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REVENUE FROM CONTRACTS WITH CUSTOMERS
3 Months Ended
Mar. 31, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 18 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue Recognition
 
In accordance with
 
ASC Topic
 
606, “Revenue from
 
Contracts with Customers” (“ASC
 
Topic
 
606”), revenues are
 
recognized when
control
 
of
 
promised
 
goods
 
or
 
services
 
is
 
transferred
 
to
 
customers
 
and
 
in
 
an
 
amount
 
that
 
reflects
 
the
 
consideration
 
to
 
which
 
the
Corporation expects to be
 
entitled in exchange for those
 
goods or services. At contract
 
inception, once the contract is
 
determined to be
within the
 
scope of
 
ASC Topic
 
606, the
 
Corporation assesses
 
the goods
 
or services
 
that are
 
promised within
 
each contract,
 
identifies
the
 
respective
 
performance
 
obligations,
 
and
 
assesses
 
whether
 
each
 
promised
 
good
 
or
 
service
 
is
 
distinct.
 
The
 
Corporation
 
then
recognizes
 
as revenue
 
the amount
 
of the
 
transaction price
 
that is
 
allocated to
 
the respective
 
performance obligation
 
when (or
 
as) the
performance obligation is satisfied.
Disaggregation of Revenue
 
The
 
following
 
tables
 
summarize
 
the
 
Corporation’s
 
revenue,
 
which
 
includes
 
net
 
interest
 
income
 
on
 
financial
 
instruments
 
that
 
is
outside
 
of
 
ASC
 
Topic
 
606
 
and
 
non-interest
 
income,
 
disaggregated
 
by
 
type
 
of
 
service
 
and
 
business
 
segment
 
for
 
the
 
quarters
 
ended
March 31, 2024 and 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31,2024
Mortgage
Banking
Consumer
(Retail)
Banking
Commercial
and Corporate
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
(In thousands)
Net interest income (loss)
(1)
$
15,823
$
148,947
$
14,928
$
(6,532)
$
18,248
$
5,106
$
196,520
Service charges and fees on deposit accounts
-
5,281
3,492
-
148
741
9,662
Insurance commissions
-
5,234
-
-
56
217
5,507
Card and processing income
-
10,238
24
-
78
972
11,312
Other service charges and fees
58
1,043
876
-
621
141
2,739
Not in scope of ASC Topic
 
606
 
(1)
2,961
1,610
109
83
(2)
2
4,763
 
Total non-interest income
3,019
23,406
4,501
83
901
2,073
33,983
Total Revenue (Loss)
$
18,842
$
172,353
$
19,429
$
(6,449)
$
19,149
$
7,179
$
230,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31,2023
Mortgage
Banking
Consumer
(Retail)
Banking
Commercial
and Corporate
Treasury and
Investments
United States
Operations
Virgin Islands
Operations
Total
(In thousands)
Net interest income (loss)
(1)
$
21,788
$
137,744
$
14,940
$
(658)
$
20,930
$
6,141
$
200,885
Service charges and fees on deposit accounts
-
5,486
3,154
-
165
736
9,541
Insurance commissions
-
4,640
-
-
28
179
4,847
Card and processing income
-
9,901
22
-
31
964
10,918
Other service charges and fees
161
1,152
854
-
583
344
3,094
Not in scope of ASC Topic
 
606
(1)
2,913
855
145
160
40
5
4,118
Total non-interest
 
income
3,074
22,034
4,175
160
847
2,228
32,518
Total Revenue (Loss)
$
24,862
$
159,778
$
19,115
$
(498)
$
21,777
$
8,369
$
233,403
(1)
Most of
 
the Corporation’s
 
revenue is
 
not within
 
the scope
 
of ASC
 
Topic
 
606. The
 
guidance explicitly
 
excludes net
 
interest income
 
from financial
 
assets and
liabilities, as well as other non-interest income from loans,
 
leases, investment securities and derivative financial instruments.
For
 
the
 
quarters
 
ended
 
March
 
31,
 
2024
 
and
 
2023,
 
most
 
of
 
the
 
Corporation’s
 
revenue
 
within
 
the
 
scope
 
of
 
ASC
 
Topic
 
606
 
was
related to performance obligations satisfied at a point in time.
See
 
Note
 
26
 
 
“Revenue
 
from
 
Contracts
 
with
 
Customers,”
 
to
 
the
 
audited
 
consolidated
 
financial
 
statements
 
included
 
in
 
the
 
2023
Annual Report on Form 10-K for a discussion of major revenue streams under
 
the scope of ASC Topic 606.
Contract Balances
As of
 
March 31,
 
2024 and
 
December 31,
 
2023, there
 
were
no
 
contract assets
 
recorded on
 
the Corporation’s
 
consolidated financial
statements. Moreover, the balances of contract
 
liabilities as of such dates were not significant.
Other
 
The Corporation
 
also did
 
not have
 
any material contract
 
acquisition costs
 
and did
 
not make
 
any significant
 
judgments or
 
estimates
in recognizing revenue for financial reporting purposes.