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v3.23.3

BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 nine-month periods ended September 30, 2023 and 2022:
| Quarter Ended September 30, 2023
| Banking |  | Wealth Management |  | Treasury |  | Total Major Segments |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 145,667 |  |  | $ | 8 |  |  | $ | 23,905 |  |  | $ | 169,580 |  |  | $ | (3,872) |  |  | $ | 165,708 |
Interest expense | (20,662) |  |  | — |  |  | (7,131) |  |  | (27,793) |  |  | 3,872 |  |  | (23,921) |
Net interest income | 125,005 |  |  | 8 |  |  | 16,774 |  |  | 141,787 |  |  | — |  |  | 141,787 |
Provision for credit losses | 16,371 |  |  | — |  |  | 59 |  |  | 16,430 |  |  | — |  |  | 16,430 |
Non-interest income | 23,211 |  |  | 7,487 |  |  | 1 |  |  | 30,699 |  |  | — |  |  | 30,699 |
Non-interest expenses | (85,536) |  |  | (3,778) |  |  | (844) |  |  | (90,158) |  |  | — |  |  | (90,158) |
Intersegment revenue | 487 |  |  | — |  |  | — |  |  | 487 |  |  | (487) |  |  | — |
Intersegment expenses | — |  |  | (337) |  |  | (150) |  |  | (487) |  |  | 487 |  |  | — |
Income before income taxes | 46,796 |  |  | 3,380 |  |  | 15,722 |  |  | 65,898 |  |  | — |  |  | 65,898 |
Income tax expense (benefit) | 20,994 |  |  | (4) |  |  | 35 |  |  | 21,025 |  |  | — |  |  | 21,025 |
Net income | $ | 25,802 |  |  | $ | 3,384 |  |  | $ | 15,687 |  |  | $ | 44,873 |  |  | $ | — |  |  | $ | 44,873 |
Total assets | $ | 8,742,283 |  |  | $ | 34,380 |  |  | $ | 2,523,536 |  |  | $ | 11,300,199 |  |  | $ | (1,043,061) |  |  | $ | 10,257,138 |
| Nine-Month Period Ended September 30, 2023
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 418,091 |  |  | $ | 19 |  |  | $ | 67,872 |  |  | $ | 485,982 |  |  | $ | (13,301) |  |  | $ | 472,681 |
Interest expense | (48,867) |  |  | — |  |  | (19,787) |  |  | (68,654) |  |  | 13,301 |  |  | (55,353) |
Net interest income | 369,224 |  |  | 19 |  |  | 48,085 |  |  | 417,328 |  |  | — |  |  | 417,328 |
Provision for credit losses | 40,828 |  |  | — |  |  | 91 |  |  | 40,919 |  |  | — |  |  | 40,919 |
Non-interest income | 68,190 |  |  | 22,631 |  |  | (1,148) |  |  | 89,673 |  |  | — |  |  | 89,673 |
Non-interest expenses | (254,777) |  |  | (11,871) |  |  | (2,618) |  |  | (269,266) |  |  | — |  |  | (269,266) |
Intersegment revenue | 1,610 |  |  | — |  |  | — |  |  | 1,610 |  |  | (1,610) |  |  | — |
Intersegment expenses | — |  |  | (1,096) |  |  | (514) |  |  | (1,610) |  |  | 1,610 |  |  | — |
Income before income taxes | $ | 143,419 |  |  | $ | 9,683 |  |  | $ | 43,714 |  |  | $ | 196,816 |  |  | $ | — |  |  | $ | 196,816 |
Income tax expense | 61,463 |  |  | 16 |  |  | 62 |  |  | 61,541 |  |  | — |  |  | 61,541 |
Net income | $ | 81,956 |  |  | $ | 9,667 |  |  | $ | 43,652 |  |  | $ | 135,275 |  |  | $ | — |  |  | $ | 135,275 |
Total assets | $ | 8,742,283 |  |  | $ | 34,380 |  |  | $ | 2,523,536 |  |  | $ | 11,300,199 |  |  | $ | (1,043,061) |  |  | $ | 10,257,138 |
Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, an international banking entity organized pursuant to the Puerto Rico International Banking Center Regulatory Act, as amended, which operates as a unit within the Bank. The time deposit with a balance of $308.9 million and $467.0 million at September 30, 2023 and 2022, respectively, is included in the Treasury Segment with its corresponding interest expense, to fund Oriental Overseas operations, which is included in the Banking Segment with its corresponding interest income, and are 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 balance.
| Quarter Ended September 30, 2022
| Banking |  | Wealth Management |  | Treasury |  | Total Major Segments |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 117,939 |  |  | $ | 6 |  |  | $ | 18,829 |  |  | $ | 136,774 |  |  | $ | (2,099) |  |  | $ | 134,675 |
Interest expense | (7,891) |  |  | — |  |  | (2,373) |  |  | (10,264) |  |  | 2,099 |  |  | (8,165) |
Net interest income | 110,048 |  |  | 6 |  |  | 16,456 |  |  | 126,510 |  |  | — |  |  | 126,510 |
Provision for credit losses | 7,059 |  |  | — |  |  | 61 |  |  | 7,120 |  |  | — |  |  | 7,120 |
Non-interest income | 22,310 |  |  | 8,310 |  |  | — |  |  | 30,620 |  |  | — |  |  | 30,620 |
Non-interest expenses | (82,026) |  |  | (4,635) |  |  | (831) |  |  | (87,492) |  |  | — |  |  | (87,492) |
Intersegment revenue | 588 |  |  | — |  |  | — |  |  | 588 |  |  | (588) |  |  | — |
Intersegment expenses | — |  |  | (412) |  |  | (176) |  |  | (588) |  |  | 588 |  |  | — |
Income before income taxes | 43,861 |  |  | 3,269 |  |  | 15,388 |  |  | 62,518 |  |  | — |  |  | 62,518 |
Income tax expense | 20,589 |  |  | 1 |  |  | 9 |  |  | 20,599 |  |  | — |  |  | 20,599 |
Net income | $ | 23,272 |  |  | $ | 3,268 |  |  | $ | 15,379 |  |  | $ | 41,919 |  |  | $ | — |  |  | $ | 41,919 |
Total assets | $ | 8,179,384 |  |  | $ | 27,839 |  |  | $ | 2,823,826 |  |  | $ | 11,031,049 |  |  | $ | (972,870) |  |  | $ | 10,058,179 |
| Nine-Month Period Ended September 30, 2022
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 337,017 |  |  | $ | 16 |  |  | $ | 35,787 |  |  | $ | 372,820 |  |  | $ | (2,974) |  |  | $ | 369,846 |
Interest expense | (21,796) |  |  | — |  |  | (4,226) |  |  | (26,022) |  |  | 2,974 |  |  | (23,048) |
Net interest income | 315,221 |  |  | 16 |  |  | 31,561 |  |  | 346,798 |  |  | — |  |  | 346,798 |
Provision for (recapture of) credit losses | 15,403 |  |  | — |  |  | (41) |  |  | 15,362 |  |  | — |  |  | 15,362 |
Non-interest income | 73,662 |  |  | 24,724 |  |  | 50 |  |  | 98,436 |  |  | — |  |  | 98,436 |
Non-interest expenses | (237,477) |  |  | (14,015) |  |  | (2,413) |  |  | (253,905) |  |  | — |  |  | (253,905) |
Intersegment revenue | 1,645 |  |  | — |  |  | — |  |  | 1,645 |  |  | (1,645) |  |  | — |
Intersegment expenses | — |  |  | (1,131) |  |  | (514) |  |  | (1,645) |  |  | 1,645 |  |  | — |
Income before income taxes | $ | 137,648 |  |  | $ | 9,594 |  |  | $ | 28,725 |  |  | $ | 175,967 |  |  | $ | — |  |  | $ | 175,967 |
Income tax expense | 56,067 |  |  | 1 |  |  | 27 |  |  | 56,095 |  |  | — |  |  | 56,095 |
Net income | $ | 81,581 |  |  | $ | 9,593 |  |  | $ | 28,698 |  |  | $ | 119,872 |  |  | $ | — |  |  | $ | 119,872 |
Total assets | $ | 8,179,384 |  |  | $ | 27,839 |  |  | $ | 2,823,826 |  |  | $ | 11,031,049 |  |  | $ | (972,870) |  |  | $ | 10,058,179 |

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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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