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FIRST BANCORP. (Holding Company Only) Financial Information (Tables)
12 Months Ended
Dec. 31, 2021
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Statements of Financial Condition [Table Text Block]
Statements of Financial Condition
As of December 31,
 
2021
2020
(In thousands)
Assets
Cash and due from banks
$
20,751
$
10,909
Money market investments
-
6,211
Other investment securities
285
285
Investment in First Bank Puerto Rico, at equity
2,247,289
2,396,963
Investment in First Bank Insurance Agency,
 
at equity
19,521
41,313
Investment in FBP Statutory Trust I
1,951
1,951
Investment in FBP Statutory Trust II
3,561
3,561
Other assets
366
2,023
 
Total assets
$
2,293,724
$
2,463,216
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings
 
$
183,762
$
183,762
Accounts payable and other liabilities
8,195
4,275
 
Total liabilities
191,957
188,037
Stockholders' equity
2,101,767
2,275,179
 
Total liabilities and stockholders'
 
equity
$
2,293,724
$
2,463,216
Statements of Income [Table Text Block]
Statements of Income
 
Year
 
Ended December 31,
2021
2020
2019
(In thousands)
Income
 
 
Interest income on money market investments
 
$
51
$
71
$
233
 
Dividend income from banking subsidiaries
98,060
52,707
42,243
 
Dividend income from non-banking subsidiaries
30,000
-
-
 
Other income
154
439
283
128,265
53,217
42,759
Expense
 
Other borrowings
5,135
6,355
9,424
 
Other operating expenses
1,929
2,097
2,131
7,064
8,452
11,555
Gain on early extinguishment of debt
-
94
-
Income before income taxes and equity
 
 
in undistributed earnings of subsidiaries
121,201
44,859
31,204
Income tax expense
2,854
2,429
2,752
Equity in undistributed earnings of subsidiaries
162,678
59,843
138,925
Net income
$
281,025
$
102,273
$
167,377
Other comprehensive (loss) income, net of tax
(139,454)
48,691
47,179
Comprehensive income
$
141,571
$
150,964
$
214,556
Statements of Cash Flow of holding company [Table Text Block]
Statements of Cash Flows
Year Ended December 31,
 
2021
2020
2019
(In thousands)
Cash flows from operating activities:
Net income
$
281,025
$
102,273
$
167,377
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
 
149
231
314
Equity in undistributed earnings of subsidiaries
(162,678)
(59,843)
(138,925)
Gain on early extinguishment of debt
-
(94)
-
Net decrease (increase) in other assets
1,657
(1,514)
11,710
Net increase (decrease) in other liabilities
3,578
(459)
526
Net cash provided by operating activities
123,731
40,594
41,002
Cash flows from investing activities:
Return of capital from wholly-owned subsidiaries
(1)
200,000
-
-
Net cash provided by investing activities
200,000
-
-
Cash flows from financing activities:
Repurchase of common stock
(216,522)
(206)
(1,959)
Repayment of junior subordinated debentures
-
(282)
-
Dividends paid on common stock
(65,021)
(43,416)
(30,356)
Dividends paid on preferred stock
(2,453)
(2,676)
(2,676)
Redemption of preferred stock - Series A through E
(36,104)
-
-
 
Net cash used in financing activities
(320,100)
(46,580)
(34,991)
Net increase (decrease) in cash and cash equivalents
3,631
(5,986)
6,011
Cash and cash equivalents at beginning of the year
17,120
23,106
17,095
Cash and cash equivalents at end of year
$
20,751
$
17,120
$
23,106
Cash and cash equivalents include:
Cash and due from banks
$
20,751
$
10,909
$
16,895
Money market instruments
-
6,211
6,211
$
20,751
$
17,120
$
23,106
(1)
During 2021 First Bank of Puerto Rico, a wholly-owned subsidiary of First BanCorp., redeemed $
200
 
million or
8
 
million shares of its preferred stock.