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FIRST BANCORP. (Holding Company Only) Financial Information

6 Months Ended

Jun. 30, 2019

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 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
(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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- References

No definition available.

+ Details

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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

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