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REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended
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Sep. 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 nine-month periods ended September 30, 2023 and 2022: Quarter ended September 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) $ 18,279 $ 147,066 $ 13,212 $ (4,055) $ 19,749 $ 5,477 $ 199,728 Service charges and fees on deposit accounts - 5,286 3,406 - 155 705 9,552 Insurance commissions - 2,596 - - 68 126 2,790 Merchant-related income - 2,156 - - 19 319 2,494 Credit and debit card fees - 7,826 24 - 4 493 8,347 Other service charges and fees 50 1,262 853 - 615 163 2,943 Not in scope of ASC Topic 606 (1) 2,971 1,044 185 (3) (14) (13) 4,170 Total non-interest income 3,021 20,170 4,468 (3) 847 1,793 30,296 Total Revenue $ 21,300 $ 167,236 $ 17,680 $ (4,058) $ 20,596 $ 7,270 $ 230,024 Quarter ended September 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) $ 24,338 $ 118,408 $ 22,861 $ 14,827 $ 21,494 $ 5,982 $ 207,910 Service charges and fees on deposit accounts - 5,744 3,169 - 151 756 9,820 Insurance commissions - 2,485 - - 16 123 2,624 Merchant-related income - 1,458 347 - 32 330 2,167 Credit and debit card fees - 7,209 21 - (2) 439 7,667 Other service charges and fees 85 1,228 340 - 595 195 2,443 Not in scope of ASC Topic 606 (1) 3,648 997 399 33 (19) (86) 4,972 Total non-interest income 3,733 19,121 4,276 33 773 1,757 29,693 Total Revenue $ 28,071 $ 137,529 $ 27,137 $ 14,860 $ 22,267 $ 7,739 $ 237,603 Nine-Month Period Ended September 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) $ 61,427 $ 427,407 $ 41,085 $ (7,502) $ 60,369 $ 17,642 $ 600,428 Service charges and fees on deposit accounts - 15,859 9,886 - 492 2,143 28,380 Insurance commissions - 9,700 - - 175 509 10,384 Merchant-related income - 6,454 - - 87 1,172 7,713 Credit and debit card fees - 23,581 74 - 16 1,510 25,181 Other service charges and fees 244 3,922 2,801 - 1,858 714 9,539 Not in scope of ASC Topic 606 (1) 8,913 2,909 4,027 1,837 221 (19) 17,888 Total non-interest income 9,157 62,425 16,788 1,837 2,849 6,029 99,085 Total Revenue $ 70,584 $ 489,832 $ 57,873 $ (5,665) $ 63,218 $ 23,671 $ 699,513 Nine-Month Period Ended September 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) $ 76,452 $ 310,351 $ 94,655 $ 33,702 $ 56,664 $ 17,896 $ 589,720 Service charges and fees on deposit accounts - 16,778 9,214 - 446 2,211 28,649 Insurance commissions - 10,176 - - 65 604 10,845 Merchant-related income - 4,991 1,101 - 54 1,046 7,192 Credit and debit card fees - 21,271 58 - (6) 1,298 22,621 Other service charges and fees 287 4,404 2,329 - 1,579 509 9,108 Not in scope of ASC Topic 606 (1) 12,865 1,747 576 (130) 57 (38) 15,077 Total non-interest income 13,152 59,367 13,278 (130) 2,195 5,630 93,492 Total Revenue $ 89,604 $ 369,718 $ 107,933 $ 33,572 $ 58,859 $ 23,526 $ 683,212 (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 nine-month periods ended September 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 nine-month periods ended September 30, 2023 and 2022: Quarter Ended September 30, Nine-Month Period Ended September 30, 2023 2022 2023 2022 (In thousands) Beginning balance $ 608 $ 1,049 $ 841 $ 1,443 Revenue recognized (81) (104) (314) (498) Ending balance $ 527 $ 945 $ 527 $ 945 As of September 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 September 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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