OTHER BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER BORROWINGS [Abstract]

Components of Other Borrowings [Table Text Block]

Junior subordinated debentures, as of the indicated dates, consisted of:

December 31, 

December 31,

(In thousands)

2022

2021

Floating rate junior subordinated debentures (FBP Statutory Trust I)

(1) (3)

$

65,205

$

65,205

Floating rate junior subordinated debentures (FBP Statutory Trust II)

(2)(3)

118,557

118,557

$

183,762

$

183,762

(1)

Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of

2.75

% over

3-month LIBOR

 (

7.49

% as of December 31, 2022 and

2.97

%

as of December 31, 2021).

(2)

Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of

2.50

% over

3-month LIBOR

 (

7.25

% as of December 31, 2022 and

2.71

%

as of December 31, 2021).

(3)

See Note 10 - Non-Consolidated Variable Interest Entities and Servicing Assets for additional information on the nature and terms of these debentures.