FIRST BANCORP. (Holding Company Only) Financial Information

6 Months Ended

Jun. 30, 2020

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

FIRST BANCORP. (Holding Company Only) Financial Information

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 June 30, 2020 and December 31, 2019, and the results of its operations for the quarters and six-month periods ended June 30, 2020 and 2019.

Statements of Financial Condition
(Unaudited)
	As of June 30,			As of December 31,
	2020		2019
(In thousands)
Assets
Cash and due from banks	$	15,558	$	16,895
Money market investments		6,211		6,211
Other investment securities		285		285
Investment in First Bank Puerto Rico, at equity		2,346,208		2,362,182
Investment in First Bank Insurance Agency, at equity		29,679		24,995
Investment in FBP Statutory Trust I		1,963		1,963
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		803		509
Total assets	$	2,404,268	$	2,416,601
Liabilities and Stockholdersʼ Equity
Liabilities:
Other borrowings	$	184,150	$	184,150
Accounts payable and other liabilities		5,284		4,378
Total liabilities		189,434		188,528
Stockholdersʼ equity		2,214,834		2,228,073
Total liabilities and stockholdersʼ equity	$	2,404,268	$	2,416,601

Statements of Income
(Unaudited)
	Quarter Ended				Six-Month Period Ended
	June 30,				June 30,
	2020		2019		2020		2019
(In thousands)
Income:
Interest income on money market investments	$	15	$	40	$	48	$	145
Dividend income from banking subsidiaries		13,259		11,250		26,888		20,750
Other income		287		71		348		146
		13,561		11,361		27,284		21,041
Expense:
Other borrowings		1,641		2,413		3,673		4,879
Other operating expenses		535		549		1,058		1,105
		2,176		2,962		4,731		5,984
Income before income taxes and equity
in undistributed earnings of subsidiaries		11,385		8,399		22,553		15,057
Income tax (benefit) expense		(159)		-		1,223		1,339
Equity in undistributed earnings of subsidiaries		9,712		32,888		2,192		70,883
Net income	$	21,256	$	41,287	$	23,522	$	84,601
Other comprehensive income, net of tax		4,154		17,467		46,506		37,977
Comprehensive income	$	25,410	$	58,754	$	70,028	$	122,578