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v3.23.1

BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Following are the results of operations and the selected financial information by operating segment for the quarters ended March 31, 2023 and 2022:
| Quarter Ended March 31, 2023
| Banking |  | Wealth Management |  | Treasury |  | Total Major Segments |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 132,425 |  |  | $ | 5 |  |  | $ | 21,126 |  |  | $ | 153,556 |  |  | $ | (4,571) |  |  | $ | 148,985 |
Interest expense | (12,381) |  |  | — |  |  | (5,278) |  |  | (17,659) |  |  | 4,571 |  |  | (13,088) |
Net interest income | 120,044 |  |  | 5 |  |  | 15,848 |  |  | 135,897 |  |  | — |  |  | 135,897 |
Provision for credit losses | 9,405 |  |  | — |  |  | 40 |  |  | 9,445 |  |  | — |  |  | 9,445 |
Non-interest income | 21,625 |  |  | 7,276 |  |  | — |  |  | 28,901 |  |  | — |  |  | 28,901 |
Non-interest expenses | (85,365) |  |  | (3,955) |  |  | (900) |  |  | (90,220) |  |  | — |  |  | (90,220) |
Intersegment revenue | 546 |  |  | — |  |  | — |  |  | 546 |  |  | (546) |  |  | — |
Intersegment expenses | — |  |  | (377) |  |  | (169) |  |  | (546) |  |  | 546 |  |  | — |
Income before income taxes | 47,445 |  |  | 2,949 |  |  | 14,739 |  |  | 65,133 |  |  | — |  |  | 65,133 |
Income tax expense | 18,892 |  |  | — |  |  | 12 |  |  | 18,904 |  |  | — |  |  | 18,904 |
Net income | $ | 28,553 |  |  | $ | 2,949 |  |  | $ | 14,727 |  |  | $ | 46,229 |  |  | $ | — |  |  | $ | 46,229 |
Total assets | $ | 8,484,413 |  |  | $ | 28,605 |  |  | $ | 2,591,608 |  |  | $ | 11,104,626 |  |  | $ | (1,047,045) |  |  | $ | 10,057,581 |
Eliminations include interest income and expense for a borrowing by Oriental Overseas, an international banking entity organized in Puerto Rico pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended, that operates as a unit within the Bank, 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 $414.6 million and $263.0 million at March 31, 2023 and 2022, 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 the prior year period was mainly as a result of Federal Open Market Committee of the Board of Governors of the Federal Reserve System (“FRB”) federal funds rate increases and higher average borrowing balance.
| Quarter Ended March 31, 2022
| Banking |  | Wealth Management |  | Treasury |  | Total Major Segments |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 107,425 |  |  | $ | 5 |  |  | $ | 5,730 |  |  | $ | 113,160 |  |  | $ | (211) |  |  | $ | 112,949 |
Interest expense | (7,011) |  |  | — |  |  | (955) |  |  | (7,966) |  |  | 211 |  |  | (7,755) |
Net interest income | 100,414 |  |  | 5 |  |  | 4,775 |  |  | 105,194 |  |  | — |  |  | 105,194 |
Provision for (recapture of) credit losses | 1,710 |  |  | — |  |  | (159) |  |  | 1,551 |  |  | — |  |  | 1,551 |
Non-interest income | 23,550 |  |  | 8,006 |  |  | 50 |  |  | 31,606 |  |  | — |  |  | 31,606 |
Non-interest expenses | (75,916) |  |  | (4,585) |  |  | (654) |  |  | (81,155) |  |  | — |  |  | (81,155) |
Intersegment revenue | 489 |  |  | — |  |  | — |  |  | 489 |  |  | (489) |  |  | — |
Intersegment expenses | — |  |  | (343) |  |  | (146) |  |  | (489) |  |  | 489 |  |  | — |
Income before income taxes | 46,827 |  |  | 3,083 |  |  | 4,184 |  |  | 54,094 |  |  | — |  |  | 54,094 |
Income tax expense | 16,564 |  |  | — |  |  | 9 |  |  | 16,573 |  |  | — |  |  | 16,573 |
Net income | $ | 30,263 |  |  | $ | 3,083 |  |  | $ | 4,175 |  |  | $ | 37,521 |  |  | $ | — |  |  | $ | 37,521 |
Total assets | $ | 8,176,217 |  |  | $ | 24,695 |  |  | $ | 3,036,638 |  |  | $ | 11,237,550 |  |  | $ | (1,047,430) |  |  | $ | 10,190,120 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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