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BUSINESS SEGMENTS (Tables)

9 Months Ended

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
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-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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