OTHER LONG-TERM BORROWINGS

9 Months Ended

Sep. 30, 2023

OTHER LONG-TERM BORROWINGS [Abstract]

OTHER LONG-TERM BORROWINGS

NOTE 11 – OTHER LONG-TERM BORROWINGS

Junior Subordinated Debentures

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

(In thousands)

September 30, 2023

December 31, 2022

Floating rate junior subordinated debentures (FBP Statutory Trust I)

(1)

(3)

$

43,143

$

65,205

Floating rate junior subordinated debentures (FBP Statutory Trust II)

(2) (3)

118,557

118,557

$

161,700

$

183,762

(1)

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

2.75

% over

3-month CME Term SOFR

 plus a

0.26161

% tenor spread

adjustment as of September 30, 2023 and

2.75

% over

3-month LIBOR

 as of December 31, 2022 (

8.42

% as of September 30,2023 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 CME Term SOFR

 plus a

0.26161

% tenor spread

adjustment as of September 30, 2023 and

2.50

% over

3-month LIBOR

 as of December 31, 2022 (

8.16

% as of September 30, 2023 and

7.25

% as of December 31, 2022).

(3)

See Note 7 - Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets, for additional information on these debentures.