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FIRST BANCORP. (Holding Company Only) Financial Information
 9 Months Ended
Sep. 30, 2024
FIRST BANCORP. (Holding Company Only) Financial Information [Abstract]  
FIRST BANCORP. (Holding Company Only) Financial Information
NOTE 22 – 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
 
September
 
30,
 
2024
 
and
 
December
 
31,
 
2023,
 
and
 
the
 
results
 
of
 
its
 
operations
 
for
 
the
 
quarters
 
and
 
nine-month
 
periods
 
ended
September 30, 2024 and 2023:
Statements of Financial Condition
As of September 30,
As of December 31,
2024
2023
(In thousands)
Assets
Cash and due from banks
$
11,384
$
11,452
Other investment securities
1,275
825
Investment in First Bank Puerto Rico, at equity
1,777,250
1,627,172
Investment in First Bank Insurance Agency,
 
at equity
23,425
18,376
Investment in FBP Statutory Trust I
1,289
1,289
Investment in FBP Statutory Trust II
(1)
2,061
3,561
Dividends receivable
9
713
Other assets
649
476
Total assets
$
1,817,342
$
1,663,864
Liabilities and Stockholders’ Equity
Liabilities:
Long-term borrowings
(1)
$
111,700
$
161,700
Accounts payable and other liabilities
4,757
4,555
Total liabilities
116,457
166,255
Stockholders’ equity
1,700,885
1,497,609
Total liabilities and stockholders’
 
equity
$
1,817,342
$
1,663,864
(1)
In September 2024, the Corporation
 
redeemed $
50.0
 
million, or
42
%, of outstanding TruPS
 
issued by FBP Statutory Trust
 
II (or $
48.5
 
million after excluding the Corporation’s
 
interest in
the Trust
 
of approximately
 
$
1.5
 
million), as
 
part of
 
the 2024
 
repurchase program,
 
as further
 
explained in
 
Note 7
 
- “Non-Consolidated
 
Variable
 
Interest Entities
 
(“VIEs”) and
 
Servicing
Assets” and Note 13 - “Stockholders' Equity.”
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Income
 
Quarter Ended
 
Nine-Month Period Ended
September 30,
September 30,
2024
2023
2024
2023
(In thousands)
Income
 
 
Interest income on money market investments
 
$
49
$
77
$
199
$
187
 
Dividend income from banking subsidiaries
78,704
82,178
240,853
239,980
 
Dividend income from nonbanking subsidiaries
-
-
-
12,000
 
Gain on early extinguishment of debt
-
-
-
1,605
 
Other income
97
101
298
304
 
Total income
78,850
82,356
241,350
254,076
Expense
 
Interest expense on long-term borrowings
3,235
3,345
9,921
10,135
 
Other non-interest expenses
398
452
1,300
1,324
 
Total expense
3,633
3,797
11,221
11,459
Income before income taxes and equity in undistributed
 
earnings of subsidiaries
75,217
78,559
230,129
242,617
Income tax expense
-
-
1
1
Equity in undistributed earnings of subsidiaries
 
(distributions in excess of earnings)
(1,490)
3,463
(7,105)
(19,241)
Net income
$
73,727
$
82,022
$
223,023
$
223,375
Other comprehensive income (loss), net of tax
160,054
(78,976)
155,549
(46,585)
Comprehensive income
$
233,781
$
3,046
$
378,572
$
176,790