FIRST BANCORP PR

Interest and dividend income:

Loans

$

965,472

$

890,562

$

747,901

Investment securities

92,599

102,505

102,922

Money market investments and interest-bearing cash accounts

37,082

30,419

11,791

Total interest and dividend income

862,614

Interest expense:

253,107

185,461

46,361

Short-term borrowings

7,583

2,508

34,549

33,332

18,452

Total interest expense

287,674

226,376

67,321

807,479

797,110

795,293

Provision for credit losses - expense (benefit):

Loans and finance leases

62,861

66,644

25,679

Unfunded loan commitments

(1,495)

2,736

Debt securities

(1,445)

(6,069)

(719)

Provision for credit losses - expense

59,921

60,940

27,696

Net interest income after provision for credit losses

747,558

736,170

767,597

Non-interest income:

38,819

38,042

37,823

12,683

10,587

15,260

1,605

13,570

12,763

13,743

46,758

43,909

40,416

Other non-interest income

18,892

25,788

15,850

130,722

132,694

123,092

235,695

222,855

206,038

88,427

85,911

88,277

17,645

19,626

18,231

Professional service fees

49,455

45,841

47,848

22,196

21,236

20,267

Federal Deposit Insurance Corporation ("FDIC")

9,818

14,873

6,149

Net gain on OREO operations

(7,474)

(7,138)

(5,826)

Credit and debit card processing expenses

27,600

25,997

22,736

Communications

8,779

8,561

8,723

34,932

33,666

30,662

487,073

471,428

443,105

Income before income taxes

391,207

397,436

447,584

92,483

94,572

142,512

$

298,724

$

302,864

$

305,072

Net income attributable to common stockholders

$

298,724

$

302,864

$

305,072

Net income per common share:

Basic

$

1.82

$

1.72

$

1.60

Diluted

$

1.81

$

1.71

$

1.59

The accompanying notes are an integral part

of these statements.