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SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block]

The following table presents information about the reportable segments for the quarters ended March 31, 2022 and 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Mortgage Banking

 

Consumer (Retail) Banking

 

Commercial and Corporate Banking

 

Treasury and Investments

 

United States Operations

 

Virgin Islands Operations

 

Total

For the quarter ended March 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

33,071

 

$

70,437

 

$

47,027

 

$

22,184

 

$

18,857

 

$

6,278

 

$

197,854

Net (charge) credit for transfer of funds

 

(7,292)

 

 

24,282

 

 

(6,612)

 

 

(9,949)

 

 

(429)

 

 

-

 

 

-

Interest expense

 

-

 

 

(5,173)

 

 

-

 

 

(4,826)

 

 

(1,946)

 

 

(285)

 

 

(12,230)

Net interest income

 

25,779

 

 

89,546

 

 

40,415

 

 

7,409

 

 

16,482

 

 

5,993

 

 

185,624

Provision for credit losses - (benefit) expense

 

(3,703)

 

 

11,144

 

 

(16,622)

 

 

(388)

 

 

(3,547)

 

 

(686)

 

 

(13,802)

Non-interest income

 

5,252

 

 

20,463

 

 

4,554

 

 

(112)

 

 

744

 

 

1,957

 

 

32,858

Direct non-interest expenses

 

6,906

 

 

39,271

 

 

8,859

 

 

885

 

 

8,479

 

 

6,973

 

 

71,373

Segment income

$

27,828

 

$

59,594

 

$

52,732

 

$

6,800

 

$

12,294

 

$

1,663

 

$

160,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average earning assets

$

2,293,648

 

$

2,759,482

 

$

3,664,104

 

$

8,145,949

 

$

2,065,638

 

$

378,169

 

$

19,306,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Mortgage Banking

 

Consumer (Retail) Banking

 

Commercial and Corporate Banking

 

Treasury and Investments

 

United States Operations

 

Virgin Islands Operations

 

Total

For the quarter ended March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

37,060

 

$

65,733

 

$

51,458

 

$

12,762

 

$

20,332

 

$

7,297

 

$

194,642

Net (charge) credit for transfer of funds

 

(11,820)

 

 

1,055

 

 

(2,477)

 

 

14,934

 

 

(1,692)

 

 

-

 

 

-

Interest expense

 

-

 

 

(8,305)

 

 

-

 

 

(6,113)

 

 

(3,617)

 

 

(342)

 

 

(18,377)

Net interest income

 

25,240

 

 

58,483

 

 

48,981

 

 

21,583

 

 

15,023

 

 

6,955

 

 

176,265

Provision for credit losses expense

 

(786)

 

 

3,962

 

 

(17,179)

 

 

(127)

 

 

(237)

 

 

(885)

 

 

(15,252)

Non-interest income

 

7,116

 

 

17,243

 

 

3,897

 

 

56

 

 

975

 

 

1,669

 

 

30,956

Direct non-interest expenses

 

7,997

 

 

41,091

 

 

11,538

 

 

1,234

 

 

8,294

 

 

7,405

 

 

77,559

Segment (loss) income

$

25,145

 

$

30,673

 

$

58,519

 

$

20,532

 

$

7,941

 

$

2,104

 

$

144,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average earning assets

$

2,658,887

 

$

2,442,174

 

$

4,029,377

 

$

6,259,344

 

$

2,078,660

 

$

449,532

 

$

17,917,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

Quarter Ended

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

(In thousands)

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income for segments

$

160,911

 

$

144,914

 

 

 

 

 

Other operating expenses (1)

 

35,286

 

 

55,742

 

 

 

 

 

Income before income taxes

 

125,625

 

 

89,172

 

 

 

 

 

Income tax expense

 

43,025

 

 

28,022

 

 

 

 

 

Total consolidated net income

$

82,600

 

$

61,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total average earning assets for segments

$

19,306,990

 

$

17,917,974

 

 

 

 

 

Average non-earning assets

 

947,011

 

 

1,168,336

 

 

 

 

 

Total consolidated average assets

$

20,254,001

 

$

19,086,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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