-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QZZB5rIOGIY/uLrqHKVifaTbcjK7QkVyVoHiD215kZIwn9aUm6zNQdMuXKetJ5Jc Ddt581/yeaCL6CVg96K5XQ== 0000950144-02-000390.txt : 20020413 0000950144-02-000390.hdr.sgml : 20020413 ACCESSION NUMBER: 0000950144-02-000390 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020115 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /PR/ CENTRAL INDEX KEY: 0001057706 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 660561882 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14793 FILM NUMBER: 2510193 BUSINESS ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: SANTUREE CITY: SAN JUAN STATE: PR ZIP: 00908 BUSINESS PHONE: 7877298200 MAIL ADDRESS: STREET 1: 1519 PONCE DE LEON AVE CITY: SAN JUAN STATE: PR ZIP: 00908 8-K 1 g73753e8-k.txt FIRST BANCORP. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 8-K --------------- CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 15, 2002 ---------------- First BanCorp. -------------------------------------------------------- (Exact name of registrant as specified in this charter) Puerto Rico 001-14793 66-0561882 - ------------------------------- --------------------- ------------------- (State or other jurisdiction of (Commission File No.) IRS Employer incorporation) Identification No.) 1519 Ponce De Leon Avenue, San Juan, Puerto Rico 00908-0146 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (787) 729-8200 - ------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS On January 15, 2002, First BanCorp. (the "Company") announced its unaudited results of operations for the quarter and year ended December 31, 2001. A copy of the Company's press release is attached as Exhibit 99 to this Current Report on Form 8-K and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99 Press Release dated January 15, 2002. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized. FIRST BANCORP. By: /s/ Annie Astor-Carbonell ---------------------------------------- Annie Astor-Carbonell Senior Executive Vice President and Chief Financial Officer Date: January 16, 2002 EX-99 3 g73753ex99.txt PRESS RELEASE [FIRST BANCORP LOGO] SENIOR EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (787) 729-8088 ANNIE.ASTOR@FIRSTBANKPR.COM FIRST BANCORP REPORTS EARNINGS INCREASE OF 35.4% FOR THE QUARTER AND 27.8% FOR THE YEAR SAN JUAN, PUERTO RICO, JANUARY 15, 2002--FIRST BANCORP (NYSE:FBP) REPORTED TODAY RECORD EARNINGS OF $24,024,378 OR $0.71 PER SHARE BASIC AND DILUTED, FOR THE FOURTH QUARTER OF 2001, AS COMPARED TO EARNINGS OF $17,747,958 OR $0.57 PER SHARE BASIC AND DILUTED FOR THE FOURTH QUARTER OF 2000. THESE RESULTS REPRESENT AN EARNINGS INCREASE OF 35.4% FOR THIS QUARTER AND INCLUDE NO GAINS ON SALE OF INVESTMENT OR SPECIAL ITEMS. RETURN ON ASSETS (ROA) AND RETURN ON COMMON EQUITY (ROE) WERE 1.25% AND 21.25% RESPECTIVELY, FOR THE QUARTER, AS COMPARED TO 1.24% AND 25.23% RESPECTIVELY, FOR THE SAME QUARTER OF 2000. AVERAGE COMMON SHARES USED TO CALCULATE EARNINGS PER SHARE FOR THE FOURTH QUARTER WERE 26,571,952 (BASIC) AND 26,825,623 (DILUTED). THE YEAR ENDED DECEMBER 31, 2001, WAS ANOTHER RECORD YEAR FOR FIRST BANCORP, WITH EARNINGS OF $86,001,441, OR $2.61 PER SHARE (BASIC) AND $2.60 PER SHARE (DILUTED), AS COMPARED TO $67,275,609 OR $2.22 PER SHARE (BASIC) AND $2.21 PER SHARE (DILUTED), AN EARNINGS INCREASE OF 27.8% FOR THE YEAR 2001. ROA AND ROE FOR THE FULL YEAR 2001 WERE 1.28% AND 22.13% RESPECTIVELY, AS COMPARED TO 1.28% AND 27.81% RESPECTIVELY, FOR 2000. AVERAGE COMMON SHARES OUTSTANDING FOR THE YEAR WERE 26,566,830 (BASIC) AND 26,761,782 (DILUTED). THE EARNINGS INCREASE IS ATTRIBUTABLE MOSTLY TO INCREASES IN THE CORPORATION'S NET INTEREST INCOME, NET OF INCREASES IN OPERATING EXPENSES AND INCOME TAXES. COMMENTING ON THE YEAR 2001 RESULTS, MR. ANGEL ALVAREZ-PEREZ, CEO OF FIRST BANCORP SAID, "FIRST BANCORP HAS CONTINUED ITS EXPANSION IN THE COMMERCIAL LINES OF BUSINESS WITH THE MOST SUCCESSFUL ADDITION OF QUALITY COMMERCIAL CLIENTS, WHO SEEK THE ACCESSIBILITY, SERVICES, AND FINANCING ADVISE THAT OUR TEAM IS PREPARED TO PROVIDE. WE ARE VERY SATISFIED WITH OUR YEAR 2001 RESULTS, AND LOOK FORWARD TO CONTINUING OUR GOOD PERFORMANCE DURING 2002." NET INTEREST INCOME INCREASED BY $45.3 MILLION FOR THE YEAR, TO END THE YEAR AT $236.1 MILLION. THE INCREASE IN NET INTEREST INCOME FOR THE YEAR IS THE RESULT OF VOLUME INCREASES OF $1,307.2 MILLION IN THE CORPORATION'S AVERAGE LOAN AND INVESTMENT PORTFOLIOS, AND IMPROVEMENT IN THE NET INTEREST MARGIN. NET INTEREST MARGIN WAS 3.95% AND 4.08% FOR THE FOURTH QUARTER AND FULL YEAR 2001, RESPECTIVELY, AS COMPARED TO 3.50% AND 3.91% FOR THE FOURTH QUARTER AND FULL YEAR 2000, RESPECTIVELY. DURING 2001 THE CORPORATION EXPERIENCED SOLID ASSET GROWTH, ENDING THE YEAR WITH ASSETS OF $8,198 MILLION, UP 38.5% FROM TOTAL ASSETS AS OF DECEMBER 31, 2000 OF $5,920 MILLION. DEPOSITS WERE $4,099 MILLION AS OF DECEMBER 31, 2001, AS COMPARED TO $3,346 MILLION AS OF DECEMBER 31, 2000. LOANS INCREASED TO $4,309 MILLION AS OF DECEMBER 31, 2001, AS COMPARED TO $3,498 MILLION AS OF DECEMBER 31, 2000, MOSTLY AS A RESULT OF AN INCREASE OF $822 MILLION IN COMMERCIAL LOANS AND RESIDENTIAL REAL ESTATE LOANS. ANOTHER FACTOR CONTRIBUTING TO THE EXCELLENT FINANCIAL RESULTS WAS THE STABLE WRITE-OFFS OF OUR LOAN PORTFOLIO DURING THESE WEAKENED ECONOMIC CONDITIONS. LOAN LOSSES (NET WRITE-OFFS) WERE $10.7 MILLION FOR THE FOURTH QUARTER, (1.05% OF AVERAGE LOANS) IN LINE WITH THE $10.5 MILLION (1.24% OF AVERAGE LOANS) FOR THE FOURTH QUARTER OF 2000 AND $47.0 MILLION FOR THE YEAR 2001 (1.22% OF AVERAGE LOANS), AS COMPARED TO $42.0 MILLION DURING 2000 (1.36% OF AVERAGE LOANS). THE ABSOLUTE DOLLAR INCREASE IS ATTRIBUTABLE TO A LOAN WRITTEN OFF DURING THE FIRST QUARTER OF 2001. THE PROVISION FOR LOAN LOSSES WAS $15.4 MILLION FOR THE FOURTH QUARTER OF 2001, AS COMPARED TO $11.0 MILLION FOR THE FOURTH QUARTER OF 2000. FOR THE YEAR 2001, THE PROVISION WAS $61.0 MILLION, AS COMPARED TO $45.7 MILLION, A $15.3 MILLION OR 33% INCREASE, DUE TO THE SIGNIFICANT INCREASE IN THE COMMERCIAL LOAN PORTFOLIO AND CURRENT ECONOMIC CONDITIONS. NON-PERFORMING LOANS WERE $73.0 MILLION OR 1.69% OF TOTAL LOANS, AS OF DECEMBER 31, 2001, LOWER AS A PERCENTAGE OF LOANS, WHEN COMPARED TO $67.7 MILLION OR 1.94% OF TOTAL LOANS, AS OF DECEMBER 31, 2000 AND $69.2 MILLION OR 1.74% OF TOTAL LOANS AS OF SEPTEMBER 30, 2001, THE PREVIOUS QUARTER END. THE RESERVE COVERAGE RATIO (ALLOWANCE FOR LOAN LOSSES TO NON-PERFORMING LOANS) WAS 124.7% AS OF DECEMBER 31, 2001, AS COMPARED TO 113.6% FOR DECEMBER 31, 2000 AND 124.7% FOR SEPTEMBER 30, 2001. THE RESERVE COVERAGE HAS INCREASED AS A RESULT OF AN INCREASE OF $14.1 MILLION IN THE ALLOWANCE FOR LOAN LOSSES TO $91.0 MILLION AS OF DECEMBER 31, 2001, FROM $76.9 MILLION AS OF DECEMBER 31, 2000. THE INCREASE WAS DONE IN TANDEM WITH A HIGHER COMMERCIAL LOAN PORTFOLIO AND CURRENT ECONOMIC CONDITIONS. THE CORPORATION, MAINLY THROUGH ITS SUBSIDIARY BANK, HAS MAINTAINED A BETTER THAN AVERAGE EFFICIENCY RATIO OF 41.81% FOR THE YEAR, WHILE IT HAS INVESTED SIGNIFICANTLY IN STATE OF THE ART TECHNOLOGY AND INFRASTRUCTURE TO PROVIDE THE LATEST IN DELIVERY CHANNELS FOR ITS COMMERCIAL AND CONSUMER FINANCIAL PRODUCTS AND SERVICES. OPERATING EXPENSES WERE $120.9 MILLION FOR THE YEAR 2001, AS COMPARED TO $113.1 MILLION DURING 2000. FIRST BANCORP IS A $8.2 BILLION FINANCIAL HOLDING COMPANY. IT IS THE PARENT COMPANY OF FIRSTBANK PUERTO RICO, WHICH IS THE SECOND LARGEST INDEPENDENTLY OWNED COMMERCIAL BANK IN PUERTO RICO AND OF FIRSTBANK INSURANCE AGENCY. BOTH, FIRST BANCORP AND FIRSTBANK PUERTO RICO OPERATE WITHIN US BANKING LAWS AND REGULATIONS. THE BANK, WHICH IS A WELL-CAPITALIZED INSTITUTION, OPERATES A TOTAL OF 91 FINANCIAL SERVICE FACILITIES THROUGHOUT PUERTO RICO AND THE US VIRGIN ISLANDS, INCLUDING THE OPERATIONS OF ITS SUBSIDIARIES MONEY EXPRESS, A FINANCE COMPANY, AND FIRST LEASING AND CAR RENTAL, A CAR AND TRUCK RENTAL LEASING COMPANY. FIRST BANCORP FINANCIAL SUMMARY (DOLLARS IN THOUSANDS EXCEPT PER SHARE RESULTS) SELECTED INCOME STATEMENT DATA:
Three Months Ended Year Ended ------------------------------ ------------------------------ December 31, December 31, ------------------------------ ------------------------------ 2001 2000 2001 2000 ----------- ---------- ----------- ---------- Interest Income $ 133,800 $ 125,376 $ 516,256 $ 463,388 ----------- ---------- ----------- ---------- Interest Expense 70,309 78,298 280,201 272,615 ----------- ---------- ----------- ---------- Net Interest Income 63,491 47,078 236,055 190,773 ----------- ---------- ----------- ---------- Provision for Loan Losses 15,440 10,975 61,030 45,719 ----------- ---------- ----------- ---------- Gains on Sale of Investments (110) 1,038 9,606 7,850 ----------- ---------- ----------- ---------- Other Income 11,660 12,465 43,374 42,182 ----------- ---------- ----------- ---------- Operating Expenses 30,809 28,294 120,854 113,050 ----------- ---------- ----------- ---------- Income Taxes 4,768 3,564 20,134 14,761 ----------- ---------- ----------- ---------- Cumulative effect of accounting change N/A N/A (1,015) N/A ----------- ---------- ----------- ---------- Net Income $ 24,024 $ 17,748 $ 86,001 $ 67,276 ----------- ---------- ----------- ---------- Net Income Applicable to Common Stock $ 18,941 $ 15,150 $ 69,493 $ 59,868 ----------- ---------- ----------- ---------- Net Income Per Share (Basic) $ 0.71 $ 0.57 $ 2.61 $ 2.22 ----------- ---------- ----------- ---------- Net Income Per Share (Diluted) $ 0.71 $ 0.57 $ 2.60 $ 2.21 ----------- ---------- ----------- ----------
SELECTED PERFORMANCE RATIOS:
Three Months Ended Year Ended ------------------------------ ------------------------------ December 31, December 31, ------------------------------ ------------------------------ 2001 2000 2001 2000 ----------- ---------- ----------- ---------- Net Interest Yield(1) 3.95% 3.50% 4.08% 3.91% ----------- ---------- ----------- ---------- Return on Assets 1.25% 1.24% 1.28% 1.28% ----------- ---------- ----------- ---------- Return on Equity 15.38% 18.80% 16.20% 21.21% ----------- ---------- ----------- ---------- Return on Common Equity 21.25% 25.23% 22.13% 27.81% ----------- ---------- ----------- ---------- Net Write offs to Average Loans 1.05% 1.24% 1.22% 1.36% ----------- ---------- ----------- ---------- Efficiency Ratio 41.06% 46.70% 41.81% 46.95% ----------- ---------- ----------- ----------
AVERAGE BALANCES:
Three Months Ended Year Ended ------------------------------ ------------------------------ December 31, December 31, ------------------------------ ------------------------------ 2001 2000 2001 2000 ----------- ---------- ----------- ---------- Assets $ 7,658,492 $5,720,567 $ 6,701,269 $5,239,376 ----------- ---------- ----------- ---------- Earnings Assets 7,384,695 5,593,856 6,455,047 5,147,820 ----------- ---------- ----------- ---------- Loans 4,081,208 3,391,409 3,838,684 3,083,065 ----------- ---------- ----------- ---------- Deposits 4,005,177 3,273,086 3,715,141 2,983,365 ----------- ---------- ----------- ---------- Interest-bearing liabilities 6,716,692 5,095,845 5,863,263 4,672,214 ----------- ---------- ----------- ---------- Stockholders Equity 624,977 377,678 530,902 317,165 ----------- ---------- ----------- ---------- Common Stockholders Equity 356,477 240,233 314,051 215,239 ----------- ---------- ----------- ----------
SELECTED STATEMENT OF CONDITION DATA:
At December 31, At December 31, --------------- --------------- 2001 2000 --------------- --------------- Total Assets: Total Assets $8,197,518 $5,919,657 ---------- ---------- Loans Receivable 4,308,780 3,498,198 ---------- ---------- Total Investments 3,716,000 2,233,216 ---------- ---------- Cash 59,899 63,373 ---------- ---------- Total Liabilities: Deposits $4,098,554 $3,345,984 ---------- ---------- Securities Sold Under Agreements to Repurchase 2,997,174 1,856,436 ---------- ---------- Other Borrowings 428,062 213,048 ---------- ---------- Stockholders Equity 602,919 434,461 ---------- ---------- Book value per common share $ 12.59 $ 10.20 ---------- ----------
At December 31, At December 31, --------------- --------------- 2001 2000 --------------- --------------- Credit quality Data: Non-performing Assets $79,050 $74,071 ------- ------- Non-performing Loans 72,998 67,716 ------- ------- Past Due Loans 27,497 16,358 ------- ------- Allowance for Loan Losses 91,060 76,919 ------- ------- Non-performing Assets to Total Assets 0.96% 1.25% ------- ------- Non-performing Loans to Total Loans 1.69% 1.94% ------- ------- Allowance to Non-Performing Loans 124.74% 113.59% ------- -------
(1) On a taxable equivalent basis. -----END PRIVACY-ENHANCED MESSAGE-----