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EMPLOYEE BENEFIT PLANS | 3 Months Ended
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Mar. 31, 2024
EMPLOYEE BENEFIT PLANS [Abstract] |
EMPLOYEE BENEFIT PLANS | NOTE 15 – EMPLOYEE BENEFIT PLANS The Corporation maintains two frozen qualified noncontributory defined benefit pension plans (the “Pension Plans”), and a related complementary post-retirement benefit plan (the “Postretirement Benefit Plan”) covering medical benefits and life insurance after retirement that it obtained in the Banco Santander Puerto Rico (“BSPR”) acquisition on September 1, 2020. One defined benefit pension plan covers substantially all of BSPR’s former employees who were active before January 1, 2007, while the other defined benefit pension plan covers personnel of an institution previously acquired by BSPR. Benefits are based on salary and years of service. The accrual of benefits under the Pension Plans is frozen to all participants. The Corporation requires recognition of a plan’s overfunded and underfunded status as an asset or liability with an offsetting adjustment to accumulated other comprehensive loss pursuant to the ASC Topic 715, “Compensation-Retirement Benefits.” The following table presents the components of net periodic (benefit) cost for the indicated periods: Affected Line Item in the Consolidated Quarter Ended Statements of Income March 31, 2024 March 31, 2023 (In thousands) Net periodic (benefit) cost, pension plans: Interest cost Other expenses $ 901 $ 950 Expected return on plan assets Other expenses (1,018) (886) Net periodic (benefit) cost, pension plans (117) 64 Net periodic cost, postretirement plan Other expenses 16 6 Net periodic (benefit) cost $ (101) $ 70

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