-----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, WF6Bx3OzEhHfsPfRtgy8xCvvaYS2tRtB6zUpDWvfMBMHHZiEvEyadNLXVB8kK/3g +nMxRw4tVTgts4RlFx81/g== 0000950144-03-008711.txt : 20030721 0000950144-03-008711.hdr.sgml : 20030721 20030721091042 ACCESSION NUMBER: 0000950144-03-008711 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030716 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030721 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: 03793873 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 g83891e8vk.htm FIRST BANCORP. FIRST BANCORP.
Table of Contents

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): July 16, 2003

First BanCorp.
(Exact name of registrant as specified in this charter)
         
Puerto Rico   001-14793   66-0561882
 
 
(State or other jurisdiction of
incorporation)		   (Commission File No.)   (IRS Employer
Identification No.)
     
1519 Ponce De León Avenue, San Juan, Puerto Rico   00908-0146
 
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (787) 729-8200

 

SIGNATURES
EX-99/PRESS RELEASE DATED JULY 16, 2003

Table of Contents

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits

     (c)  Exhibits

    99     Press Release dated July 16, 2003.

ITEM 9. Regulation FD Disclosure

     On July 16, 2003, First BanCorp. (the “Company”) announced its unaudited results of operations for the second quarter and first half of fiscal year 2003. 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. The comparative prior year “net income applicable to common stock” for the three month ended June 30, 2002 on the Consolidated Statement of Income section contained a typographical error on the July 16, 2003 press release. Accordingly, the amount has been revised and corrected on Exhibit 99.

     The information included in this section and Exhibit 99 attached hereto is intended to be furnished under “Item 12. Results of Operations and Financial Condition” and is included under Item 9 in accordance with SEC Release No. 33-8216.

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: July 18, 2003    

  EX-99 3 g83891exv99.txt EX-99/PRESS RELEASE DATED JULY 16, 2003 EXHIBIT 99 [1ST BANCORP LOGO] Annie Astor-Carbonell Senior Executive Vice President and Chief Financial Officer (787) 729-8088 annie.astor@firstbankpr.com FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% SAN JUAN, PUERTO RICO, JULY 16, 2003--FIRST BANCORP (NYSE:FBP), THE SECOND LARGEST PUERTO RICO FINANCIAL HOLDING COMPANY WITH DIVERSIFIED BANKING OPERATIONS IN PUERTO RICO AND THE US AND BRITISH VIRGIN ISLANDS, REPORTED TODAY EARNINGS FOR THE QUARTER ENDED JUNE 30, 2003. NET INCOME WAS $29,270,698 OR $.56 PER SHARE BASIC AND $.55 PER SHARE DILUTED, FOR THE SECOND QUARTER OF 2003, AS COMPARED TO EARNINGS OF $26,979,054 OR $0.51 PER SHARE BASIC AND $0.50 PER SHARE DILUTED FOR THE SECOND QUARTER OF 2002. THESE RESULTS REPRESENT AN INCREASE IN DILUTED EARNINGS PER SHARE OF 10.0% FOR THIS QUARTER. RETURN ON ASSETS (ROA) AND RETURN ON COMMON EQUITY (ROCE) WERE FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 2 1.26% AND 18.47% RESPECTIVELY, FOR THE QUARTER AS COMPARED TO 1.30% AND 22.75% RESPECTIVELY, FOR THE SAME QUARTER OF 2002. THE REASON FOR THE DECREASE IN THE ROCE IS AN INCREASE IN THE MARKET VALUATION ON THE INVESTMENT SECURITIES OF $53.2 MILLION, WHICH INCREASES THE BASE EQUITY (DENOMINATOR) AND CAUSES A SIGNIFICANT FLUCTUATION IN THIS RATIO. BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES FOR THE 2003 SECOND QUARTER WERE 39,996,593 AND 40,978,074, RESPECTIVELY. FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2003, EARNINGS WERE $65,698,994 OR $1.30 PER SHARE (BASIC) AND $1.28 PER SHARE (DILUTED), AS COMPARED TO $52,628,572, OR $.99 PER SHARE BASIC AND DILUTED. BASIC AND DILUTED WEIGHTED AVERAGE SHARES FOR THE 2003 YEAR-TO-DATE PERIOD WERE 39,975,825 AND 40,851,594, RESPECTIVELY. COMMENTING ON THIS QUARTER RESULTS, MR. ANGEL ALVAREZ-PEREZ, CHAIRMAN, PRESIDENT, AND CEO OF FIRST BANCORP SAID, FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 3 "OUR CORE LENDING OPERATIONS HAVE CONTINUED TO GROW, ESPECIALLY COMMERCIAL, AUTO, AND RESIDENTIAL MORTGAGES. WE HAVE MANAGED THE BALANCE SHEET PRUDENTLY, BY NOT PURCHASING NEW FIXED RATE INVESTMENTS AT THE CURRENT LOW RATE ENVIRONMENT. THIS HAS AFFECTED OUR SHORT TERM NET INTEREST INCOME, BUT WILL PROBABLY BENEFIT OUR INSTITUTION OVER THE MEDIUM TO LONG TERM, AS WE WILL PROBABLY BE POISED TO ENTER THE MARKET WITH HIGHER RATE SECURITIES GOING FORWARD. ON THE ASSET QUALITY SIDE, OUR NON-PERFORMING LOANS AND CHARGE OFFS REMAINED STABLE, WHICH IS REMARKABLE, WHEN CONSIDERING AN OVERALL WEAK ECONOMY." NET INTEREST INCOME, THE CORPORATION'S MAIN SOURCE OF INCOME, DECREASED BY $4.6 MILLION FROM $68.5 MILLION DURING THE SECOND QUARTER OF 2002, TO $63.9 MILLION DURING THE SECOND QUARTER OF 2003, DUE TO THE SALE OF A PORTION OF THE INVESTMENT PORTFOLIO DURING MARCH. THIS IS A TEMPORARY DECREASE TOTALLY ATTRIBUTED TO THE CORPORATION'S STRATEGY OF FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 4 NOT REINVESTING PROCEEDS OF MORTGAGE BACKED SECURITIES SALES AND PREPAYMENTS IN LONG TERM FIXED RATE MORTGAGE BACKED SECURITIES AT THE CURRENT LOW RATES. NET INTEREST MARGIN ON A TAX EQUIVALENT BASIS WAS 3.07% FOR THE QUARTER ENDED JUNE 2003, AS COMPARED TO 4.04% FOR THE QUARTER ENDED JUNE 2002 AND 3.68% FOR THE PREVIOUS QUARTER ENDED MARCH 2003. FLUCTUATIONS ARE THE RESULT OF THE INVESTMENT STRATEGY EXPLAINED ABOVE. OTHER INCOME AMOUNTED TO $23.0 MILLION FOR THE SECOND QUARTER OF 2003, AS COMPARED TO $11.0 MILLION FOR THE SECOND QUARTER OF 2002. OTHER INCOME INCLUDED A GAIN ON SALE OF INVESTMENTS OF $10.1 MILLION, IN THE CORPORATION'S EQUITY PORTFOLIO, AND A DERIVATIVE LOSS OF $678,000. OTHER INCOME, EXCLUDING THE NET GAINS ON SALES OF INVESTMENTS AND DERIVATIVE LOSSES FOR BOTH PERIODS, WAS $13.5 MILLION FOR THE JUNE 2003 QUARTER, IN LINE WITH THE $13.5 MILLION FOR THE JUNE 2002 QUARTER. FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 5 NET CHARGE OFFS WERE $9.9 MILLION (.65% OF AVERAGE LOANS) FOR THE SECOND QUARTER OF 2003, AS COMPARED TO $9.8 MILLION (.87% OF AVERAGE LOANS) DURING THE SECOND QUARTER OF 2002, AND $10.6 MILLION (.74% OF AVERAGE LOANS), DURING THE FIRST QUARTER OF 2003. THE CHARGE OFFS RATIO IS AT THE LOWEST LEVEL OF THE LAST 10 YEARS, IN SPITE OF UNCERTAIN ECONOMIC CONDITIONS, DUE TO THE CORPORATION'S EFFECTIVE RISK MANAGEMENT INFRASTRUCTURE. THE EFFICIENCY RATIO WAS 45.20% AND 40.05% FOR THE THREE MONTHS ENDED JUNE 30, 2003 AND 2002 RESPECTIVELY, ONE OF THE BEST IN THE INDUSTRY. AN INCREASE IN EXPENSES OF $7.4 MILLION IS MAINLY ATTRIBUTABLE TO $6.2 MILLION EXPENSE FOR THE QUARTER OF THE FORMER CHASE VIRGIN ISLANDS OPERATIONS ACQUIRED DURING OCTOBER 2002. TOTAL ASSETS WERE $9,934 MILLION AS OF JUNE 30, 2003, AS COMPARED TO $8,649 MILLION AS OF JUNE 30, 2002 AND $9,644 MILLION AS OF DECEMBER 31, 2002. LOANS RECEIVABLE INCREASED FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 6 BY 34% TO $6,299 MILLION, AS COMPARED TO $4,690 MILLION AS OF JUNE 30, 2002. THE LARGEST LOAN VOLUME INCREASES WERE ACHIEVED IN THE COMMERCIAL AND RESIDENTIAL REAL ESTATE PORTFOLIOS. NON-PERFORMING LOANS AS OF JUNE 30, 2003 WERE $89.0 MILLION (1.41% OF TOTAL LOANS), AS COMPARED TO $70.3 MILLION (1.50% OF TOTAL LOANS) AND $87.7 MILLION (1.48% OF TOTAL LOANS), AS OF JUNE 30, 2002 AND MARCH 31, 2003, RESPECTIVELY. NON-PERFORMING LOANS REMAINED IN LINE, WHEN COMPARED TO THE MOST RECENT PREVIOUS QUARTER, AS A RESULT OF CONTROLLED DELINQUENCIES, SPECIALLY IN THE BANK'S CONSUMER PORTFOLIOS. THE INCREASE IN DOLLAR AMOUNT, WHEN COMPARED TO THE JUNE 2002 FIGURE, IS COMPOSED MOSTLY OF SECURED REAL ESTATE LOANS, AND IS MAINLY DUE TO: GENERAL GROWTH OF THE COMMERCIAL PORTFOLIOS, THE ACQUISITION OF CHASE'S VIRGIN ISLANDS OPERATIONS, AND A RESIDENTIAL FINISHED HOMES LOAN PROJECT, WHICH WAS INCLUDED IN NON-ACCRUAL DURING FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 7 SEPTEMBER 2002 WITH AN $11.2 MILLION BALANCE. AT JUNE 30, 2003 SUCH LOAN HAD A $4.1 MILLION BALANCE, SINCE 74% OF THE HOMES HAVE BEEN SOLD AND DELIVERED, AND 21% ARE OPTIONED. THE ALLOWANCE FOR LOAN LOSSES TO NON-PERFORMING LOANS (RESERVE COVERAGE) WAS 135.5% AS OF JUNE 30, 2003, COMPARED TO 148.1% AS OF JUNE 30, 2002 AND 134.4%, AS OF MARCH 31, 2003. THE SLIGHT DECREASE IN THE RESERVE COVERAGE, WHEN COMPARED TO JUNE 30, 2002, IS DIRECTLY RELATED TO THE INCREASE SINCE SEPTEMBER OF 2002 IN THE NON-PERFORMING LOANS, FOR THE REASONS STATED IN THE PREVIOUS PARAGRAPH. THE IMPROVEMENT SINCE THE MOST RECENT QUARTER IS RELATED TO THE STABILITY DURING 2003 IN THE DELINQUENCIES AND NON-PERFORMING LOANS. MANAGEMENT ANTICIPATES SLIGHTLY LOWER PROVISIONING LEVELS GOING FORWARD, AS THE ASSET QUALITY IN THE CONSUMER LOAN PORTFOLIO, THE SOURCE OF 85% TO 90% OF THE CORPORATION'S CHARGE OFFS, CONTINUES TO IMPROVE. FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 8 FIRST BANCORP IS A $9.9 BILLION WELL-CAPITALIZED FINANCIAL HOLDING COMPANY. IT IS THE PARENT COMPANY OF FIRSTBANK PUERTO RICO, WHICH IS THE SECOND LARGEST COMMERCIAL BANK IN PUERTO RICO AND VIRGIN ISLANDS AND OF FIRSTBANK INSURANCE AGENCY. BOTH, FIRST BANCORP AND FIRSTBANK PUERTO RICO, OPERATE WITHIN US BANKING LAWS AND REGULATIONS. THE BANK OPERATES A TOTAL OF 95 FINANCIAL SERVICE FACILITIES THROUGHOUT PUERTO RICO AND THE US AND BRITISH VIRGIN ISLANDS, INCLUDING THE OPERATIONS OF ITS SUBSIDIARIES MONEY EXPRESS, A FINANCE COMPANY, FIRST LEASING AND CAR RENTAL, A CAR AND TRUCK RENTAL LEASING COMPANY IN PUERTO RICO, FIRSTBANK INSURANCE VI AND FIRST TRADE, INC. IN THE US AND BRITISH VIRGIN ISLANDS. THE CORPORATION'S COMMON AND PREFERRED SHARES TRADE ON THE NEW YORK STOCK EXCHANGE, UNDER THE SYMBOLS FBP, FBPPRA, FBPPRB, FBPPRC, AND FBPPRD. THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD-LOOKING STATEMENTS" CONCERNING THE CORPORATION'S ECONOMIC FUTURE FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 9 PERFORMANCE. THE WORDS OR PHRASES "EXPECT", "ANTICIPATE", "LIKELY", "LOOK FORWARD", "SHOULD", "PROBABLY" AND SIMILAR EXPRESSIONS ARE MEANT TO IDENTIFY "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THE CORPORATION WISHES TO CAUTION READERS NOT TO PLACE UNDUE RELIANCE ON ANY SUCH "FORWARD-LOOKING STATEMENTS", WHICH SPEECH ONLY AS OF THE DATE MADE AND TO ADVISE READERS THAT VARIOUS FACTORS, INCLUDING REGIONAL AND NATIONAL ECONOMIC CONDITIONS, CHANGES IN INTEREST RATES, COMPETITIVE AND REGULATORY FACTORS AND LEGISLATIVE CHANGES, COULD AFFECT THE CORPORATION'S FINANCIAL PERFORMANCE AND COULD CAUSE THE CORPORATION'S ACTUAL RESULTS FOR FUTURE PERIODS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED OR PROJECTED. THE CORPORATION DOES NOT UNDERTAKE, AND SPECIFICALLY DISCLAIMS ANY OBLIGATION, TO UPDATE ANY "FORWARD-LOOKING FIRST BANCORP REPORTS EARNINGS PER SHARE INCREASE OF 10.0% PAGE 10 STATEMENTS" TO REFLECT OCCURRENCES OR UNANTICIPATED EVENTS OR CIRCUMSTANCES AFTER THE DATE OF SUCH STATEMENTS. FIRST BANCORP CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA
THREE MONTHS ENDED SIX MONTHS ENDED ----------------------------------------- ------------------------- JUNE 30, JUNE 30, MARCH 31, JUNE 30, JUNE 30, 2003 2002 2003 2003 2002 --------- --------- --------- --------- --------- INTEREST INCOME: Loans $ 97,285 $ 84,795 $ 93,955 $ 191,241 $ 168,289 Investments 25,540 51,553 38,964 64,503 104,775 --------- --------- --------- --------- --------- Total interest income 122,825 136,348 132,919 255,744 273,064 --------- --------- --------- --------- --------- INTEREST EXPENSE: Deposits 27,278 33,736 28,940 56,217 66,280 Borrowings 31,644 34,089 31,542 63,187 68,989 --------- --------- --------- --------- --------- Total interest expense 58,922 67,825 60,482 119,404 135,269 --------- --------- --------- --------- --------- Net interest income 63,903 68,523 72,437 136,340 137,795 --------- --------- --------- --------- --------- PROVISION FOR LOAN LOSSES 12,600 14,500 16,564 29,164 34,301 --------- --------- --------- --------- --------- Net interest income after provision for loan losses 51,303 54,023 55,873 107,176 103,494 --------- --------- --------- --------- --------- OTHER INCOME: Service charges on deposit accounts 2,370 2,354 2,575 4,945 4,833 Other fees on loans 4,995 5,465 5,006 10,001 10,728 Mortgage banking activities 1,584 896 359 1,942 1,310 Net gain (loss) on sale of investments 10,135 (211) 13,686 23,822 617 Derivative (loss) gain (678) (2,254) 564 (115) (2,254) Rental Income 545 577 485 1,030 1,128 Other operating income 4,046 4,171 3,497 7,543 7,127 --------- --------- --------- --------- --------- Total other income 22,997 10,998 26,172 49,168 23,489 --------- --------- --------- --------- --------- OTHER OPERATING EXPENSES: Employees' compensation and benefits 18,314 14,438 18,210 36,524 28,818 Occupancy and equipment 8,831 6,862 8,884 17,715 13,690 Business promotion 2,706 2,455 2,717 5,423 5,098 Other taxes 1,760 1,644 1,748 3,507 3,287 Insurance 813 722 937 1,751 1,359 Other 6,851 5,727 6,975 13,825 11,445 --------- --------- --------- --------- --------- Total other operating expenses 39,275 31,848 39,471 78,745 63,697 --------- --------- --------- --------- --------- INCOME BEFORE INCOME TAX 35,025 33,173 42,574 77,599 63,286 INCOME TAX PROVISION 5,754 6,194 6,146 11,900 10,657 --------- --------- --------- --------- --------- NET INCOME $ 29,271 $ 26,979 $ 36,428 $ 65,699 $ 52,629 ========= ========= ========= ========= ========= NET INCOME APPLICABLE TO COMMON STOCK $ 22,520 $ 20,228 $ 29,677 $ 52,197 $ 39,724 ========= ========= ========= ========= ========= NET INCOME PER COMMON SHARE - BASIC $ 0.56 $ 0.51 $ 0.74 $ 1.30 $ 0.99 ========= ========= ========= ========= ========= NET INCOME PER COMMON SHARE - DILUTED $ 0.55 $ 0.50 $ 0.73 $ 1.28 $ 0.99 ========= ========= ========= ========= ========= DIVIDENDS DECLARED PER COMMON SHARE $ 0.11 $ 0.10 $ 0.11 $ 0.22 $ 0.20 ========= ========= ========= ========= =========
FIRST BANCORP CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA
JUNE 30, 2003 JUNE 30, 2002 DECEMBER 31, 2002 ------------- ------------- ----------------- ASSETS Cash and due from banks $ 81,421 $ 68,145 $ 108,306 ----------- ----------- ----------- Money market instruments 817,357 43,010 273,660 ----------- ----------- ----------- Investment securities available for sale, at market: United States and Puerto Rico Government obligations 23,080 111,363 28,772 Mortgage backed securities 1,290,465 1,918,574 2,512,606 Corporate bonds 152,783 139,494 133,742 Equity investment 36,774 41,731 41,654 ----------- ----------- ----------- Total investment securities available for sale 1,503,102 2,211,162 2,716,774 ----------- ----------- ----------- Investment securities held to maturity, at cost: United States and Puerto Rico Government obligations 888,969 1,407,321 638,174 Mortgage backed securities 76,013 Corporate bonds 64,638 64,223 64,432 ----------- ----------- ----------- Total investment securities held to maturity 1,029,620 1,471,544 702,606 ----------- ----------- ----------- Federal Home Loan Bank (FHLB) stock 42,595 35,630 35,630 ----------- ----------- ----------- Loans receivable: Commercial Loans 2,642,112 2,281,347 2,491,358 Finance Leases 152,235 138,617 143,412 Consumer Loans 1,199,316 1,020,189 1,149,014 Residential Loans 2,305,354 1,249,917 1,854,068 ----------- ----------- ----------- Total loans receivable 6,299,017 4,690,070 5,637,852 Allowance for loan losses (120,563) (104,150) (111,911) ----------- ----------- ----------- Total loans, net 6,178,454 4,585,920 5,525,941 Other real estate owned 2,752 1,184 2,938 Premises and equipment, net 83,215 76,031 87,595 Accrued interest receivable 33,204 34,842 39,282 Other assets 162,594 121,539 151,120 ----------- ----------- ----------- Total assets $ 9,934,314 $ 8,649,007 $ 9,643,852 =========== =========== =========== LIABILITIES & STOCKHOLDERS' EQUITY Liabilities: Deposits $ 5,433,642 $ 4,743,721 $ 5,482,918 Federal funds purchased and securities sold under agreements to repurchase 2,363,557 2,660,488 2,793,540 Advances from FHLB & Subordinated Notes 795,817 420,363 455,815 Payable for unsettle investment trade 375,000 Accounts payable and other liabilities 111,102 91,543 113,155 ----------- ----------- ----------- 9,079,118 7,916,115 8,845,428 ----------- ----------- ----------- Stockholders' equity: Preferred Stock 360,500 360,500 360,500 ----------- ----------- ----------- Common stock outstanding 40,006 26,600 39,955 Additional paid - in capital 676 11,686 -- Capital Reserve and Surplus 219,345 196,792 219,345 Retained earnings 188,644 134,886 145,243 Accumulated other comprehensive income 46,025 2,428 33,381 ----------- ----------- ----------- 855,196 732,892 798,424 ----------- ----------- ----------- Total liabilities and stockholders' equity $ 9,934,314 $ 8,649,007 $ 9,643,852 =========== =========== =========== BOOK VALUE PER COMMON SHARE $ 12.37 $ 9.33 $ 10.96 =========== =========== ===========
FIRST BANCORP SELECTED FINANCIAL DATA (UNAUDITED) DOLLARS IN THOUSANDS
CREDIT QUALITY DATA AT: June 30, 2003 June 30, 2002 December 31, 2002 ------------- ------------- ----------------- Non-performing Assets $100,878 $ 79,412 $104,675 -------- -------- -------- Non-performing Loans 88,998 70,331 91,765 -------- -------- -------- Past Due Loans 28,787 24,823 24,435 -------- -------- -------- Allowance for Loan Losses 120,563 104,150 111,911 Non-performing Assets to Total Assets 1.02% 0.92% 1.09% -------- -------- -------- Non-performing Loans to Total Loans 1.41% 1.50% 1.63% -------- -------- -------- Allowance to Non-Performing Loans 135.47% 148.09% 121.95% -------- -------- --------
SELECTED PERFORMANCE RATIOS: Three Months Ended Three Months Ended Six Months Ended June 30, March 31, June 30, 2003 2002 2003 2003 2002 ---------- ---------- ------------------- ---------- ---------- Net Interest Yield (1) 3.07% 4.04% 3.68% 3.38% 4.09% ---------- ---------- ---------- ---------- ---------- Return on Assets 1.26% 1.30% 1.56% 1.41% 1.27% ---------- ---------- ---------- ---------- ---------- Return on Equity 13.80% 15.07% 17.92% 15.82% 15.12% ---------- ---------- ---------- ---------- ---------- Return on Common Equity 18.47% 22.75% 26.24% 22.20% 22.53% ---------- ---------- ---------- ---------- ---------- Net Write offs to Average Loans 0.65% 0.87% 0.74% 0.70% 0.96% ---------- ---------- ---------- ---------- ---------- Efficiency Ratio 45.20% 40.05% 40.03% 42.45% 39.49% ---------- ---------- ---------- ---------- ---------- AVERAGE BALANCES: Assets $9,306,733 $8,298,224 $9,361,776 $9,334,255 $8,297,115 ---------- ---------- ---------- ---------- ---------- Earnings Assets 8,972,529 8,079,607 9,012,455 8,992,382 8,068,806 ---------- ---------- ---------- ---------- ---------- Loans 6,067,527 4,515,546 5,730,909 5,900,148 4,434,492 ---------- ---------- ---------- ---------- ---------- Deposits 5,373,362 4,613,108 5,356,261 5,364,859 4,477,363 ---------- ---------- ---------- ---------- ---------- Interest-bearing liabilities 7,891,580 7,272,306 7,979,841 7,935,467 7,291,005 ---------- ---------- ---------- ---------- ---------- Stockholders Equity 848,233 716,143 812,917 830,672 696,318 ---------- ---------- ---------- ---------- ---------- Common Stockholders Equity 487,733 355,643 452,417 470,172 352,614 ---------- ---------- ---------- ---------- ----------
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