FIRST BANCORP. (Holding Company Only) Financial Information

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

FIRST BANCORP. (Holding Company Only) Financial Information [Text Block]

NOTE 37- FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION

The following condensed financial information presents the financial position of the Holding Company only as of December 31, 2018 and 2017, and the results of its operations and cash flows for the years ended December 31, 2018, 2017, and 2016:

Statements of Financial Condition
	As of December 31,
	2018		2017
(In thousands)
Assets
Cash and due from banks	$	10,984	$	20,864
Money market investments		6,111		6,111
Other investment securities		285		285
Loans held for investment, net		-		191
Investment in First Bank Puerto Rico, at equity		2,179,655		2,028,641
Investment in First Bank Insurance Agency, at equity		17,780		12,400
Investment in FBP Statutory Trust I		1,963		2,698
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		12,219		3,799
Total assets	$	2,232,558	$	2,078,550
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	184,150	$	208,635
Accounts payable and other liabilities		3,704		818
Total liabilities		187,854		209,453
Stockholders' equity		2,044,704		1,869,097
Total liabilities and stockholders' equity	$	2,232,558	$	2,078,550

Statements of Income
	Year Ended December 31,
	2018		2017		2016
(In thousands)
Income
Interest income on money market investments	$	20	$	20	$	20
Interest income on loans		105		-		-
Dividend income from banking subsidiaries		37,784		7,200		34,876
Dividend income from non-banking subsidiaries		-		3,000		7,000
Other income		275		262		241
		38,184		10,482		42,137
Expense
Other borrowings		8,983		8,284		7,705
Other operating expenses		2,489		3,175		3,481
		11,472		11,459		11,186
Gain on early extinguishment of debt		2,316		1,391		4,217
Income before income taxes and equity
in undistributed earnings of subsidiaries		29,028		414		35,168
Income tax expense		-		45		-
Equity in undistributed earnings of subsidiaries		172,580		66,587		58,061
Net income	$	201,608	$	66,956	$	93,229
Other comprehensive (loss) income, net of tax		(19,806)		13,775		(6,641)
Comprehensive income	$	181,802	$	80,731	$	86,588

Statements of Cash Flows
	Year Ended December 31,
	2018		2017		2016
(In thousands)
Cash flows from operating activities:
Net income	$	201,608	$	66,956	$	93,229
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock-based compensation		2,202		3,769		3,563
Equity in undistributed earnings of subsidiaries		(172,580)		(66,587)		(58,061)
Gain on early extinguishment of debt		(2,316)		(1,391)		(4,217)
Accretion of discount on loans		(4)		(14)		(11)
Net (increase) decrease in other assets		(8,417)		(8)		802
Net increase (decrease) in other liabilities		2,890		(201)		(26,685)
Net cash provided by operating activities		23,383		2,524		8,620
Cash flows from investing activities:
Principal collected on loans		191		50		50
Net cash provided by investing activities		191		50		50
Cash flows from financing activities:
Repurchase of common stock		(2,827)		(2,497)		(1,132)
Repayment of junior subordinated debentures		(21,434)		(5,930)		(7,025)
Dividends paid on common stock		(6,517)		-		-
Dividends paid on preferred stock		(2,676)		(2,676)		(223)
Net cash used in financing activities		(33,454)		(11,103)		(8,380)
Net (decrease) increase in cash and cash equivalents		(9,880)		(8,529)		290
Cash and cash equivalents at beginning of the year		26,975		35,504		35,214
Cash and cash equivalents at end of year	$	17,095	$	26,975	$	35,504
Cash and cash equivalents include:
Cash and due from banks	$	10,984	$	20,864	$	29,393
Money market instruments		6,111		6,111		6,111
	$	17,095	$	26,975	$	35,504