Fair value of financial instruments (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Fair Value Disclosures | |
| Carrying amount and estimated fair value of financial instruments with corresponding level in the fair value hierarchy | March 31, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 380,165 $ 380,165 $ - $ - $ - $ 380,165 Money market investments 6,195,028 6,184,571 10,457 - - 6,195,028 Trading account debt securities, excluding derivatives [1] 28,477 8,524 19,742 211 - 28,477 Debt securities available-for-sale [1] 19,493,180 8,601,447 10,890,526 1,207 - 19,493,180 Debt securities held-to-maturity: U.S. Treasury securities $ 7,586,169 $ - $ 7,583,514 $ - $ - $ 7,583,514 Obligations of Puerto Rico, States and political subdivisions 49,594 - 6,853 43,030 - 49,883 Collateralized mortgage obligation-federal agency 1,514 - 1,329 - - 1,329 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 7,643,237 $ - $ 7,597,656 $ 43,030 $ - $ 7,640,686 Equity securities: FHLB stock $ 51,428 $ - $ 51,428 $ - $ - $ 51,428 FRB stock 100,526 - 100,526 - - 100,526 Other investments 53,067 - 45,129 8,025 407 53,561 Total equity securities $ 205,021 $ - $ 197,083 $ 8,025 $ 407 $ 205,515 Loans held-for-sale $ 5,077 $ - $ 5,077 $ - $ - $ 5,077 Loans held-in-portfolio 36,491,884 - - 35,777,886 - 35,777,886 Mortgage servicing rights 104,743 - - 104,743 - 104,743 Derivatives 20,828 - 20,828 - - 20,828 March 31, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,651,118 $ - $ 56,651,118 $ - $ - $ 56,651,118 Time deposits 9,168,137 - 8,929,129 - - 8,929,129 Total deposits $ 65,819,255 $ - $ 65,580,247 $ - $ - $ 65,580,247 Assets sold under agreements to repurchase $ 57,268 $ - $ 57,274 $ - $ - $ 57,274 Other short-term borrowings [2] 200,000 - 200,000 - - 200,000 Notes payable: FHLB advances $ 239,199 $ - $ 234,299 $ - $ - $ 234,299 Unsecured senior debt securities 395,570 - 415,132 - - 415,132 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,380 - 189,227 - - 189,227 Total notes payable $ 833,149 $ - $ 838,658 $ - $ - $ 838,658 Derivatives $ 19,523 $ - $ 19,523 $ - $ - $ 19,523 [1] Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy [2] Refer to Note 15 to the Consolidated Financial Statements for the composition of other short-term borrowings. December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 419,638 $ 419,638 $ - $ - $ - $ 419,638 Money market investments 6,380,948 6,371,180 9,768 - - 6,380,948 Trading account debt securities, excluding derivatives [1] 32,783 2,814 29,752 217 - 32,783 Debt securities available-for-sale [1] 18,245,903 7,512,171 10,730,998 2,734 - 18,245,903 Debt securities held-to-maturity: U.S. Treasury securities $ 7,693,418 $ - $ 7,623,824 $ - $ - $ 7,623,824 Obligations of Puerto Rico, States and political subdivisions 51,865 - 6,866 44,711 - 51,577 Collateralized mortgage obligation-federal agency 1,518 - 1,304 - - 1,304 Securities in wholly owned statutory business trusts 5,959 - 5,959 - - 5,959 Total debt securities held-to-maturity $ 7,752,760 $ - $ 7,637,953 $ 44,711 $ - $ 7,682,664 Equity securities: FHLB stock $ 55,786 $ - $ 55,786 $ - $ - $ 55,786 FRB stock 100,304 - 100,304 - - 100,304 Other investments 52,076 - 45,664 6,528 381 52,573 Total equity securities $ 208,166 $ - $ 201,754 $ 6,528 $ 381 $ 208,663 Loans held-for-sale $ 5,423 $ - $ 5,423 $ - $ - $ 5,423 Loans held-in-portfolio 36,361,628 - - 35,652,539 - 35,652,539 Mortgage servicing rights 108,103 - - 108,103 - 108,103 Derivatives 26,023 - 26,023 - - 26,023 December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,871,463 $ - $ 55,871,463 $ - $ - $ 55,871,463 Time deposits 9,012,882 - 8,795,803 - - 8,795,803 Total deposits $ 64,884,345 $ - $ 64,667,266 $ - $ - $ 64,667,266 Assets sold under agreements to repurchase $ 54,833 $ - $ 54,845 $ - $ - $ 54,845 Other short-term borrowings [2] 225,000 - 225,000 - - 225,000 Notes payable: FHLB advances $ 302,722 $ - $ 295,023 $ - $ - $ 295,023 Unsecured senior debt securities 395,198 - 415,148 - - 415,148 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,373 - 189,758 - - 189,758 Total notes payable $ 896,293 $ - $ 899,929 $ - $ - $ 899,929 Derivatives $ 22,832 $ - $ 22,832 $ - $ - $ 22,832 [1] Refer to Note 23 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy [2] Refer to Note 15 to the Consolidated Financial Statements for the composition of other short-term borrowings. |