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FIRST BANCORP. (Holding Company Only) Financial Information | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
FIRST BANCORP. (Holding Company Only) Financial Information [Text Block] | NOTE 30- 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 December 31, 2022 and 2021, and the results of its operations and cash flows for the years ended December 31, 2022, 2021, and 2020: Statements of Financial Condition As of December 31, 2022 2021 (In thousands) Assets Cash and due from banks $ 19,279 $ 20,751 Other investment securities 735 285 Investment in First Bank Puerto Rico, at equity 1,464,026 2,247,289 Investment in First Bank Insurance Agency, at equity 28,770 19,521 Investment in FBP Statutory Trust I 1,951 1,951 Investment in FBP Statutory Trust II 3,561 3,561 Dividends receivable 624 295 Other assets 430 71 Total assets $ 1,519,376 $ 2,293,724 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 183,762 $ 183,762 Accounts payable and other liabilities 10,074 8,195 Total liabilities 193,836 191,957 Stockholders' equity 1,325,540 2,101,767 Total liabilities and stockholders' equity $ 1,519,376 $ 2,293,724 Statements of Income Year Ended December 31, 2022 2021 2020 (In thousands) Income Interest income on money market investments $ 79 $ 51 $ 71 Dividend income from banking subsidiaries 368,670 98,060 52,707 Dividend income from non-banking subsidiaries - 30,000 - Other income 248 154 439 Total income 368,997 128,265 53,217 Expense Other borrowings 8,253 5,135 6,355 Other operating expenses 1,730 1,929 2,097 Total expense 9,983 7,064 8,452 Gain on early extinguishment of debt - - 94 Income before income taxes and equity in undistributed earnings of subsidiaries 359,014 121,201 44,859 Income tax expense 3,448 2,854 2,429 Equity in undistributed earnings of subsidiaries (distribution in excess of earnings) (50,494) 162,678 59,843 Net income $ 305,072 $ 281,025 $ 102,273 Other comprehensive (loss) income, net of tax (720,779) (139,454) 48,691 Comprehensive (loss) income $ (415,707) $ 141,571 $ 150,964 Statements of Cash Flows Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities: Net income $ 305,072 $ 281,025 $ 102,273 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 148 149 231 Equity in undistributed earnings of subsidiaries 50,494 (162,678) (59,843) Gain on early extinguishment of debt - - (94) Net decrease (increase) in other assets (688) 1,657 (1,514) Net increase (decrease) in other liabilities 1,545 3,578 (459) Net cash provided by operating activities 356,571 123,731 40,594 Cash flows from investing activities: Purchase of equity securities (450) - - Return of capital from wholly-owned subsidiaries (1) 8,000 200,000 - Net cash provided by investing activities 7,550 200,000 - Cash flows from financing activities: Repurchase of common stock (277,769) (216,522) (206) Repayment of junior subordinated debentures - - (282) Dividends paid on common stock (87,824) (65,021) (43,416) Dividends paid on preferred stock - (2,453) (2,676) Redemption of preferred stock - Series A through E - (36,104) - Net cash used in financing activities (365,593) (320,100) (46,580) Net (decrease) increase in cash and cash equivalents (1,472) 3,631 (5,986) Cash and cash equivalents at beginning of the year 20,751 17,120 23,106 Cash and cash equivalents at end of year $ 19,279 $ 20,751 $ 17,120 Cash and cash equivalents include: Cash and due from banks $ 19,279 $ 20,751 $ 10,909 Money market instruments - - 6,211 $ 19,279 $ 20,751 $ 17,120 (1) During 2022, FirstBank of Puerto Rico, a wholly-owned subsidiary of First BanCorp., redeemed 0.3 million shares of its preferred stock for a total price of approximately $ 8.0 million. During 2021, FirstBank of Puerto Rico, a wholly-owned subsidiary of First BanCorp., redeemed 8 million shares of its preferred stock for a total price of approximately $ 200 million.

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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