OTHER BORROWINGS

12 Months Ended

Dec. 31, 2023

OTHER BORROWINGS [Abstract]

OTHER BORROWINGS

NOTE 14 – OTHER BORROWINGS

Junior Subordinated Debentures

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

(In thousands)

December 31, 2023

December 31, 2022

Long-term floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (3)

$

43,143

$

65,205

Long-term 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 December 31, 2023 and

2.75

% over

3-month LIBOR

 as of December 31, 2022 (

8.39

% as of December 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 CME Term SOFR

 plus a

0.26161

% tenor spread

adjustment as of December 31, 2023 and

2.50

% over

3-month LIBOR

 as of December 31, 2022 (

8.13

% as of December 31, 2023 and

7.25

% as of December 31, 2022).

(3)

See Note 10 - "Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets," for additional information on these debentures.

Loans Payable

The Corporation participates in the Borrower-in-Custody Program (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, 2023, pledged collateral that is related to this credit facility amounted to $

1.5

billion, net of haircut, mainly commercial, consumer, and residential mortgage loans, which is fully available for funding. The FED

Discount Window program provides the opportunity to access a low-rate short-term source of funding in a high volatility market

environment.

In addition, the Corporation participates in the FED’s Bank Term

Funding Program (“BTFP”), which provides an additional short-

term source of funding until March 11, 2024. Through the BTFP, eligible collateral such as U.S. Treasuries, U.S. agency securities,

and U.S. agency MBS, may be pledged as collateral and valued at its par value. As of December 31, 2023, pledged collateral that is

related to this credit facility amounted to $

2.1

 million, which is fully available for funding.