FIRST BANCORP. (Holding Company Only) Financial Information

3 Months Ended

Mar. 31, 2020

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

NOTE 29 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION

The following condensed financial information presents the financial position of First BanCorp at the holding company level only as of March 31, 2020 and December 31, 2019, and the results of its operations for the quarters ended March 31, 2020 and 2019:.

Statements of Financial Condition
(Unaudited)
	As of March 31,		As of December 31,
	2020		2019
(In thousands)
Assets
Cash and due from banks	$	16,028	$	16,895
Money market investments		6,211		6,211
Other investment securities		285		285
Investment in First Bank Puerto Rico, at equity		2,331,941		2,362,182
Investment in First Bank Insurance Agency, at equity		28,832		24,995
Investment in FBP Statutory Trust I		1,963		1,963
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		782		509
Total assets	$	2,389,603	$	2,416,601
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	184,150	$	184,150
Accounts payable and other liabilities		5,702		4,378
Total liabilities		189,852		188,528
Stockholders' equity		2,199,751		2,228,073
Total liabilities and stockholders' equity	$	2,389,603	$	2,416,601

Statements of Income
(Unaudited)
	Quarter Ended
	March 31,		March 31,
	2020		2019
	(In thousands)
Income:
Interest income on money market investments	$	33	$	105
Dividend income from banking subsidiaries		13,629		9,500
Other income		61		75
		13,723		9,680
Expense:
Other borrowings		2,032		2,466
Other operating expenses		523		556
		2,555		3,022
Income before income taxes and equity in undistributed
(losses) earnings of subsidiaries		11,168		6,658
Income tax provision		1,382		1,339
Equity in undistributed (losses) earnings of subsidiaries		(7,520)		37,995
Net income	$	2,266	$	43,314
Other comprehensive income, net of tax		42,352		20,510
Comprehensive income	$	44,618	$	63,824