Transcription of A year of transformational growth
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A year of transformational growth
2020 annual ReportA year of transformational growthFirst chartered in 1948, FirstBank was the first Savings & Loan institution established in Puerto Rico. Since its inception the bank played a fundamental role in improving the quality of life in Puerto Rico, by helping thousands of citizens to acquire their first home, thus enhancing their social and economic status. First Federal Savings and Loans Association was founded on October 29, 1948 with a $200, capital investment. In 1962, First Federal opens its first branch in St. Thomas, becoming the first Puerto Rican savings and loans institution to instate operations in the Virgin Islands. It converted to a commercial bank charter and changed its name to First Federal Savings Bank in 1983. By 1987, First Federal became a stockholder-owned savings bank and went public, trading on NYSE, under the symbol FBP.
Allowance for credit losses for loans and finance leases 385,887 155,139 Money market and investment securities, net of allowance for credit losses for debt securities 4,925,822 2,398,157 Deposits 15,317,383 9,348,429 ... 2 First BanCorp 2020 Annual Report 3
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