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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 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 nine-
month periods ended September 30, 2024 and 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 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)
$
13,590
$
146,585
$
19,932
$
(1,634)
$
19,007
$
4,584
$
202,064
Service charges and fees on deposit accounts
-
5,226
3,556
-
149
753
9,684
Insurance commission income
-
2,824
-
-
75
104
3,003
Card and processing income
-
10,851
10
-
10
897
11,768
Other service charges and fees
55
979
842
-
698
157
2,731
Not in scope of ASC Topic
 
606
 
(1)
3,353
1,334
306
238
19
66
5,316
 
Total non-interest income
3,408
21,214
4,714
238
951
1,977
32,502
Total Revenue (Loss)
$
16,998
$
167,799
$
24,646
$
(1,396)
$
19,958
$
6,561
$
234,566
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 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)
$
18,279
$
147,066
$
13,212
$
(4,055)
$
19,749
$
5,477
$
199,728
Service charges and fees on deposit accounts
-
5,286
3,406
-
155
705
9,552
Insurance commission income
-
2,596
-
-
68
126
2,790
Card and processing income
-
9,982
24
-
23
812
10,841
Other service charges and fees
50
1,262
853
-
615
163
2,943
Not in scope of ASC Topic
 
606
(1)
2,971
1,044
185
(3)
(14)
(13)
4,170
 
Total non-interest income
 
(loss)
3,021
20,170
4,468
(3)
847
1,793
30,296
Total Revenue (Loss)
$
21,300
$
167,236
$
17,680
$
(4,058)
$
20,596
$
7,270
$
230,024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended September 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)
$
43,745
$
446,801
$
49,787
$
(13,017)
$
56,139
$
14,757
$
598,212
Service charges and fees on deposit accounts
-
15,761
10,584
-
452
2,274
29,071
Insurance commission income
-
10,621
-
-
161
514
11,296
Card and processing income
-
31,561
52
-
119
2,871
34,603
Other service charges and fees
154
2,995
2,736
-
1,932
451
8,268
Not in scope of ASC Topic
 
606
 
(1)
9,934
4,145
659
419
22
106
15,285
 
Total non-interest income
10,088
65,083
14,031
419
2,686
6,216
98,523
Total Revenue (Loss)
$
53,833
$
511,884
$
63,818
$
(12,598)
$
58,825
$
20,973
$
696,735
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended September 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)
$
61,427
$
427,407
$
41,085
$
(7,502)
$
60,369
$
17,642
$
600,428
Service charges and fees on deposit accounts
-
15,859
9,886
-
492
2,143
28,380
Insurance commission income
-
9,700
-
-
175
509
10,384
Card and processing income
-
30,035
74
-
103
2,682
32,894
Other service charges and fees
244
3,922
2,801
-
1,858
714
9,539
Not in scope of ASC Topic
 
606
 
(1)
8,913
2,909
4,027
1,837
221
(19)
17,888
 
Total non-interest income
9,157
62,425
16,788
1,837
2,849
6,029
99,085
Total Revenue (Loss)
$
70,584
$
489,832
$
57,873
$
(5,665)
$
63,218
$
23,671
$
699,513
(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 nine-month period ended September 30, 2024, revenue
 
not within the scope of ASC Topic
 
606 includes $
1.5
 
million in insurance proceeds, of
which $
0.8
 
million was received in
 
the third quarter
 
related to a
 
2020 outstanding insurance claim.
 
For the nine-month
 
period ended September 30,
 
2023, revenue not within
 
the scope of ASC
 
Topic 606
 
includes a
$
3.6
 
million gain recognized from a legal settlement and a $
1.6
 
million gain on the repurchase of $
21.4
 
million in junior subordinated debentures.
For the
 
quarters and
 
nine-month periods
 
ended September
 
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
 
September
 
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.