OTHER BORROWINGS

3 Months Ended

Mar. 31, 2023

OTHER BORROWINGS [Abstract]

OTHER BORROWINGS

NOTE 11 – OTHER LONG-TERM BORROWINGS

Junior Subordinated Debentures

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

March 31, 

December 31,

(In thousands)

2023

2022

Floating rate junior subordinated debentures (FBP Statutory Trust I)

(1)

(3)

(4)

$

65,205

$

65,205

Floating rate junior subordinated debentures (FBP Statutory Trust II)

(2) (3)

(4)

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

 (

7.66

% as of March 31, 2023 and

7.49

% as of

December 31, 2022).

(2)

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

2.50

% over

3-month LIBOR

 (

7.46

% as of March 31, 2023 and

7.25

% as of

December 31, 2022).

(3)

Following the provisions of the LIBOR Act and Regulation ZZ, the LIBOR reference on these contracts will automatically transition by operation of law to three-month CME Term

SOFR, plus a spread adjustment of 0.26161% on the first reset date after USD LIBOR ceases publication in June 2023.

(4)

See Note 7 - Non-Consolidated Variable Interest Entities ("VIEs") and Servicing Assets, for additional information on the nature and terms of these debentures.