BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information

Following are the results of operations and the selected financial information by operating segment for 2023, 2022 and 2021:



















	Year Ended December 31, 2023
	Banking		Wealth Management		Treasury		Total		Eliminations		Consolidated Total
	(In thousands)
Interest income	$	567,809	$	28	$	95,477	$	663,314	$	(14,434)	$	648,880
Interest expense	(73,480)		—		(28,964)		(102,444)		14,434		(88,010)
Net interest income	494,329		28		66,513		560,870		—		560,870
Provision for credit losses	60,255		—		383		60,638		—		60,638
Non-interest income, net	97,099		32,433		(1,151)		128,381		—		128,381
Non-interest expenses	(344,488)		(15,427)		(3,450)		(363,365)		—		(363,365)
Intersegment revenue	1,641		—		—		1,641		(1,641)		—
Intersegment expenses	—		(1,011)		(630)		(1,641)		1,641		—
Income before income taxes	$	188,326	$	16,023	$	60,899	$	265,248	$	—	$	265,248
Income tax expense	83,242		34		100		83,376		—		83,376
Net income	$	105,084	$	15,989	$	60,799	$	181,872	$	—	$	181,872
Total assets	$	9,154,201	$	38,261	$	3,304,204	$	12,496,666	$	(1,152,213)	$	11,344,453

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 $300.3 million and $470.2 million at December 31, 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 was mainly as a result of the FRB federal funds rate increases and higher average balance.


















	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, net	$	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


	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, net	$	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