In thousands)
Loans receivable (1)		$	-		$	-		$	237,025		$	(1,203)
OREO (2)			-			-			79,207			(2,364)
Loans held for sale (3)			-			-			13,425			(360)
(1)	Consists mainly of collateral dependent commercial and construction loans. The Corporation generally measured losses on the fair value of the collateral. The Corporation derived the fair values from external appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g., absorption rates), which are not market observable
(2)	The Corporation derived the fair values from appraisals that took into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g., absorption rates and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio
(3)	Commercial loan participations transferred to held for sale in the first quarter of 2021 and still in inventory at the end of the period. The value of these loans was primarily derived from offers of market participants that the Corporation considered.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

Qualitative information regarding the fair value measurements for Level 3 financial instruments as of March 31, 2022 are as follows:
	March 31, 2022
	Method		Inputs
Loans	Income, Market, Comparable Sales, Discounted Cash Flows		External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors
OREO	Income, Market, Comparable Sales, Discounted Cash Flows		External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors

Estimated Fair Value and Carrying Value of Financial Instruments [Table Text Block]

The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of March 31, 2022 and December 31, 2021:
		Total Carrying Amount in Statement of Financial Condition as of March 31, 2022			Fair Value Estimate as of March 31, 2022			Level 1			Level 2			Level 3
(In thousands)
Assets:
Cash and due from banks and money market
	investments (amortized cost)	$	1,696,249		$	1,696,249		$	1,696,249		$	-		$	-
Investment securities available for sale (fair value)			6,424,660			6,424,660			142,749			6,271,264			10,647
Investment securities held to maturity (amortized cost)			178,059
Less: ACL on held to maturity debt securities			(12,324)
Investment securities held to maturity, net of ACL		$	165,735			168,814			-			-			168,814
Equity Securities (fair value)			32,014			32,014			5,202		(1)	26,812		(2)	-
Loans held for sale (lower of cost or market)			27,905			27,600			-			27,600			-
Loans, held for investment (amortized cost)			11,097,705
Less: ACL for loans and finance leases			(245,447)
Loans held for investment, net of ACL		$	10,852,258			10,954,163			-			-			10,954,163
MSRs (amortized cost)			30,753			43,037			-			-			43,037
Derivatives, included in assets (fair value)			1,170			1,170			-			1,170			-
Liabilities:
Deposits (amortized cost)		$	17,335,403			17,351,115			-			17,351,115			-
Securities sold under agreements to repurchase
	(amortized cost)		200,000			212,544			-			212,544			-
Advances from FHLB (amortized cost)			200,000			200,766			-			200,766			-
Other borrowings (amortized cost)			183,762			180,698			-						180,698
Derivatives, included in liabilities (fair value)			822			822			-			822			-
(1)	These securities have a readily determinable fair value.
(2)	Includes FHLB stock with a carrying value of $21.5 million.

		Total Carrying Amount in Statement of Financial Condition as of December 31, 2021			Fair Value Estimate as of December 31, 2021			Level 1			Level 2			Level 3
(In thousands)
Assets:
Cash and due from banks and money
	investments (amortized cost)	$	2,543,058		$	2,543,058		$	2,543,058		$	-		$	-
Investment securities available for sale (fair value)			6,453,761			6,453,761			148,486			6,294,191			11,084
Investment securities held to maturity (amortized cost)			178,133
Less: ACL on held to maturity debt securities			(8,571)
Investment securities held to maturity, net of ACL		$	169,562			167,147			-			-			167,147
Equity Securities (fair value)			32,169			32,169			5,378		(1)	26,791		(2)	-
Loans held for sale (lower of cost or market)			35,155			36,147			-			36,147			-
Loans, held for investment (amortized cost)			11,060,658
Less: ACL for loans and finance leases			(269,030)
Loans held for investment, net of ACL		$	10,791,628			10,900,400			-			-			10,900,400
MSRs (amortized cost)			30,986			42,132			-			-			42,132
Derivatives, included in assets (fair value)			1,505			1,505			-			1,505			-
Liabilities:
Deposits (amortized cost)		$	17,784,894			17,800,706			-			17,800,706			-
Securities sold under agreements to repurchase
	(amortized cost)		300,000			322,105			-			322,105			-
Advances from FHLB (amortized cost)			200,000			202,044			-			202,044			-
Other borrowings (amortized cost)			183,762			177,689			-			-			177,689
Derivatives, included in liabilities (fair value)			1,178			1,178			-			1,178			-
(1)	These securities have a readily determinable fair value.
(2)	Includes FHLB stock with a carrying value of $21.5 million.

Fair Value of Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		Quarter ended March 31,
		2022			2021
Level 3 Instruments Only		Securities			Securities
(In thousands)		Available For Sale(1)			Available For Sale(1)
Beginning balance		$	11,084			11,977
	Total gains (losses) (realized/unrealized):
	Included in other comprehensive income		(287)			321
	Included in earnings		388			127
	Principal repayments and amortization		(538)			(649)
Ending balance		$	10,647		$	11,776
(1)	Amounts mostly related to private label MBS.

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