FIRST BANCORP. (Holding Company Only) Financial Information

3 Months Ended

Mar. 31, 2016

FIRST BANCORP. (Holding Company Only) Financial Information

NOTE 24 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION

The following condensed financial information presents the financial position of the Holding Company only as of March 31, 2016and December 31, 2015 and the results of its operations for the quarters ended March 31, 2016 and 2015.

Statements of Financial Condition
	As of March 31,			As of December 31,
	2016		2015
	(In thousands)
Assets
Cash and due from banks	$	28,470	$	29,103
Money market investments		6,111		6,111
Investment securities available for sale, at market:
Other investment securities		285		285
Loans held for investment, net		256		266
Investment in First Bank Puerto Rico, at equity		1,939,272		1,888,036
Investment in First Bank Insurance Agency, at equity		9,017		14,382
Investment in FBP Statutory Trust I		2,929		2,929
Investment in FBP Statutory Trust II		3,557		3,866
Other assets		5,370		4,632
Total assets	$	1,995,267	$	1,949,610
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	216,183	$	226,492
Accounts payable and other liabilities		29,917		28,984
Total liabilities		246,100		255,476
Stockholders' equity		1,749,167		1,694,134
Total liabilities and stockholders' equity	$	1,995,267	$	1,949,610

Statements of Income
	Quarter Ended
	March 31,		March 31,
	2016		2015
	(In thousands)
Income:
Interest income on money market investments	$	5	$	5
Other income		60		56
		65		61
Expense:
Notes payable and other borrowings		1,978		1,817
Other operating expenses		650		604
		2,628		2,421
Gain on early extinguishment of debt		4,217		-
Income (loss) before income taxes and equity in undistributed
earnings of subsidiaries		1,654		(2,360)
Equity in undistributed earnings of subsidiaries		21,690		28,006
Net income	$	23,344	$	25,646
Other comprehensive income, net of tax		30,391		7,140
Comprehensive income	$	53,735	$	32,786