Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value By Balance Sheet Grouping Text Block

		March 31, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	387,917	$	387,917	$	-	$	-	$	387,917
Money market investments			1,622,433		1,437,324		185,109		-		1,622,433
Trading account securities, excluding
	derivatives[1]		359,247		-		347,670		11,577		359,247
Investment securities available-for-sale[1]			5,768,890		410		5,762,101		6,379		5,768,890
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		112,405		-		-		101,195		101,195
	Collateralized mortgage
	obligation-federal agency		114		-		-		105		105
	Other		26,500		-		1,500		24,999		26,499
Total investment securities
	held-to-maturity	$	139,019	$	-	$	1,500	$	126,299	$	127,799
Other investment securities:
	FHLB stock	$	63,931	$	-	$	63,931	$	-	$	63,931
	FRB stock		86,502		-		86,502		-		86,502
	Trust preferred securities		14,197		-		13,197		1,000		14,197
	Other investments		1,926		-		-		5,614		5,614
Total other investment securities		$	166,556	$	-	$	163,630	$	6,614	$	170,244
Loans held-for-sale		$	94,877	$	-	$	2,149	$	94,201	$	96,350
Loans not covered under loss sharing
	agreement with the FDIC		21,069,202		-		-		19,346,159		19,346,159
Loans covered under loss sharing
	agreements with the FDIC		2,772,281		-		-		3,269,740		3,269,740
FDIC loss share asset			833,721		-		-		710,781		710,781
Mortgage servicing rights			156,529		-		-		156,529		156,529
Derivatives			28,998		-		28,998		-		28,998
		March 31, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	19,023,048	$	-	$	19,023,048	$	-	$	19,023,048
	Time deposits		8,242,603		-		8,297,177		-		8,297,177
Total deposits		$	27,265,651	$	-	$	27,320,225	$	-	$	27,320,225
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,570,023	$	-	$	1,574,119	$	-	$	1,574,119
	Structured repurchase agreements		638,190		-		691,434		-		691,434
Total assets sold under agreements to
	repurchase	$	2,208,213	$	-	$	2,265,553	$	-	$	2,265,553
Other short-term borrowings[2]		$	1,200	$	-	$	1,200	$	-	$	1,200
Notes payable:
	FHLB advances		510,825		-		526,032		-		526,032
	Medium-term notes		685		-		-		718		718
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		339,315		-		339,315
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		531,804		-		-		977,075		977,075
	Others		23,294		-		-		23,294		23,294
Total notes payable		$	1,506,408	$	-	$	865,347	$	1,001,087	$	1,866,434
Derivatives		$	25,714	$	-	$	25,714	$	-	$	25,714
Contingent consideration		$	126,345	$	-	$	-	$	126,345	$	126,345
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,122,989	$	-	$	-	$	1,958	$	1,958
Letters of credit			81,379		-		-		1,370		1,370

		December 31, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	423,211	$	423,211	$	-	$	-	$	423,211
Money market investments			858,453		677,033		181,420		-		858,453
Trading account securities, excluding
	derivatives[1]		339,660		-		326,509		13,151		339,660
Investment securities available-for-sale[1]			5,294,800		412		5,287,865		6,523		5,294,800
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		113,881		-		-		94,712		94,712
	Collateralized mortgage
	obligation-federal agency		115		-		-		122		122
	Other		26,500		-		1,500		24,354		25,854
Total investment securities
	held-to-maturity	$	140,496	$	-	$	1,500	$	119,188	$	120,688
Other investment securities:
	FHLB stock	$	85,245	$	-	$	85,245	$	-	$	85,245
	FRB stock		80,385		-		80,385		-		80,385
	Trust preferred securities		14,197		-		13,197		1,000		14,197
	Other investments		1,925		-		-		4,699		4,699
Total other investment securities		$	181,752	$	-	$	178,827	$	5,699	$	184,526
Loans held-for-sale		$	110,426	$	-	$	3,155	$	109,405	$	112,560
Loans not covered under loss sharing
	agreement with the FDIC		21,073,403		-		-		19,070,337		19,070,337
Loans covered under loss sharing
	agreements with the FDIC		2,882,335		-		-		3,404,128		3,404,128
FDIC loss share asset			948,608		-		-		837,131		837,131
Mortgage servicing rights			161,099		-		-		161,099		161,099
Derivatives			34,793		-		34,793		-		34,793
		December 31, 2013
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	18,399,793	$	-	$	18,399,793	$	-	$	18,399,793
	Time deposits		8,311,352		-		8,367,410		-		8,367,410
Total deposits		$	26,711,145	$	-	$	26,767,203	$	-	$	26,767,203
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,021,102	$	-	$	1,025,628	$	-	$	1,025,628
	Structured repurchase agreements		638,190		-		694,422		-		694,422
Total assets sold under agreements to
	repurchase	$	1,659,292	$	-	$	1,720,050	$	-	$	1,720,050
Other short-term borrowings[2]		$	401,200	$	-	$	401,200	$	-	$	401,200
Notes payable:
	FHLB advances		589,229		-		604,976		-		604,976
	Medium-term notes		689		-		-		716		716
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		348,222		-		348,222
	Junior subordinated deferrable
	interest debentures (Troubled
	Asset Relief Program)		531,540		-		-		1,006,638		1,006,638
	Others		23,496		-		-		23,496		23,496
Total notes payable		$	1,584,754	$	-	$	953,198	$	1,030,850	$	1,984,048
Derivatives		$	32,378	$	-	$	32,378	$	-	$	32,378
Contingent consideration		$	128,299	$	-	$	-	$	128,299	$	128,299
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,490,927	$	-	$	-	$	2,571	$	2,571
Letters of credit			82,007		-		-		901		901