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BORROWINGS | 12 Months Ended
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Dec. 31, 2024
BORROWINGS [Abstract] |
BORROWINGS | NOTE 12 –BORROWINGS The following is a summary of the advances from the FHLB as of the indicated dates: December 31, 2024 December 31, 2023 (In thousands) Long-term Fixed -rate advances from the FHLB (1) $ 500,000 $ 500,000 (1) Weighted-average interest rate of 4.45 % as of each of December 31, 2024 and 2023, respectively. Advances from the FHLB mature as follows as of the indicated date: December 31, 2024 (In thousands) Three months or less $ 180,000 Over six months to one year 30,000 Over one year to two years 90,000 Over two years to three years 200,000 Total (1) $ 500,000 (1) Average remaining term to maturity of 1.48 years. The maximum aggregate balance of advances from the FHLB outstanding at any month end during the years ended December 31, 2024 and 2023 was $ 500.0 million and $ 925.0 million, respectively. The total average balance of FHLB advances during 2024 was $ 500.1 million (2023 - $ 541.0 million). The Corporation receives advances and applies for the issuance of letters of credit from the FHLB under an Advances, Collateral Pledge, and Security Agreement (the “Collateral Agreement”), which requires the Corporation to maintain a minimum of qualifying mortgage collateral or U.S. Treasury or U.S. agencies MBS collateral, as applicable. The amount of collateral required for an advance incorporates a collateral discount or “haircut,” which is incorporated into the member’s pledge and determined by the FHLB. Haircut refers to the percentage by which an asset’s market value is reduced for the purpose of collateral levels. As of each of December 31, 2024 and 2023, the estimated value of specific mortgage loans pledged as collateral, net of haircut, amounted to $ 1.2 billion, as computed by the FHLB for collateral purposes. As of December 31, 2024 and 2023, the estimated value of U.S. government- sponsored agencies’ obligations and U.S. agencies MBS pledged as collateral, net of haircut, amounted to $ 438.5 million and $ 454.0 million, respectively. As of December 31, 2024, the Corporation had additional capacity of approximately $ 950.9 million on this credit facility based on collateral pledged at the FHLB, adjusted by a haircut reflecting the perceived risk associated with the collateral. Advances may be repaid prior to maturity, in whole or in part, at the option of the borrower upon payment of any applicable fee specified in the contract governing such advance. In calculating the fee, due consideration is given to (i) all relevant factors, including, but not limited to, any and all applicable costs of repurchasing and/or prepaying any associated liabilities and/or hedges entered into with respect to the applicable advance; (ii) the financial characteristics, in their entirety, of the advance being prepaid; and (iii), in the case of adjustable-rate advances, the expected future earnings of the replacement borrowing as long as the replacement borrowing is at least equal to the original advance’s par value and the replacement borrowing’s tenor is at least equal to the remaining maturity of the prepaid advance. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”) There was no maximum aggregate balance of repurchase agreements outstanding at any month-end for the year ended December 31, 2024. The maximum aggregate balance of repurchase agreements outstanding at any month-end for the year ended December 31, 2023 was $ 173.0 million. The average balance during 2024 was $ 0.2 million (2023- $ 54.6 million). Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: (In thousands) December 31, 2024 December 31, 2023 Long-term floating rate junior subordinated debentures (FBP Statutory Trust I) (1) $ 43,143 $ 43,143 Long-term floating rate junior subordinated debentures (FBP Statutory Trust II) (2) 18,557 118,557 $ 61,700 $ 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 December 31, 2024 and 2023 ( 7.36 % as of December 31, 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 December 31, 2024 and 2023 ( 7.12 % as of December 31, 2024 and 8.13 % as of December 31, 2023). See Note 10 – “Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets” and Note 15 – “Stockholders’ Equity” for additional information on junior subordinated debentures, including the $ 100.0 million redemption of outstanding TruPS issued by FBP Statutory Trust II. Loans Payable The Corporation participates in the Borrower-in-Custody Program (the “BIC Program”) of the FED. Through the BIC Program, a broad range of loans (including commercial, consumer, and residential mortgages) may be pledged as collateral for borrowings through the FED Discount Window. As of December 31, 2024, pledged collateral that is related to this credit facility amounted to $ 2.6 billion, net of haircut, mainly commercial, consumer, and residential mortgage loans, which is fully available for funding. The FED Discount Window program provides the opportunity to access a low-rate short-term source of funding in a high volatility market environment.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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