Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value By Balance Sheet Grouping Text Block

		June 30, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	388,041	$	388,041	$	-	$	-	$	388,041
Money market investments			1,071,939		823,586		248,353		-		1,071,939
Trading account securities, excluding
	derivatives[1]		293,829		-		279,799		14,030		293,829
Investment securities available-for-sale[1]			5,114,636		5,006		5,102,874		6,756		5,114,636
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		115,009		-		-		117,399		117,399
	Collateralized mortgage
	obligation-federal agency		123		-		-		128		128
	Other		26,500		-		1,500		24,999		26,499
Total investment securities
	held-to-maturity	$	141,632	$	-	$	1,500	$	142,526	$	144,026
Other investment securities:
	FHLB stock	$	122,061	$	-	$	122,061	$	-	$	122,061
	FRB stock		80,389		-		80,389		-		80,389
	Trust preferred securities		14,197		-		13,197		1,000		14,197
	Other investments		1,935		-		-		4,592		4,592
Total other investment securities		$	218,582	$	-	$	215,647	$	5,592	$	221,239
Loans held-for-sale		$	190,852	$	-	$	8,813	$	186,488	$	195,301
Loans not covered under loss sharing
	agreement with the FDIC		20,992,897		-		-		18,733,274		18,733,274
Loans covered under loss sharing
	agreements with the FDIC		3,093,541		-		-		3,447,478		3,447,478
FDIC loss share asset			1,379,342		-		-		1,220,558		1,220,558
Mortgage servicing rights			153,444		-		-		153,444		153,444
Derivatives			37,950		-		37,950		-		37,950
		June 30, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	18,419,017	$	-	$	18,419,017	$	-	$	18,419,017
	Time deposits		8,340,411		-		8,406,426		-		8,406,426
Total deposits		$	26,759,428	$	-	$	26,825,443	$	-	$	26,825,443
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,034,515	$	-	$	1,039,293	$	-	$	1,039,293
	Structured repurchase agreements		638,190		-		704,082		-		704,082
Total assets sold under agreements to
	repurchase	$	1,672,705	$	-	$	1,743,375	$	-	$	1,743,375
Other short-term borrowings[2]		$	1,226,200	$	-	$	1,226,391	$	-	$	1,226,391
Notes payable:
	FHLB advances	$	582,364	$	-	$	601,390	$	-	$	601,390
	Medium-term notes		233,680		-		244,536		730		245,266
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		399,230		-		399,230
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		516,061		-		-		945,003		945,003
	Others		23,861		-		-		23,861		23,861
Total notes payable		$	1,795,766	$	-	$	1,245,156	$	969,594	$	2,214,750
Derivatives		$	33,866	$	-	$	33,866	$	-	$	33,866
Contingent consideration		$	119,253	$	-	$	-	$	119,253	$	119,253
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,282,621	$	-	$	-	$	3,903	$	3,903
Letters of credit			133,387		-		-		1,462		1,462

		December 31, 2012
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	439,363	$	439,363	$	-	$	-	$	439,363
Money market investments			1,085,580		839,007		246,573		-		1,085,580
Trading account securities, excluding
	derivatives[1]		314,515		-		297,959		16,556		314,515
Investment securities available-for-sale[1]			5,084,201		3,827		5,073,304		7,070		5,084,201
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		116,177		-		-		117,558		117,558
	Collateralized mortgage
	obligation-federal agency		140		-		-		144		144
	Other		26,500		-		1,500		25,031		26,531
Total investment securities
	held-to-maturity	$	142,817	$	-	$	1,500	$	142,733	$	144,233
Other investment securities:
	FHLB stock	$	89,451	$	-	$	89,451	$	-	$	89,451
	FRB stock		79,878		-		79,878		-		79,878
	Trust preferred securities		14,197		-		13,197		1,000		14,197
	Other investments		1,917		-		-		3,975		3,975
Total other investment securities		$	185,443	$	-	$	182,526	$	4,975	$	187,501
Loans held-for-sale		$	354,468	$	-	$	4,779	$	376,582	$	381,361
Loans not covered under loss sharing
	agreement with the FDIC		20,361,491		-		-		17,424,038		17,424,038
Loans covered under loss sharing
	agreements with the FDIC		3,647,066		-		-		3,925,440		3,925,440
FDIC loss share asset			1,399,098		-		-		1,241,579		1,241,579
Mortgage servicing rights			154,430		-		-		154,430		154,430
Derivatives			41,935		-		41,935		-		41,935
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	18,089,904	$	-	$	18,089,904	$	-	$	18,089,904
	Time deposits		8,910,709		-		8,994,363		-		8,994,363
Total deposits		$	27,000,613	$	-	$	27,084,267	$	-	$	27,084,267
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,378,562	$	-	$	1,385,237	$	-	$	1,385,237
	Structured repurchase agreements		638,190		-		720,620		-		720,620
Total assets sold under agreements to
	repurchase	$	2,016,752	$	-	$	2,105,857	$	-	$	2,105,857
Other short-term borrowings[2]		$	636,200	$	-	$	636,200	$	-	$	636,200
Notes payable:
	FHLB advances	$	577,490	$	-	$	608,313	$	-	$	608,313
	Medium-term notes		236,753		-		243,351		3,843		247,194
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		363,659		-		363,659
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		499,470		-		-		824,458		824,458
	Others		24,208		-		-		24,208		24,208
Total notes payable		$	1,777,721	$	-	$	1,215,323	$	852,509	$	2,067,832
Derivatives		$	42,585	$	-	$	42,585	$	-	$	42,585
Contingent consideration		$	112,002	$	-	$	-	$	112,002	$	112,002
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	6,774,990	$	-	$	-	$	2,858	$	2,858
Letters of credit			148,153		-		-		1,544		1,544