First BanCorp. (Form: 8-K)

0001299933-15-000851.txt : 20150527 0001299933-15-000851.hdr.sgml : 20150527 20150527144816 ACCESSION NUMBER: 0001299933-15-000851 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150526 ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150527 DATE AS OF CHANGE: 20150527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /PR/ CENTRAL INDEX KEY: 0001057706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 660561882 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14793 FILM NUMBER: 15892072 BUSINESS ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: SANTURCE CITY: SAN JUAN STATE: PR ZIP: 00908-0146 BUSINESS PHONE: 7877298200 MAIL ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: PO BOX 9146 CITY: SAN JUAN STATE: PR ZIP: 00908-0146 8-K 1 htm_51904.htm LIVE FILING First BanCorp. (Form: 8-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):		May 26, 2015

First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)


Puerto Rico	001-14793	66-0561882
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico		00908-0146
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


Registrant’s telephone number, including area code:		787-729-8041

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 5.07 Submission of Matters to a Vote of Security Holders.

At the Corporation’s Annual Meeting of Stockholders held on May 26, 2015, the matters voted on and the voting results are as follows:

Proposal 1 — Election of Directors


*Director Nominees*:	*Votes For*		*Votes Against*		*Votes Abstained*
Juan Acosta-Reboyras		190,345,122		1,512,015		43,977

Aurelio Alemán-Bermúdez		190,350,419		1,508,567		42,128

Luz A. Crespo		190,227,002		1,615,334		58,778

Robert T. Gormley		190,306,164		1,533,945		61,005

Thomas M. Hagerty		189,907,344		1,933,939		59,831

Michael P. Harmon		190,306,065		1,534,044		61,005

Roberto R. Herencia		149,564,967		42,286,280		49,867

David I. Matson		190,301,798		1,535,674		63,642

José Menéndez-Cortada		190,174,251		1,663,715		63,148

Broker Non-Vote 14,801,287 shares for each director.

Proposal 2 – Non-binding Approval of Executive Compensation


*Votes For*	*Votes Against*		*Votes Abstained*		*Broker Non-Votes*

187,298,941		4,425,979		176,194		14,801,287

Proposal 3 — Ratification of the Appointment of KPMG LLP as the Independent Registered Public Accounting Firm for Fiscal Year 2014

Votes For

Votes Against

Votes Abstained

Broker Non-Votes

206,335,709

310,737

55,955

Item 8.01 Other Events.
On May 26, 2015, the Corporation announced that it has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 million of unpaid principal balance, or $150.1 million of book value (excluding specific reserves), for $87.6 million in cash or 43.8% of the unpaid principal balance of the assets. This transaction is expected to close in early June 2015.

This transaction will result in a pretax loss, net of $15.3 million in reserves, of approximately $47.2 million. At the completion of the transaction, FirstBank will reduce its classified assets and non-performing assets by approximately $149.1 million and $94.7 million, respectively. The resulting March 31, 2015 pro form non-performing asset to total asset ratio will decline from 5.74% to 5.02%.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits



Exhibit No.		Description


	99.1	Press Release dated May 26, 2015 — First BanCorp Announces Progress On Balance Sheet De-Risking

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	First BanCorp.

May 27, 2015	By:	/s/ Lawrence Odell

		Name: Lawrence Odell
		Title: EVP and General Counsel

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Exhibit Index


Exhibit No.		Description

99.1		Press Release dated May 26, 2015 — First BanCorp Announces Progress On Balance Sheet De-Risking

EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

FIRST BANCORP ANNOUNCES PROGRESS ON BALANCE SHEET DE-RISKING

SAN JUAN, Puerto Rico – May 26, 2015 – First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), announced that the Bank has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 million of unpaid principal balance, or $150.1 million of book value, for $87.6 million in cash or 43.8% of the unpaid principal balance of the assets. This transaction is expected to close in early June 2015.

This transaction will result in a pretax loss, net of reserves, of approximately $47.2 million. At the completion of the transaction, FirstBank will reduce its classified assets and nonperforming assets by approximately $149.1 million and $94.7 million, respectively. The resulting March 31, 2015 pro form non-performing asset to total asset ratio will decline from 5.74% to 5.02%.

“This transaction accelerates improvement in our risk profile and will contribute to future reductions in our expense base. We view this as a positive step as we continue addressing credit quality in a challenged economic environment.” said First BanCorp. President and CEO Aurelio Alemán-Bermudez.

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp. and FirstBank Puerto Rico operate within U.S. banking laws and regulations. The Corporation operates a total of 153 branches, stand-alone offices, and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp., a small loan company; FirstBank Puerto Rico Securities, a broker-dealer subsidiary; and First Management of Puerto Rico, a domestic corporation that holds tax-exempt assets. In the U.S. Virgin Islands, FirstBank operates First Express, a small loan company. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol FBP. Additional information about First BanCorp. may be found at .

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Contact First BanCorp.
John B. Pelling III, 305-577-6000 Ext. 162
Investor Relations Officer
john.pelling@firstbankpr.com