v3.25.1
Restrictions on cash and due from banks and certain securities
 3 Months Ended
Mar. 31, 2025
Restricted cash and investment [Abstract]  
Restricted On Cash And Due From Banks And Certain Securities
Note 4 - Restrictions on cash and due from banks and certain securities
BPPR is
 
required by
 
regulatory agencies
 
to maintain
 
average reserve
 
balances with
 
the Federal
 
Reserve Bank
 
of New
 
York
 
(the
“Fed”) or other banks. Required average reserve balances in BPPR amounted to $
2.7
 
billion at March 31, 2025 (December 31, 2024
- $
2.6
 
billion). Cash and
 
due from banks,
 
as well as other
 
highly liquid securities,
 
are used to cover
 
these required average
 
reserve
balances.
 
At March
 
31, 2025,
 
the Corporation
 
held $
60
 
million in
 
restricted assets
 
in the
 
form of
 
funds deposited
 
in money
 
market accounts,
debt
 
securities
 
available
 
for
 
sale
 
and
 
equity
 
securities
 
(December
 
31,
 
2024
 
-
 
$
61
 
million).
 
The
 
restricted
 
assets
 
held
 
in
 
debt
securities available for sale and
 
equity securities consist primarily
 
of assets held for the
 
Corporation’s non-qualified retirement
 
plans
and fund deposits guaranteeing possible liens or encumbrances over the title of insured properties.