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OTHER LONG-TERM BORROWINGS | 3 Months Ended
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Mar. 31, 2024
OTHER LONG-TERM BORROWINGS [Abstract] |
OTHER LONG-TERM BORROWINGS | NOTE 10 – OTHER LONG-TERM BORROWINGS Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: (In thousands) March 31, 2024 December 31, 2023 Long-term floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (3) $ 43,143 $ 43,143 Long-term floating rate junior subordinated debentures (FBP Statutory Trust II) (2) (3) 118,557 118,557 $ 161,700 $ 161,700 (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 March 31, 2024 and December 31, 2023 ( 8.34 % as of March 31,2024 and 8.39 % as of December 31, 2023). (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 March 31, 2024 and December 31, 2023 ( 8.09 % as of March 31, 2024 and 8.13 % as of December 31, 2023). (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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