Debt securities held-to-maturity (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Debt Securities, Held-to-maturity

At December 31, 2023

Allowance

Carrying

Value 

Gross 

Gross 

Weighted

Amortized 

Book

[1]

for Credit

Net of 

unrealized

unrealized

Fair 

average

(In thousands)

cost

Value

Losses

Allowance

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

597,768

$

597,768

$

-

$

597,768

$

-

$

7,526

$

590,242

2.58

%

After 1 to 5 years

7,971,072

7,335,159

-

7,335,159

637

21,996

7,313,800

1.39

After 5 to 10 years

211,061

188,484

-

188,484

-

187

188,297

1.50

Total U.S. Treasury securities

8,779,901

8,121,411

-

8,121,411

637

29,709

8,092,339

1.47

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

4,820

4,820

9

4,811

3

-

4,814

6.17

After 1 to 5 years

20,171

20,171

147

20,024

96

125

19,995

3.80

After 5 to 10 years

845

845

28

817

28

-

845

5.80

After 10 years

39,572

39,572

5,596

33,976

2,814

2,766

34,024

1.41

Total obligations of Puerto Rico, States and

political subdivisions

65,408

65,408

5,780

59,628

2,941

2,891

59,678

2.55

Collateralized mortgage obligations - federal

agencies

Within 1 year

13

13

-

13

-

-

13

6.44

After 10 years

1,543

1,543

-

1,543

-

148

1,395

2.87

Total collateralized mortgage obligations -

federal agencies

1,556

1,556

-

1,556

-

148

1,408

2.90

Securities in wholly owned statutory business

trusts

After 10 years

5,960

5,960

-

5,960

-

-

5,960

6.33

Total securities in wholly owned statutory

business trusts

5,960

5,960

-

5,960

-

-

5,960

6.33

Total debt securities held-to-maturity [2]

$

8,852,825

$

8,194,335

$

5,780

$

8,188,555

$

3,578

$

32,748

$

8,159,385

1.48

%

[1]

Book value includes $

658

 million of net unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to

certain securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio as discussed in Note 6.

[2]

Includes $

8.1

 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The

Corporation had unpledged held-to-maturities securities with a fair value of $

67.3

 million that could be used to increase its borrowing facilities.

At December 31, 2022

Allowance 

Carrying

Value 

Gross 

Gross 

Weighted 

Amortized 

Book

[1]

for Credit

Net of

unrealized

unrealized

Fair 

average 

(In thousands)

cost

Value

Losses

Allowance

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

499,034

$

499,034

$

-

$

499,034

$

-

$

6,203

$

492,831

2.83

%

After 1 to 5 years

6,147,568

5,640,767

-

5,640,767

-

59,806

5,580,961

1.49

After 5 to 10 years

2,638,238

2,313,666

-

2,313,666

-

14,857

2,298,809

1.41

Total U.S. Treasury securities

9,284,840

8,453,467

-

8,453,467

-

80,866

8,372,601

1.54

Obligations of Puerto Rico, States and

political subdivisions

`

Within 1 year

4,530

4,530

8

4,522

5

-

4,527

6.08

%

After 1 to 5 years

19,105

19,105

234

18,871

150

82

18,939

4.24

After 5 to 10 years

1,025

1,025

34

991

34

-

1,025

5.80

After 10 years

41,261

41,261

6,635

34,626

4,729

2,229

37,126

1.40

Total obligations of Puerto Rico, States and

political subdivisions

65,921

65,921

6,911

59,010

4,918

2,311

61,617

2.61

Collateralized mortgage obligations - federal

agencies

After 1 to 5 years

19

19

-

19

-

-

19

6.44

Total collateralized mortgage obligations -

federal agencies

19

19

-

19

-

-

19

6.44

Securities in wholly owned statutory business

trusts

After 10 years

5,959

5,959

-

5,959

-

-

5,959

6.33

Total securities in wholly owned statutory

business trusts

5,959

5,959

-

5,959

-

-

5,959

6.33

Total debt securities held-to-maturity [2]

$

9,356,739

$

8,525,366

$

6,911

$

8,518,455

$

4,918

$

83,177

$

8,440,196

1.55

%

[1]

Book value includes $

831

 million of net unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to

certain securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio as discussed in Note 6.

[2]

Includes $

6.9

 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The

Corporation had unpledged held-to-maturities securities with a fair value of $

1.5

 billion that could be used to increase its borrowing facilities.

Schedule Of Aggregate Amortized Cost And Fair Value Of HTMs By Contractual Maturity

(In thousands)

Amortized cost 

Book Value

Fair value

Within 1 year

$

602,601

$

602,601

$

595,069

After 1 to 5 years

7,991,243

7,355,330

7,333,795

After 5 to 10 years

211,906

189,329

189,142

After 10 years

47,075

47,075

41,379

Total debt securities held-to-maturity

$

8,852,825

$

8,194,335

$

8,159,385

Debt securities held to maturity credit quality indicator

At December 31, 2023

At December 31, 2022

(In thousands)

Securities issued by Puerto Rico municipalities

Watch

$

2,255

$

13,735

Pass

16,565

10,925

Total

$

18,820

$

24,660

Debt securities held to maturity allowance for credit loss

For the year ended December 31, 

2023

2022

(In thousands)

Obligations of Puerto Rico, States and political subdivisions

Allowance for credit losses:

Beginning balance

$

6,911

$

8,096

Provision for credit losses (benefit)

(1,131)

(1,185)

Securities charged-off

-

-

Recoveries

-

-

Ending balance

$

5,780

$

6,911