Debt securities held-to-maturity (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Debt Securities, Held-to-maturity

At December 31, 2024

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

$

599,910

$

599,910

$

-

$

599,910

$

-

$

4,498

$

595,412

2.76

%

After 1 to 5 years

7,572,435

7,093,508

-

7,093,508

-

65,096

7,028,412

1.28

Total U.S. Treasury securities

8,172,345

7,693,418

-

7,693,418

-

69,594

7,623,824

1.39

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

2,440

2,440

5

2,435

3

-

2,438

6.39

After 1 to 5 years

16,454

16,454

80

16,374

47

80

16,341

3.69

After 5 to 10 years

655

655

22

633

20

-

653

5.81

After 10 years

37,633

37,633

5,210

32,423

2,318

2,596

32,145

1.42

Total obligations of Puerto Rico, States and

political subdivisions

57,182

57,182

5,317

51,865

2,388

2,676

51,577

2.34

Collateralized mortgage obligations - federal

agencies

After 10 years

1,518

1,518

-

1,518

-

214

1,304

2.87

Total collateralized mortgage obligations -

federal agencies

1,518

1,518

-

1,518

-

214

1,304

2.87

Securities in wholly owned statutory business

trusts

After 5 to 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]

$

8,237,004

$

7,758,077

$

5,317

$

7,752,760

$

2,388

$

72,484

$

7,682,664

1.40

%

[1]

Book value includes $

479

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

certain securities previously transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio.

[2]

Includes $

7.6

 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 $

139.9

 million that could be used to increase its borrowing facilities.

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.

[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.

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

The following table presents the aggregate amortized cost and fair value of debt securities held-to-maturity at December 31, 2024

by contractual maturity.

(In thousands)

Amortized cost 

Book Value

Fair value

Within 1 year

$

602,350

$

602,350

$

597,850

After 1 to 5 years

7,588,889

7,109,962

7,044,753

After 5 to 10 years

6,614

6,614

6,612

After 10 years

39,151

39,151

33,449

Total debt securities held-to-maturity

$

8,237,004

$

7,758,077

$

7,682,664

Debt securities held to maturity credit quality indicator

At December 31, 2024

At December 31, 2023

(In thousands)

Securities issued by Puerto Rico municipalities

Watch

$

1,555

$

2,255

Pass

11,060

16,565

Total

$

12,615

$

18,820

Debt securities held to maturity allowance for credit loss

For the year ended December 31, 

2024

2023

(In thousands)

Obligations of Puerto Rico, States and political subdivisions

Allowance for credit losses:

Beginning balance

$

5,780

$

6,911

Provision for credit losses (benefit)

(463)

(1,131)

Securities charged-off

-

-

Recoveries

-

-

Ending balance

$

5,317

$

5,780