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REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 18 – 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 that is outside of ASC Topic 606 and non-interest income, disaggregated by type of service and business segment for the quarters and six- month periods ended June 30, 2024 and 2023: Quarter ended June 30, 2024 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Net interest income (loss) (1) $ 14,332 $ 151,269 $ 14,927 $ (4,851) $ 18,884 $ 5,067 $ 199,628 Service charges and fees on deposit accounts - 5,254 3,536 - 155 780 9,725 Insurance commission income - 2,563 - - 30 193 2,786 Card and processing income - 10,472 18 - 31 1,002 11,523 Other service charges and fees 41 973 1,018 - 613 153 2,798 Not in scope of ASC Topic 606 (1) 3,620 1,201 244 98 5 38 5,206 Total non-interest income 3,661 20,463 4,816 98 834 2,166 32,038 Total Revenue (Loss) $ 17,993 $ 171,732 $ 19,743 $ (4,753) $ 19,718 $ 7,233 $ 231,666 Quarter ended June 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 (loss) (1) $ 21,360 $ 142,597 $ 12,933 $ (2,789) $ 19,690 $ 6,024 $ 199,815 Service charges and fees on deposit accounts - 5,087 3,326 - 172 702 9,287 Insurance commission income - 2,464 - - 79 204 2,747 Card and processing income - 10,152 28 - 49 906 11,135 Other service charges and fees 33 1,508 1,094 - 660 207 3,502 Not in scope of ASC Topic 606 (1) 3,029 1,010 3,697 1,680 195 (11) 9,600 Total non-interest income 3,062 20,221 8,145 1,680 1,155 2,008 36,271 Total Revenue (Loss) $ 24,422 $ 162,818 $ 21,078 $ (1,109) $ 20,845 $ 8,032 $ 236,086 Six-Month Period Ended June 30, 2024 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Net interest income loss (1) $ 30,155 $ 300,216 $ 29,855 $ (11,383) $ 37,132 $ 10,173 $ 396,148 Service charges and fees on deposit accounts - 10,535 7,028 - 303 1,521 19,387 Insurance commission income - 7,797 - - 86 410 8,293 Card and processing income - 20,710 42 - 109 1,974 22,835 Other service charges and fees 99 2,016 1,894 - 1,234 294 5,537 Not in scope of ASC Topic 606 (1) 6,581 2,811 353 181 3 40 9,969 Total non-interest income 6,680 43,869 9,317 181 1,735 4,239 66,021 Total Revenue (Loss) $ 36,835 $ 344,085 $ 39,172 $ (11,202) $ 38,867 $ 14,412 $ 462,169 Six-Month Period Ended June 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 (loss) (1) $ 43,148 $ 280,341 $ 27,873 $ (3,447) $ 40,620 $ 12,165 $ 400,700 Service charges and fees on deposit accounts - 10,573 6,480 - 337 1,438 18,828 Insurance commission income - 7,104 - - 107 383 7,594 Card and processing income - 20,053 50 - 80 1,870 22,053 Other service charges and fees 194 2,660 1,948 - 1,243 551 6,596 Not in scope of ASC Topic 606 (1) 5,942 1,865 3,842 1,840 235 (6) 13,718 Total non-interest income 6,136 42,255 12,320 1,840 2,002 4,236 68,789 Total Revenue (Loss) $ 49,284 $ 322,596 $ 40,193 $ (1,607) $ 42,622 $ 16,401 $ 469,489 (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 six-month periods ended June 30, 2024 and 2023, 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 2023 Annual Report on Form 10-K for a discussion of major revenue streams under the scope of ASC Topic 606. Contract Balances As of June 30, 2024 and December 31, 2023, there were no contract assets recorded on the Corporation’s consolidated financial statements. Moreover, the balances of contract liabilities as of such dates were not significant. Other 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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