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FIRST BANCORP. (Holding Company Only) Financial Information

3 Months Ended

Mar. 31, 2022

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

FIRST BANCORP. (Holding Company Only) Financial Information [Text Block]

NOTE 24 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION

The following condensed financial information presents the financial position of First BanCorp. at the holding company level only as of March 31, 2022 and December 31, 2021, and the results of its operations for the quarters ended March 31, 2022 and 2021:

Statements of Financial Condition
(Unaudited)
	As of March 31,			As of December 31,
	2022			2021
(In thousands)
Assets
Cash and due from banks	$	14,985		$	20,751
Other investment securities		285			285
Investment in First Bank Puerto Rico, at equity		1,926,159			2,247,289
Investment in First Bank Insurance Agency, at equity		23,802			19,521
Investment in FBP Statutory Trust I		1,951			1,951
Investment in FBP Statutory Trust II		3,561			3,561
Other assets		923			366
Total assets	$	1,971,666		$	2,293,724
Liabilities and Stockholders' Equity
Liabilities:
Other borrowings	$	183,762		$	183,762
Accounts payable and other liabilities		6,802			8,195
Total liabilities		190,564			191,957
Stockholders' equity		1,781,102			2,101,767
Total liabilities and stockholders' equity	$	1,971,666		$	2,293,724

Statements of Income
(Unaudited)
	Quarter Ended
	March 31,			March 31,
	2022			2021
(In thousands)
Income:
Interest income on money market investments	$	4		$	16
Dividend income from banking subsidiaries		63,593			18,801
Other income		40			38
		63,637			18,855
Expense:
Other borrowings		1,333			1,294
Other operating expenses		439			499
		1,772			1,793
Income before income taxes and equity in undistributed
earnings of subsidiaries		61,865			17,062
Income tax expense		1,106			1,129
Equity in undistributed earnings of subsidiaries		21,841			45,217
Net income	$	82,600		$	61,150
Other comprehensive loss, net of tax		(331,834)			(98,929)
Comprehensive loss	$	(249,234)		$	(37,779)

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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