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FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2024
FIRST BANCORP. (Holding Company Only) Financial Information [Abstract] |
Statements of Financial Condition [Table Text Block] | The following condensed financial information presents the financial position of First BanCorp. at the holding company level only as of December 31, 2024 and 2023, and the results of its operations and cash flows for the years ended December 31, 2024, 2023 and 2022: Statements of Financial Condition As of December 31, 2024 2023 (In thousands) Assets Cash and due from banks $ 13,295 $ 11,452 Other investment securities 1,275 825 Investment in First Bank Puerto Rico, at equity 1,694,000 1,627,172 Investment in First Bank Insurance Agency, at equity 24,121 18,376 Investment in FBP Statutory Trust I 1,289 1,289 Investment in FBP Statutory Trust II (1) 561 3,561 Dividends receivable 619 713 Other assets 459 476 Total assets $ 1,735,619 $ 1,663,864 Liabilities and Stockholders’ Equity Liabilities: Long-term borrowings (1) $ 61,700 $ 161,700 Accounts payable and other liabilities 4,683 4,555 Total liabilities 66,383 166,255 Stockholders’ equity 1,669,236 1,497,609 Total liabilities and stockholders’ equity $ 1,735,619 $ 1,663,864 (1) During 2024, the Corporation redeemed $ 100.0 million, or 84 %, of outstanding TruPS issued by FBP Statutory Trust II (or $ 97.0 million after excluding the Corporation’s interest in the Trust of approximately $ 3.0 million), as further explained in Note 10 - “Non-Consolidated Variable Interest Entities (“VIEs”) and Servicing Assets” and Note 15 - “Stockholders' Equity.”
Statements of Income [Table Text Block] | Statements of Income Year Ended December 31, 2024 2023 2022 (In thousands) Income Interest income on money market investments $ 292 $ 228 $ 79 Dividend income from banking subsidiaries 320,366 319,683 368,670 Dividend income from non-banking subsidiaries - 12,000 - Gain on early extinguishment of debt - 1,605 - Other income 360 406 248 Total income 321,018 333,922 368,997 Expense Interest expense on long-term borrowings 11,986 13,535 8,253 Other non-interest expenses 1,704 1,817 1,730 Total expense 13,690 15,352 9,983 Income before income taxes and equity in undistributed earnings of subsidiaries 307,328 318,570 359,014 Income tax expense 1 1 1 Equity in undistributed earnings of subsidiaries (distribution in excess of earnings) (8,603) (15,705) (53,941) Net income $ 298,724 $ 302,864 $ 305,072 Other comprehensive income (loss), net of tax 72,614 165,608 (720,779) Comprehensive income (loss) $ 371,338 $ 468,472 $ (415,707)
Statements of Cash Flow of holding company [Table Text Block] | Statements of Cash Flows Year Ended December 31, 2024 2023 2022 (In thousands) Cash flows from operating activities: Net income $ 298,724 $ 302,864 $ 305,072 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 143 145 148 Equity in distributions in excess of earnings of subsidiaries 8,603 15,705 53,941 Gain on early extinguishment of debt - (1,605) - Net increase in other assets (2) (146) (688) Net decrease in other liabilities (201) (1,998) (1,902) Net cash provided by operating activities 307,267 314,965 356,571 Cash flows from investing activities: Purchase of equity securities (450) (90) (450) Return of capital from wholly-owned subsidiaries (1) - - 8,000 Net cash (used in) provided by investing activities (450) (90) 7,550 Cash flows from financing activities: Repurchase of common stock (102,393) (203,241) (277,769) Repayment of junior subordinated debentures (97,000) (19,795) - Dividends paid on common stock (105,581) (99,666) (87,824) Net cash used in financing activities (304,974) (322,702) (365,593) Net increase (decrease) in cash and cash equivalents 1,843 (7,827) (1,472) Cash and cash equivalents at beginning of year 11,452 19,279 20,751 Cash and cash equivalents at end of year $ 13,295 $ 11,452 $ 19,279 Cash and cash equivalents include: Cash and due from banks $ 13,295 $ 11,452 $ 19,279 Money market instruments - - - $ 13,295 $ 11,452 $ 19,279 (1) During 2022, FirstBank, 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.

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