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BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2023 and 2022:

			Quarter Ended June 30, 2023
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	139,999					$	6					$	22,841					$	162,846					$	(4,858)					$	157,988
Interest expense			(15,824)						—						(7,378)						(23,202)						4,858						(18,344)
Net interest income			124,175						6						15,463						139,644						—						139,644
Provision for (recapture of) credit losses			15,052						—						(8)						15,044						—						15,044
Non-interest income			23,354						7,868						(1,149)						30,073						—						30,073
Non-interest expenses			(83,876)						(4,138)						(874)						(88,888)						—						(88,888)
Intersegment revenue			575						—						—						575						(575)						—
Intersegment expenses			—						(380)						(195)						(575)						575						—
Income before income taxes			49,176						3,356						13,253						65,785						—						65,785
Income tax expense			21,577						20						15						21,612						—						21,612
Net income			$	27,599					$	3,336					$	13,238					$	44,173					$	—					$	44,173
Total assets			$	8,720,156					$	33,946					$	2,338,820					$	11,092,922					$	(1,061,375)					$	10,031,547
			Six-Month Period Ended June 30, 2023
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	272,424					$	11					$	43,967					$	316,402					$	(9,429)					$	306,973
Interest expense			(28,205)						—						(12,656)						(40,861)						9,429						(31,432)
Net interest income			244,219						11						31,311						275,541						—						275,541
Provision for credit losses			24,457						—						32						24,489						—						24,489
Non-interest income			44,979						15,144						(1,149)						58,974						—						58,974
Non-interest expenses			(169,241)						(8,093)						(1,774)						(179,108)						—						(179,108)
Intersegment revenue			1,122						—						—						1,122						(1,122)						—
Intersegment expenses			—						(758)						(364)						(1,122)						1,122						—
Income before income taxes			$	96,622					$	6,304					$	27,992					$	130,918					$	—					$	130,918
Income tax expense			40,469						20						27						40,516						—						40,516
Net income			$	56,153					$	6,284					$	27,965					$	90,402					$	—					$	90,402
Total assets			$	8,720,156					$	33,946					$	2,338,820					$	11,092,922					$	(1,061,375)					$	10,031,547

Eliminations include interest income and expense for a borrowing by Oriental Overseas, an international banking entity

organized in Puerto Rico pursuant to the Puerto Rico International Banking Center Regulatory Act, as amended,

which operates as a unit within the Bank. It 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 $364.2 million and $465.3 million at June 30, 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 June 30, 2022
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	111,653					$	5					$	11,228					$	122,886					$	(664)					$	122,222
Interest expense			(6,893)						—						(899)						(7,792)						664						(7,128)
Net interest income			104,760						5						10,329						115,094						—						115,094
Provision for credit losses			6,634						—						57						6,691						—						6,691
Non-interest income			27,802						8,408						—						36,210						—						36,210
Non-interest expenses			(79,656)						(4,795)						(807)						(85,258)						—						(85,258)
Intersegment revenue			543						—						—						543						(543)						—
Intersegment expenses			—						(376)						(167)						(543)						543						—
Income before income taxes			46,815						3,242						9,298						59,355						—						59,355
Income tax expense			18,580						—						343						18,923						—						18,923
Net income			$	28,235					$	3,242					$	8,955					$	40,432					$	—					$	40,432
Total assets			$	8,235,814					$	28,240					$	2,997,323					$	11,261,377					$	(1,013,603)					$	10,247,774
			Six-Month Period Ended June 30, 2022
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	219,078					$	10					$	16,958					$	236,046					$	(875)					$	235,171
Interest expense			(13,904)						—						(1,854)						(15,758)						875						(14,883)
Net interest income			205,174						10						15,104						220,288						—						220,288
Provision for (recapture of) credit losses			8,344						—						(102)						8,242						—						8,242
Non-interest income			51,352						16,414						50						67,816						—						67,816
Non-interest expenses			(155,447)						(9,380)						(1,586)						(166,413)						—						(166,413)
Intersegment revenue			1,057						—						—						1,057						(1,057)						—
Intersegment expenses			—						(719)						(338)						(1,057)						1,057						—
Income before income taxes			$	93,792					$	6,325					$	13,332					$	113,449					$	—					$	113,449
Income tax expense			35,062						—						434						35,496						—						35,496
Net income			$	58,730					$	6,325					$	12,898					$	77,953					$	—					$	77,953
Total assets			$	8,235,814					$	28,240					$	2,997,323					$	11,261,377					$	(1,013,603)					$	10,247,774

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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

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