FIRST BANCORP. (Holding Company Only) Financial Information

3 Months Ended

Mar. 31, 2023

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

FIRST BANCORP. (Holding Company Only) Financial Information [Text Block]

NOTE 23- 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 March 31, 2023 and December 31, 2022, and the results of its operations for the quarters ended March 31, 2023 and 2022:

Statements of Financial Condition

As of March 31, 

As of December 31,

2023

2022

(In thousands)

Assets

Cash and due from banks

$

13,981

$

19,279

Other investment securities

735

735

Investment in First Bank Puerto Rico, at equity

1,544,874

1,464,026

Investment in First Bank Insurance Agency, at equity

32,374

28,770

Investment in FBP Statutory Trust I

1,951

1,951

Investment in FBP Statutory Trust II

3,561

3,561

Dividends receivable

637

624

Other assets

426

430

 Total assets

$

1,598,539

$

1,519,376

Liabilities and Stockholders’ Equity

Liabilities:

Long-term borrowings 

$

183,762

$

183,762

Accounts payable and other liabilities

9,184

10,074

 Total liabilities

192,946

193,836

Stockholders’ equity

1,405,593

1,325,540

 Total liabilities and stockholders’ equity

$

1,598,539

$

1,519,376

Statements of Income 

Quarter Ended March 31,

2023

2022

(In thousands)

Income 

 Interest income on money market investments 

$

53

$

4

 Dividend income from banking subsidiaries

78,870

63,593

 Other income

102

40

 Total income

79,025

63,637

Expense

 Other borrowings

3,381

1,333

 Other operating expenses

410

439

 Total expense

3,791

1,772

Income before income taxes and equity in undistributed earnings of subsidiaries

75,234

61,865

Income tax expense

1,078

1,106

Equity in undistributed earnings of subsidiaries (distribution in excess of

 earnings)

(3,458)

21,841

Net income

$

70,698

$

82,600

Other comprehensive income (loss), net of tax

87,228

(331,834)

Comprehensive income (loss)

$

157,926

$

(249,234)