Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value By Balance Sheet Grouping Text Block

		September 30, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	368,590	$	368,590	$	-	$	-	$	368,590
Money market investments			961,788		738,993		222,795		-		961,788
Trading account securities, excluding
	derivatives[1]		338,837		-		325,349		13,488		338,837
Investment securities available-for-sale[1]			5,136,618		5,188		5,124,732		6,698		5,136,618
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		113,733		-		-		93,536		93,536
	Collateralized mortgage
	obligation-federal agency		122		-		-		129		129
	Other		26,500		-		1,500		24,084		25,584
Total investment securities
	held-to-maturity	$	140,355	$	-	$	1,500	$	117,749	$	119,249
Other investment securities:
	FHLB stock	$	102,858	$	-	$	102,858	$	-	$	102,858
	FRB stock		79,883		-		79,883		-		79,883
	Trust preferred securities		14,197		-		13,197		1,000		14,197
	Other investments		1,926		-		-		4,411		4,411
Total other investment securities		$	198,864	$	-	$	195,938	$	5,411	$	201,349
Loans held-for-sale		$	124,532	$	-	$	4,540	$	125,543	$	130,083
Loans not covered under loss sharing
	agreement with the FDIC		20,901,083		-		-		18,591,073		18,591,073
Loans covered under loss sharing
	agreements with the FDIC		2,959,181		-		-		3,349,983		3,349,983
FDIC loss share asset			1,324,711		-		-		1,189,678		1,189,678
Mortgage servicing rights			161,445		-		-		161,445		161,445
Derivatives			32,742		-		32,742		-		32,742
		September 30, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	18,297,952	$	-	$	18,297,952	$	-	$	18,297,952
	Time deposits		8,097,102		-		8,157,281		-		8,157,281
Total deposits		$	26,395,054	$	-	$	26,455,233	$	-	$	26,455,233
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,124,058	$	-	$	1,128,952	$	-	$	1,128,952
	Structured repurchase agreements		669,150		-		731,210		-		731,210
Total assets sold under agreements to
	repurchase	$	1,793,208	$	-	$	1,860,162	$	-	$	1,860,162
Other short-term borrowings[2]		$	826,200	$	-	$	826,200	$	-	$	826,200
Notes payable:
	FHLB advances	$	555,644	$	-	$	574,316	$	-	$	574,316
	Medium-term notes		693		-		-		720		720
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		378,192		-		378,192
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		524,871		-		-		1,024,590		1,024,590
	Others		23,688		-		-		23,688		23,688
Total notes payable		$	1,544,696	$	-	$	952,508	$	1,048,998	$	2,001,506
Derivatives		$	34,942	$	-	$	34,942	$	-	$	34,942
Contingent consideration		$	124,575	$	-	$	-	$	124,575	$	124,575
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,287,336	$	-	$	-	$	3,375	$	3,375
Letters of credit			81,505		-		-		986		986

		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