INTEREST AND DIVIDEND ON INVESTMENTS

12 Months Ended

Dec. 31, 2020

Investment Income, Interest and Dividend [Abstract]

Interest and Dividend on Investments [Text Block]

The following provides information about interest on investments, interest-bearing cash accounts, and FHLB dividend income:

		Year Ended December 31,
		2020		2019		2018
(In thousands)
MBS:
Taxable	$	9,404	$	7,812	$	8,688
Exempt (1)		30,877		29,232		27,741
		40,281		37,044		36,429
Puerto Rico government obligations, U.S. Treasury securities, and U.S.
government agencies:
Taxable		1,032		165		470
Exempt (1)		15,235		19,623		20,582
		16,267		19,788		21,052
Other investment securities (including FHLB dividends)
Taxable		1,999		2,714		2,743
Total interest income on investment securities		58,547		59,546		60,224
Interest on money market investments and interest-bearing cash accounts:
Taxable		3,386		13,205		10,863
Exempt		2		148		233
Total interest income on money market investments and interest-bearing cash accounts		3,388		13,353		11,096
Total interest and dividend income on investment securities, money market
investments, and interest-bearing cash accounts	$	61,935	$	72,899	$	71,320

(1)Primarily MBS and government obligations held by International Banking Entities (as defined in the International Baking Entity Act of Puerto Rico), whose interest income and sales are exempt from Puerto Rico income taxation under that act.

The following table summarizes the components of interest and dividend income on investments:
		Year Ended December 31,
		2020	2019		2018
(In thousands)
Interest income on investment securities, money
market investments, and interest-bearing cash accounts	$	59,976	$	70,217	$	68,592
Dividends on FHLB stock		1,959		2,682		2,728
Total interest income and dividends on investments	$	61,935	$	72,899	$	71,320