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BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023:
| Quarter Ended June 30, 2024
| Banking |  | Wealth Management |  | Treasury |  | Total Major Segments |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 155,681 |  |  | $ | 4 |  |  | $ | 32,929 |  |  | $ | 188,614 |  |  | $ | (956) |  |  | $ | 187,658 |
Interest expense | (37,654) |  |  | — |  |  | (3,635) |  |  | (41,289) |  |  | 956 |  |  | (40,333) |
Net interest income | 118,027 |  |  | 4 |  |  | 29,294 |  |  | 147,325 |  |  | — |  |  | 147,325 |
Provision for (recapture of) credit losses | 15,589 |  |  | — |  |  | (8) |  |  | 15,581 |  |  | — |  |  | 15,581 |
Non-interest income | 24,723 |  |  | 7,654 |  |  | 99 |  |  | 32,476 |  |  | — |  |  | 32,476 |
Non-interest expenses | (87,506) |  |  | (4,623) |  |  | (831) |  |  | (92,960) |  |  | — |  |  | (92,960) |
Intersegment revenue | 415 |  |  | — |  |  | — |  |  | 415 |  |  | (415) |  |  | — |
Intersegment expenses | — |  |  | (243) |  |  | (172) |  |  | (415) |  |  | 415 |  |  | — |
Income before income taxes | 40,070 |  |  | 2,792 |  |  | 28,398 |  |  | 71,260 |  |  | — |  |  | $ | 71,260 |
Income tax expense | 20,096 |  |  | (5) |  |  | 38 |  |  | 20,129 |  |  | — |  |  | 20,129 |
Net income | $ | 19,974 |  |  | $ | 2,797 |  |  | $ | 28,360 |  |  | $ | 51,131 |  |  | $ | — |  |  | $ | 51,131 |
Total assets | $ | 9,360,801 |  |  | $ | 36,217 |  |  | $ | 3,055,720 |  |  | $ | 12,452,738 |  |  | $ | (1,193,653) |  |  | $ | 11,259,085 |
| Six-Month Period Ended June 30, 2024
| Banking |  | Wealth Management |  | Treasury |  | Total |  | Eliminations |  | Consolidated Total
| (In thousands)
Interest income | $ | 306,676 |  |  | $ | 13 |  |  | $ | 66,426 |  |  | $ | 373,115 |  |  | $ | (2,031) |  |  | $ | 371,084 |
Interest expense | (73,503) |  |  | — |  |  | (8,185) |  |  | (81,688) |  |  | 2,031 |  |  | (79,657) |
Net interest income | 233,173 |  |  | 13 |  |  | 58,241 |  |  | 291,427 |  |  | — |  |  | 291,427 |
Provision for (recapture of) credit losses | 30,814 |  |  | — |  |  | (112) |  |  | 30,702 |  |  | — |  |  | 30,702 |
Non-interest income, net | 47,788 |  |  | 15,029 |  |  | 7 |  |  | 62,824 |  |  | — |  |  | 62,824 |
Non-interest expenses | (173,496) |  |  | (9,145) |  |  | (1,731) |  |  | (184,372) |  |  | — |  |  | (184,372) |
Intersegment revenue | 839 |  |  | — |  |  | — |  |  | 839 |  |  | (839) |  |  | — |
Intersegment expenses | — |  |  | (510) |  |  | (329) |  |  | (839) |  |  | 839 |  |  | — |
Income before income taxes | $ | 77,490 |  |  | $ | 5,387 |  |  | $ | 56,300 |  |  | $ | 139,177 |  |  | $ | — |  |  | $ | 139,177 |
Income tax expense | 38,262 |  |  | 8 |  |  | 84 |  |  | 38,354 |  |  | — |  |  | 38,354 |
Net income | $ | 39,228 |  |  | $ | 5,379 |  |  | $ | 56,216 |  |  | $ | 100,823 |  |  | $ | — |  |  | $ | 100,823 |
Total assets | $ | 9,360,801 |  |  | $ | 36,217 |  |  | $ | 3,055,720 |  |  | $ | 12,452,738 |  |  | $ | (1,193,653) |  |  | $ | 11,259,085 |
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 $302.4 million and $364.2 million at June 30, 2024 and 2023, respectively, to fund Oriental Overseas operations is included in the Treasury Segment with its corresponding interest expense, and the related interest income is included in the Banking Segment, 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 period was mainly as a result of lower interest rate and average balance.
| 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 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, net | $ | 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 |

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