RESTRICTIONS ON CASH AND DUE FROM BANKS

12 Months Ended

Dec. 31, 2021

Restricted Cash and Cash Equivalents [Abstract]

Restrictions on Cash and Due from Banks [Text Block]

NOTE 3 – RESTRICTIONS ON CASH AND DUE FROM BANKS

The Corporation’s bank subsidiary, FirstBank, is required by law to maintain minimum average weekly reserve balances to cover

demand deposits. The amount of those minimum average weekly reserve balances for the period that ended December 31, 2021 was

$

1.2

 billion (2020 - $

883.8

 million). As of December 31, 2021 and 2020, the Bank complied with the requirement. Cash and due from

banks as well as other highly liquid securities are used to cover the required average reserve balances.

As of December 31, 2021, and as required by the Puerto Rico International Banking Law, the Corporation maintained $

300,000

 in

time deposits, which were considered restricted assets related to FirstBank Overseas Corporation, an international banking entity that

is a subsidiary of FirstBank.