FIRST BANCORP. (Holding Company Only) Financial Information

3 Months Ended

Mar. 31, 2019

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

NOTE 28 – 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, 2019 and December 31, 2018, and the results of its operations for the quarters ended March 31, 2019 and 2018:

Statements of Financial Condition
(Unaudited)
	As of March 31,			As of December 31,
	2019		2018
(In thousands)
Assets
Cash and due from banks	$	22,536	$	10,984
Money market investments		6,111		6,111
Other investment securities		285		285
Investment in First Bank Puerto Rico, at equity		2,235,568		2,179,655
Investment in First Bank Insurance Agency, at equity		21,295		17,780
Investment in FBP Statutory Trust I		1,963		1,963
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		3,615		12,219
Total assets	$	2,294,934	$	2,232,558
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	184,150	$	184,150
Accounts payable and other liabilities		10,327		3,704
Total liabilities		194,477		187,854
Stockholders' equity		2,100,457		2,044,704
Total liabilities and stockholders' equity	$	2,294,934	$	2,232,558

Statements of Income
(Unaudited)
	Quarter Ended
	March 31,		March 31,
	2019		2018
	(In thousands)
Income:
Interest income on money market investments	$	105	$	5
Dividend income from banking subsidiaries		9,500		21,584
Other income		75		63
		9,680		21,652
Expense:
Other borrowings		2,466		2,085
Other operating expenses		556		596
		3,022		2,681
Gain on early extinguishment of debt		-		2,316
Income before income taxes and equity in undistributed
earnings of subsidiaries		6,658		21,287
Income tax provision		1,339		-
Equity in undistributed earnings of subsidiaries		37,995		11,861
Net income	$	43,314	$	33,148
Other comprehensive income (loss), net of tax		20,510		(24,053)
Comprehensive income	$	63,824	$	9,095