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SEGMENT INFORMATION (Tables)
12 Months Ended
Dec. 31, 2023
SEGMENT INFORMATION [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
Banking
Consumer (Retail)
Banking
Commercial
and Corporate
Banking
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
(In thousands)
Year Ended December
 
31, 2023
Interest income
$
126,625
$
354,970
$
265,395
$
116,382
$
132,490
$
27,624
$
1,023,486
Net (charge) credit for transfer of funds
(47,915)
356,262
(210,737)
(93,405)
(4,205)
-
-
Interest expense
-
(135,796)
-
(36,893)
(48,862)
(4,825)
(226,376)
Net interest income (loss)
78,710
575,436
54,658
(13,916)
79,423
22,799
797,110
Provision for credit losses - (benefit) expense
(7,531)
65,887
(6,189)
20
8,687
66
60,940
Non-interest income
11,400
83,241
21,277
2,038
6,697
8,041
132,694
Direct non-interest expenses
23,469
173,158
39,718
3,799
34,682
27,900
302,726
 
Segment income (loss)
$
74,172
$
419,632
$
42,406
$
(15,697)
$
42,751
$
2,874
$
566,138
Average earnings assets
$
2,143,179
$
3,295,486
$
3,780,195
$
6,186,018
$
2,072,292
$
389,489
$
17,866,659
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
Banking
Consumer (Retail)
Banking
Commercial
and Corporate
Banking
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
(In thousands)
Year Ended December
 
31, 2022
Interest income
$
130,185
$
302,631
$
205,888
$
104,215
$
94,782
$
24,913
$
862,614
Net (charge) credit for transfer of funds
(31,265)
173,917
(96,066)
(43,838)
(2,748)
-
-
Interest expense
-
(33,924)
-
(20,777)
(11,549)
(1,071)
(67,321)
Net interest income
98,920
442,624
109,822
39,600
80,485
23,842
795,293
Provision for credit losses - (benefit) expense
(7,643)
57,123
(20,241)
(434)
(3,073)
1,964
27,696
Non-interest income (loss)
15,950
78,457
18,189
(74)
2,860
7,710
123,092
Direct non-interest expenses
23,049
162,663
37,131
3,702
33,365
27,911
287,821
 
Segment income
$
99,464
$
301,295
$
111,121
$
36,258
$
53,053
$
1,677
$
602,868
Average earnings assets
$
2,233,245
$
2,918,800
$
3,626,107
$
7,300,208
$
2,069,030
$
369,504
$
18,516,894
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
Banking
Consumer (Retail)
Banking
Commercial
and Corporate
Banking
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
(In thousands)
Year ended December
 
31, 2021:
Interest income
$
144,203
$
271,127
$
201,684
$
67,841
$
82,194
$
27,659
$
794,708
Net (charge) credit for transfer of funds
(39,565)
38,859
(9,767)
14,687
(4,214)
-
-
Interest expense
-
(28,283)
-
(23,197)
(12,013)
(1,286)
(64,779)
Net interest income
104,638
281,703
191,917
59,331
65,967
26,373
729,929
Provision for credit losses - (benefit) expense
(16,030)
20,322
(67,544)
(136)
(975)
(1,335)
(65,698)
Non-interest income
24,278
69,774
16,032
227
3,963
6,890
121,164
Direct non-interest expenses
29,125
165,357
36,219
4,093
33,902
28,084
296,780
 
Segment income
$
115,821
$
165,798
$
239,274
$
55,601
$
37,003
$
6,514
$
620,011
Average earnings assets
$
2,506,365
$
2,551,278
$
3,793,945
$
7,827,326
$
2,126,528
$
430,499
$
19,235,941
Reconciliation of the Reportable Segment Financial Information [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents a reconciliation of the reportable segment financial information to the consolidated totals for the indicated periods:
Year Ended
 
December 31,
2023
2022
2021
(In thousands)
Net income:
 
Total income for segments
 
$
566,138
$
602,868
$
620,011
Other operating expenses
 
(1)
168,702
155,284
192,194
Income before income taxes
397,436
447,584
427,817
Income tax expense
94,572
142,512
146,792
 
Total consolidated net income
$
302,864
$
305,072
$
281,025
Average assets:
Total average earning assets for segments
 
$
17,866,659
$
18,516,894
$
19,235,941
Average non-earning assets
 
839,764
861,755
1,067,092
 
Total consolidated average assets
$
18,706,423
$
19,378,649
$
20,303,033
(1)
Expenses pertaining to corporate administrative functions that support
 
the operating segment, but are not specifically attributable to
 
or managed by any segment, are not included in the
reported financial results of the operating segments. The
 
unallocated corporate expenses include certain general and administrative
 
expenses and related depreciation and amortization
expenses.
Schedule of revenues and selected balance sheet data by geography [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents revenues (interest income plus non-interest income) and selected balance sheet data by geography based on the
location in which the transaction was originated as of the indicated dates:
2023
2022
2021
(In thousands)
Revenues:
 
Puerto Rico
$
981,328
$
855,441
$
795,166
 
United States
139,187
97,642
86,157
 
Virgin Islands
35,665
32,623
34,549
 
Total consolidated revenues
$
1,156,180
$
985,706
$
915,872
Selected Balance Sheet Information:
Total assets:
 
Puerto Rico
$
16,308,000
$
16,020,987
$
18,175,910
 
United States
2,141,427
2,213,333
2,189,440
 
Virgin Islands
460,122
400,164
419,925
Loans:
 
Puerto Rico
$
9,745,872
$
9,097,013
$
8,755,434
 
United States
2,022,261
2,088,351
1,948,716
 
Virgin Islands
424,718
379,767
391,663
Deposits:
 
Puerto Rico
(1)
$
13,429,303
$
12,933,570
$
14,113,874
 
United States
(2)
1,631,402
1,623,725
1,928,749
 
Virgin Islands
1,495,280
1,586,172
1,742,271
(1)
For 2023, 2022, and 2021, includes $
420.2
 
million, $
1.4
 
million, and $
34.2
 
million, respectively, of brokered CDs
 
allocated to Puerto Rico operations.
(2)
For 2023, 2022, and 2021 includes $
363.1
 
million, $
104.4
 
million, and $
66.2
 
million, respectively, of brokered CDs
 
allocated to United States operations.