OTHER LONG-TERM BORROWINGS

3 Months Ended

Mar. 31, 2024

OTHER LONG-TERM BORROWINGS [Abstract]

OTHER LONG-TERM BORROWINGS

NOTE 10 – OTHER LONG-TERM BORROWINGS

Junior Subordinated Debentures

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

(In thousands)

March 31, 2024

December 31, 2023

Long-term floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (3)

$

43,143

$

43,143

Long-term floating rate junior subordinated debentures (FBP Statutory Trust II) (2) (3)

118,557

118,557

$

161,700

$

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 March 31, 2024 and December 31, 2023 (

8.34

% as of March 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 March 31, 2024 and December 31, 2023 (

8.09

% as of March 31, 2024 and

8.13

% as of December 31, 2023).

(3)

See Note 7 - "Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets," for additional information on these debentures.