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OTHER BORROWINGS | 3 Months Ended
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Mar. 31, 2023
OTHER BORROWINGS [Abstract] |
OTHER BORROWINGS | NOTE 11 – OTHER LONG-TERM BORROWINGS Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: March 31, December 31, (In thousands) 2023 2022 Floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (3) (4) $ 65,205 $ 65,205 Floating rate junior subordinated debentures (FBP Statutory Trust II) (2) (3) (4) 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 ( 7.66 % as of March 31, 2023 and 7.49 % as of December 31, 2022). (2) Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of 2.50 % over 3-month LIBOR ( 7.46 % as of March 31, 2023 and 7.25 % as of December 31, 2022). (3) Following the provisions of the LIBOR Act and Regulation ZZ, the LIBOR reference on these contracts will automatically transition by operation of law to three-month CME Term SOFR, plus a spread adjustment of 0.26161% on the first reset date after USD LIBOR ceases publication in June 2023. (4) See Note 7 - Non-Consolidated Variable Interest Entities ("VIEs") and Servicing Assets, for additional information on the nature and terms of these debentures.

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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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