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FIRST BANCORP. (Holding Company Only) Financial Information (Tables)
3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024, and the results of its operations for the quarters
 
ended March 31, 2025 and 2024:
Statements of Financial Condition
As of March 31,
As of December 31,
2025
2024
(In thousands)
Assets
Cash and due from banks
$
26,114
$
13,295
Equity securities
1,425
1,275
Investment in First Bank Puerto Rico, at equity
1,739,360
1,694,000
Investment in First Bank Insurance Agency,
 
at equity
27,464
24,121
Investment in FBP Statutory Trust I
(1)
333
1,289
Investment in FBP Statutory Trust II
(1)
-
561
Dividends receivable
610
619
Other assets
702
459
Total assets
$
1,796,008
$
1,735,619
Liabilities and Stockholders’ Equity
Liabilities:
Long-term borrowings
(1)
$
11,143
$
61,700
Accounts payable and other liabilities
5,523
4,683
Total liabilities
16,666
66,383
Stockholders’ equity
1,779,342
1,669,236
Total liabilities and stockholders’
 
equity
$
1,796,008
$
1,735,619
(1)
During the first
 
quarter of 2025,
 
the Corporation redeemed
 
$
50.6
 
million of outstanding
 
TruPS, that resulted
 
in the full
 
redemption of the
 
remaining $
18.6
 
million (or $
18.0
 
million after
excluding the Corporation’s
 
interest in the
 
Trust of
 
approximately $
0.6
 
million) in TruPS
 
issued by FBP
 
Statutory Trust
 
II and
 
reduced the outstanding
 
amount of TruPS
 
issued by FBP
Statutory
 
Trust
 
I
 
by
 
$
32.0
 
million
 
(or
 
$
31.0
 
million
 
after
 
excluding
 
the
 
Corporation’s
 
interest
 
in
 
the
 
Trust
 
of
 
approximately
 
$
1.0
 
million),
 
as
 
further
 
explained
 
in
 
Note
 
6
 
 
“Non-
Consolidated Variable
 
Interest Entities (“VIEs”) and Servicing Assets”.
Statements of Income [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Income
 
Quarter Ended March 31,
2025
2024
(In thousands)
Income
 
 
Interest income on money market investments
 
$
94
$
63
 
Dividend income from banking subsidiaries
117,457
80,917
 
Other income
29
101
 
Total income
117,580
81,081
Expense
 
Interest expense on long-term borrowings
981
3,350
 
Other non-interest expenses
478
439
 
Total expense
1,459
3,789
Income before income taxes and equity in undistributed
 
earnings of subsidiaries
116,121
77,292
Income tax expense
1
1
Equity in undistributed earnings of subsidiaries (distribution in excess of
 
earnings)
(39,061)
(3,833)
Net income
$
77,059
$
73,458
Other comprehensive income (loss), net of tax
84,061
(15,065)
Comprehensive income
$
161,120
$
58,393