The information about the estimated fair values of financial instruments as required by generally accepted accounting principles, is presented hereun- der. The disclosure requirements exclude certain financial instruments and all non financial instruments. Accordingly, the aggregate fair value amounts presented do not represent Management’s estimate of the underlying value of the Corporation. A summary table of estimated fair values and carrying The estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in the underlying assumptions used in calculating the fair values could significantly affect the results. In addition, the fair value estimates are based on outstanding balances without attempting to esti- mate the value of anticipated future business. Therefore, the estimated fair values may materially differ from the values that could actually be realized on a sale. The estimated fair values were calculated using certain facts and assump- tions which vary depending on the specific financial instrument, as follows: The carrying amounts of cash and due from banks and money market instruments are reasonable estimates of their fair values. The fair values of investment securities are the market values based on quoted market prices and dealer quotes. Investments in FHLB stock are valued at their redemption values. The fair value of all loans was estimated by the discounted present values of loans with similar financial characteristics. Loans were classified by type such as commercial, residential mortgage, credit card and automobile. These asset categories were further segmented into fixed and adjustable rate categories and by accruing and non-accruing groups. Performing float- ing rate loans were valued at book if they reprice at least once every three months. The fair value of fixed rate performing loans was calculated by dis- counting expected cash flows through the estimated maturity date. Recent prepayment experience was assumed to continue for mortgage loans, cred- Loans receivable, including loans held for sale - net FHLB stock Investment securities Cash and due from banks and money market instruments December 31, 2001 2000 Estimated Carrying Estimated Carrying  fair value value fair value value (In thousands) Assets: Cash and due from banks and  money market instruments $ 94,463 $ 94,463 $ 65,393 $ 65,393 Investment securities 3,652,031 3,658,544 2,210,138 2,212,659 FHLB stock 22,891 22,891 18,537 18,537 Loans receivable, including loans held for sale - net 4,226,033 4,217,719 3,396,324 3,421,279 Liabilities: Deposits 4,121,145 4,098,554 3,351,069 3,345,984 Federal funds, securities sold under agreements to repurchase 3,005,466 2,997,174 1,857,651 1,856,436 Advances from FHLB 348,733 343,700 68,607 67,000 Notes payable and subordinated notes 83,729 84,362 144,853 146,048 Interest rate swaps 15,053 15,053 values of financial instruments at December 31, 2001 and 2000 follows: 0 73 First BanCorp.> 2001 Note 27 - Fair Value of Financial Instruments >.