BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

BORROWINGS [Abstract]

Summary of Advances from FHLB [Table Text Block]

The following is a summary of the advances from the FHLB as of the indicated dates:

December 31, 2024

December 31, 2023

(In thousands)

Long-term

Fixed

-rate advances from the FHLB

(1)

$

500,000

$

500,000

(1)

Weighted-average interest rate of

4.45

% as of each of December 31, 2024 and 2023, respectively.

Advances from the FHLB mature as follows as of the indicated date:

December 31, 2024

(In thousands)

Three months or less

$

180,000

Over six months to one year

30,000

Over one year to two years

90,000

Over two years to three years

200,000

 Total

(1)

$

500,000

(1) Average remaining term to maturity of

1.48

 years.

Components of Junior Subordinated Debentures [Table Text Block]

(In thousands)

December 31, 2024

December 31, 2023

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

(1)

$

43,143

$

43,143

Long-term floating rate junior subordinated debentures (FBP Statutory Trust II)

(2)

18,557

118,557

$

61,700

$

161,700

(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, 2024 and 2023 (

7.36

% as of December 31, 2024 and

8.39

% as of December 31, 2023).

(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, 2024 and 2023 (

7.12

% as of December 31, 2024 and

8.13

% as of December 31, 2023).