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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Following are the results of operations and the selected financial information by operating segment for 2022, 2021 and 2020:
| Year Ended December 31, 2022
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 465,177 |  |  | $ | 21 |  |  | $ | 56,955 |  |  | $ | 522,153 |  |  | $ | (6,580) |  |  | $ | 515,573 |
Interest expense | (31,926) |  |  | — |  |  | (8,147) |  |  | (40,073) |  |  | 6,580 |  |  | (33,493) |
Net interest income | 433,251 |  |  | 21 |  |  | 48,808 |  |  | 482,080 |  |  | — |  |  | 482,080 |
Provision for credit losses | 24,111 |  |  | — |  |  | 8 |  |  | 24,119 |  |  | — |  |  | 24,119 |
Non-interest income | 98,407 |  |  | 33,481 |  |  | (198) |  |  | 131,690 |  |  | — |  |  | 131,690 |
Non-interest expenses | (323,125) |  |  | (19,206) |  |  | (3,215) |  |  | (345,546) |  |  | — |  |  | (345,546) |
Intersegment revenue | 2,187 |  |  | — |  |  | — |  |  | 2,187 |  |  | (2,187) |  |  | — |
Intersegment expenses | — |  |  | (1,497) |  |  | (690) |  |  | (2,187) |  |  | 2,187 |  |  | — |
Income before income taxes | $ | 186,609 |  |  | $ | 12,799 |  |  | $ | 44,697 |  |  | $ | 244,105 |  |  | $ | — |  |  | $ | 244,105 |
Income tax expense | 77,731 |  |  | 97 |  |  | 38 |  |  | 77,866 |  |  | — |  |  | 77,866 |
Net income | $ | 108,878 |  |  | $ | 12,702 |  |  | $ | 44,659 |  |  | $ | 166,239 |  |  | $ | — |  |  | $ | 166,239 |
Total assets | $ | 8,347,767 |  |  | $ | 23,085 |  |  | $ | 2,432,549 |  |  | $ | 10,803,401 |  |  | $ | (984,621) |  |  | $ | 9,818,780 |
Eliminations include interest income and expense for a borrowing by Oriental Overseas, which is included in the Treasury Segment with its corresponding interest expense, to fund its operations, from the Bank, which is included in the Banking Segment with its corresponding interest income, with an unpaid principal balance of $470.2 million and $262.9 million at December 31, 2022 and 2021, respectively, and is eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from previous year was mainly as a result of FRB interest rate increases and higher average borrowing balance. At December 31, 2020 the borrowing balance was zero.
| Year Ended December 31, 2021
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 432,375 |  |  | $ | 30 |  |  | $ | 17,072 |  |  | $ | 449,477 |  |  | $ | (278) |  |  | $ | 449,199 |
Interest expense | (38,711) |  |  | — |  |  | (3,396) |  |  | (42,107) |  |  | 278 |  |  | (41,829) |
Net interest income | 393,664 |  |  | 30 |  |  | 13,676 |  |  | 407,370 |  |  | — |  |  | 407,370 |
Provision for (recapture of) credit losses | 1,342 |  |  | — |  |  | (1,121) |  |  | 221 |  |  | — |  |  | 221 |
Non-interest income | 98,950 |  |  | 35,625 |  |  | (1,365) |  |  | 133,210 |  |  | — |  |  | 133,210 |
Non-interest expenses | (300,568) |  |  | (20,941) |  |  | (4,247) |  |  | (325,756) |  |  | — |  |  | (325,756) |
Intersegment revenue | 2,355 |  |  | — |  |  | — |  |  | 2,355 |  |  | (2,355) |  |  | — |
Intersegment expenses | — |  |  | (1,269) |  |  | (1,086) |  |  | (2,355) |  |  | 2,355 |  |  | — |
Income before income taxes | $ | 193,059 |  |  | $ | 13,445 |  |  | $ | 8,099 |  |  | $ | 214,603 |  |  | $ | — |  |  | $ | 214,603 |
Income tax expense | 68,409 |  |  | — |  |  | 43 |  |  | 68,452 |  |  | — |  |  | 68,452 |
Net income | $ | 124,650 |  |  | $ | 13,445 |  |  | $ | 8,056 |  |  | $ | 146,151 |  |  | $ | — |  |  | $ | 146,151 |
Total assets | $ | 8,041,725 |  |  | $ | 32,082 |  |  | $ | 2,894,612 |  |  | $ | 10,968,419 |  |  | $ | (1,068,699) |  |  | $ | 9,899,720 |
| Year Ended December 31, 2020
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 462,493 |  |  | $ | 59 |  |  | $ | 10,795 |  |  | $ | 473,347 |  |  | $ | — |  |  | $ | 473,347 |
Interest expense | (57,811) |  |  | — |  |  | (7,104) |  |  | (64,915) |  |  | — |  |  | (64,915) |
Net interest income | 404,682 |  |  | 59 |  |  | 3,691 |  |  | 408,432 |  |  | — |  |  | 408,432 |
Provision for credit losses | 92,237 |  |  | — |  |  | 435 |  |  | 92,672 |  |  | — |  |  | 92,672 |
Non-interest income | 87,810 |  |  | 32,043 |  |  | 4,499 |  |  | 124,352 |  |  | — |  |  | 124,352 |
Non-interest expenses | (320,997) |  |  | (20,240) |  |  | (4,049) |  |  | (345,286) |  |  | — |  |  | (345,286) |
Intersegment revenue | 2,443 |  |  | — |  |  | — |  |  | 2,443 |  |  | (2,443) |  |  | — |
Intersegment expenses | — |  |  | (1,164) |  |  | (1,279) |  |  | (2,443) |  |  | 2,443 |  |  | — |
Income before income taxes | $ | 81,701 |  |  | $ | 10,698 |  |  | $ | 2,427 |  |  | $ | 94,826 |  |  | $ | — |  |  | $ | 94,826 |
Income tax expense | 15,939 |  |  | 4,506 |  |  | 54 |  |  | 20,499 |  |  | — |  |  | 20,499 |
Net income | $ | 65,762 |  |  | $ | 6,192 |  |  | $ | 2,373 |  |  | $ | 74,327 |  |  | $ | — |  |  | $ | 74,327 |
Total assets | $ | 8,478,326 |  |  | $ | 32,893 |  |  | $ | 2,436,029 |  |  | $ | 10,947,248 |  |  | $ | (1,121,237) |  |  | $ | 9,826,011 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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