OTHER BORROWINGS

12 Months Ended

Dec. 31, 2022

OTHER BORROWINGS [Abstract]

OTHER BORROWINGS [Text Block]

NOTE 14 – OTHER BORROWINGS

Junior Subordinated Debentures

Junior subordinated debentures, as of the indicated dates, consisted of:

December 31, 

December 31,

(In thousands)

2022

2021

Floating rate junior subordinated debentures (FBP Statutory Trust I)

(1) (3)

$

65,205

$

65,205

Floating rate junior subordinated debentures (FBP Statutory Trust II)

(2)(3)

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

 (

7.49

% as of December 31, 2022 and

2.97

%

as of December 31, 2021).

(2)

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

2.50

% over

3-month LIBOR

 (

7.25

% as of December 31, 2022 and

2.71

%

as of December 31, 2021).

(3)

See Note 10 - Non-Consolidated Variable Interest Entities and Servicing Assets for additional information on the nature and terms of these debentures.

Loans Payable

The Corporation participates in the BIC Program of the FED. Through the BIC Program, a broad range of loans (including

commercial, consumer, and residential mortgages) may be pledged as collateral for borrowings through the FED Discount Window.

As of December 31, 2022, pledged collateral that is related to this credit facility amounted to $

2.2

 billion, mainly commercial,

consumer, and residential mortgage loans, which after a margin “haircut” to discount the value of collateral pledged, represents

approximately $

1.3

 billion of credit availability under this program. The FED Discount Window program provides the opportunity to

access a low-rate short-term source of funding in a high volatility market environment. There were

no

 outstanding borrowings under

the FED Discount Window as of December 31, 2022 and 2021.