OTHER BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2021

Subordinated Borrowings [Abstract]

Components of Other Borrowings [Table Text Block]

Other borrowings, as of the indicated dates, consisted of:

December 31, 

December 31,

(In thousands)

2021

2020

Floating rate junior subordinated debentures (FBP Statutory Trust I) (1)

$

65,205

$

65,205

Floating rate junior subordinated debentures (FBP Statutory Trust II) (2)

118,557

118,557

$

183,762

$

183,762

(1)

Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of

2.75

% over 3-month LIBOR (

2.97

% as of December 31, 2021 and

2.98

% as of December 31, 2020).

(2)

Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of

2.50

% over 3-month LIBOR (

2.71

% as of December 31, 2021 and

2.74

% as of December 31, 2020).