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BORROWINGS | 9 Months Ended
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Sep. 30, 2025
BORROWINGS [Abstract] |
BORROWINGS | NOTE 8 –BORROWINGS Advances from the Federal Home Loan Bank (“FHLB”) The following is a summary of the advances from the FHLB as of the indicated dates: September 30, 2025 December 31, 2024 (In thousands) Long-term Fixed -rate advances from the FHLB (1) $ 290,000 $ 500,000 (1) Weighted-average interest rate of 4.32 % and 4.45 % as of September 30, 2025 and December 31, 2024, respectively. Advances from the FHLB mature as follows as of the indicated date: September 30, 2025 (In thousands) Over three months to six months $ 90,000 Over two years to three years 200,000 Total (1) $ 290,000 (1) Average remaining term to maturity of 1.61 years. Junior Subordinated Debentures Junior subordinated debentures, as of the indicated dates, consisted of: (In thousands) September 30, 2025 December 31, 2024 Long-term floating rate junior subordinated debentures (FBP Statutory Trust I) (1) $ - $ 43,143 Long-term floating rate junior subordinated debentures (FBP Statutory Trust II) (2) - 18,557 $ - $ 61,700 (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 ( 7.36 % as of December 31, 2024). (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 ( 7.12 % as of December 31, 2024). See Note 6 – “Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets” and Note 11 – “Stockholders’ Equity” for additional information on junior subordinated debentures, including the $ 61.7 million redemption of the remaining outstanding TruPS issued by FBP Statutory Trusts I and II.

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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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