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Fair value of financial instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures  
Carrying or Notional Amounts and Estimated Fair Values for Financial Instruments

 

 

June 30, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

530,849

$

530,849

$

-

$

-

$

530,849

Money market investments

 

17,802,801

 

17,796,803

 

5,997

 

-

 

17,802,800

Trading account debt securities, excluding derivatives[1]

 

35,931

 

10,060

 

25,260

 

611

 

35,931

Debt securities available-for-sale[1]

 

22,335,167

 

399,994

 

21,934,235

 

938

 

22,335,167

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

66,996

$

-

$

-

$

80,012

$

80,012

 

Collateralized mortgage obligation-federal agency

 

30

 

-

 

-

 

31

 

31

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

Total debt securities held-to-maturity

$

78,587

$

-

$

11,561

$

80,043

$

91,604

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

56,436

$

-

$

56,436

$

-

$

56,436

 

FRB stock

 

94,498

 

-

 

94,498

 

-

 

94,498

 

Other investments

 

36,568

 

-

 

33,781

 

3,136

 

36,917

Total equity securities

$

187,502

$

-

$

184,715

$

3,136

$

187,851

Loans held-for-sale

$

85,315

$

-

$

-

$

86,797

$

86,797

Loans held-in-portfolio

 

28,276,827

 

-

 

-

 

27,238,968

 

27,238,968

Mortgage servicing rights

 

119,467

 

-

 

-

 

119,467

 

119,467

Derivatives

 

23,573

 

-

 

23,573

 

-

 

23,573

 

 

June 30, 2021

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

57,633,768

$

-

$

57,633,768

$

-

$

57,633,768

 

Time deposits

 

7,008,008

 

-

 

6,974,494

 

-

 

6,974,494

Total deposits

$

64,641,776

$

-

$

64,608,262

$

-

$

64,608,262

Assets sold under agreements to repurchase

$

90,925

$

-

$

90,905

$

-

$

90,905

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

494,469

$

-

$

504,583

$

-

$

504,583

 

Unsecured senior debt securities

 

297,208

 

-

 

323,643

 

-

 

323,643

 

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

 

384,943

 

-

 

402,045

 

-

 

402,045

Total notes payable

$

1,176,620

$

-

$

1,230,271

$

-

$

1,230,271

Derivatives

$

20,960

$

-

$

20,960

$

-

$

20,960

[1]

Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

 

 

December 31, 2020

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

491,065

$

491,065

$

-

$

-

$

491,065

Money market investments

 

11,640,880

 

11,634,851

 

6,029

 

-

 

11,640,880

Trading account debt securities, excluding derivatives[1]

 

36,674

 

11,506

 

24,509

 

659

 

36,674

Debt securities available-for-sale[1]

 

21,561,152

 

3,499,781

 

18,060,357

 

1,014

 

21,561,152

Debt securities held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

Obligations of Puerto Rico, States and political subdivisions

$

70,768

$

-

$

-

$

83,298

$

83,298

 

Collateralized mortgage obligation-federal agency

 

31

 

-

 

-

 

32

 

32

 

Securities in wholly owned statutory business trusts

 

11,561

 

-

 

11,561

 

-

 

11,561

Total debt securities held-to-maturity

$

82,360

$

-

$

11,561

$

83,330

$

94,891

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

FHLB stock

$

49,799

$

-

$

49,799

$

-

$

49,799

 

FRB stock

 

93,045

 

-

 

93,045

 

-

 

93,045

 

Other investments

 

30,893

 

-

 

29,590

 

1,495

 

31,085

Total equity securities

$

173,737

$

-

$

172,434

$

1,495

$

173,929

Loans held-for-sale

$

99,455

$

-

$

-

$

102,189

$

102,189

Loans held-in-portfolio

 

28,488,946

 

-

 

-

 

27,098,297

 

27,098,297

Mortgage servicing rights

 

118,395

 

-

 

-

 

118,395

 

118,395

Derivatives

 

20,785

 

-

 

20,785

 

-

 

20,785

 

 

December 31, 2020

 

Carrying

 

 

 

 

(In thousands)

amount

Level 1

Level 2

Level 3

Fair value

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

49,558,492

$

-

$

49,558,492

$

-

$

49,558,492

 

Time deposits

 

7,307,848

 

-

 

7,319,963

 

-

 

7,319,963

Total deposits

$

56,866,340

$

-

$

56,878,455

$

-

$

56,878,455

Assets sold under agreements to repurchase

$

121,303

$

-

$

121,257

$

-

$

121,257

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

FHLB advances

$

542,469

$

-

$

561,977

$

-

$

561,977

 

Unsecured senior debt securities

 

296,574

 

-

 

321,078

 

-

 

321,078

 

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

 

384,929

 

-

 

395,078

 

-

 

395,078

 

FRB advances

 

1,009

 

-

 

1,009

 

-

 

1,009

Total notes payable

$

1,224,981

$

-

$

1,279,142

$

-

$

1,279,142

Derivatives

$

18,925

$

-

$

18,925

$

-

$

18,925

[1]

Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.