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Fair value of financial instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures  
Fair Value By Balance Sheet Grouping Text Block

 

 

September 30, 2019

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

502,060

$

502,060

$

-

$

-

$

502,060

Money market investments

 

5,168,585

 

5,162,672

 

5,913

 

-

 

5,168,585

Trading account debt securities, excluding derivatives[1]

 

36,303

 

2,758

 

32,506

 

1,039

 

36,303

Debt securities available-for-sale[1]

 

16,479,110

 

4,487,422

 

11,990,479

 

1,209

 

16,479,110

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

85,598

$

-

$

-

$

91,808

$

91,808

 

Collateralized mortgage obligation-federal agency

 

48

 

-

 

-

 

50

 

50

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

 

Other

 

500

 

-

 

499

 

-

 

499

Total debt securities held-to-maturity

$

97,707

$

-

$

12,060

$

91,858

$

103,918

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

46,729

$

-

$

46,729

$

-

$

46,729

 

FRB stock

 

92,648

 

-

 

92,648

 

-

 

92,648

 

Other investments

 

21,081

 

-

 

19,778

 

7,296

 

27,074

Total equity securities

$

160,458

$

-

$

159,155

$

7,296

$

166,451

Loans held-for-sale

$

56,370

$

-

$

-

$

57,572

$

57,572

Loans held-in-portfolio

 

26,495,610

 

-

 

-

 

24,603,515

 

24,603,515

Mortgage servicing rights

 

150,652

 

-

 

-

 

150,652

 

150,652

Derivatives

 

15,234

 

-

 

15,234

 

-

 

15,234

 

 

September 30, 2019

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

36,370,038

$

-

$

36,370,038

$

-

$

36,370,038

 

Time deposits

 

7,796,157

 

-

 

7,648,739

 

-

 

7,648,739

Total deposits

$

44,166,195

$

-

$

44,018,777

$

-

$

44,018,777

Assets sold under agreements to repurchase

$

213,097

$

-

$

212,812

$

-

$

212,812

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

486,785

$

-

$

496,552

$

-

$

496,552

 

Unsecured senior debt securities

 

294,990

 

-

 

322,014

 

-

 

322,014

 

Junior subordinated deferrable interest debentures (related to trust preferred securities)

 

384,895

 

-

 

406,485

 

-

 

406,485

Total notes payable

$

1,166,670

$

-

$

1,225,051

$

-

$

1,225,051

Derivatives

$

14,069

$

-

$

14,069

$

-

$

14,069

[1]

Refer to Note 25 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level

 

 

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 25 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.