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REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended
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Mar. 31, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS [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 tables summarize 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 ended March 31, 2023 and 2022: Quarter ended March 31, 2023 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Net interest income (1) $ 21,788 $ 137,744 $ 14,940 $ (658) $ 20,930 $ 6,141 $ 200,885 Service charges and fees on deposit accounts - 5,486 3,154 - 165 736 9,541 Insurance commissions - 4,640 - - 28 179 4,847 Merchant-related income - 2,263 - - 29 468 2,760 Credit and debit card fees - 7,638 22 - 2 496 8,158 Other service charges and fees 161 1,152 854 - 583 344 3,094 Not in scope of ASC Topic 606 (1) 2,913 855 145 160 40 5 4,118 Total non-interest income 3,074 22,034 4,175 160 847 2,228 32,518 Total Revenue $ 24,862 $ 159,778 $ 19,115 $ (498) $ 21,777 $ 8,369 $ 233,403 Quarter ended March 31, 2022 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Net interest income (1) $ 25,779 $ 89,546 $ 40,415 $ 7,409 $ 16,482 $ 5,993 $ 185,624 Service charges and fees on deposit accounts - 5,539 2,976 - 138 710 9,363 Insurance commissions - 4,967 - - 29 279 5,275 Merchant-related income - 1,822 373 - 5 389 2,589 Credit and debit card fees - 6,671 16 - (7) 410 7,090 Other service charges and fees 143 1,110 1,113 - 499 157 3,022 Not in scope of ASC Topic 606 (1) 5,109 354 76 (112) 80 12 5,519 Total non-interest income 5,252 20,463 4,554 (112) 744 1,957 32,858 Total Revenue $ 31,031 $ 110,009 $ 44,969 $ 7,297 $ 17,226 $ 7,950 $ 218,482 (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. For the quarters ended March 31, 2023 and 2022, 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 26 – Revenue from Contracts with Customers, to the audited consolidated financial statements included in the 2022 Annual Report on Form 10-K for a discussion of major revenue streams under the scope of ASC Topic 606. Contract Balances A contract liability is an entity’s obligation to transfer goods or services to a customer in exchange for consideration from the customer. FirstBank participates in a merchant revenue-sharing agreement with another entity to which the Bank sold its merchant contracts portfolio and related point-of-sale terminals, and a growth agreement with an international card service association to expand the customer base and enhance product offerings. FirstBank recognizes the revenue under these agreements over time, as the Bank completes its performance obligations. The following table shows the activity of contract liabilities for the quarters ended March 31, 2023 and 2022: Quarter Ended March 31, 2023 2022 (In thousands) Beginning Balance $ 841 $ 1,443 Less: Revenue recognized (81) (289) Ending balance $ 760 $ 1,154 As of March 31, 2023 and 2022, there were no contract assets recorded on the Corporation’s consolidated financial statements. Other Except for the contract liabilities noted above, the Corporation did not have any significant performance obligations as of March 31, 2023. 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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