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OTHER LONG-TERM BORROWINGS
 6 Months Ended
Jun. 30, 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)
June 30, 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 June 30, 2024 and December 31, 2023 (
8.35
% as of June 30,2024 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 June 30, 2024 and December 31, 2023 (
8.11
% as of June 30, 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.
See
 
Note
 
13
 
–
 
“Stockholders’
 
Equity”
 
to
 
the
 
unaudited
 
consolidated
 
financial
 
statements
 
herein
 
for
 
additional
 
details
 
of
 
capital
actions
 
that
 
include
 
the
 
approval
 
of
 
a
 
new
 
repurchase
 
program
 
of
 
$
250
 
million
 
that
 
could
 
include
 
repurchase
 
of
 
common
 
stock
 
or
junior subordinated debentures.