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.