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FIRST BANCORP. (Holding Company Only) Financial Information
6 Months Ended
Jun. 30, 2023
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
FIRST BANCORP. (Holding Company Only) Financial Information
NOTE 23- 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
 
June 30,
 
2023 and
 
December 31,
 
2022, and
 
the results
 
of its
 
operations
 
for the
 
quarters and
 
six-month periods
 
ended June
 
30,
2023 and 2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Financial Condition
As of June 30,
 
As of December 31,
2023
2022
(In thousands)
Assets
Cash and due from banks
$
54,625
$
19,279
Other investment securities
735
735
Investment in First Bank Puerto Rico, at equity
1,484,887
1,464,026
Investment in First Bank Insurance Agency,
 
at equity
22,024
28,770
Investment in FBP Statutory Trust I
1,289
1,951
Investment in FBP Statutory Trust II
3,561
3,561
Dividends receivable
700
624
Other assets
542
430
 
Total assets
$
1,568,363
$
1,519,376
Liabilities and Stockholders’ Equity
Liabilities:
Long-term borrowings
 
$
161,700
$
183,762
Accounts payable and other liabilities
8,664
10,074
 
Total liabilities
170,364
193,836
Stockholders’ equity
1,397,999
1,325,540
 
Total liabilities and stockholders’
 
equity
$
1,568,363
$
1,519,376
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Income
 
Quarter Ended
 
Six-Month Period Ended
June 30,
 
June 30,
 
2023
2022
2023
2022
(In thousands)
Income
 
 
Interest income on money market investments
 
$
57
$
10
$
110
$
14
 
Dividend income from banking subsidiaries
78,932
178,679
157,802
242,272
 
Dividend income from nonbanking subsidiaries
12,000
-
12,000
-
 
Gain on early extinguishment of debt
1,605
-
1,605
-
 
Other income
101
51
203
91
 
Total income
92,695
178,740
171,720
242,377
Expense
 
Other long-term borrowings
3,409
1,698
6,790
3,031
 
Other non-interest expenses
462
434
872
873
 
Total expense
3,871
2,132
7,662
3,904
Income before income taxes and equity in undistributed
 
earnings of subsidiaries
88,824
176,608
164,058
238,473
Income tax expense
783
793
1,861
1,899
Distribution in excess of earnings of subsidiaries
(17,386)
(101,120)
(20,844)
(79,279)
Net income
$
70,655
$
74,695
$
141,353
$
157,295
Other comprehensive (loss) income, net of tax
(54,837)
(175,923)
32,391
(507,757)
Comprehensive income (loss)
$
15,818
$
(101,228)
$
173,744
$
(350,462)