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DEBT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2022
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] |
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 and six-month periods ended June 30, 2022 and 2021 of the ACL on available-for-sale debt securities:
| Quarter Ended June 30, 2022
| Private label MBS |  | Puerto Rico Government Obligations |  | Total
(In thousands) |  |  |  |  |  |  |  |
Beginning Balance | $ | 403 |  | $ | 308 |  | $ | 711
Provision for credit losses - (benefit) expense |  | (113) |  |  | 78 |  |  | (35)
ACL on available-for-sale debt securities | $ | 290 |  | $ | 386 |  | $ | 676
| Quarter Ended June 30, 2021
| Private label MBS |  | Puerto Rico Government Obligations |  | Total
(In thousands) |  |  |  |  |  |  |  |
Beginning Balance | $ | 875 |  | $ | 308 |  | $ | 1,183
Net charge-offs |  | (17) |  |  | - |  |  | (17)
ACL on available-for-sale debt securities | $ | 858 |  | $ | 308 |  | $ | 1,166
| Six-Month Period Ended June 30, 2022
| Private label MBS |  | Puerto Rico Government Obligations |  | Total
(In thousands) |  |  |  |  |  |  |  |
Beginning Balance | $ | 797 |  | $ | 308 |  | $ | 1,105
Provision for credit losses - (benefit) expense |  | (501) |  |  | 78 |  |  | (423)
Net charge-offs |  | (6) |  |  | - |  |  | (6)
ACL on available-for-sale debt securities | $ | 290 |  | $ | 386 |  | $ | 676
| Six-Month Period Ended June 30, 2021
| Private label MBS |  | Puerto Rico Government Obligations |  | Total
(In thousands) |  |  |  |  |  |  |  |
Beginning Balance | $ | 1,002 |  | $ | 308 |  | $ | 1,310
Provision for credit losses - benefit |  | (127) |  |  | - |  |  | (127)
Net charge-offs |  | (17) |  |  | - |  |  | (17)
ACL on available-for-sale debt securities | $ | 858 |  | $ | 308 |  | $ | 1,166
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block] | The following tables present the activity in the ACL for held-to-maturity debt securities by major security type for the quarters and six-month periods ended June 30, 2022 and 2021:
|  | Puerto Rico Municipal Bonds
|  | Quarter Ended June 30, 2022 |  | Quarter Ended June 30, 2021
(In thousands) |  |  |  |  |
Beginning Balance | $ | 12,324 |  | $ | 8,869
Provision for credit losses - (benefit) expense |  | (3,439) |  |  | 1,816
ACL on held-to-maturity debt securities | $ | 8,885 |  | $ | 10,685
|  | Puerto Rico Municipal Bonds
|  | Six-Month Period Ended |  | Six-Month Period Ended
|  | June 30, 2022 |  | June 30, 2021
(In thousands) |  |  |  |  |
Beginning Balance | $ | 8,571 |  | $ | 8,845
Provision for credit losses - expense |  | 314 |  |  | 1,840
ACL on held-to-maturity debt securities | $ | 8,885 |  | $ | 10,685
Significant Assumptions in Valuation of Private Label MBS [Table Text Block] |
The tables below present quantitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2022 and December 31, 2021:
|  | June 30, 2022 |  |
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
(Dollars in thousands) |  |  |  | Minimum | Maximum |
Available-for-sale debt securities:
| Private label MBS | $ | 6,371 |  | Discounted cash flows |  | Discount rate |  | 15.2% | 15.2% |  | 15.2%
|  |  |  |  |  |  | Prepayment rate |  | 3.2% | 20.9% |  | 12.7%
|  |  |  |  |  |  | Projected cumulative loss rate |  | 0.4% | 15.8% |  | 5.6%
| Puerto Rico government obligations |  | 2,809 |  | Discounted cash flows |  | Discount rate |  | 9.1% | 9.1% |  | 9.1%
|  |  |  |  |  |  | Projected cumulative loss rate |  | 19.2% | 19.2% |  | 19.2%
|  | December 31, 2021 |  |
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
(Dollars in thousands) |  |  |  | Minimum | Maximum |
Available-for-sale debt securities:
| 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 held-to-maturity debt securities as of June 30, 2022 and December 31, 2021 were as follows:
|  | June 30, 2022
|  | Amortized cost (1) |  | Gross Unrecognized |  | Fair value |  | ACL |  | Weighted- average yield%
|  | Gains |  | Losses |  |  |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Puerto Rico municipal bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Due within one year | $ | 595 |  | $ | - |  | $ | - |  | $ | 595 |  | $ | 1 |  | 5.45
| After 1 to 5 years |  | 15,021 |  |  | 658 |  |  | 44 |  |  | 15,635 |  |  | 175 |  | 2.98
| After 5 to 10 years |  | 93,031 |  |  | 2,457 |  |  | 2,286 |  |  | 93,202 |  |  | 3,411 |  | 4.64
| After 10 years |  | 69,768 |  |  | - |  |  | 4,181 |  |  | 65,587 |  |  | 5,298 |  | 4.35
Total Puerto Rico municipal bonds |  | 178,415 |  |  | 3,115 |  |  | 6,511 |  |  | 175,019 |  |  | 8,885 |  | 4.39
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 5 to 10 years | $ | 24,398 |  | $ | 8 |  | $ | - |  | $ | 24,406 |  | $ | - |  | 3.04
| After 10 years |  | 20,211 |  |  | - |  |  | 84 |  |  | 20,127 |  |  | - |  | 4.39
|  |  | 44,609 |  |  | 8 |  |  | 84 |  |  | 44,533 |  |  | - |  | 3.65
GNMA certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 20,657 |  |  | - |  |  | 121 |  |  | 20,536 |  |  | - |  | 3.38
FNMA certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 75,530 |  |  | 326 |  |  | 242 |  |  | 75,614 |  |  | - |  | 2.90
CMOs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 139,016 |  |  | - |  |  | 1,476 |  |  | 137,540 |  |  | - |  | 3.25
Total MBS |  | 279,812 |  |  | 334 |  |  | 1,923 |  |  | 278,223 |  |  | - |  | 3.23
Total held-to-maturity debt securities | $ | 458,227 |  | $ | 3,449 |  | $ | 8,434 |  | $ | 453,242 |  | $ | 8,885 |  | 3.68
(1) | Excludes accrued interest receivable.
|  | December 31, 2021
|  | Amortized cost (1) |  | Gross Unrecognized |  | Fair value |  | ACL |  | Weighted- average yield%
|  | Gains |  | Losses |  |  |
(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 held-to-maturity debt securities | $ | 178,133 |  | $ | 2,086 |  | $ | 13,072 |  | $ | 167,147 |  | $ | 8,571 |  | 4.04
(1) | Excludes accrued interest receivable.
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show the Corporation’s held-to-maturity debt securities’ fair value and gross unrecognized losses, aggregated by category and length of time that individual securities had been in a continuous unrecognized loss position, as of June 30, 2022 and December 31, 2021, including debt securities for which an ACL was recorded:
| As of June 30, 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 | $ | - |  | $ | - |  | $ | 127,321 |  | $ | 6,511 |  | $ | 127,321 |  | $ | 6,511
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLMC certificates |  | 20,127 |  |  | 84 |  |  | - |  |  | - |  |  | 20,127 |  |  | 84
GNMA certificates |  | 20,536 |  |  | 121 |  |  | - |  |  | - |  |  | 20,536 |  |  | 121
FNMA certificates |  | 35,037 |  |  | 242 |  |  | - |  |  | - |  |  | 35,037 |  |  | 242
CMOs |  | 137,540 |  |  | 1,476 |  |  | - |  |  | - |  |  | 137,540 |  |  | 1,476
Total held-to-maturity debt securities | $ | 213,240 |  | $ | 1,923 |  | $ | 127,321 |  | $ | 6,511 |  | $ | 340,561 |  | $ | 8,434
| 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 other comprehensive loss, ACL, estimated fair value, and weighted-average yield of available-for-sale debt securities by contractual maturities as of June 30, 2022 were as follows:
|  | June 30, 2022
| Amortized cost (1) |  | Gross Unrealized |  | ACL |  | Fair value |  | Weighted-
|  |  | Gains |  | Losses |  |  |  | average yield%
(Dollars in thousands) |
U.S. Treasury securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years | $ | 149,262 |  | $ | - |  | $ | 7,915 |  | $ | - |  | $ | 141,347 |  | 0.68
U.S. government-sponsored agencies' obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 2,352,787 |  |  | 24 |  |  | 152,520 |  |  | - |  |  | 2,200,291 |  | 0.79
| After 5 to 10 years |  | 227,548 |  |  | 65 |  |  | 24,168 |  |  | - |  |  | 203,445 |  | 0.96
| After 10 years |  | 14,184 |  |  | 217 |  |  | - |  |  | - |  |  | 14,401 |  | 2.04
Puerto Rico government obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years (2) |  | 3,441 |  |  | - |  |  | 246 |  |  | 386 |  |  | 2,809 |  | -
United States and Puerto Rico government obligations |  | 2,747,222 |  |  | 306 |  |  | 184,849 |  |  | 386 |  |  | 2,562,293 |  | 0.81
Mortgage-backed securities ("MBS"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freddie Mac (“FHLMC”) certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 5,347 |  |  | 1 |  |  | 76 |  |  | - |  |  | 5,272 |  | 2.33
| After 5 to 10 years |  | 203,549 |  |  | 52 |  |  | 9,852 |  |  | - |  |  | 193,749 |  | 1.44
| After 10 years |  | 1,175,621 |  |  | 9 |  |  | 144,500 |  |  | - |  |  | 1,031,130 |  | 1.33
|  |  | 1,384,517 |  |  | 62 |  |  | 154,428 |  |  | - |  |  | 1,230,151 |  | 1.35
Ginnie Mae (“GNMA”) certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Due within one year |  | 6 |  |  | - |  |  | - |  |  | - |  |  | 6 |  | 1.95
| After 1 to 5 years |  | 20,088 |  |  | 130 |  |  | 329 |  |  | - |  |  | 19,889 |  | 2.04
| After 5 to 10 years |  | 42,090 |  |  | - |  |  | 2,369 |  |  | - |  |  | 39,721 |  | 1.07
| After 10 years |  | 261,681 |  |  | 1,434 |  |  | 18,926 |  |  | - |  |  | 244,189 |  | 2.01
|  |  | 323,865 |  |  | 1,564 |  |  | 21,624 |  |  | - |  |  | 303,805 |  | 1.89
Fannie Mae (“FNMA”) certificates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Due within one year |  | 2,099 |  |  | - |  |  | 2 |  |  | - |  |  | 2,097 |  | 2.41
| After 1 to 5 years |  | 15,905 |  |  | 161 |  |  | 44 |  |  | - |  |  | 16,022 |  | 2.87
| After 5 to 10 years |  | 379,705 |  |  | 51 |  |  | 19,210 |  |  | - |  |  | 360,546 |  | 1.51
| After 10 years |  | 1,325,053 |  |  | 591 |  |  | 145,356 |  |  | - |  |  | 1,180,288 |  | 1.38
|  | 1,722,762 |  |  | 803 |  |  | 164,612 |  |  | - |  |  | 1,558,953 |  | 1.42
Collateralized mortgage obligations issued or guaranteed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| by the FHLMC, FNMA and GNMA ("CMOs"): |  |  |  |  | ` |  |  |  |  |  |  |  |  |  |  |
| Due within one year |  | 68 |  |  | - |  |  | - |  |  | - |  |  | 68 |  | 2.54
| After 1 to 5 years |  | 33,228 |  |  | 3 |  |  | 3,253 |  |  | - |  |  | 29,978 |  | 1.70
| After 10 years |  | 447,341 |  |  | - |  |  | 58,840 |  |  | - |  |  | 388,501 |  | 1.27
|  |  | 480,637 |  |  | 3 |  |  | 62,093 |  |  | - |  |  | 418,547 |  | 1.30
Private label: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 9,187 |  |  | - |  |  | 2,526 |  |  | 290 |  |  | 6,371 |  | 4.42
Total MBS |  | 3,920,968 |  |  | 2,432 |  |  | 405,283 |  |  | 290 |  |  | 3,517,827 |  | 1.43
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Due within one year |  | 1,000 |  |  | - |  |  | - |  |  | - |  |  | 1,000 |  | 0.78
Total available-for-sale debt securities | $ | 6,669,190 |  | $ | 2,738 |  | $ | 590,132 |  | $ | 676 |  | $ | 6,081,120 |  | 1.17
(1) | Excludes accrued interest receivable.
(2) | 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.
The amortized cost, gross unrealized gains and losses recorded in other comprehensive loss, ACL, estimated fair value, and weighted-average yield of available-for-sale debt securities by contractual maturities as of December 31, 2021 were as follows:
|  | December 31, 2021
|  | Amortized cost (1) |  | Gross Unrealized |  | ACL |  | Fair value |  | Weighted-
|  |  | Gains |  | Losses |  |  |  | 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 (2) |  | 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
CMOs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 available-for-sale debt securities | $ | 6,534,503 |  | $ | 28,900 |  | $ | 108,537 |  | $ | 1,105 |  | $ | 6,453,761 |  | 1.03
(1) | Excludes accrued interest receivable.
(2) | 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 this delinquency status of the underlying second mortgage loans collateral.
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show the fair value and gross unrealized losses of the Corporation’s available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of June 30, 2022 and December 31, 2021. The tables also include debt securities for which an ACL was recorded.
|  | As of June 30, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agenciesʼ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations | $ | 1,530,493 |  | $ | 89,224 |  | $ | 1,005,051 |  | $ | 95,379 |  | $ | 2,535,544 |  | $ | 184,603
| Puerto Rico-government obligations | - |  |  | - |  |  | 2,809 |  |  | 246 | (1) |  | 2,809 |  |  | 246
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| FHLMC |  | 779,727 |  |  | 83,109 |  |  | 441,983 |  |  | 71,319 |  |  | 1,221,710 |  |  | 154,428
| GNMA |  | 184,481 |  |  | 12,334 |  |  | 57,306 |  |  | 9,290 |  |  | 241,787 |  |  | 21,624
| FNMA |  | 1,004,966 |  |  | 89,854 |  |  | 508,377 |  |  | 74,758 |  |  | 1,513,343 |  |  | 164,612
| CMOs |  | 260,811 |  |  | 36,877 |  |  | 146,590 |  |  | 25,216 |  |  | 407,401 |  |  | 62,093
| Private label |  | - |  |  | - |  |  | 6,371 |  |  | 2,526 | (1) |  | 6,371 |  |  | 2,526
|  | $ | 3,760,478 |  | $ | 311,398 |  | $ | 2,168,487 |  | $ | 278,734 |  | $ | 5,928,965 |  | $ | 590,132
(1) | Unrealized losses do not include the credit loss component recorded as part of the ACL. As of June 30, 2022, PRHFA bond and private label MBS had an ACL of $0.4 million and $0.3 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agenciesʼ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| obligations | $ | 1,717,340 |  | $ | 25,401 |  | $ | 606,179 |  | $ | 16,243 |  | $ | 2,323,519 |  | $ | 41,644
| Puerto Rico-government obligations | - |  |  | - |  |  | 2,850 |  |  | 416 | (1) |  | 2,850 |  |  | 416
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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
| FNMA |  | 1,237,701 |  |  | 19,843 |  |  | 112,559 |  |  | 3,821 |  |  | 1,350,260 |  |  | 23,664
| CMOs |  | 466,004 |  |  | 13,552 |  |  | 16,656 |  |  | 360 |  |  | 482,660 |  |  | 13,912
| Private label |  | - |  |  | - |  |  | 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 the 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.
Significant Assumptions in Valuation of Private Label MBS [Table Text Block] | The Corporation determined the ACL for private label MBS based on a risk-adjusted discounted cash flow methodology that considers the structure and terms of the instruments. The Corporation utilized probability of default (“PDs”) and loss given default (“LGDs”) that considered, among other things, historical payment performance, loan-to-value attributes and relevant current and forward-looking macroeconomic variables, such as regional unemployment rates and the housing price index. Under this approach, expected cash flows (interest and principal) were discounted at the Treasury yield curve as of the reporting date. Significant assumptions in the valuation of the private label MBS were as follows:
| As of |  | As of
| June 30, 2022 |  | December 31, 2021
| Weighted |  | Range |  | Weighted |  | Range
| Average |  | Minimum |  | Maximum |  | Average |  | Minimum |  | Maximum
Discount rate | 15.2% |  | 15.2% |  | 15.2% |  | 12.9% |  | 12.9% |  | 12.9%
Prepayment rate | 12.7% |  | 3.2% |  | 20.9% |  | 15.2% |  | 7.6% |  | 24.9%
Projected Cumulative Loss Rate | 5.6% |  | 0.4% |  | 15.8% |  | 7.6% |  | 0.2% |  | 15.7%

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