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OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2022
OTHER BORROWINGS [Abstract] |
OTHER BORROWINGS [Text Block] | NOTE 14 – OTHER BORROWINGS Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: December 31, December 31, (In thousands) 2022 2021 Floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (3) $ 65,205 $ 65,205 Floating rate junior subordinated debentures (FBP Statutory Trust II) (2)(3) 118,557 118,557 $ 183,762 $ 183,762 (1) Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of 2.75 % over 3-month LIBOR ( 7.49 % as of December 31, 2022 and 2.97 % as of December 31, 2021). (2) Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of 2.50 % over 3-month LIBOR ( 7.25 % as of December 31, 2022 and 2.71 % as of December 31, 2021). (3) See Note 10 - Non-Consolidated Variable Interest Entities and Servicing Assets for additional information on the nature and terms of these debentures. Loans Payable The Corporation participates in the BIC Program of the FED. Through the BIC Program, a broad range of loans (including commercial, consumer, and residential mortgages) may be pledged as collateral for borrowings through the FED Discount Window. As of December 31, 2022, pledged collateral that is related to this credit facility amounted to $ 2.2 billion, mainly commercial, consumer, and residential mortgage loans, which after a margin “haircut” to discount the value of collateral pledged, represents approximately $ 1.3 billion of credit availability under this program. The FED Discount Window program provides the opportunity to access a low-rate short-term source of funding in a high volatility market environment. There were no outstanding borrowings under the FED Discount Window as of December 31, 2022 and 2021.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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