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REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 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 and six-month periods ended June 30, 2023 and 2022: Quarter ended June 30, 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) $ 21,360 $ 142,597 $ 12,933 $ (2,789) $ 19,690 $ 6,024 $ 199,815 Service charges and fees on deposit accounts - 5,087 3,326 - 172 702 9,287 Insurance commissions - 2,464 - - 79 204 2,747 Merchant-related income - 2,035 - - 39 385 2,459 Credit and debit card fees - 8,117 28 - 10 521 8,676 Other service charges and fees 33 1,508 1,094 - 660 207 3,502 Not in scope of ASC Topic 606 (1) 3,029 1,010 3,697 1,680 195 (11) 9,600 Total non-interest income 3,062 20,221 8,145 1,680 1,155 2,008 36,271 Total Revenue $ 24,422 $ 162,818 $ 21,078 $ (1,109) $ 20,845 $ 8,032 $ 236,086 Quarter ended June 30, 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) $ 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 - 2,724 - - 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 Six-Month Period Ended June 30, 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) $ 43,148 $ 280,341 $ 27,873 $ (3,447) $ 40,620 $ 12,165 $ 400,700 Service charges and fees on deposit accounts - 10,573 6,480 - 337 1,438 18,828 Insurance commissions - 7,104 - - 107 383 7,594 Merchant-related income - 4,298 - - 68 853 5,219 Credit and debit card fees - 15,755 50 - 12 1,017 16,834 Other service charges and fees 194 2,660 1,948 - 1,243 551 6,596 Not in scope of ASC Topic 606 (1) 5,942 1,865 3,842 1,840 235 (6) 13,718 Total non-interest income 6,136 42,255 12,320 1,840 2,002 4,236 68,789 Total Revenue $ 49,284 $ 322,596 $ 40,193 $ (1,607) $ 42,622 $ 16,401 $ 469,489 Six-Month Period Ended June 30, 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) $ 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 - 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 (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 and six-month periods ended June 30, 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 and six-month periods ended June 30, 2023 and 2022: Quarter Ended June 30, Six-Month Period Ended June 30, 2023 2022 2023 2022 (In thousands) Beginning balance $ 760 $ 1,154 $ 841 $ 1,443 Revenue recognized (152) (105) (233) (394) Ending balance $ 608 $ 1,049 $ 608 $ 1,049 As of June 30, 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 other performance obligations as of June 30, 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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