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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customers [Abstract]  
Disaggregation of Revenue [Table Text Block]
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 nine-month
 
periods ended
 
September 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 September 30, 2022:
Net interest income
(1)
$
24,338
$
118,408
$
22,861
$
14,827
$
21,494
$
5,982
$
207,910
Service charges and fees on deposit accounts
-
5,744
3,169
-
151
756
9,820
Insurance commissions
(2)
-
2,485
-
-
16
123
2,624
Merchant-related income
-
1,458
347
-
32
330
2,167
Credit and debit card fees
-
7,209
21
-
(2)
439
7,667
Other service charges and fees
85
1,228
340
-
595
195
2,443
Not in scope of ASC Topic 606
(1)
3,648
997
399
33
(19)
(86)
4,972
Total non-interest income
3,733
19,121
4,276
33
773
1,757
29,693
Total Revenue
$
28,071
$
137,529
$
27,137
$
14,860
$
22,267
$
7,739
$
237,603
(In thousands)
Mortgage
Banking
Consumer
(Retail) Banking
Commercial and
Corporate
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
Quarter Ended September 30, 2021:
Net interest income
(1)
$
26,535
$
75,343
$
46,358
$
12,756
$
17,255
$
6,496
$
184,743
Service charges and fees on deposit accounts
-
5,076
2,855
-
128
631
8,690
Insurance commissions
(2)
-
2,183
-
-
25
109
2,317
Merchant-related income
-
1,878
263
-
14
266
2,421
Credit and debit card fees
-
6,897
22
-
-
394
7,313
Other service charges and fees
211
1,018
715
-
462
150
2,556
Not in scope of ASC Topic 606
(1)
5,710
492
39
61
336
11
6,649
Total non-interest income
5,921
17,544
3,894
61
965
1,561
29,946
Total Revenue
$
32,456
$
92,887
$
50,252
$
12,817
$
18,220
$
8,057
$
214,689
(In thousands)
Mortgage
Banking
Consumer
(Retail) Banking
Commercial and
Corporate
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
Nine-Month Period Ended September 30, 2022:
Net interest income
(1)
$
76,452
$
310,351
$
94,655
$
33,702
$
56,664
$
17,896
$
589,720
Service charges and fees on deposit accounts
-
16,778
9,214
-
446
2,211
28,649
Insurance commissions
(2)
-
10,176
-
-
65
604
10,845
Merchant-related income
-
4,991
1,101
-
54
1,046
7,192
Credit and debit card fees
-
21,271
58
-
(6)
1,298
22,621
Other service charges and fees
287
4,404
2,329
-
1,579
509
9,108
Not in scope of ASC Topic 606
(1)
12,865
1,747
576
(130)
57
(38)
15,077
Total non-interest income
13,152
59,367
13,278
(130)
2,195
5,630
93,492
Total Revenue
$
89,604
$
369,718
$
107,933
$
33,572
$
58,859
$
23,526
$
683,212
(In thousands)
Mortgage
Banking
Consumer
(Retail) Banking
Commercial and
Corporate
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
Nine-Month Period Ended September 30, 2021:
Net interest income
(1)
$
78,106
$
198,577
$
146,837
$
53,378
$
48,684
$
20,209
$
545,791
Service charges and fees on deposit accounts
-
14,518
8,813
-
412
2,039
25,782
Insurance commissions
(2)
-
9,137
-
-
82
555
9,774
Merchant-related income
-
4,710
776
-
39
752
6,277
Credit and debit card fees
-
19,163
62
-
14
1,168
20,407
Other service charges and fees
561
2,729
1,927
-
1,351
438
7,006
Not in scope of ASC Topic 606
(1)
18,613
1,256
352
202
1,110
7
21,540
 
Total non-interest income
19,174
51,513
11,930
202
3,008
4,959
90,786
Total Revenue
$
97,280
$
250,090
$
158,767
$
53,580
$
51,692
$
25,168
$
636,577
(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 nine-month period ended September 30, 2022, the Corporation recognized revenue at the time that payments were confirmed and constraints were released of $
3.2
 
million, compared to $
3.3
 
million
for the nine-month period ended September 30, 2021.
No
 
revenue was recognized during the quarters ended September 30, 2022 and 2021.
Quarter Ended
Nine-Month Period Ended
September 30,
September 30,
(In thousands)
2022
2021
2022
2021
Beginning Balance
$
1,049
$
1,989
$
1,443
$
2,151
Less:
Revenue recognized
(104)
(433)
(498)
(595)
Ending balance
$
945
$
1,556
$
945
$
1,556