Statements of Financial Condition |
The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2018 and December 31, 2017 and the results of its operations for the quarters and nine-month periods ended September 30, 2018 and 2017. Statements of Financial Condition | | | | | | | | As of September 30, | | | As of December 31, | | 2018 | | 2017 | | | | | | | (In thousands) | | | | | Assets | | | | | | Cash and due from banks | $ | 20,940 | | $ | 20,864 | Money market investments | | 6,111 | | | 6,111 | Other investment securities | | 285 | | | 285 | Loans held for investment, net | | - | | | 191 | Investment in FirstBank Puerto Rico, at equity | | 2,062,908 | | | 2,028,641 | Investment in FirstBank Insurance Agency, at equity | | 16,738 | | | 12,400 | Investment in FBP Statutory Trust I | | 1,963 | | | 2,698 | Investment in FBP Statutory Trust II | | 3,561 | | | 3,561 | Other assets | | 2,329 | | | 3,799 | Total assets | $ | 2,114,835 | | $ | 2,078,550 | Liabilities and Stockholdersʼ Equity | | | | | | Liabilities: | | | | | | Other borrowings | $ | 184,150 | | $ | 208,635 | Accounts payable and other liabilities | | 3,270 | | | 818 | Total liabilities | | 187,420 | | | 209,453 | Stockholdersʼ equity | | 1,927,415 | | | 1,869,097 | Total liabilities and stockholdersʼ equity | $ | 2,114,835 | | $ | 2,078,550 |
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Statements of Income (Loss) |
Statements of Income (Loss) | | | | | | | | | | | | | | | | Quarter Ended | | Nine-Month Period Ended | | | September 30, | | September 30, | | | 2018 | | 2017 | | 2018 | | 2017 | | | (In thousands) | (In thousands) | | | | | | | | | | | | | | Income: | | | | | | | | | | | | | | | | | | | | | | | | | | Interest income on money market investments | $ | 5 | | $ | 5 | | $ | 15 | | $ | 15 | | Interest income on loans | | 105 | | | - | | | 105 | | | - | | Dividend income from banking subsidiary | | 2,900 | | | 1,800 | | | 28,284 | | | 5,400 | | Dividend income from non-banking subsidiaries | | - | | | 3,000 | | | - | | | 3,000 | | Other income | | 70 | | | 68 | | | 203 | | | 195 | | | | 3,080 | | | 4,873 | | | 28,607 | | | 8,610 | | | | | | | | | | | | | | | Expense: | | | | | | | | | | | | | Other borrowings | | 2,315 | | | 2,139 | | | 6,635 | | | 6,166 | | Other operating expenses | | 624 | | | 814 | | | 1,851 | | | 2,480 | | | | 2,939 | | | 2,953 | | | 8,486 | | | 8,646 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain on early extinguishment of debt | | - | | | 1,391 | | | 2,316 | | | 1,391 | | | | | | | | | | | | | | | Income before income taxes and equity | | | | | | | | | | | | | in undistributed earnings (losses) of subsidiaries | | 141 | | | 3,311 | | | 22,437 | | | 1,355 | | Income tax expense | | - | | | (45) | | | - | | | (45) | | Equity in undistributed earnings (losses) of subsidiaries | | 36,182 | | | (14,018) | | | 78,066 | | | 41,477 | | Net income (loss) | $ | 36,323 | | $ | (10,752) | | $ | 100,503 | | $ | 42,787 | | | | | | | | | | | | | | | Other Comprehensive (loss) income, net of tax | | (10,780) | | | 3,719 | | | (42,272) | | | 23,480 | | Comprehensive income (loss) | $ | 25,543 | | $ | (7,033) | | $ | 58,231 | | $ | 66,267 | | | |
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