FIRST BANCORP. (Holding Company Only) Financial Information [Text Block] |
NOTE 30 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION The following condensed financial information presents the financial position of First BanCorp. at the holding company level only as of March 31, 2021 and December 31, 2020, and the results of its operations for the quarters ended March 31, 2021 and 2020: Statements of Financial Condition | (Unaudited) | | | | | | | | As of March 31, | | As of December 31, | | 2021 | | 2020 | (In thousands) | | | | | Assets | | | | | | Cash and due from banks | $ | 19,433 | | $ | 10,909 | Money market investments | | - | | | 6,211 | Other investment securities | | 285 | | | 285 | Investment in First Bank Puerto Rico, at equity | | 2,340,202 | | | 2,396,963 | Investment in First Bank Insurance Agency, at equity | | 45,740 | | | 41,313 | Investment in FBP Statutory Trust I | | 1,951 | | | 1,951 | Investment in FBP Statutory Trust II | | 3,561 | | | 3,561 | Other assets | | 1,616 | | | 2,023 | Total assets | $ | 2,412,788 | | $ | 2,463,216 | | | | | | | Liabilities and Stockholders' Equity | | | | | | Liabilities: | | | | | | Other borrowings | $ | 183,762 | | $ | 183,762 | Accounts payable and other liabilities | | 8,601 | | | 4,275 | Total liabilities | | 192,363 | | | 188,037 | | | | | | | Stockholders' equity | | 2,220,425 | | | 2,275,179 | Total liabilities and stockholders' equity | $ | 2,412,788 | | $ | 2,463,216 |
Statements of Income | | (Unaudited) | | | | | | | | | | Quarter Ended | | | March 31, | | March 31, | | | 2021 | | 2020 | | (In thousands) | | | | | | | | | | | | | | Income: | | | | | | | Interest income on money market investments | $ | 16 | | $ | 33 | | Dividend income from banking subsidiaries | | 18,801 | | | 13,629 | | Other income | | 38 | | | 61 | | | | 18,855 | | | 13,723 | | Expense: | | | | | | | Other borrowings | | 1,294 | | | 2,032 | | Other operating expenses | | 499 | | | 523 | | | | 1,793 | | | 2,555 | | Income before income taxes and equity in undistributed | | | | | | | earnings (losses) of subsidiaries | | 17,062 | | | 11,168 | | Income tax provision | | 1,129 | | | 1,382 | | Equity in undistributed earnings (losses) of subsidiaries | | 45,217 | | | (7,520) | | Net income | $ | 61,150 | | $ | 2,266 | | Other comprehensive (loss) income, net of tax | | (98,929) | | | 42,352 | | Comprehensive (loss) income | $ | (37,779) | | $ | 44,618 | |
|