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BUSINESS SEGMENTS (Tables)

6 Months Ended

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

X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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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- References

No definition available.

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