BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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