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BORROWINGS
 9 Months Ended
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.