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FIRST BANCORP. (Holding Company Only) Financial Information | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
FIRST BANCORP. (Holding Company Only) Financial Information | NOTE 28 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2018 and December 31, 2017 and the results of its operations for the quarters and nine-month periods ended September 30, 2018 and 2017.
Statements of Financial Condition
| As of September 30, |  |  | As of December 31,
| 2018 |  | 2017
(In thousands) |
Assets |  |  |  |  |
Cash and due from banks | $ | 20,940 |  | $ | 20,864
Money market investments |  | 6,111 |  |  | 6,111
Other investment securities |  | 285 |  |  | 285
Loans held for investment, net |  | - |  |  | 191
Investment in FirstBank Puerto Rico, at equity |  | 2,062,908 |  |  | 2,028,641
Investment in FirstBank Insurance Agency, at equity |  | 16,738 |  |  | 12,400
Investment in FBP Statutory Trust I |  | 1,963 |  |  | 2,698
Investment in FBP Statutory Trust II |  | 3,561 |  |  | 3,561
Other assets |  | 2,329 |  |  | 3,799
Total assets | $ | 2,114,835 |  | $ | 2,078,550
Liabilities and Stockholdersʼ Equity |  |  |  |  |
Liabilities: |  |  |  |  |
Other borrowings | $ | 184,150 |  | $ | 208,635
Accounts payable and other liabilities |  | 3,270 |  |  | 818
Total liabilities |  | 187,420 |  |  | 209,453
Stockholdersʼ equity |  | 1,927,415 |  |  | 1,869,097
Total liabilities and stockholdersʼ equity | $ | 2,114,835 |  | $ | 2,078,550
Statements of Income (Loss) |
| Quarter Ended |  | Nine-Month Period Ended |
| September 30, |  | September 30, |
| 2018 |  | 2017 |  | 2018 |  | 2017 |
| (In thousands) | (In thousands)
Income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income on money market investments | $ | 5 |  | $ | 5 |  | $ | 15 |  | $ | 15 |
Interest income on loans |  | 105 |  |  | - |  |  | 105 |  |  | - |
Dividend income from banking subsidiary |  | 2,900 |  |  | 1,800 |  |  | 28,284 |  |  | 5,400 |
Dividend income from non-banking subsidiaries |  | - |  |  | 3,000 |  |  | - |  |  | 3,000 |
Other income |  | 70 |  |  | 68 |  |  | 203 |  |  | 195 |
|  | 3,080 |  |  | 4,873 |  |  | 28,607 |  |  | 8,610 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Other borrowings |  | 2,315 |  |  | 2,139 |  |  | 6,635 |  |  | 6,166 |
Other operating expenses |  | 624 |  |  | 814 |  |  | 1,851 |  |  | 2,480 |
|  | 2,939 |  |  | 2,953 |  |  | 8,486 |  |  | 8,646 |
Gain on early extinguishment of debt |  | - |  |  | 1,391 |  |  | 2,316 |  |  | 1,391 |
Income before income taxes and equity |  |  |  |  |  |  |  |  |  |  |  |
in undistributed earnings (losses) of subsidiaries |  | 141 |  |  | 3,311 |  |  | 22,437 |  |  | 1,355 |
Income tax expense |  | - |  |  | (45) |  |  | - |  |  | (45) |
Equity in undistributed earnings (losses) of subsidiaries |  | 36,182 |  |  | (14,018) |  |  | 78,066 |  |  | 41,477 |
Net income (loss) | $ | 36,323 |  | $ | (10,752) |  | $ | 100,503 |  | $ | 42,787 |
Other Comprehensive (loss) income, net of tax |  | (10,780) |  |  | 3,719 |  |  | (42,272) |  |  | 23,480 |
Comprehensive income (loss) | $ | 25,543 |  | $ | (7,033) |  | $ | 58,231 |  | $ | 66,267 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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