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FIRST BANCORP. (Holding Company Only) Financial Information | 3 Months Ended
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Mar. 31, 2024
FIRST BANCORP. (Holding Company Only) Financial Information [Abstract] |
FIRST BANCORP. (Holding Company Only) Financial Information | NOTE 22 – 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, 2024 and December 31, 2023, and the results of its operations for the quarters ended March 31, 2024 and 2023: Statements of Financial Condition As of March 31, As of December 31, 2024 2023 (In thousands) Assets Cash and due from banks $ 11,420 $ 11,452 Other investment securities 975 825 Investment in First Bank Puerto Rico, at equity 1,608,030 1,627,172 Investment in First Bank Insurance Agency, at equity 21,509 18,376 Investment in FBP Statutory Trust I 1,289 1,289 Investment in FBP Statutory Trust II 3,561 3,561 Dividends receivable 709 713 Other assets 679 476 Total assets $ 1,648,172 $ 1,663,864 Liabilities and Stockholders’ Equity Liabilities: Long-term borrowings $ 161,700 $ 161,700 Accounts payable and other liabilities 6,755 4,555 Total liabilities 168,455 166,255 Stockholders’ equity 1,479,717 1,497,609 Total liabilities and stockholders’ equity $ 1,648,172 $ 1,663,864 Statements of Income Quarter Ended March 31, 2024 2023 (In thousands) Income Interest income on money market investments $ 63 $ 53 Dividend income from banking subsidiaries 80,917 78,870 Other income 101 102 Total income 81,081 79,025 Expense Interest expense on long-term borrowings 3,350 3,381 Other non-interest expenses 439 410 Total expense 3,789 3,791 Income before income taxes and equity in undistributed earnings of subsidiaries 77,292 75,234 Income tax expense 1 1 Equity in undistributed earnings of subsidiaries (distribution in excess of earnings) (3,833) (4,535) Net income $ 73,458 $ 70,698 Other comprehensive (loss) income, net of tax (15,065) 87,228 Comprehensive income $ 58,393 $ 157,926

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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