FIRST BANCORP. (Holding Company Only) Financial Information

9 Months Ended

Sep. 30, 2020

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

FIRST BANCORP. (Holding Company Only) Financial Information

NOTE 30 – 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 September 30, 2020 and December 31, 2019, and the results of its operations for the quarters and nine-month periods ended September 30, 2020 and 2019.

Statements of Financial Condition
(Unaudited)
	As of September 30,			As of December 31,
	2020		2019
(In thousands)
Assets
Cash and due from banks	$	11,155	$	16,895
Money market investments		6,211		6,211
Other investment securities		285		285
Investment in First Bank Puerto Rico, at equity		2,345,385		2,362,182
Investment in First Bank Insurance Agency, at equity		40,264		24,995
Investment in FBP Statutory Trust I		1,951		1,963
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		3,545		509
Total assets	$	2,412,357	$	2,416,601
Liabilities and Stockholdersʼ Equity
Liabilities:
Other borrowings	$	183,762	$	184,150
Accounts payable and other liabilities		3,313		4,378
Total liabilities		187,075		188,528
Stockholdersʼ equity		2,225,282		2,228,073
Total liabilities and stockholdersʼ equity	$	2,412,357	$	2,416,601

Statements of Income
(Unaudited)
	Quarter Ended				Nine-Month Period Ended
	September 30,				September 30,
	2020		2019		2020		2019
(In thousands)
Income:
Interest income on money market investments	$	12	$	44	$	60	$	189
Dividend income from banking subsidiaries		14,482		7,750		41,370		28,500
Other income		51		70		399		216
		14,545		7,864		41,829		28,905
Expense:
Other borrowings		1,356		2,331		5,029		7,210
Other operating expenses		607		644		1,665		1,749
		1,963		2,975		6,694		8,959
Gain on early extinguishment of debt		94		-		94		-
Income before income taxes and equity
in undistributed earnings of subsidiaries		12,676		4,889		35,229		19,946
Income tax expense		448		1,037		1,671		2,376
Equity in undistributed earnings of subsidiaries		16,385		42,475		18,577		113,358
Net income	$	28,613	$	46,327	$	52,135	$	130,928
Other comprehensive (loss) income, net of tax		(7,943)		7,562		38,563		45,539
Comprehensive income	$	20,670	$	53,889	$	90,698	$	176,467