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FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Statements of Financial Condition | The following condensed financial information presents the financial position of the Holding Company only as of June 30, 2019 and December 31, 2018, and the results of its operations for the quarters and six-month periods ended June 30, 2019 and 2018.
Statements of Financial Condition
(Unaudited)
| As of June 30, |  |  | As of December 31,
| 2019 |  | 2018
(In thousands) |
Assets |  |  |  |  |
Cash and due from banks | $ | 21,542 |  | $ | 10,984
Money market investments |  | 6,211 |  |  | 6,111
Other investment securities |  | 285 |  |  | 285
Investment in First Bank Puerto Rico, at equity |  | 2,285,662 |  |  | 2,179,655
Investment in First Bank Insurance Agency, at equity |  | 22,463 |  |  | 17,780
Investment in FBP Statutory Trust I |  | 1,963 |  |  | 1,963
Investment in FBP Statutory Trust II |  | 3,561 |  |  | 3,561
Other assets |  | 5,597 |  |  | 12,219
Total assets | $ | 2,347,284 |  | $ | 2,232,558
Liabilities and Stockholdersʼ Equity |  |  |  |  |
Liabilities: |  |  |  |  |
Other borrowings | $ | 184,150 |  | $ | 184,150
Accounts payable and other liabilities |  | 10,158 |  |  | 3,704
Total liabilities |  | 194,308 |  |  | 187,854
Stockholdersʼ equity |  | 2,152,976 |  |  | 2,044,704
Total liabilities and stockholdersʼ equity | $ | 2,347,284 |  | $ | 2,232,558
Statements of Income |
Statements of Income |
(Unaudited) |
| Quarter Ended |  | Six-Month Period Ended |
| June 30, |  | June 30, |
| 2019 |  | 2018 |  | 2019 |  | 2018 |
(In thousands) |  |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income on money market investments | $ | 40 |  | $ | 5 |  | $ | 145 |  | $ | 10 |
Dividend income from banking subsidiaries |  | 11,250 |  |  | 3,800 |  |  | 20,750 |  |  | 25,384 |
Other income |  | 71 |  |  | 70 |  |  | 146 |  |  | 133 |
|  | 11,361 |  |  | 3,875 |  |  | 21,041 |  |  | 25,527 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Other borrowings |  | 2,413 |  |  | 2,235 |  |  | 4,879 |  |  | 4,320 |
Other operating expenses |  | 549 |  |  | 631 |  |  | 1,105 |  |  | 1,227 |
|  | 2,962 |  |  | 2,866 |  |  | 5,984 |  |  | 5,547 |
Gain on early extinguishment of debt |  | - |  |  | - |  |  | - |  |  | 2,316 |
Income before income taxes and equity |  |  |  |  |  |  |  |  |  |  |  |
in undistributed earnings of subsidiaries |  | 8,399 |  |  | 1,009 |  |  | 15,057 |  |  | 22,296 |
Income tax provision |  | - |  |  | - |  |  | 1,339 |  |  | - |
Equity in undistributed earnings of subsidiaries |  | 32,888 |  |  | 30,023 |  |  | 70,883 |  |  | 41,884 |
Net income | $ | 41,287 |  | $ | 31,032 |  | $ | 84,601 |  | $ | 64,180 |
Other comprehensive income (loss), net of tax |  | 17,467 |  |  | (7,445) |  |  | 37,977 |  |  | (31,492) |
Comprehensive income | $ | 58,754 |  | $ | 23,587 |  | $ | 122,578 |  | $ | 32,688 |

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