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FIRST BANCORP. (Holding Company Only) Financial Information (Tables)
12 Months Ended
Dec. 31, 2024
FIRST BANCORP. (Holding Company Only) Financial Information [Abstract]  
Statements of Financial Condition [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following condensed
 
financial information presents
 
the financial position
 
of First BanCorp.
 
at the holding
 
company level only
as of December
 
31, 2024 and
 
2023, and the
 
results of its operations
 
and cash flows
 
for the years
 
ended December 31,
 
2024, 2023 and
2022:
Statements of Financial Condition
As of December 31,
2024
2023
(In thousands)
Assets
Cash and due from banks
$
13,295
$
11,452
Other investment securities
1,275
825
Investment in First Bank Puerto Rico, at equity
1,694,000
1,627,172
Investment in First Bank Insurance Agency,
 
at equity
24,121
18,376
Investment in FBP Statutory Trust I
1,289
1,289
Investment in FBP Statutory Trust II
(1)
561
3,561
Dividends receivable
619
713
Other assets
459
476
Total assets
$
1,735,619
$
1,663,864
Liabilities and Stockholders’ Equity
Liabilities:
Long-term borrowings
(1)
$
61,700
$
161,700
Accounts payable and other liabilities
4,683
4,555
Total liabilities
66,383
166,255
Stockholders’ equity
1,669,236
1,497,609
Total liabilities and stockholders’
 
equity
$
1,735,619
$
1,663,864
(1)
During 2024, the
 
Corporation redeemed $
100.0
 
million, or
84
%, of outstanding TruPS
 
issued by FBP Statutory
 
Trust II (or
 
$
97.0
 
million after excluding
 
the Corporation’s
 
interest in the
Trust of approximately $
3.0
 
million), as further explained in Note 10 - “Non-Consolidated
 
Variable Interest Entities
 
(“VIEs”) and Servicing Assets” and Note 15 - “Stockholders'
 
Equity.”
Statements of Income [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Income
 
Year
 
Ended December 31,
2024
2023
2022
(In thousands)
Income
 
 
Interest income on money market investments
 
$
292
$
228
$
79
 
Dividend income from banking subsidiaries
320,366
319,683
368,670
 
Dividend income from non-banking subsidiaries
-
12,000
-
 
Gain on early extinguishment of debt
-
1,605
-
 
Other income
360
406
248
 
Total income
321,018
333,922
368,997
Expense
 
Interest expense on long-term borrowings
11,986
13,535
8,253
 
Other non-interest expenses
1,704
1,817
1,730
 
Total expense
13,690
15,352
9,983
Income before income taxes and equity
 
 
in undistributed earnings of subsidiaries
307,328
318,570
359,014
Income tax expense
1
1
1
Equity in undistributed earnings of subsidiaries
 
(distribution in excess of earnings)
(8,603)
(15,705)
(53,941)
Net income
$
298,724
$
302,864
$
305,072
Other comprehensive income (loss), net of tax
72,614
165,608
(720,779)
Comprehensive income (loss)
$
371,338
$
468,472
$
(415,707)
Statements of Cash Flow of holding company [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Cash Flows
Year Ended December 31,
2024
2023
2022
(In thousands)
Cash flows from operating activities:
Net income
$
298,724
$
302,864
$
305,072
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
 
143
145
148
Equity in distributions in excess of earnings of subsidiaries
8,603
15,705
53,941
Gain on early extinguishment of debt
-
(1,605)
-
Net increase in other assets
(2)
(146)
(688)
Net decrease in other liabilities
(201)
(1,998)
(1,902)
 
Net cash provided by operating activities
307,267
314,965
356,571
Cash flows from investing activities:
Purchase of equity securities
(450)
(90)
(450)
Return of capital from wholly-owned subsidiaries
(1)
-
-
8,000
 
Net cash (used in) provided by investing activities
(450)
(90)
7,550
Cash flows from financing activities:
Repurchase of common stock
(102,393)
(203,241)
(277,769)
Repayment of junior subordinated debentures
(97,000)
(19,795)
-
Dividends paid on common stock
(105,581)
(99,666)
(87,824)
 
Net cash used in financing activities
(304,974)
(322,702)
(365,593)
Net increase (decrease) in cash and cash equivalents
1,843
(7,827)
(1,472)
Cash and cash equivalents at beginning of year
11,452
19,279
20,751
Cash and cash equivalents at end of year
$
13,295
$
11,452
$
19,279
Cash and cash equivalents include:
Cash and due from banks
$
13,295
$
11,452
$
19,279
Money market instruments
-
-
-
$
13,295
$
11,452
$
19,279
 
(1)
During 2022, FirstBank, 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.