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Business Segment | 3 Months Ended
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Mar. 31, 2018
Segment Reporting [Abstract] |
Segment Reporting | NOTE 2 3 – BUSINESS SEGMENTS Oriental segregates its businesses into the following major reportable segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as Oriental’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the repor table segments. Oriental measures the performance of these reportable segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. Oriental’s methodology for allocat ing non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to origin ate mortgage loans for Oriental’s own portfolio. As part of its mortgage banking activities, Oriental may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. Wealth Management is comprised of the B ank’s trust division, Oriental Financial Services, Oriental Insurance, and OPC. The core operations of this segment are financial planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trus t and retirement services, as well as retirement plan administration services. The Treasury segment encompasses all of Oriental’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, d erivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Following are the results of operations and the selected financial information by operating segment for the quarter s ended March 31, 2018 and 2017:
| Quarter Ended March 31, 2018
|  |  |  | Wealth |  |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 74,374 |  | $ | 12 |  | $ | 8,784 |  | $ | 83,170 |  | $ | - |  | $ | 83,170
Interest expense |  | (6,290) |  |  | - |  |  | (2,886) |  |  | (9,176) |  |  | - |  |  | (9,176)
Net interest income |  | 68,084 |  |  | 12 |  |  | 5,898 |  |  | 73,994 |  |  | - |  |  | 73,994
Provision for loan and lease losses, net |  | (15,455) |  |  | - |  |  | (5) |  |  | (15,460) |  |  | - |  |  | (15,460)
Non-interest income, net |  | 12,193 |  |  | 6,308 |  |  | 13 |  |  | 18,514 |  |  | - |  |  | 18,514
Non-interest expenses |  | (48,081) |  |  | (3,286) |  |  | (754) |  |  | (52,121) |  |  | - |  |  | (52,121)
Intersegment revenue |  | 361 |  |  | - |  |  | - |  |  | 361 |  |  | (361) |  |  | -
Intersegment expenses |  | - |  |  | (179) |  |  | (182) |  |  | (361) |  |  | 361 |  |  | -
Income before income taxes | $ | 17,102 |  | $ | 2,855 |  | $ | 4,970 |  | $ | 24,927 |  | $ | - |  | $ | 24,927
Income tax expense (benefit) |  | 6,670 |  |  | 1,113 |  |  | 227 |  |  | 8,010 |  |  | - |  |  | 8,010
Net income | $ | 10,432 |  | $ | 1,742 |  | $ | 4,743 |  | $ | 16,917 |  | $ | - |  | $ | 16,917
Total assets | $ | 5,661,759 |  | $ | 28,377 |  | $ | 1,529,912 |  | $ | 7,220,048 |  | $ | (972,927) |  | $ | 6,247,121
| Quarter Ended March 31, 2017
|  |  |  | Wealth |  |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 77,573 |  | $ | 12 |  | $ | 8,593 |  | $ | 86,178 |  | $ | - |  | $ | 86,178
Interest expense |  | (6,814) |  |  | - |  |  | (4,746) |  |  | (11,560) |  |  | - |  |  | (11,560)
Net interest income |  | 70,759 |  |  | 12 |  |  | 3,847 |  |  | 74,618 |  |  | - |  |  | 74,618
Provision for loan and lease losses, net |  | (17,642) |  |  | - |  |  | (12) |  |  | (17,654) |  |  | - |  |  | (17,654)
Non-interest income, net |  | 13,227 |  |  | 5,928 |  |  | (81) |  |  | 19,074 |  |  | - |  |  | 19,074
Non-interest expenses |  | (46,054) |  |  | (4,220) |  |  | (1,410) |  |  | (51,684) |  |  | - |  |  | (51,684)
Intersegment revenue |  | 464 |  |  | - |  |  | 71 |  |  | 535 |  |  | (535) |  |  | -
Intersegment expenses |  | (71) |  |  | (311) |  |  | (153) |  |  | (535) |  |  | 535 |  |  | -
Income before income taxes | $ | 20,683 |  | $ | 1,409 |  | $ | 2,262 |  | $ | 24,354 |  | $ | - |  | $ | 24,354
Income tax expenses (benefit) |  | 8,066 |  |  | 550 |  |  | 588 |  |  | 9,204 |  |  | - |  |  | 9,204
Net income | $ | 12,617 |  | $ | 859 |  | $ | 1,674 |  | $ | 15,150 |  | $ | - |  | $ | 15,150
Total assets | $ | 5,485,678 |  | $ | 24,866 |  | $ | 1,861,616 |  | $ | 7,372,160 |  | $ | (957,553) |  | $ | 6,414,607

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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