FIRST BANCORP PR

Cash flows from operating activities:

$

298,724

$

302,864

$

305,072

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

18,580

20,501

22,289

Amortization of intangible assets

6,416

7,735

8,816

Provision for credit losses

59,921

60,940

27,696

Deferred income tax expense

14,131

6,105

54,216

8,706

7,799

5,407

(1,605)

Unrealized gain on derivative instruments

(537)

(301)

(1,098)

Net gain on disposals or sales, and impairments of premises

and equipment and other assets

(103)

(3,514)

(706)

Net gain on sales of loans and loans held-for-sale valuation adjustments

(3,426)

(1,572)

(5,498)

Net amortization of discounts, premiums, and deferred loan fees

and costs

1,223

(7,853)

Originations and purchases of loans held for sale

(165,291)

(147,460)

(214,962)

Sales and repayments of loans held for sale

160,593

149,888

235,199

Amortization of broker placement fees

Net amortization of premiums and discounts on investment securities

5,069

4,967

3,435

Decrease (increase) in accrued interest receivable

5,598

(5,437)

(11,340)

Increase in accrued interest payable

5,358

18,430

1,706

Increase in other assets

(10,514)

(16,619)

(2,437)

(Decrease) increase in other liabilities

(176)

(41,290)

20,437

Net cash provided by operating activities

404,150

362,963

440,485

Cash flows from investing activities:

Net disbursements on loans held for investment

(705,368)

(758,232)

(603,853)

Proceeds from sales of loans held for investment

18,362

7,736

62,168

Proceeds from sales of repossessed assets

64,337

53,870

46,281

Purchases of available-for-sale debt securities

(266,198)

(5,458)

(512,327)

Proceeds from principal repayments and maturities of available-for-sale

997,081

549,644

626,802

Purchases of held-to-maturity debt securities

(289,784)

Proceeds from principal repayments and maturities of held-to-maturity

38,353

85,988

32,153

Additions to premises and equipment

(10,008)

(22,599)

(20,459)

Proceeds from sales of premises and equipment and other assets

1,353

4,475

1,196

Net (purchases) redemptions of equity securities

(2,350)

5,643

(23,637)

Proceeds from the settlement of insurance claims - investing activities

Net cash provided (used) by investing activities

136,232

(78,450)

(681,460)

Cash flows from financing activities:

Net increase (decrease) in deposits

260,843

470,981

(1,706,118)

Net (repayments) proceeds of short-term borrowings

(550,133)

550,133

Repayments of long-term borrowings

(97,000)

(19,795)

(500,000)

Proceeds from long-term borrowings

300,000

200,000

Repurchase of outstanding common stock

Dividends paid on common stock

(105,581)

(99,666)

(87,824)

Net cash used in financing activities

(44,131)

(101,854)

(1,821,578)

Net increase (decrease) in cash and cash equivalents

496,251

182,659

(2,062,553)

Cash and cash equivalents at beginning of year

663,164

480,505

2,543,058

Cash and cash equivalents at end of year

$

$

663,164

$

480,505

Cash and cash equivalents include:

$

1,158,215

$

661,925

$

478,480

Money market investments

1,200

1,239

2,025

$

$

663,164

$

480,505