First Bancorp (Holding Company Only) Financial Information

6 Months Ended

Jun. 30, 2011

First Bancorp (Holding Company Only) Financial Information [Abstract]

FIRST BANCORP (Holding Company Only) Financial Information

24 — FIRST BANCORP (Holding Company Only) Financial Information

     The following condensed financial information presents the financial position of the Holding Company only as of June 30, 2011 and December 31, 2010 and the results of its operations for the quarter and six-month period ended June 30, 2011 and 2010.

	As of June 30,		As of December 31,
	2011		2010
	(In thousands)
Assets
Cash and due from banks	$	21,241	$	42,430
Money market investments		—		—
Investment securities available for sale, at market:
Equity investments		83		59
Other investment securities		1,300		1,300
Investment in First Bank Puerto Rico, at equity		1,208,061		1,231,603
Investment in First Bank Insurance Agency, at equity		4,105		6,275
Investment in FBP Statutory Trust I		3,093		3,093
Investment in FBP Statutory Trust II		3,866		3,866
Other assets		7,216		5,395
Total assets	$	1,248,965	$	1,294,021
Liabilities & Stockholders’ Equity
Liabilities:
Other borrowings	$	231,959	$	231,959
Accounts payable and other liabilities		7,428		4,103
Total liabilities		239,387		236,062
Stockholders’ equity		1,009,578		1,057,959
Total liabilities and stockholders’ equity	$	1,248,965	$	1,294,021

	Quarter Ended						Six-Month Period Ended
	June 30,			June 30,			June 30,			June 30,
	2011			2010			2011			2010
				(In thousands)
Income:
Dividends from other subsidiaries	$	3,000		$	—		$	3,000		$	—
Dividends from FirstBank Puerto Rico		—			771			—			1,522
Other income		52			51			104			101
		3,052			822			3,104			1,623
Expense:
Notes payable and other borrowings		1,748			1,697			3,466			3,369
Other operating expenses		537			821			1,047			1,510
		2,285			2,518			4,513			4,879
Investment related proceeds and impairments on equity securities		—			(3	)		679			(603	)
Income (loss) before income taxes and equity in undistributed losses of subsidiaries		767			(1,699	)		(730	)		(3,859	)
Equity in undistributed losses of subsidiaries		(15,691	)		(88,941	)		(42,614	)		(193,780	)
Net loss	$	(14,924	)	$	(90,640	)	$	(43,344	)	$	(197,639	)