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OTHER LONG-TERM BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2023
OTHER LONG-TERM BORROWINGS [Abstract]  
Components of Other Borrowings [Table Text Block]
Junior subordinated debentures, as of the indicated dates, consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
 
December 31,
(In thousands)
2023
2022
Floating rate junior subordinated debentures (FBP Statutory Trust
 
I)
(1)
(3)
$
43,143
$
65,205
Floating rate junior subordinated debentures (FBP Statutory Trust
 
II)
(2) (3)
118,557
118,557
$
161,700
$
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
 
(
8.26
% as of June 30, 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
 
(
8.01
% as of June 30,
 
2023 and
7.25
% as of
December 31, 2022).
(3)
See Note 7 - Non-Consolidated Variable
 
Interest Entities
 
(“VIEs”) and Servicing Assets, for additional information on the nature
 
and terms of these debentures, the LIBOR transition of
these contracts, and the Corporation’s repurchase
 
in the second quarter of 2023 of $
21.4
 
million in TRuPs associated with FBP Statutory Trust
 
I.