v3.26.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2026
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 12 – EMPLOYEE BENEFIT PLANS
The Corporation
maintains two frozen
qualified noncontributory
defined benefit pension
plans (the “Pension
Plans”), and
a related
complementary
post-retirement
benefit
plan
(the
“Postretirement
Benefit
Plan”)
covering
medical
benefits
and
life
insurance
after
retirement
that
it
obtained
in
the
Banco
Santander
Puerto
Rico
(“BSPR”)
acquisition
on
September
1,
2020.
One
defined
benefit
pension
plan covers
substantially all
of BSPR’s
former
employees who
were active
before January
1, 2007,
while
the other
defined
benefit pension plan covers personnel of an institution previously acquired
by BSPR. Benefits are based on salary and years of service.
The accrual of benefits under the Pension Plans is frozen to all participants.
The following table presents the components of net periodic benefit for
the indicated periods:
Affected Line Item
in the Consolidated
Quarter Ended March 31,
Statements of Income
2026
2025
(In thousands)
Net periodic benefit, pension plans:
Interest cost
Other expenses
$
880
$
928
Expected return on plan assets
Other expenses
(992)
(998)
Net periodic benefit, pension plans
(112)
(70)
Net periodic cost, postretirement plan
Other expenses
11
7
Net periodic benefit
$
(101)
$
(63)