Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value By Balance Sheet Grouping Text Block

		June 30, 2015
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	557,248	$	557,248	$	-	$	-	$	557,248
Money market investments			3,254,939		3,116,803		138,136		-		3,254,939
Trading account securities, excluding
	derivatives[1]		141,595		-		132,738		8,857		141,595
Investment securities available-for-sale[1]			5,585,078		310		5,583,323		1,445		5,585,078
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		100,270		-		-		82,346		82,346
	Collateralized mortgage
	obligation-federal agency		91		-		-		96		96
	Other		1,500		-		1,499		-		1,499
Total investment securities
	held-to-maturity	$	101,861	$	-	$	1,499	$	82,442	$	83,941
Other investment securities:
	FHLB stock	$	69,886	$	-	$	69,886	$	-	$	69,886
	FRB stock		80,510		-		80,510		-		80,510
	Trust preferred securities		13,197		-		12,197		1,000		13,197
	Other investments		1,912		-		-		4,999		4,999
Total other investment securities		$	165,505	$	-	$	162,593	$	5,999	$	168,592
Loans held-for-sale		$	202,287	$	-	$	1,143	$	204,630	$	205,773
Loans not covered under loss sharing
	agreement with the FDIC		21,922,406		-		-		21,546,344		21,546,344
Loans covered under loss sharing
	agreements with the FDIC		651,576		-		-		548,171		548,171
FDIC loss share asset			392,947		-		-		392,443		392,443
Mortgage servicing rights			206,357		-		-		206,357		206,357
Derivatives			21,716		-		21,716		-		21,716
		June 30, 2015
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	18,908,437	$	-	$	18,908,437	$	-	$	18,908,437
	Time deposits		8,842,257		-		8,870,017		-		8,870,017
Total deposits		$	27,750,694	$	-	$	27,778,454	$	-	$	27,778,454
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,121,244	$	-	$	1,125,589	$	-	$	1,125,589
Total assets sold under agreements to
	repurchase	$	1,121,244	$	-	$	1,125,589	$	-	$	1,125,589
Other short-term borrowings[2]		$	101,200	$	-	$	101,200	$	-	$	101,200
Notes payable:
	FHLB advances		894,800		-		910,480		-		910,480
	Unsecured senior debt securities		450,000		-		455,710		-		455,710
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		369,894		-		369,894
	Others		19,428		-		-		19,428		19,428
Total notes payable		$	1,804,028	$	-	$	1,736,084	$	19,428	$	1,755,512
Derivatives		$	18,430	$	-	$	18,430	$	-	$	18,430
Contingent consideration		$	124,837	$	-	$	-	$	124,837	$	124,837
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,108,912	$	-	$	-	$	1,112	$	1,112
Letters of credit			51,115		-		-		978		978

		December 31, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	381,095	$	381,095	$	-	$	-	$	381,095
Money market investments			1,822,386		1,671,477		150,909		-		1,822,386
Trading account securities, excluding
	derivatives[1]		138,527		-		129,360		9,167		138,527
Investment securities available-for-sale[1]			5,315,159		323		5,313,511		1,325		5,315,159
Investment securities held-to-maturity:
	Obligations of Puerto Rico, States
	and political subdivisions		101,573		-		-		92,597		92,597
	Collateralized mortgage
	obligation-federal agency		97		-		-		102		102
	Other		1,500		-		1,500		-		1,500
Total investment securities
	held-to-maturity	$	103,170	$	-	$	1,500	$	92,699	$	94,199
Other investment securities:
	FHLB stock	$	66,773	$	-	$	66,773	$	-	$	66,773
	FRB stock		80,025		-		80,025		-		80,025
	Trust preferred securities		13,197		-		12,197		1,000		13,197
	Other investments		1,911		-		-		5,028		5,028
Total other investment securities		$	161,906	$	-	$	158,995	$	6,028	$	165,023
Loans held-for-sale		$	106,104	$	-	$	27,074	$	87,862	$	114,936
Loans not covered under loss sharing
	agreement with the FDIC		18,884,732		-		-		18,079,609		18,079,609
Loans covered under loss sharing
	agreements with the FDIC		2,460,589		-		-		2,947,909		2,947,909
FDIC loss share asset			542,454		-		-		481,420		481,420
Mortgage servicing rights			148,694		-		-		148,694		148,694
Derivatives			25,362		-		25,362		-		25,362
		December 31, 2014
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	17,333,090	$	-	$	17,333,090	$	-	$	17,333,090
	Time deposits		7,474,445		-		7,512,683		-		7,512,683
Total deposits		$	24,807,535	$	-	$	24,845,773	$	-	$	24,845,773
Assets sold under agreements to
	repurchase:
	Securities sold under agreements
	to repurchase	$	1,271,657	$	-	$	1,269,398	$	-	$	1,269,398
Total assets sold under agreements to
	repurchase	$	1,271,657	$	-	$	1,269,398	$	-	$	1,269,398
Other short-term borrowings[2]		$	21,200	$	-	$	20,200	$	1,000	$	21,200
Notes payable:
	FHLB advances		802,198		-		814,877		-		814,877
	Unsecured senior debt		450,000		-		460,530		-		460,530
	Junior subordinated deferrable
	interest debentures (related to
	trust preferred securities)		439,800		-		379,400		-		379,400
	Others		19,830		-		-		19,830		19,830
Total notes payable		$	1,711,828	$	-	$	1,654,807	$	19,830	$	1,674,637
Derivatives		$	23,032	$	-	$	23,032	$	-	$	23,032
Contingent consideration		$	133,634	$	-	$	-	$	133,634	$	133,634
(In thousands)			Notional amount		Level 1		Level 2		Level 3		Fair value
Commitments to extend credit		$	7,135,352	$	-	$	-	$	1,716	$	1,716
Letters of credit			49,182		-		-		486		486