FIRST BANCORP. (Holding Company Only) Financial Information

12 Months Ended

Dec. 31, 2017

FIRST BANCORP. (Holding Company Only) Financial Information [Text Block]

NOTE 35- FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION

The following condensed financial information presents the financial position of the Holding Company only as of December 31, 2017 and 2016, and the results of its operations and cash flows for the years ended December 31, 2017, 2016, and 2015:

Statements of Financial Condition
	As of December 31,
	2017		2016
(In thousands)
Assets
Cash and due from banks	$	20,864	$	29,393
Money market investments		6,111		6,111
Other investment securities		285		285
Loans held for investment, net		191		227
Investment in First Bank Puerto Rico, at equity		2,028,641		1,946,211
Investment in First Bank Insurance Agency, at equity		12,400		10,941
Investment in FBP Statutory Trust I		2,698		2,929
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		3,799		3,791
Total assets	$	2,078,550	$	2,003,449
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	208,635	$	216,187
Accounts payable and other liabilities		818		1,019
Total liabilities		209,453		217,206
Stockholders' equity		1,869,097		1,786,243
Total liabilities and stockholders' equity	$	2,078,550	$	2,003,449

Statements of Income
	Year Ended December 31,
	2017		2016		2015
(In thousands)
Income
Interest income on money market investments	$	20	$	20	$	20
Dividend income from banking subsidiaries		7,200		34,876		-
Dividend income from non-banking subsidiaries		3,000		7,000		-
Other income		262		241		498
		10,482		42,137		518
Expense
Other borrowings		8,284		7,705		7,450
Other operating expenses		3,175		3,481		2,412
		11,459		11,186		9,862
Gain on early extinguishment of debt		1,391		4,217		-
Income (loss) before income taxes and equity
in undistributed earnings of subsidiaries		414		35,168		(9,344)
Income tax expense		(45)		-		-
Equity in undistributed earnings of subsidiaries		66,587		58,061		30,641
Net income	$	66,956	$	93,229	$	21,297
Other comprehensive income (loss), net of tax		13,775		(6,641)		(9,398)
Comprehensive income	$	80,731	$	86,588	$	11,899

Statements of Cash Flows
	Year Ended December 31,
	2017		2016		2015
(In thousands)
Cash flows from operating activities:
Net income	$	66,956	$	93,229	$	21,297
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Stock-based compensation		3,769		3,563		2,835
Equity in undistributed earnings of subsidiaries		(66,587)		(58,061)		(30,641)
Gain on early extinguishment of debt		(1,391)		(4,217)		-
Accretion of discount on loans		(14)		(11)		(7)
Net (increase) decrease in other assets		(8)		802		(293)
Net (decrease) increase in other liabilities		(201)		(26,685)		6,643
Net cash provided by (used in) operating activities		2,524		8,620		(166)
Cash flows from investing activities:
Principal collected on loans		50		50		63
Net cash provided by investing activities		50		50		63
Cash flows from financing activities:
Repurchase of common stock		(2,497)		(1,132)		(1,174)
Repayment of junior subordinated debentures		(5,930)		(7,025)		-
Dividends paid on preferred stock		(2,676)		(223)		-
Net cash used in financing activities		(11,103)		(8,380)		(1,174)
Net (decrease) increase in cash and cash equivalents		(8,529)		290		(1,277)
Cash and cash equivalents at beginning of the year		35,504		35,214		36,491
Cash and cash equivalents at end of year	$	26,975	$	35,504	$	35,214
Cash and cash equivalents include:
Cash and due from banks	$	20,864	$	29,393	$	29,103
Money market instruments		6,111		6,111		6,111
	$	26,975	$	35,504	$	35,214