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FIRST BANCORP. (Holding Company Only) Financial Information (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Statements of Financial Condition [Table Text Block]
Statements of Financial Condition
As of December 31,
 
2022
2021
(In thousands)
Assets
Cash and due from banks
$
19,279
$
20,751
Other investment securities
735
285
Investment in First Bank Puerto Rico, at equity
1,464,026
2,247,289
Investment in First Bank Insurance Agency,
 
at equity
28,770
19,521
Investment in FBP Statutory Trust I
1,951
1,951
Investment in FBP Statutory Trust II
3,561
3,561
Dividends receivable
624
295
Other assets
430
71
 
Total assets
$
1,519,376
$
2,293,724
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings
 
$
183,762
$
183,762
Accounts payable and other liabilities
10,074
8,195
 
Total liabilities
193,836
191,957
Stockholders' equity
1,325,540
2,101,767
 
Total liabilities and stockholders'
 
equity
$
1,519,376
$
2,293,724
Statements of Income [Table Text Block]
Statements of Income
 
Year
 
Ended December 31,
2022
2021
2020
(In thousands)
Income
 
 
Interest income on money market investments
 
$
79
$
51
$
71
 
Dividend income from banking subsidiaries
368,670
98,060
52,707
 
Dividend income from non-banking subsidiaries
-
30,000
-
 
Other income
248
154
439
 
Total income
368,997
128,265
53,217
Expense
 
Other borrowings
8,253
5,135
6,355
 
Other operating expenses
1,730
1,929
2,097
 
Total expense
9,983
7,064
8,452
Gain on early extinguishment of debt
-
-
94
Income before income taxes and equity
 
 
in undistributed earnings of subsidiaries
359,014
121,201
44,859
Income tax expense
3,448
2,854
2,429
Equity in undistributed earnings of subsidiaries (distribution in excess of
 
earnings)
(50,494)
162,678
59,843
Net income
$
305,072
$
281,025
$
102,273
Other comprehensive (loss) income, net of tax
(720,779)
(139,454)
48,691
Comprehensive (loss) income
$
(415,707)
$
141,571
$
150,964
Statements of Cash Flow of holding company [Table Text Block]
Statements of Cash Flows
Year Ended December 31,
 
2022
2021
2020
(In thousands)
Cash flows from operating activities:
Net income
$
305,072
$
281,025
$
102,273
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
 
148
149
231
Equity in undistributed earnings of subsidiaries
50,494
(162,678)
(59,843)
Gain on early extinguishment of debt
-
-
(94)
Net decrease (increase) in other assets
(688)
1,657
(1,514)
Net increase (decrease) in other liabilities
1,545
3,578
(459)
Net cash provided by operating activities
356,571
123,731
40,594
Cash flows from investing activities:
Purchase of equity securities
(450)
-
-
Return of capital from wholly-owned subsidiaries
(1)
8,000
200,000
-
Net cash provided by investing activities
7,550
200,000
-
Cash flows from financing activities:
Repurchase of common stock
(277,769)
(216,522)
(206)
Repayment of junior subordinated debentures
-
-
(282)
Dividends paid on common stock
(87,824)
(65,021)
(43,416)
Dividends paid on preferred stock
-
(2,453)
(2,676)
Redemption of preferred stock - Series A through E
-
(36,104)
-
 
Net cash used in financing activities
(365,593)
(320,100)
(46,580)
Net (decrease) increase in cash and cash equivalents
(1,472)
3,631
(5,986)
Cash and cash equivalents at beginning of the year
20,751
17,120
23,106
Cash and cash equivalents at end of year
$
19,279
$
20,751
$
17,120
Cash and cash equivalents include:
Cash and due from banks
$
19,279
$
20,751
$
10,909
Money market instruments
-
-
6,211
$
19,279
$
20,751
$
17,120
(1)
During 2022, FirstBank of Puerto Rico, a wholly-owned subsidiary of First BanCorp., redeemed
0.3
 
million shares of its preferred stock for a total price of
approximately $
8.0
 
million.
 
During 2021, FirstBank of Puerto Rico, a wholly-owned subsidiary of First BanCorp., redeemed
8
 
million shares of its
preferred stock for a total price of approximately $
200
 
million.