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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
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.