BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023:


	Quarter Ended March 31, 2024
	Banking		Wealth Management		Treasury		Total Major Segments		Eliminations		Consolidated Total
	(In thousands)
Interest income	$	150,995	$	9	$	33,497	$	184,501	$	(1,075)	$	183,426
Interest expense	(35,849)		—		(4,550)		(40,399)		1,075		(39,324)
Net interest income	115,146		9		28,947		144,102		—		144,102
Provision for (recapture of) credit losses	15,225		—		(104)		15,121		—		15,121
Non-interest income	23,065		7,375		(92)		30,348		—		30,348
Non-interest expenses	(85,990)		(4,522)		(900)		(91,412)		—		(91,412)
Intersegment revenue	424		—		—		424		(424)		—
Intersegment expenses	—		(267)		(157)		(424)		424		—
Income before income taxes	37,420		2,595		27,902		67,917		—		$	67,917
Income tax expense	18,166		13		46		18,225		—		18,225
Net income	$	19,254	$	2,582	$	27,856	$	49,692	$	—	$	49,692
Total assets	$	9,132,772	$	32,597	$	3,144,241	$	12,309,610	$	(1,150,375)	$	11,159,235

Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, an international banking entity organized and licensed under Puerto Rico law, which operates as a unit within the Bank. The time deposit with a balance of $301.4 million and $414.6 million at March 31, 2024 and 2023, 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 decrease in interest income and interest expense from the prior year was mainly as a result of lower interest rate and average balance.


	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