FIRST BANCORP. (Holding Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statements of Financial Condition [Table Text Block]

Statements of Financial Condition
	As of December 31,
	2020		2019
(In thousands)
Assets
Cash and due from banks	$	10,909	$	16,895
Money market investments		6,211		6,211
Other investment securities		285		285
Investment in First Bank Puerto Rico, at equity		2,396,963		2,362,182
Investment in First Bank Insurance Agency, at equity		41,313		24,995
Investment in FBP Statutory Trust I		1,951		1,963
Investment in FBP Statutory Trust II		3,561		3,561
Other assets		2,023		509
Total assets	$	2,463,216	$	2,416,601
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	183,762	$	184,150
Accounts payable and other liabilities		4,275		4,378
Total liabilities		188,037		188,528
Stockholders' equity		2,275,179		2,228,073
Total liabilities and stockholders' equity	$	2,463,216	$	2,416,601

Statements of Income [Table Text Block]

Statements of Income
	Year Ended December 31,
	2020		2019		2018
(In thousands)
Income
Interest income on money market investments	$	71	$	233	$	20
Interest income on loans		-		-		105
Dividend income from banking subsidiaries		52,707		42,243		37,784
Other income		439		283		275
		53,217		42,759		38,184
Expense
Other borrowings		6,355		9,424		8,983
Other operating expenses		2,097		2,131		2,489
		8,452		11,555		11,472
Gain on early extinguishment of debt		94		-		2,316
Income before income taxes and equity
in undistributed earnings of subsidiaries		44,859		31,204		29,028
Income tax expense		2,429		2,752		-
Equity in undistributed earnings of subsidiaries		59,843		138,925		172,580
Net income	$	102,273	$	167,377	$	201,608
Other comprehensive income (loss), net of tax		48,691		47,179		(19,806)
Comprehensive income	$	150,964	$	214,556	$	181,802

Statements of Cash Flow of holding company [Table Text Block]

Statements of Cash Flows
	Year Ended December 31,
	2020		2019		2018
(In thousands)
Cash flows from operating activities:
Net income	$	102,273	$	167,377	$	201,608
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		231		314		2,202
Equity in undistributed earnings of subsidiaries		(59,843)		(138,925)		(172,580)
Gain on early extinguishment of debt		(94)		-		(2,316)
Accretion of discount on loans		-		-		(4)
Net (increase) decrease in other assets		(1,514)		11,710		(8,417)
Net (decrease) increase in other liabilities		(459)		526		2,890
Net cash provided by operating activities		40,594		41,002		23,383
Cash flows from investing activities:
Principal collected on loans		-		-		191
Net cash provided by investing activities		-		-		191
Cash flows from financing activities:
Repurchase of common stock		(206)		(1,959)		(2,827)
Repayment of junior subordinated debentures		(282)		-		(21,434)
Dividends paid on common stock		(43,416)		(30,356)		(6,517)
Dividends paid on preferred stock		(2,676)		(2,676)		(2,676)
Net cash used in financing activities		(46,580)		(34,991)		(33,454)
Net (decrease) increase in cash and cash equivalents		(5,986)		6,011		(9,880)
Cash and cash equivalents at beginning of the year		23,106		17,095		26,975
Cash and cash equivalents at end of year	$	17,120	$	23,106	$	17,095
Cash and cash equivalents include:
Cash and due from banks	$	10,909	$	16,895	$	10,984
Money market instruments		6,211		6,211		6,111
	$	17,120	$	23,106	$	17,095