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OTHER LONG-TERM BORROWINGS | 9 Months Ended
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Sep. 30, 2023
OTHER LONG-TERM BORROWINGS [Abstract] |
OTHER LONG-TERM BORROWINGS | NOTE 11 – OTHER LONG-TERM BORROWINGS Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: (In thousands) September 30, 2023 December 31, 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 CME Term SOFR plus a 0.26161 % tenor spread adjustment as of September 30, 2023 and 2.75 % over 3-month LIBOR as of December 31, 2022 ( 8.42 % as of September 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 CME Term SOFR plus a 0.26161 % tenor spread adjustment as of September 30, 2023 and 2.50 % over 3-month LIBOR as of December 31, 2022 ( 8.16 % as of September 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 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 -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 + Details
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