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DEBT SECURITIES | 6 Months Ended
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Jun. 30, 2025
DEBT SECURITIES [Abstract] |
DEBT SECURITIES | NOTE 2 – DEBT SECURITIES Available-for-Sale Debt Securities The amortized cost, gross unrealized gains and losses, ACL, estimated fair value, and weighted-average yield of available-for-sale debt securities by contractual maturities as of June 30, 2025 and December 31, 2024 were as follows: June 30, 2025 Amortized cost (1) Gross Unrealized ACL Fair Value (2) Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 217,634 $ 12 $ 214 $ - $ 217,432 3.94 U.S. government-sponsored entities' (“GSEs”) obligations: Due within one year 1,027,771 - 13,922 - 1,013,849 0.73 After 1 to 5 years 546,010 26 28,679 - 517,357 1.01 After 10 years 7,015 - 12 - 7,003 4.68 Puerto Rico government obligation: After 10 years (3) 2,833 - 920 337 1,576 - United States and Puerto Rico government obligations 1,801,263 38 43,747 337 1,757,217 1.21 Mortgage-backed securities (“MBS”): Residential MBS: Freddie Mac (“FHLMC”) certificates: After 1 to 5 years 11,321 - 274 - 11,047 2.14 After 5 to 10 years 141,349 - 10,269 - 131,080 1.46 After 10 years 868,484 428 136,249 - 732,663 1.58 1,021,154 428 146,792 - 874,790 1.57 Ginnie Mae (“GNMA”) certificates: Due within one year 153 - - - 153 2.61 After 1 to 5 years 5,863 - 203 - 5,660 0.72 After 5 to 10 years 60,226 4 4,414 - 55,816 1.74 After 10 years 149,091 76 19,182 - 129,985 2.94 215,333 80 23,799 - 191,614 2.54 Fannie Mae (“FNMA”) certificates: After 1 to 5 years 17,145 - 409 - 16,736 2.14 After 5 to 10 years 244,722 39 14,920 - 229,841 1.77 After 10 years 904,406 508 123,825 - 781,089 1.53 1,166,273 547 139,154 - 1,027,666 1.59 Collateralized mortgage obligations (“CMOs”) issued or guaranteed by the FHLMC, FNMA, and GNMA: After 10 years 484,723 1,724 44,570 - 441,877 3.32 Private label: After 5 to 10 years 5,447 - 1,490 176 3,781 6.57 Total Residential MBS 2,892,930 2,779 355,805 176 2,539,728 1.95 Commercial MBS: After 1 to 5 years 33,487 10 1,605 - 31,892 2.55 After 5 to 10 years 10,479 - 1,279 - 9,200 1.68 After 10 years 192,976 77 34,787 - 158,266 2.39 Total Commercial MBS 236,942 87 37,671 - 199,358 2.38 Total MBS 3,129,872 2,866 393,476 176 2,739,086 1.99 Other: Due within one year 500 - - - 500 2.35 Total available-for-sale debt securities $ 4,931,635 $ 2,904 $ 437,223 $ 513 $ 4,496,803 1.70 (1) Excludes accrued interest receivable on available-for-sale debt securities that totaled $ 8.8 million as of June 30, 2025 reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and excluded from the estimate of credit losses. (2) Includes $ 265.8 million (amortized cost - $ 304.4 million) that was pledged at the FHLB as collateral for borrowings and letters of credit as well as $ 2.8 billion (amortized cost - $ 3.1 billion) pledged as collateral for the uninsured portion of government deposits. The secured parties are not permitted to sell or repledge the collateral. (3) Consists of a residential pass-through MBS issued by the Puerto Rico Housing Finance Authority (the “PRHFA”) that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010 and is in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral. December 31, 2024 Amortized cost (1) Gross Unrealized ACL Fair value (2) Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 59,992 $ - $ 803 $ - $ 59,189 0.75 U.S. GSEs’ obligations: Due within one year 1,090,678 - 22,826 - 1,067,852 0.79 After 1 to 5 years 817,835 39 53,195 - 764,679 0.96 After 10 years 7,835 - 35 - 7,800 4.73 Puerto Rico government obligation: After 10 years (3) 2,951 - 986 345 1,620 - United States and Puerto Rico government obligations 1,979,291 39 77,845 345 1,901,140 0.87 MBS: Residential MBS: FHLMC certificates: After 1 to 5 years 14,477 - 460 - 14,017 2.14 After 5 to 10 years 122,548 - 9,977 - 112,571 1.52 After 10 years 936,531 25 168,691 - 767,865 1.51 1,073,556 25 179,128 - 894,453 1.52 GNMA certificates: Due within one year 881 - 6 - 875 2.68 After 1 to 5 years 8,025 - 350 - 7,675 0.71 After 5 to 10 years 67,181 - 6,125 - 61,056 1.86 After 10 years 142,330 16 22,041 - 120,305 2.78 218,417 16 28,522 - 189,911 2.42 FNMA certificates: After 1 to 5 years 21,921 - 689 - 21,232 2.13 After 5 to 10 years 244,966 - 18,874 - 226,092 1.74 After 10 years 979,366 16 159,560 - 819,822 1.51 1,246,253 16 179,123 - 1,067,146 1.56 CMOs issued or guaranteed by the FHLMC, FNMA, and GNMA: After 10 years 377,812 74 52,338 - 325,548 2.88 Private label: After 5 to 10 years 4,886 - 1,430 57 3,399 6.69 After 10 years 1,200 - 285 119 796 6.32 6,086 - 1,715 176 4,195 6.62 Total Residential MBS 2,922,124 131 440,826 176 2,481,253 1.79 Commercial MBS: After 1 to 5 years 33,835 13 2,286 - 31,562 2.59 After 5 to 10 years 10,621 - 1,653 - 8,968 1.67 After 10 years 178,537 - 37,158 - 141,379 2.06 Total Commercial MBS 222,993 13 41,097 - 181,909 2.12 Total MBS 3,145,117 144 481,923 176 2,663,162 1.82 Other Due within one year 1,000 - - - 1,000 2.32 Total available-for-sale debt securities $ 5,125,408 $ 183 $ 559,768 $ 521 $ 4,565,302 1.45 (1) Excludes accrued interest receivable on available-for-sale debt securities that totaled $ 9.6 million as of December 31, 2024 reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and excluded from the estimate of credit losses. (2) Includes $ 466.1 million (amortized cost - $ 533.7 million) that was pledged at the FHLB as collateral for borrowings and letters of credit as well as $ 3.0 billion (amortized cost - $ 3.3 billion) pledged as collateral for the uninsured portion of government deposits. The secured parties are not permitted to sell or repledge the collateral. (3) 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 and is in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral. During the first six months of 2025, the Corporation purchased approximately $ 409.4 million in available-for-sale debt securities, of which $ 196.8 million were U.S Treasury securities with an average yield of 4.27 % and $ 212.6 million were U.S agencies MBS with an average yield of 5.29 %, including $ 195.5 million of residential MBS. Maturities of available-for-sale debt securities are based on the period of final contractual maturity. Expected maturities might differ from contractual maturities because they may be subject to prepayments and/or call options. The weighted-average yield on available-for-sale debt securities is based on amortized cost and, therefore, does not give effect to changes in fair value. The net unrealized loss on available-for-sale debt securities is presented as part of accumulated other comprehensive loss in the consolidated statements of financial condition. The following tables present 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, 2025 and December 31, 2024. The tables also include debt securities for which an ACL was recorded. As of June 30, 2025 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Treasury and U.S. GSEs’ obligations $ 104,471 $ 47 $ 1,545,519 $ 42,780 $ 1,649,990 $ 42,827 Puerto Rico government obligation - - 1,576 920 (1) 1,576 920 MBS: Residential MBS: FHLMC - - 829,030 146,792 829,030 146,792 GNMA 15,257 221 155,770 23,578 171,027 23,799 FNMA - - 969,968 139,154 969,968 139,154 CMOs issued or guaranteed by the FHLMC, FNMA, and GNMA 8,683 14 176,975 44,556 185,658 44,570 Private label - - 3,781 1,490 (1) 3,781 1,490 Commercial MBS 30,982 595 131,045 37,076 162,027 37,671 $ 159,393 $ 877 $ 3,813,664 $ 436,346 $ 3,973,057 $ 437,223 (1) Unrealized losses do not include the credit loss component recorded as part of the ACL. As of June 30, 2025, the PRHFA bond and private label MBS had an ACL of $ 0.3 million and $ 0.2 million, respectively. As of December 31, 2024 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Treasury and U.S. GSEs’ obligations $ 8,005 $ 35 $ 1,886,046 $ 76,824 $ 1,894,051 $ 76,859 Puerto Rico government obligation - - 1,620 986 (1) 1,620 986 MBS: Residential MBS: FHLMC 36,224 85 857,492 179,043 893,716 179,128 GNMA 22,281 508 166,470 28,014 188,751 28,522 FNMA 53,325 132 1,012,331 178,991 1,065,656 179,123 CMOs issued or guaranteed by the FHLMC, FNMA, and GNMA 52,778 248 187,772 52,090 240,550 52,338 Private label - - 4,195 1,715 (1) 4,195 1,715 Commercial MBS 44,831 823 131,152 40,274 175,983 41,097 $ 217,444 $ 1,831 $ 4,247,078 $ 557,937 $ 4,464,522 $ 559,768 (1) Unrealized losses do not include the credit loss component recorded as part of the ACL. As of December 31, 2024, the PRHFA bond and private label MBS had an ACL of $ 0.3 million and $ 0.2 million, respectively. Assessment for Credit Losses Debt securities issued by U.S. government agencies, U.S. GSEs, and the U.S. Treasury, including notes and MBS, accounted for substantially all of the total available-for-sale portfolio as of June 30, 2025, and the Corporation expects no credit losses on these securities, given the explicit and implicit guarantees provided by the U.S. federal government. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because, as of June 30, 2025, the Corporation did not have the intent to sell these U.S. government and agencies debt securities and determined that it was likely that it will not be required to sell these securities before their anticipated recovery, the Corporation does not consider impairments on these securities to be credit related. The Corporation’s credit loss assessment was concentrated mainly on private label MBS and on the Puerto Rico government debt security, for which credit losses are evaluated on a quarterly basis. Private label MBS held as part of the Corporation’s available for sale portfolio consist of trust certificates issued by an unaffiliated party backed by fixed-rate, single-family residential mortgage loans in the U.S. mainland with original FICO scores over 700 and moderate loan-to-value ratios (under 80 %), as well as moderate delinquency levels. The interest rate on these private label MBS is variable, tied to 3-month CME Term Secured Overnight Financing Rate (“SOFR” ) plus a tenor spread adjustment of 0.26161 % and the original spread limited to the weighted-average coupon of the underlying collateral. 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 U.S. Treasury yield curve as of the reporting date. See Note 15 – “Fair Value ” for the significant assumptions used in the valuation of the private label MBS as of June 30, 2025 and December 31, 2024. For the residential pass-through MBS issued by the PRHFA held as part of the Corporation’s available-for-sale portfolio backed by second mortgage residential loans in Puerto Rico, the ACL was determined based on a discounted cash flow methodology that considered the structure and terms of the debt security. The expected cash flows were discounted at the U.S. Treasury yield curve plus a spread as of the reporting date and compared to the amortized cost. The Corporation utilized PDs and 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, the housing price index, and expected recovery from the PRHFA guarantee. PRHFA, not the Puerto Rico government, provides a guarantee in the event of default and subsequent foreclosure of the properties underlying the second mortgage loans. In the event that the second mortgage loans default and the collateral is insufficient to satisfy the outstanding balance of this residential pass-through MBS, PRHFA’s ability to honor such guarantee will depend on, among other factors, its financial condition at the time such obligation becomes due and payable. Deterioration of the Puerto Rico economy or fiscal health of the PRHFA could impact the value of this security, resulting in additional losses to the Corporation. The following table presents a roll-forward of the ACL on available-for-sale debt securities by major security type for the quarters and six-month periods ended June 30, 2025 and 2024: Quarter Ended June 30, 2025 2024 Private label MBS Puerto Rico Government Obligation Total Private label MBS Puerto Rico Government Obligation Total (In thousands) Beginning balance $ 176 $ 340 $ 516 $ 116 $ 326 $ 442 Provision for credit losses – (benefit) expense - (3) (3) - 60 60 Net recoveries - - - 47 - 47 ACL on available-for-sale debt securities $ 176 $ 337 $ 513 $ 163 $ 386 $ 549 Six-Month Period Ended June 30, 2025 2024 Private label MBS Puerto Rico Government Obligations Total Private label MBS Puerto Rico Government Obligations Total (In thousands) Beginning balance $ 176 $ 345 $ 521 $ 116 $ 395 $ 511 Provision for credit losses - benefit - (8) (8) - (9) (9) Net recoveries - - - 47 - 47 ACL on available-for-sale debt securities $ 176 $ 337 $ 513 $ 163 $ 386 $ 549 Held-to-Maturity Debt Securities 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, 2025 and December 31, 2024 were as follows: June 30, 2025 Amortized cost (1) (2) Gross Unrecognized Fair value Weighted- Gains Losses ACL average yield% (Dollars in thousands) Puerto Rico municipal bonds: Due within one year $ 2,380 $ - $ 7 $ 2,373 $ 5 4.86 After 1 to 5 years 62,962 2,450 218 65,194 410 7.18 After 5 to 10 years 11,741 705 168 12,278 111 5.06 After 10 years 15,755 106 - 15,861 239 7.78 Total Puerto Rico municipal bonds 92,838 3,261 393 95,706 765 6.96 MBS: Residential MBS: FHLMC certificates: After 1 to 5 years 10,156 - 190 9,966 - 3.03 After 10 years 16,349 - 850 15,499 - 4.33 26,505 - 1,040 25,465 - 3.83 GNMA certificates: After 10 years 12,271 - 523 11,748 - 3.30 FNMA certificates: After 10 years 58,175 - 2,610 55,565 - 4.19 CMOs issued or guaranteed by FHLMC, FNMA, and GNMA: After 10 years 24,123 - 895 23,228 - 3.43 Total Residential MBS 121,074 - 5,068 116,006 - 3.87 Commercial MBS: Due within one year 9,160 - 86 9,074 - 3.48 After 10 years 84,214 - 5,154 79,060 - 1.90 Total Commercial MBS 93,374 - 5,240 88,134 - 2.06 Total MBS 214,448 - 10,308 204,140 - 3.08 Total held-to-maturity debt securities $ 307,286 $ 3,261 $ 10,701 $ 299,846 $ 765 4.25 (1) Excludes accrued interest receivable on held-to-maturity debt securities that totaled $ 3.8 million as of June 30, 2025 reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and excluded from the estimate of credit losses. (2) Includes $ 188.8 million (fair value - $ 185.7 million) that serves as collateral for the uninsured portion of government deposits. The secured parties are not permitted to sell or repledge the collateral. December 31, 2024 Amortized cost (1) (2) Gross Unrecognized Fair value Weighted- Gains Losses ACL average yield% (Dollars in thousands) Puerto Rico municipal bonds: Due within one year $ 2,214 $ 134 $ 6 $ 2,342 $ 6 5.07 After 1 to 5 years 61,289 2,724 438 63,575 433 7.33 After 5 to 10 years 13,184 811 205 13,790 127 5.79 After 10 years 15,755 146 - 15,901 236 8.07 Total Puerto Rico municipal bonds 92,442 3,815 649 95,608 802 7.18 MBS: Residential MBS: FHLMC certificates: After 5 to 10 years 12,112 - 353 11,759 - 3.03 After 10 years 16,936 - 1,142 15,794 - 4.30 29,048 - 1,495 27,553 - 3.77 GNMA certificates: After 10 years 13,472 - 842 12,630 - 3.29 FNMA certificates: After 10 years 61,233 - 3,786 57,447 - 4.19 CMOs issued or guaranteed by FHLMC, FNMA, and GNMA: After 10 years 25,566 - 1,321 24,245 - 3.49 Total Residential MBS 129,319 - 7,444 121,875 - 3.86 Commercial MBS: After 1 to 5 years 9,258 - 151 9,107 - 3.48 After 10 years 86,767 - 5,317 81,450 - 3.92 Total Commercial MBS 96,025 - 5,468 90,557 - 3.88 Total MBS 225,344 - 12,912 212,432 - 3.87 Total held-to-maturity debt securities $ 317,786 $ 3,815 $ 13,561 $ 308,040 $ 802 4.83 (1) Excludes accrued interest receivable on held-to-maturity debt securities that totaled $ 4.1 million as of December 31, 2024 reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition, and excluded from the estimate of credit losses. (2) Includes $ 198.6 million (fair value - $ 192.4 million) that serves as collateral for the uninsured portion of government deposits. The secured parties are not permitted to sell or repledge the collateral. The following tables present 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, 2025 and December 31, 2024, including debt securities for which an ACL was recorded: As of June 30, 2025 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Puerto Rico municipal bonds $ - $ - $ 22,209 $ 393 $ 22,209 $ 393 MBS: Residential MBS: FHLMC certificates - - 25,465 1,040 25,465 1,040 GNMA certificates - - 11,748 523 11,748 523 FNMA certificates - - 55,565 2,610 55,565 2,610 CMOs issued or guaranteed by FHLMC, FNMA, and GNMA - - 23,228 895 23,228 895 Commercial MBS - - 88,134 5,240 88,134 5,240 Total held-to-maturity debt securities $ - $ - $ 226,349 $ 10,701 $ 226,349 $ 10,701 As of December 31, 2024 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Puerto Rico municipal bonds $ - $ - $ 20,071 $ 649 $ 20,071 $ 649 MBS: Residential MBS: FHLMC certificates - - 27,553 1,495 27,553 1,495 GNMA certificates - - 12,630 842 12,630 842 FNMA certificates - - 57,447 3,786 57,447 3,786 CMOs issued or guaranteed by FHLMC, FNMA, and GNMA - - 24,245 1,321 24,245 1,321 Commercial MBS - - 90,557 5,468 90,557 5,468 Total held-to-maturity debt securities $ - $ - $ 232,503 $ 13,561 $ 232,503 $ 13,561 The Corporation classifies the held-to-maturity debt securities portfolio into the following major security types: MBS issued or guaranteed by GSEs and underlying collateral and Puerto Rico municipal bonds. The Corporation does not recognize an ACL for MBS issued or guaranteed by GSEs since they are highly rated by major rating agencies and have a long history of no credit losses. In the case of Puerto Rico municipal bonds, the Corporation determines the ACL based on the product of a cumulative PD and LGD, and the amortized cost basis of the bonds over their remaining expected life as described in Note 1 – “Nature of Business and Summary of Significant Accounting Policies,” to the audited financial statements included in the 2024 Annual Report on Form 10-K. The Corporation performs periodic credit quality reviews on these issuers. All of the Puerto Rico municipal bonds were current as to scheduled contractual payments as of June 30, 2025. The ACL of Puerto Rico municipal bonds was $ 0.8 million as of each of June 30, 2025 and December 31, 2024. The following table presents 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, 2025 and 2024: Puerto Rico Municipal Bonds Quarter Ended June 30, 2025 2024 (In thousands) Beginning balance $ 843 $ 1,235 Provision for credit losses – (benefit) expense (78) 32 ACL on held-to-maturity debt securities $ 765 $ 1,267 Puerto Rico Municipal Bonds Six-Month Period Ended June 30, 2025 2024 (In thousands) Beginning Balance $ 802 $ 2,197 Provision for credit losses - benefit (37) (930) ACL on held-to-maturity debt securities $ 765 $ 1,267 From time to time, the Corporation has held-to-maturity securities with an original maturity of three months or less that are considered cash and cash equivalents and are classified as money market investments in the consolidated statements of financial condition. As of June 30, 2025 and December 31, 2024, the Corporation had no outstanding held-to-maturity securities that were classified as cash and cash equivalents. Credit Quality Indicators: The held-to-maturity debt securities portfolio consisted of GSEs’ MBS, for which the Corporation expects no credit losses, and financing arrangements with Puerto Rico municipalities issued in bond form. The Puerto Rico municipal bonds are accounted for as securities but are underwritten as loans with features that are typically found in commercial loans. Accordingly, the Corporation monitors the credit quality of these municipal bonds through the use of internal credit-risk ratings, which are generally updated on a quarterly basis. The Corporation considers a municipal bond as a criticized asset if its risk rating is Special Mention, Substandard, Doubtful, or Loss. Puerto Rico municipal bonds that do not meet the criteria for classification as criticized assets are considered to be Pass-rated securities. For the definitions of the internal-credit ratings, see Note 3 – “Debt Securities,” to the audited consolidated financial statements included in the 2024 Annual Report on Form 10-K. The Corporation has a Loan Review Group that reports directly to the Corporation’s Risk Management Committee and administratively to the Chief Risk Officer. The Loan Review Group performs annual comprehensive credit process reviews of the Bank’s commercial loan portfolios, including the above-mentioned Puerto Rico municipal bonds accounted for as held-to-maturity debt securities. The objective of these loan reviews is to assess accuracy of the Bank’s determination and maintenance of loan risk rating and its adherence to lending policies, practices and procedures. The monitoring performed by this group contributes to the assessment of compliance with credit policies and underwriting standards, the determination of the current level of credit risk, the evaluation of the effectiveness of the credit management process, and the identification of any deficiency that may arise in the credit- granting process. Based on its findings, the Loan Review Group recommends corrective actions, if necessary, that help in maintaining a sound credit process. The Loan Review Group reports the results of the credit process reviews to the Risk Management Committee. As of June 30, 2025 and December 31, 2024, all Puerto Rico municipal bonds classified as held-to-maturity were classified as Pass. No held-to-maturity debt securities were on nonaccrual status, 90 days past due and still accruing, or past due as of June 30, 2025 and December 31, 2024. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement.

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