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REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | NOTE 19 – REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition In accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“ASC Topic 606”), revenues are recognized when control of promised goods or services is transferred to customers and in an amount that reflects the consideration to which the Corporation expects to be entitled in exchange for those goods or services. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Corporation assesses the goods or services that are promised within each contract, identifies the respective performance obligations, and assesses whether each promised good or service is distinct. The Corporation then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Disaggregation of Revenue The following table summarizes the Corporation’s revenue, which includes net interest income on financial instruments and non-interest income, disaggregated by type of service and business segment for the quarters and six-month periods ended June 30, 2022 and 2021:
(In thousands) | Mortgage Banking |  | Consumer (Retail) Banking |  | Commercial and Corporate |  | Treasury and Investments |  | United States Operations |  | Virgin Islands Operations |  | Total
Quarter Ended June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (1) | $ | 26,335 |  | $ | 102,397 |  | $ | 31,379 |  | $ | 11,466 |  | $ | 18,688 |  | $ | 5,921 |  | $ | 196,186
Service charges and fees on deposit accounts |  | - |  |  | 5,495 |  |  | 3,069 |  |  | - |  |  | 157 |  |  | 745 |  |  | 9,466
Insurance commissions (2) |  | - |  |  | 2,724 |  |  | - |  |  | - |  |  | 20 |  |  | 202 |  |  | 2,946
Merchant-related income |  | - |  |  | 1,711 |  |  | 381 |  |  | - |  |  | 17 |  |  | 327 |  |  | 2,436
Credit and debit card fees |  | - |  |  | 7,391 |  |  | 21 |  |  | - |  |  | 3 |  |  | 449 |  |  | 7,864
Other service charges and fees |  | 59 |  |  | 2,066 |  |  | 876 |  |  | - |  |  | 485 |  |  | 157 |  |  | 3,643
Not in scope of ASC Topic 606 (1) |  | 4,108 |  |  | 396 |  |  | 101 |  |  | (51) |  |  | (4) |  |  | 36 |  |  | 4,586
| Total non-interest income |  | 4,167 |  |  | 19,783 |  |  | 4,448 |  |  | (51) |  |  | 678 |  |  | 1,916 |  |  | 30,941
Total Revenue | $ | 30,502 |  | $ | 122,180 |  | $ | 35,827 |  | $ | 11,415 |  | $ | 19,366 |  | $ | 7,837 |  | $ | 227,127
(In thousands) | Mortgage Banking |  | Consumer (Retail) Banking |  | Commercial and Corporate |  | Treasury and Investments |  | United States Operations |  | Virgin Islands Operations |  | Total
Quarter Ended June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (1) | $ | 26,331 |  | $ | 64,751 |  | $ | 51,498 |  | $ | 19,039 |  | $ | 16,406 |  | $ | 6,758 |  | $ | 184,783
Service charges and fees on deposit accounts |  | - |  |  | 4,966 |  |  | 2,987 |  |  | - |  |  | 135 |  |  | 700 |  |  | 8,788
Insurance commissions (2) |  | - |  |  | 1,987 |  |  | - |  |  | - |  |  | 28 |  |  | 200 |  |  | 2,215
Merchant-related income |  | - |  |  | 1,910 |  |  | 257 |  |  | - |  |  | 12 |  |  | 283 |  |  | 2,462
Credit and debit card fees |  | - |  |  | 6,621 |  |  | 21 |  |  | - |  |  | 11 |  |  | 404 |  |  | 7,057
Other service charges and fees |  | 177 |  |  | 846 |  |  | 693 |  |  | - |  |  | 431 |  |  | 147 |  |  | 2,294
Not in scope of ASC Topic 606 (1) |  | 5,960 |  |  | 396 |  |  | 181 |  |  | 85 |  |  | 451 |  |  | (5) |  |  | 7,068
| Total non-interest income |  | 6,137 |  |  | 16,726 |  |  | 4,139 |  |  | 85 |  |  | 1,068 |  |  | 1,729 |  |  | 29,884
Total Revenue | $ | 32,468 |  | $ | 81,477 |  | $ | 55,637 |  | $ | 19,124 |  | $ | 17,474 |  | $ | 8,487 |  | $ | 214,667
(In thousands) | Mortgage Banking |  | Consumer (Retail) Banking |  | Commercial and Corporate |  | Treasury and Investments |  | United States Operations |  | Virgin Islands Operations |  | Total
Six-Month Period Ended June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (1) | $ | 52,114 |  | $ | 191,943 |  | $ | 71,794 |  | $ | 18,875 |  | $ | 35,170 |  | $ | 11,914 |  | $ | 381,810
Service charges and fees on deposit accounts |  | - |  |  | 11,034 |  |  | 6,045 |  |  | - |  |  | 295 |  |  | 1,455 |  |  | 18,829
Insurance commissions (2) |  | - |  |  | 7,691 |  |  | - |  |  | - |  |  | 49 |  |  | 481 |  |  | 8,221
Merchant-related income |  | - |  |  | 3,533 |  |  | 754 |  |  | - |  |  | 22 |  |  | 716 |  |  | 5,025
Credit and debit card fees |  | - |  |  | 14,062 |  |  | 37 |  |  | - |  |  | (4) |  |  | 859 |  |  | 14,954
Other service charges and fees |  | 202 |  |  | 3,176 |  |  | 1,989 |  |  | - |  |  | 984 |  |  | 314 |  |  | 6,665
Not in scope of ASC Topic 606 (1) |  | 9,217 |  |  | 750 |  |  | 177 |  |  | (163) |  |  | 76 |  |  | 48 |  |  | 10,105
| Total non-interest income |  | 9,419 |  |  | 40,246 |  |  | 9,002 |  |  | (163) |  |  | 1,422 |  |  | 3,873 |  |  | 63,799
Total Revenue | $ | 61,533 |  | $ | 232,189 |  | $ | 80,796 |  | $ | 18,712 |  | $ | 36,592 |  | $ | 15,787 |  | $ | 445,609
(In thousands) | Mortgage Banking |  | Consumer (Retail) Banking |  | Commercial and Corporate |  | Treasury and Investments |  | United States Operations |  | Virgin Islands Operations |  | Total
Six-Month Period Ended June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income (1) | $ | 51,571 |  | $ | 123,234 |  | $ | 100,479 |  | $ | 40,622 |  | $ | 31,429 |  | $ | 13,713 |  | $ | 361,048
Service charges and fees on deposit accounts |  | - |  |  | 9,442 |  |  | 5,958 |  |  | - |  |  | 284 |  |  | 1,408 |  |  | 17,092
Insurance commissions (2) |  | - |  |  | 6,954 |  |  | - |  |  | - |  |  | 57 |  |  | 445 |  |  | 7,456
Merchant-related income |  | - |  |  | 2,832 |  |  | 513 |  |  | - |  |  | 25 |  |  | 487 |  |  | 3,857
Credit and debit card fees |  | - |  |  | 12,266 |  |  | 40 |  |  | - |  |  | 14 |  |  | 774 |  |  | 13,094
Other service charges and fees |  | 350 |  |  | 1,711 |  |  | 1,212 |  |  | - |  |  | 889 |  |  | 288 |  |  | 4,450
Not in scope of ASC Topic 606 (1) |  | 12,903 |  |  | 764 |  |  | 313 |  |  | 141 |  |  | 774 |  |  | (4) |  |  | 14,891
Total non-interest income |  | 13,253 |  |  | 33,969 |  |  | 8,036 |  |  | 141 |  |  | 2,043 |  |  | 3,398 |  |  | 60,840
Total Revenue | $ | 64,824 |  | $ | 157,203 |  | $ | 108,515 |  | $ | 40,763 |  | $ | 33,472 |  | $ | 17,111 |  | $ | 421,888
(1) | Most of the Corporation’s revenue is not within the scope of ASC Topic 606. The guidance explicitly excludes net interest income from financial assets and liabilities, as well as other non-interest income from loans, leases, investment securities and derivative financial instruments.
(2) | Contingent commission income is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or payments are received. For the quarter and six-month period ended June 30, 2022, the Corporation recognized revenue at the time that payments were confirmed and constraints were released of $265 thousand and $3.2 million, respectively, compared to $16 thousand and $3.3 million for the quarter and six-month period ended June 30, 2021.
For the six-month periods ended June 30, 2022 and 2021, most of the Corporation’s revenue within the scope of ASC Topic 606 was related to performance obligations satisfied at a point in time. See Note 31 – Revenue from Contracts with Customers included in the 2021 Annual Report on Form 10-K for a discussion of major revenue streams under the scope of ASC Topic 606. Contract Balances As of June 30, 2022 and 2021, there were no contract assets from contracts with customers or contract assets recorded on the Corporation’s consolidated financial statements. The following table shows the activity of contract liabilities for the quarters and six-month periods ended June 30, 2022 and 2021:
|  | Quarter Ended |  | Six-Month Period Ended
|  | June 30, |  | June 30,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Beginning Balance | $ | 1,154 |  | $ | 2,070 |  | $ | 1,443 |  | $ | 2,151
Less: |  |  |  |  |  |  |  |  |  |  |
Revenue recognized |  | (105) |  |  | (81) |  |  | (394) |  |  | (162)
Ending balance | $ | 1,049 |  | $ | 1,989 |  | $ | 1,049 |  | $ | 1,989
Other Except for the contract liabilities noted above, the Corporation did not have any significant performance obligations as of June 30, 2022. The Corporation also did not have any material contract acquisition costs and did not make any significant judgments or estimates in recognizing revenue for financial reporting purposes.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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