FIRST BANCORP PR

Interest and dividend income:

Loans

$

890,562

$

747,901

$

719,153

Investment securities

102,505

102,922

72,893

Money market investments and interest-bearing cash accounts

30,419

11,791

2,662

Total interest and dividend income

862,614

794,708

Interest expense:

185,461

46,361

41,482

Securities sold under agreements to repurchase:

2,769

1,017

6,538

9,963

Advances from the FHLB:

4,811

1,475

19,797

3,661

8,199

Other borrowings:

13,535

8,253

5,135

Total interest expense

226,376

67,321

64,779

797,110

795,293

729,929

Provision for credit losses - expense (benefit):

Loans and finance leases

66,644

25,679

Unfunded loan commitments

2,736

(3,568)

Debt securities

(6,069)

(719)

(410)

60,940

27,696

Net interest income after provision for credit losses

736,170

767,597

795,627

Non-interest income:

38,042

37,823

35,284

10,587

15,260

24,998

1,605

12,763

13,743

11,945

43,909

40,416

36,508

Other non-interest income

25,788

15,850

12,429

132,694

123,092

121,164

Non-interest expenses:

Employees' compensation and benefits

222,855

206,038

200,457

Occupancy and equipment

85,911

88,277

93,253

Business promotion

19,626

18,231

15,359

Professional service fees

45,841

47,848

59,956

Taxes, other than income taxes

21,236

20,267

22,151

Federal Deposit Insurance Corporation ("FDIC")

14,873

6,149

6,544

Net gain on OREO operations

(7,138)

(5,826)

(2,160)

Credit and debit card processing expenses

25,997

22,736

22,169

Communications

8,561

8,723

9,387

26,435

33,666

30,662

35,423

Total non-interest expenses

471,428

443,105

488,974

Income before income taxes

397,436

447,584

427,817

94,572

142,512

146,792

$

302,864

$

305,072

$

281,025

Net income attributable to common stockholders

$

302,864

$

305,072

$

277,338

Net income per common share:

Basic

$

1.72

$

1.60

$

1.32

Diluted

$

1.71

$

1.59

$

1.31

The accompanying notes are an integral part

of these statements.