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

12 Months Ended

Dec. 31, 2016

Statements of Financial Condition

	As of December 31,
	2016		2015
(In thousands)

Assets
Cash and due from banks	$	29,393	$	29,103
Money market investments		6,111		6,111
Other investment securities		285		285
Loans held for investment, net		227		266
Investment in First Bank Puerto Rico, at equity		1,946,211		1,888,036
Investment in First Bank Insurance Agency, at equity		10,941		14,382
Investment in FBP Statutory Trust I		2,929		2,929
Investment in FBP Statutory Trust II		3,561		3,866
Other assets		3,791		4,632
Total assets	$	2,003,449	$	1,949,610

Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	216,187	$	226,492
Accounts payable and other liabilities		1,019		28,984
Total liabilities		217,206		255,476

Stockholders' equity		1,786,243		1,694,134
Total liabilities and stockholders' equity	$	2,003,449	$	1,949,610

Statements of Income

	Year Ended December 31,
	2016		2015		2014
(In thousands)

Income
Interest income on money market investments	$	20	$	20	$	20
Dividend income from banking subsidiaries		34,876		-		-
Dividend income from non-banking subsidiaries		7,000		-		-
Other income		241		498		220
		42,137		518		240

Expense
Other borrowings		7,705		7,450		7,199
Other operating expenses		3,481		2,412		2,614
		11,186		9,862		9,813
Loss on sale and impairment on equity securities		-		-		(29)

Gain on early extinguishment of debt		4,217		-		-

Income (loss) before income taxes and equity in undistributed earnings
of subsidiaries		35,168		(9,344)		(9,602)
Equity in undistributed earnings of subsidiaries		58,061		30,641		401,889
Net Income	$	93,229	$	21,297	$	392,287

Other comprehensive (loss) income, net of tax		(6,641)		(9,398)		60,385

Comprehensive income	$	86,588	$	11,899	$	452,672


Statements of Cash Flows

	Year Ended December 31,
	2016		2015		2014
(In thousands)

Cash flows from operating activities:
Net income	$	93,229	$	21,297	$	392,287

Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation		3,563		2,835		1,962
Equity in undistributed earnings of subsidiaries		(58,061)		(30,641)		(401,889)
Loss on sales/impairment of investment securities		-		-		29
Gain on early extinguishment of debt		(4,217)		-		-
Accretion of discount on loans		(11)		(7)		(3)
Net decrease (increase) in other assets		802		(293)		(260)
Net (decrease) increase in other liabilities		(26,685)		6,643		7,261
Net cash provided by (used in) operating activities		8,620		(166)		(613)

Cash flows from investing activities:
Principal collected on loans		50		63		38
Proceeds from sales of available-for-sale securities		-		-		6
Net cash provided by investing activities		50		63		44

Cash flows from financing activities:
Repurchase of common stock		(1,132)		(1,174)		(946)
Repayment of junior subordinated debentures		(7,025)		-		-
Dividends paid on preferred stock		(223)		-		-
Issuance costs of common stock issued in exchange for preferred
stock Series A through E		-		-		(62)
Net cash used in financing activities		(8,380)		(1,174)		(1,008)

Net increase (decrease) in cash and cash equivalents		290		(1,277)		(1,577)

Cash and cash equivalents at beginning of the year		35,214		36,491		38,068
Cash and cash equivalents at end of year	$	35,504	$	35,214	$	36,491

Cash and cash equivalents include:
Cash and due from banks	$	29,393	$	29,103	$	30,380
Money market instruments		6,111		6,111		6,111
	$	35,504	$	35,214	$	36,491