Fair value of financial instruments (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Fair Value Disclosures | |
| Carrying amount and estimated fair value of financial instruments with corresponding level in the fair value hierarchy | March 31, 2026 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 384,922 $ 384,922 $ - $ - $ - $ 384,922 Money market investments 4,655,699 4,645,897 9,802 - - 4,655,699 Trading account debt securities, excluding [1] 30,410 3,790 26,440 180 - 30,410 Debt securities available-for-sale [1] 21,733,269 6,996,073 14,736,063 1,133 - 21,733,269 Debt securities held-to-maturity: U.S. Treasury securities $ 6,913,002 $ - $ 6,918,757 $ - $ - $ 6,918,757 Obligations of Puerto Rico, States and political subdivisions 36,306 - - 37,205 - 37,205 Collateralized mortgage obligation-federal agency 1,491 - 1,301 - - 1,301 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities $ 6,956,759 $ - $ 6,926,018 $ 37,205 $ - $ 6,963,223 Equity securities: FHLB stock $ 53,796 $ - $ 53,796 $ - $ - $ 53,796 FRB stock 103,759 - 103,759 - - 103,759 Other investments 59,611 - 51,198 7,808 1,135 60,141 Total equity securities $ 217,166 $ - $ 208,753 $ 7,808 $ 1,135 $ 217,696 Loans held-for-sale $ 5,603 $ - $ 5,603 $ - $ - $ 5,603 Loans held-in-portfolio 38,465,973 - - 37,793,368 - 37,793,368 Mortgage servicing rights 94,232 - - 94,232 - 94,232 Derivatives 23,956 - 23,956 - - 23,956 March 31, 2026 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 57,865,386 $ - $ 57,865,386 $ - $ - $ 57,865,386 Time deposits 9,745,930 - 9,528,676 - - 9,528,676 Total deposits $ 67,611,316 $ - $ 67,394,062 $ - $ - $ 67,394,062 Assets sold under agreements to repurchase $ 34,576 $ - $ 34,580 $ - $ - $ 34,580 Other short-term borrowings [2] 350,000 - 350,000 - - 350,000 Notes payable: FHLB advances $ 139,620 $ - $ 138,189 $ - $ - $ 138,189 Unsecured senior debt securities 396,955 - 418,624 - - 418,624 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,406 - 199,020 - - 199,020 Total notes payable $ 734,981 $ - $ 755,833 $ - $ - $ 755,833 Derivatives $ 22,820 $ - $ 22,820 $ - $ - $ 22,820 [1] Refer to Note 21 to the Consolidated Financial Statements [2] Refer to Note 13 to the Consolidated Financial Statements December 31, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 402,755 $ 402,755 $ - $ - $ - $ 402,755 Money market investments 4,626,506 4,616,272 10,234 - - 4,626,506 Trading account debt securities, excluding [1] 36,569 12,450 23,936 183 - 36,569 Debt securities available-for-sale [1] 20,574,972 6,576,313 13,997,504 1,155 - 20,574,972 Debt securities held-to-maturity: U.S. Treasury securities $ 7,268,967 $ - $ 7,309,991 $ - $ - $ 7,309,991 Obligations of Puerto Rico, States and political subdivisions 45,295 - 6,766 39,564 - 46,330 Collateralized mortgage obligation-federal agency 1,495 - 1,306 - - 1,306 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities $ 7,321,717 $ - $ 7,324,023 $ 39,564 $ - $ 7,363,587 Equity securities: FHLB stock $ 68,422 $ - $ 68,422 $ - $ - $ 68,422 FRB stock 102,665 - 102,665 - - 102,665 Other investments 58,761 - 50,632 7,817 852 59,301 Total equity securities $ 229,848 $ - $ 221,719 $ 7,817 $ 852 $ 230,388 Loans held-for-sale $ 9,998 $ - $ 9,998 $ - $ - $ 9,998 Loans held-in-portfolio 38,519,462 - - 37,858,044 - 37,858,044 Mortgage servicing rights 96,356 - - 96,356 - 96,356 Derivatives 27,913 - 27,913 - - 27,913 December 31, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,710,732 $ - $ 56,710,732 $ - $ - $ 56,710,732 Time deposits 9,479,361 - 9,305,980 - - 9,305,980 Total deposits $ 66,190,093 $ - $ 66,016,712 $ - $ - $ 66,016,712 Assets sold under agreements to repurchase $ 39,001 $ - $ 39,004 $ - $ - $ 39,004 Other short-term borrowings [2] 650,000 - 650,000 - - 650,000 Notes payable: FHLB advances $ 164,620 $ - $ 163,417 $ - $ - $ 163,417 Unsecured senior debt securities 396,558 - 419,300 - - 419,300 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,399 - 191,909 - - 191,909 Total notes payable $ 759,577 $ - $ 774,626 $ - $ - $ 774,626 Derivatives $ 25,740 $ - $ 25,740 $ - $ - $ 25,740 [1] Refer to Note 21 to the Consolidated Financial Statements [2] Refer to Note 13 to the Consolidated Financial Statements |