Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures

Fair Value By Balance Sheet Grouping Text Block

		June 30, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	391,703	$	391,703	$	-	$	-	$	391,703
Money market investments			3,172,116		3,164,137		7,979		-		3,172,116
Trading account debt securities, excluding derivatives[1]			35,623		3,279		31,232		1,112		35,623
Debt securities available-for-sale[1]			16,734,722		5,130,255		11,603,232		1,235		16,734,722
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States and political subdivisions	$	87,488	$	-	$	-	$	93,721	$	93,721
	Collateralized mortgage obligation-federal agency		50		-		-		52		52
	Securities in wholly owned statutory business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities held-to-maturity		$	99,599	$	-	$	12,061	$	93,773	$	105,834
Equity securities:
	FHLB stock	$	55,965	$	-	$	55,965	$	-	$	55,965
	FRB stock		91,680		-		91,680		-		91,680
	Other investments		20,509		-		19,206		6,920		26,126
Total equity securities		$	168,154	$	-	$	166,851	$	6,920	$	173,771
Loans held-for-sale		$	54,028	$	-	$	-	$	55,338	$	55,338
Loans held-in-portfolio			26,462,079		-		-		24,459,100		24,459,100
Mortgage servicing rights			153,021		-		-		153,021		153,021
Derivatives			14,792		-		14,792		-		14,792
		June 30, 2019
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	34,146,573	$	-	$	34,146,573	$	-	$	34,146,573
	Time deposits		7,913,264		-		7,777,200		-		7,777,200
Total deposits		$	42,059,837	$	-	$	41,923,773	$	-	$	41,923,773
Assets sold under agreements to repurchase		$	233,091	$	-	$	232,709	$	-	$	232,709
Other short-term borrowings[2]		$	160,000	$	-	$	160,000	$	-	$	160,000
Notes payable:
	FHLB advances	$	532,017	$	-	$	538,784	$	-	$	538,784
	Unsecured senior debt securities		294,673		-		313,647		-		313,647
	Junior subordinated deferrable interest debentures (related to trust preferred securities)		384,889		-		397,722		-		397,722
Total notes payable		$	1,211,579	$	-	$	1,250,153	$	-	$	1,250,153
Derivatives		$	14,233	$	-	$	14,233	$	-	$	14,233
[1]	Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level
[2]	Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.

		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Assets:
Cash and due from banks		$	394,035	$	394,035	$	-	$	-	$	394,035
Money market investments			4,171,048		4,161,832		9,216		-		4,171,048
Trading account debt securities, excluding derivatives[1]			37,787		6,278		30,370		1,139		37,787
Debt securities available-for-sale[1]			13,300,184		2,719,740		10,579,211		1,233		13,300,184
Debt securities held-to-maturity:
	Obligations of Puerto Rico, States and political subdivisions	$	89,459	$	-	$	-	$	90,534	$	90,534
	Collateralized mortgage obligation-federal agency		55		-		-		58		58
	Securities in wholly owned statutory business trusts		11,561		-		11,561		-		11,561
	Other		500		-		500		-		500
Total debt securities held-to-maturity		$	101,575	$	-	$	12,061	$	90,592	$	102,653
Equity securities:
	FHLB stock	$	51,628	$	-	$	51,628	$	-	$	51,628
	FRB stock		89,358		-		89,358		-		89,358
	Other investments		14,598		-		13,296		5,539		18,835
Total equity securities		$	155,584	$	-	$	154,282	$	5,539	$	159,821
Loans held-for-sale		$	51,422	$	-	$	-	$	52,474	$	52,474
Loans held-in-portfolio			25,938,541		-		-		23,143,027		23,143,027
Mortgage servicing rights			169,777		-		-		169,777		169,777
Derivatives			13,603		-		13,603		-		13,603
		December 31, 2018
		Carrying
(In thousands)		amount		Level 1		Level 2		Level 3		Fair value
Financial Liabilities:
Deposits:
	Demand deposits	$	32,093,274	$	-	$	32,093,274	$	-	$	32,093,274
	Time deposits		7,616,765		-		7,392,698		-		7,392,698
Total deposits		$	39,710,039	$	-	$	39,485,972	$	-	$	39,485,972
Assets sold under agreements to repurchase		$	281,529	$	-	$	281,535	$	-	$	281,535
Other short-term borrowings[2]		$	42	$	-	$	42	$	-	$	42
Notes payable:
	FHLB advances	$	556,776	$	-	$	553,111	$	-	$	553,111
	Unsecured senior debt		294,039		-		302,664		-		302,664
	Junior subordinated deferrable interest debentures (related to trust preferred securities)		384,875		-		381,079		-		381,079
	Capital lease obligations		20,412		-		-		20,412		20,412
Total notes payable		$	1,256,102	$	-	$	1,236,854	$	20,412	$	1,257,266
Derivatives		$	12,320	$	-	$	12,320	$	-	$	12,320
[1]	Refer to Note 24 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
[2]	Refer to Note 17 to the Consolidated Financial Statements for the composition of other short-term borrowings.