FIRST BANCORP. (Holding Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Statements of Financial Condition

	As of December 31,
	2014		2013
	(In thousands)

Assets
Cash and due from banks	$	30,380	$	31,957
Money market investments		6,111		6,111
Investment securities available for sale, at market:
Equity investments		-		33
Other investment securities		285		285
Loans held for investment, net		322		356
Investment in First Bank Puerto Rico, at equity		1,866,090		1,403,612
Investment in First Bank Insurance Agency, at equity		11,890		9,834
Investment in FBP Statutory Trust I		3,093		3,093
Investment in FBP Statutory Trust II		3,866		3,866
Other assets		4,357		4,101
Total assets	$	1,926,394	$	1,463,248

Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	231,959	$	231,959
Accounts payable and other liabilities		22,692		15,431
Total liabilities		254,651		247,390

Stockholders' equity		1,671,743		1,215,858
Total liabilities and stockholders' equity	$	1,926,394	$	1,463,248

Statements of Income (Loss)

	Year Ended December 31,
	2014		2013		2012
	(In thousands)

Income
Interest income on money market investments	$	20	$	22	$	17
Interest income on other investments		-		-		6
Other income		220		88		220
		240		110		243

Expense
Notes payable and other borrowings		7,199		7,092		7,342
Other operating expenses		2,614		5,813		3,398
		9,813		12,905		10,740
Loss on sale and impairment on equity securities		(29)		(42)		-

Loss before income taxes and equity in undistributed earnings
(losses) of subsidiaries		(9,602)		(12,837)		(10,497)
Equity in undistributed earnings (losses) of subsidiaries		401,889		(151,650)		40,279
Net Income (loss)		392,287		(164,487)		29,782

Other comprehensive income (loss) , net of tax		60,385		(107,168)		9,234

Comprehensive income (loss)	$	452,672	$	(271,655)	$	39,016

Statements of Cash Flows

	Year Ended December 31,
	2014		2013		2012
			(In thousands)

Cash flows from operating activities:
Net income (loss)	$	392,287	$	(164,487)	$	29,782

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation		1,962		1,471		155
Equity in undistributed (earnings) losses of subsidiaries		(401,889)		151,650		(40,279)
Loss on sales/impairment of investment securities		29		186		-
Accretion of discount on loans		(3)		-		-
Net (increase) decrease in other assets		(260)		774		(1,403)
Net increase in other liabilities		7,261		7,146		7,166
Net cash used in operating activities		(613)		(3,260)		(4,579)

Cash flows from investing activities:
Principal collected on loans		38		-		-
Proceeds from sales of available-for-sale securities		6		-		-
Proceeds from sale/redemption of other investment securities		-		533		-
Net cash provided by investing activities		44		533		-

Cash flows from financing activities:
Proceeds from common stock issued, net of costs		-		-		1,037
Repurchase of common stock		(946)		(455)		-
Issuance costs of common stock issued in exchange for preferred
stock Series A through E		(62)		-		-
Net cash (used in) provided by financing activities		(1,008)		(455)		1,037

Net decrease in cash and cash equivalents		(1,577)		(3,182)		(3,542)

Cash and cash equivalents at beginning of the year		38,068		41,250		44,792
Cash and cash equivalents at end of year	$	36,491	$	38,068	$	41,250

Cash and cash equivalents include:
Cash and due from banks	$	30,380	$	31,957	$	35,139
Money market instruments		6,111		6,111		6,111
	$	36,491	$	38,068	$	41,250