Fair value of financial instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value By Balance Sheet Grouping Text Block

		September 30, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	321,914	$	321,914	$	-	$	-	$	321,914
Money market investments			1,053,121		906,314		146,807		-		1,053,121
Trading account securities, excluding
	derivatives[1]		145,343		-		135,009		10,334		145,343
Investment securities available-for-sale[1]			5,727,766		303		5,721,537		5,926		5,727,766
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		111,292		-		-		101,513		101,513
	Collateralized mortgage
	obligation-federal agency		101		-		-		107		107
	Other		1,500		-		1,500		-		1,500
Total investment securities
	held-to-maturity	$	112,893	$	-	$	1,500	$	101,620	$	103,120
Other investment securities:
	FHLB stock	$	66,233	$	-	$	66,233	$	-	$	66,233
	FRB stock		79,826		-		79,826		-		79,826
	Trust preferred securities		13,197		-		12,197		1,000		13,197
	Other investments		1,912		-		-		4,519		4,519
Total other investment securities		$	161,168	$	-	$	158,256	$	5,519	$	163,775
Loans held-for-sale		$	178,008	$	-	$	92,459	$	92,327	$	184,786
Loans not covered under loss sharing
	agreement with the FDIC		18,837,529		-		-		17,629,704		17,629,704
Loans covered under loss sharing
	agreements with the FDIC		2,564,575		-		-		2,999,580		2,999,580
FDIC loss share asset			681,106		-		-		540,889		540,889
Mortgage servicing rights			152,282		-		-		152,282		152,282
Derivatives			25,850		-		25,850		-		25,850
		September 30, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	16,964,395	$	-	$	16,964,395	$	-	$	16,964,395
	Time deposits		7,501,710		-		7,542,808		-		7,542,808
Total deposits		$	24,466,105	$	-	$	24,507,203	$	-	$	24,507,203
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,650,712	$	-	$	1,654,179	$	-	$	1,654,179
Total assets sold under agreements to
	repurchase	$	1,650,712	$	-	$	1,654,179	$	-	$	1,654,179
Other short-term borrowings[2]		$	1,200	$	-	$	1,200	$	-	$	1,200
Notes payable:
	FHLB advances		810,202		-		823,243		-		823,243
	Medium-term notes		679		-		-		691		691
	Unsecured senior debt securities		450,000		-		455,423		-		455,423
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		376,031		-		376,031
	Junior subordinated deferrable
	interest debentures (Troubled
	Others		22,892		-		-		22,892		22,892
Total notes payable		$	1,723,573	$	-	$	1,654,696	$	23,583	$	1,678,280
Derivatives		$	23,796	$	-	$	23,796	$	-	$	23,796
Contingent consideration		$	126,473	$	-	$	-	$	126,473	$	126,473
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,033,358	$	-	$	-	$	1,680	$	1,680
Letters of credit			47,296		-		-		544		544

		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