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MarketScreener Homepage  >  Equities  >  Nyse  >  First BanCorp.    FBP   PR3186727065

FIRST BANCORP.

(FBP)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 01/27 12:55:11 pm
8.985 USD   -4.92%
01/14FIRST BANCORP. : to Announce 4Q 2020 Results on January 29, 2021
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01/04FIRST BANCORP. : Announces Payment of Dividends on Preferred Stock
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2020FIRST BANCORP : Trust Committee Charter
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FIRST BANCORP : PR/ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ("MD&A") (form 10-Q)

11/09/2020 | 04:50pm EST

SELECTED FINANCIAL DATA

                                                                    Quarter ended                 Nine-Month Period Ended

(In thousands, except for per share data and financial ratios)

                                                             September 30,                     September 30,
                                                                2020             2019            2020              2019

Condensed Income Statements:

             Total interest income                          $     170,402$     172,295$     494,282$      508,277
             Total interest expense                                21,706           27,870          71,727            81,125
             Net interest income                                  148,696          144,425         422,555           427,152
             Provision for credit losses                           46,914            7,398         163,294            31,340
             Non-interest income                                   29,934           21,401          81,026            66,167
             Non-interest expenses                                107,508           92,833         289,478           276,154
             Income before income taxes                            24,208           65,595          50,809           185,825
             Income tax (benefit) expense                         (4,405)           19,268         (1,326)            54,897
             Net income                                            28,613           46,327          52,135           130,928
             Net income attributable to common                     27,944           45,658          50,128           128,921
             stockholders

Per Common Share Results:

             Net earnings per share-basic                   $        0.13$        0.21$        0.23    $         0.60
             Net earnings per share-diluted                 $        0.13$        0.21$        0.23    $         0.59
             Cash dividends declared                        $        0.05$        0.03$        0.15    $         0.09
             Average shares outstanding                           216,922          216,690         216,876           216,569
             Average shares outstanding-diluted                   217,715          217,227         217,533           217,053
             Book value per common share                    $       10.03$        9.96$       10.03    $         9.96
             Tangible book value per common share (1)       $        9.67$        9.79$        9.67    $         9.79
Selected Financial Ratios (In Percent):
Profitability:
             Return on Average Assets                                0.72             1.47            0.50              1.41
             Interest Rate Spread                                    3.62             4.42            3.85              4.42
             Net Interest Margin                                     3.93             4.89            4.23              4.90
             Interest Rate Spread - tax equivalent basis             3.75             4.59            4.01              4.60
             (2)
             Net Interest Margin - tax equivalent basis              4.07             5.06            4.39              5.08
             (2)
             Return on Average Total Equity                          5.07             8.39            3.13              8.19
             Return on Average Common Equity                         5.03             8.53            3.06              8.33
             Average Total Equity to Average Total Assets           14.22            17.55           15.84             17.22
             Tangible common equity ratio (1)                       11.36            17.03           11.36             17.03
             Dividend payout ratio                                  38.81            14.24           64.90             15.12
             Efficiency ratio (3)                                   60.18            55.98           57.48             55.98

Asset Quality:

             Allowance for credit losses for loans and
             finance leases to total loans held for                  3.25             1.85            3.25              1.85
             investment
             Net charge-offs (annualized) to average loans           0.45             0.61            0.55              0.93
             Provision for credit losses for loans and             421.70            53.48          407.94             50.77
             finance leases to net charge-offs
             Non-performing assets to total assets                   1.57             2.65            1.57              2.65
             Nonaccrual loans held for investment to total           1.70             2.41            1.70              2.41
             loans held for investment
             Allowance for credit losses for loans and
             finance leases to total nonaccrual loans
             held for investment                                   191.13            76.57          191.13             76.57
             Allowance for credit losses for loans and
             finance leases to total nonaccrual loans
             held for investment, excluding residential            490.13           185.65          490.13            185.65
             real estate loans

Other Information:

             Common Stock Price: End of period              $        5.22$        9.98$        5.22    $         9.98

                                                               As of
                                                           September 30,    As of December
                                                                2020           31, 2019

Balance Sheet Data:
             Total loans, including loans held for sale     $  11,895,945$   9,041,682
             Allowance for credit losses for loans and            384,718          155,139
             finance leases
             Money market and investment securities, net
             of allowance for credit losses for debt            3,621,902        2,398,157
             securities
             Goodwill and other intangible assets                  78,294           35,671
             Deferred tax asset, net                              347,543          264,842
             Total assets                                      18,659,768       12,611,266
             Deposits                                          15,202,898        9,348,429
             Borrowings                                           973,762          854,150
             Total preferred equity                                36,104           36,104
             Total common equity                                2,143,851        2,185,205
             Accumulated other comprehensive income, net           45,327            6,764
             of tax
             Total equity                                       2,225,282        2,228,073


(1)Non-GAAP financial measures (as defined below). Refer to "Capital" below for additional information about the components and a reconciliation of these measures.

(2)On a tax-equivalent basis and excluding the changes in the fair value of derivative instruments (see "Net Interest Income" below for a reconciliation of these non-GAAP financial measures).

(3)Non-interest expenses to the sum of net interest income and non-interest income.




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The following MD&A relates to the accompanying consolidated financial statements
of First BanCorp. (the "Corporation," "we," "us," "our," or "First BanCorp.")
and should be read in conjunction with such financial statements and the notes
thereto and our Annual Report on Form 10-K for the year ended December 31, 2019.
This section also presents certain financial measures that are not based on
generally accepted accounting principles in the United States ("GAAP"). See
"Basis of Presentation" below for information about why the non-GAAP financial
measures are being presented and the reconciliation of non-GAAP financial
measures to the most comparable GAAP financial measures for which the
reconciliation is not presented earlier.



EXECUTIVE SUMMARY



First BanCorp. is a diversified financial holding company headquartered in San
Juan, Puerto Rico offering a full range of financial products to consumers and
commercial customers through various subsidiaries. First BanCorp. is the holding
company of FirstBank Puerto Rico ("FirstBank" or the "Bank") and FirstBank
Insurance Agency. Through its wholly-owned subsidiaries, the Corporation
operates in Puerto Rico, the United States Virgin Islands ("USVI") and the
British Virgin Islands ("BVI"), and the State of Florida, concentrating on
commercial banking, residential mortgage loans, finance leases, credit cards,
personal loans, small loans, auto loans, and insurance agency activities.



RECENT DEVELOPMENTS


Acquisition of Banco Santander Puerto Rico




Effective as of September 1, 2020, the Corporation completed the acquisition of
Banco Santander Puerto Rico ("BSPR") pursuant to a stock purchase agreement
dated as of October 21, 2019, by and among FirstBank and Santander Holding USA,
Inc. (the "Stock Purchase Agreement"). The Corporation's financial statements
reflect $5.6 billion in total assets, $2.6 billion in gross loans, and $4.2
billion in total deposits acquired in the BSPR acquisition. BSPR operated 27
banking branches in Puerto Rico. As a result of the BSPR acquisition, the
Corporation expanded its presence in Puerto Rico, increased its operational
scale and strengthened its competitiveness in retail, commercial, and
residential lending. The acquisition also allowed the Corporation to increase
its deposit base at a lower cost.



Pursuant to the terms of the Stock Purchase Agreement and, in consideration for
the acquisition, the Corporation paid cash in an amount of approximately (i)
$394.8 million for 117.5% of BSPR's core tangible common equity (comprised of a
$58.8 million premium on $336 million of core tangible common equity), plus (ii)
$882.8 million for BSPR's excess capital (paid at par), which represents the
estimated closing payment.


As a result of the BSPR acquisition, the Corporation recorded core deposits and other intangible assets of $39.2 million and goodwill of $6.3 million. At acquisition, the estimated fair value of assets acquired, and liabilities assumed primarily consisted of the following:

?$2.5 billion of loans

?$1.7 billion of cash and cash equivalents

?$1.2 billion of investment securities

?$35.4 million of core deposit intangible

?$6.3 million of goodwill

?$3.8 million of purchased credit card relationship intangible

?$4.2 billion of deposits




As of September 30, 2020, the purchase price remains subject to final
adjustments. The fair values of the assets acquired and liabilities assumed were
determined based on the requirements of ASC Topic 820, "Fair Value Measurements
and Disclosures" ("ASC Topic 820"). Such fair values are preliminary estimates
and are subject to adjustment for up to one year after the acquisition date or
when additional information relative to the closing date fair values becomes
available and such information is considered final, whichever is earlier.



While the integration of the mortgage banking systems and insurance business was
completed early in October 2020, the full integration and system conversion of
BSPR is scheduled to occur in the second quarter of 2021.



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The Corporation's financial results for the third quarter of 2020 include the 30
days of BSPR operations, after completion of the acquisition, which have an
effect on the comparability of the current quarter's results to prior periods.
The most significant effects of the BSPR acquisition on the Corporation's
financial results consist of the following:



?$38.9 million of reserves required by the current expected credit losses
("CECL") methodology ("Day 1 reserves") for non-purchased credit deteriorated
("non-PCD") loans acquired, which were recorded as a charge to the provision for
credit losses

?$14.0 million in net interest income

?$2.0 million in non-interest income

?$10.7 million in non-interest expenses

For additional information about the acquisition of BSPR, please see Note 2 - Business Combination in the accompanying consolidated financial statements.



COVID-19 Pandemic



The coronavirus ("COVID-19") pandemic has caused significant disruption in
economic activity in the markets in which the Corporation operates. In response
to the COVID-19 pandemic, Puerto Rico's Governor has issued several executive
orders including, among other things, a stay-at-home mandate on March 15, 2020,
which was subsequently extended until June 15, 2020, the lockdown of
non-essential businesses, and a nightly curfew. On May 4, 2020, the Puerto Rico
government began to implement a plan for the gradual reopening of the economy.
While substantially all parts of the economy of Puerto Rico have reopened, under
new guidelines that affect how individuals interact and how businesses and
governments operate, the operations and financial results of the Corporation
have been and could continue to be adversely affected by the COVID-19 pandemic.



The Corporation's businesses in the other jurisdictions in which it operates
have also been adversely affected by the COVID-19 pandemic. On March 26, 2020,
Florida's Governor issued a stay-at-home order, and the state began to reopen
essential operations through a phase-in process on May 4, 2020. On September 25,
2020, the state of Florida entered phase 3 of their reopening process, which
essentially lifted all COVID-19 restrictions on restaurants and other businesses
across the state. Additionally, the U.S. Virgin Islands reopened its
tourism-based economy on September 19, 2020 after a setback due to an increase
in COVID-19 cases.



The Corporation has implemented various steps to protect its employees,
consistent with guidance from federal and local authorities, such as requiring
that a majority of support staff work remotely, implementing stricter safety and
cleaning protocols, including measures for contact tracing and preventive
testing. Branches in Puerto Rico are operating until 4:30 p.m. on weekdays and
1:00 p.m. on Saturdays, following various government directives regarding social
distancing and use of personal protective equipment, such as face masks. The
Corporation also enhanced client awareness of its digital banking offerings.
Monthly average digital monetary transactions have increased by 21%, when
compared to pre-pandemic monthly levels and the Corporation's digital banking
registered users have grown by 42% since the beginning of the year.



Governments globally intervened with fiscal policies to mitigate the impact,
including the Coronavirus Aid, Relief, and Economic Security of 2020 (the "CARES
Act of 2020") Act in the United States ("U.S."), which intended to provide
economic relief to businesses and individuals. Some of the provisions of the
CARES Act of 2020 improved the ability of impacted borrowers, including Puerto
Rico residents, to repay their loans, including by providing direct cash
payments to eligible taxpayers below specified income limits, expanded
unemployment insurance benefits and eligibility, and relief designed to prevent
layoffs and business closures. Under the provisions of the CARES Act of 2020,
financial institutions may permit loan modifications for borrowers affected by
the COVID-19 pandemic without categorizing the modifications as Troubled Debt
Restructurings ("TDR"), as long as the loan meets certain conditions.



During the third quarter of 2020, the Corporation continued to support its
customers affected by the COVID-19 pandemic and, consistent with regulatory
guidance, continued with its payment deferral and relief programs. As of
September 30, 2020, the Corporation had deferred repayment arrangements
involving 25,173 loans, totaling $1.2 billion, or 10%, of its total loan
portfolio held for investment, consisting of 3,227 residential mortgage loans,
totaling $511.9 million, 21,750 consumer loans, totaling $168.7 million, and 196
commercial and construction loans, totaling $540.8 million. As of October 30,
2020, borrowers holding approximately $1.1 billion of the total loans balance
have resumed scheduled payments.



Loans under repayment moratoriums decreased during the month of October to
$119.0 million, or less than 1%, of the total loan portfolio held for investment
as of October 30, 2020. These loans consisted primarily of commercial and
construction loans (for additional information about these programs, refer to
"Financial Condition and Operating Data Analysis - Early Delinquency"). As a
result of the effects of the COVID-19 pademic, certain borrowers in industries
with longer expected recovery times, mostly the hospitality, retail and
entertainment industries, could need additional relief. The Corporation is
currently evaluating approximately $350 million in exposures to commercial loans
for potential modifications under the CARES Act of 2020.



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In addition, during the third quarter of 2020, the Corporation originated 636
loans under the Small Business Payment Administration Paycheck Protection
Program ("SBA PPP"), totaling $15.1 million. Together with originations closed
in the second quarter, the Corporation has executed over 6,000 loans for
approximately $390.3 million in the two rounds of the program. The acquisition
of BSPR added $77.6 million of SBA PPP loans as of September 30, 2020. As of
September 30, 2020, the total amount of SBA PPP loans carried on the
Corporation's books amounted to $453.4 million.



The Corporation's financial results include a provision for credit losses on
loans, finance leases and debt securities of $46.9 million and $163.3 million
for the third quarter and first nine months of 2020, respectively. While the Day
1 reserves required for non-PCD loans acquired in the BSPR acquisition amounted
to $38.9 million in the third quarter of 2020, the remainder of the charges to
the provision was largely related to the effect of the COVID-19 pandemic on
current and forecasted economic and market conditions. The provision for credit
losses on legacy loans, finance leases and debt securities amounted to $8.0
million and $124.4 million for the quarter and nine-month period ended September
30, 2020, compared to $7.4 million and $31.8 million for the same periods in
2019. In addition, although increased customer activity was reflected in the
third quarter, the preventative measures taken by local governments to stem the
spread of the COVID-19 pandemic adversely affected the Corporation's transaction
fee income for the nine-month period ended September 30, 2020. Transaction fee
income from credit and debit cards, automated teller machines (ATMs), and
merchant and point-of-sale (POS) transactions decreased by $1.9 million during
the first nine months of 2020, as compared to the same period in 2019. In
addition, despite the contribution of the BSPR acquisition, service charges on
deposit accounts decreased by $0.3 million in the third quarter of 2020,
compared to the third quarter of 2019, and by $1.4 million for the first nine
months of 2020, compared to the same period in 2019. Further, the lower interest
rate environment adversely affected the Corporation's net interest income and
reduced the net interest margin by 96 basis points to 3.93% for the third
quarter of 2020 compared to 4.89% for the third quarter of 2019, and by 67 basis
points to 4.23% for the first nine months of 2020, compared to the same period a
year ago. Nevertheless, as of September 30, 2020, the Corporation's and the
Bank's capital ratios were well in excess of all regulatory capital requirements
and the Corporation maintained high liquidity levels with the cash and liquid
securities to total assets ratio exceeding 19.2%, compared to 15.8% as of
December 31, 2019. As of September 30, 2020, the Corporation had approximately
$1.4 billion in available unused lines of credit at the Federal Home Loan Bank
("FHLB") and approximately $936.1 million available for borrowings through the
Primary Credit Federal Reserve Board ("FED") Discount Window Program, if needed.
While the Corporation believes that it have sufficient capital to withstand an
extended economic recession brought about by the COVID-19 pandemic, its
financial results and regulatory capital ratios could be adversely impacted by
further credit losses and it is unable to predict the extent, nature or duration
of the effects of COVID-19 on its results of operations and financial condition
at this time.

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Update on Previously Reported Cybersecurity Incident




On October 23, 2020, the Corporation announced that it had detected an alert in
its technology infrastructure signaling a cybersecurity incident affecting
certain service channels. The Corporation immediately activated its security
protocols and took preventive actions to protect its information and that of its
customers, including temporarily interrupting certain bank services for our
customers. The Corporation believes that the incident has been contained and the
Corporation has resumed all normal operations. Although the Corporation is still
in the early stages of investigating the incident, to date we have no evidence
that there has been any misuse of data and we do not expect the incident to have
a material impact on the Corporation's business, operations or financial
condition.



OVERVIEW OF RESULTS OF OPERATIONS




First BanCorp.'s results of operations depend primarily on its net interest
income, which is the difference between the interest income earned on its
interest-earning assets, including investment securities and loans, and the
interest expense incurred on its interest-bearing liabilities, including
deposits and borrowings. Net interest income is affected by various factors,
including: the interest rate environment; the volumes, mix and composition of
interest-earning assets and interest-bearing liabilities; and the re-pricing
characteristics of these assets and liabilities. The Corporation's results of
operations also depend on the provision for credit losses, non-interest expenses
(such as personnel, occupancy, the deposit insurance premium and other costs),
non-interest income (mainly service charges and fees on deposits, and insurance
income), gains (losses) on sales of investments, gains (losses) on mortgage
banking activities, and income taxes.



The Corporation had net income of $28.6 million, or $0.13 per diluted common
share, for the quarter ended September 30, 2020, compared to $46.3 million, or
$0.21 per diluted common share, for the same period in 2019.



The key drivers of the Corporation's GAAP financial results for the quarter ended September 30, 2020, compared to the same period in 2019, include the following:




?Net interest income for the quarter ended September 30, 2020 was $148.7
million, compared to $144.4 million for the third quarter of 2019. Approximately
$14.0 million of the increase was related to the acquisition of BSPR which at
closing added $2.5 billion of loans and $1.2 billion of investment securities.
In addition, net interest income benefited from a lower cost of deposits. These
variances were partially offset by the effects of a lower interest rate
environment on average loan and investment yields.



The net interest margin decreased to 3.93% for the third quarter of 2020,
compared to 4.89% for the same period a year ago. The decrease was primarily due
to the effect of the low interest rate environment on the repricing of variable
rate commercial loans and interest-bearing cash balances, as well as on the U.S.
agencies premium amortization expense. In addition, net interest margin was
adversely affected by a higher proportion of low-yielding assets, such as the
interest-bearing cash balances, U.S agencies bonds and mortgage-backed
securities ("MBS"), and SBA PPP loans, to total interest-earning assets,
partially offset by the decrease in the average interest rate paid on
interest-bearing deposits. See "Net Interest Income" below for additional
information.



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?The provision for credit losses on loans, finance leases, and debt securities
increased by $39.5 million to $46.9 million for the third quarter of 2020,
compared to $7.4 million for the same period in 2019. Approximately $38.9
million of the provision for the third quarter was a result of the Day 1
reserves required by CECL for non-PCD loans acquired in the BSPR acquisition.
The remaining increase was driven by an increase in reserves for commercial
mortgage loans in the third quarter, reflecting adverse changes in the economic
forecast used in the Corporation's CECL model affecting the retail real estate
industry, partially offset by lower reserve requirements for the legacy
residential and consumer loan portfolios. Effective January 1, 2020, the
Corporation adopted the CECL model required by ASC Topic 326, "Financial
Instruments-Credit Losses" ("ASC 326"), which replaced the incurred loss
methodology. ASC 326 does not require restatement of comparative period
financial statements; as such, results for the third quarter and first nine
months of 2020 reflect the adoption of ASC 326, while prior periods reflect
results under the previously required incurred loss methodology. The adoption of
ASC 326 resulted in a cumulative increase of approximately $93.2 million in the
allowance for credit losses ("ACL") as of January 1, 2020.



Net charge-offs totaled $11.4 million for the third quarter of 2020, or 0.45% of
average loans on an annualized basis, compared to $13.8 million, or 0.61% of
average loans for the same period in 2019. The decrease consisted of a $4.4
million decline in net charge-offs taken on consumer loans, primarily on auto
and personal loans, and a $2.1 million decrease in net charge-offs taken on
residential mortgage loans, partially offset by a $4.1 million increase in net
charge-offs taken on commercial and construction loans. The decrease in net
charge-offs taken on residential mortgage and consumer loans reflects, in part,
the effect of the deferred repayment arrangements provided to borrowers affected
by the COVID-19 pandemic that maintained the delinquency status that existed at
the date of the event until the end of the deferral period. Meanwhile, the
increase in net-charge offs on commercial and construction loans primarily
reflects the effect of a $3.1 million charge-off taken on a commercial mortgage
loan in the Puerto Rico region in the third quarter of 2020 and the effect in
the third quarter of 2019 of a $1.7 million loan loss recovery recorded on a
commercial and industrial loan in the Virgin Islands region. See "Provision for
credit losses" and "Risk Management" below for analyses of the ACL and
non-performing assets and related ratios.



?The Corporation recorded non-interest income of $29.9 million for the third
quarter of 2020, compared to $21.4 million for the same period in 2019. The $8.5
million increase was primarily related to: (i) a $5.3 million gain on sales of
approximately $116.6 million of available-for-sale U.S. agencies MBS and $803.3
million of U.S.Treasury notes in the third quarter of 2020; and (ii) a $2.7
million increase in revenues from mortgage banking activities, driven by a
higher volume of loan originations and sales. Approximately $2.0 million of the
total increase in non-interest income is attributable to the contribution of the
BSPR acquisition, primarily reflected in service charges on deposits, and
transactional interchange and merchant fee income. See "Non-Interest Income"
below for additional information.



?Non-interest expenses for the third quarter of 2020 were $107.5 million
compared to $92.8 million for the same period in 2019, an increase of $14.7
million. Non-interest expenses for the third quarter of 2020 included $10.4
million of merger and restructuring costs associated with the acquisition of
BSPR, compared to $0.6 million for the third quarter of 2019, and $1.0 million
of COVID-19 pandemic-related expenses, primarily related to additional cleaning,
safety materials and security measures. In addition, approximately $10.7 million
of the total increase in non-interest expenses is related to incremental
expenses resulting from the acquired BSPR operations as well as the related
amortization of intangible assets acquired. These variances were partially
offset by, among other things, declines in professional service fees, losses
from OREO operations, as well as compensation bonuses, overtime, and expenses
related to employees' relations activities as further discussed below. See
"Non-Interest Expenses" below for additional information.



?For the third quarter of 2020, the Corporation recorded an income tax benefit
of $4.4 million, compared to an income tax expense of $19.3 million for the same
period in 2019. The variance was mostly attributable to an $8.0 million partial
reversal of the Corporation's deferred tax asset valuation allowance after
considering significant positive evidence on the utilization of net operating
losses due to the acquisition of BSPR in the third quarter of 2020 and an income
tax benefit of approximately $13.0 million recorded in the third quarter of 2020
in connection with the aforementioned $38.9 million charge to the provision for
credit losses related to non-PCD loans acquired in the BSPR acquisition. The
variance also reflects the effect of a lower effective tax rate in 2020
resulting from a decreased taxable income proportionate to pre-tax income. As of
September 30, 2020, the Corporation had a deferred tax asset of $347.5 million
(net of a valuation allowance of $99.6 million, including a valuation allowance
of $62.1 million against the deferred tax assets of the Corporation's banking
subsidiary, FirstBank). See "Income Taxes" below for additional information. On
January 1, 2020, the Corporation recognized an additional $31.3 million in
deferred tax assets in connection with the transitional adjustment resulting
from the adoption of the CECL accounting standard and the BSPR acquisition added
$28.9 million of net deferred tax assets at the acquisition date.



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?As of September 30, 2020, total assets were $18.7 billion, an increase of $6.0
billion from December 31, 2019. The statement of financial condition as of
September 30, 2020 includes $2.6 billion in loans and $354.8 million in
investment securities related to the acquisition of BSPR. In addition, there was
a $1.8 billion increase in cash and cash equivalents, reflecting both the effect
of proceeds from the sales of U.S.Treasury notes acquired from BSPR amounting
to $803.3 million and a $406.6 million increase related to the excess of the
cash acquired in the BSPR acquisition over the cash consideration paid at
closing. The increase also reflects the effect of an $857.7 million increase in
the legacy investment securities portfolio, driven by purchases of U.S. agencies
bonds and MBS, and a $303.0 million increase in the legacy loan portfolio,
primarily related to the $390.3 million of SBA PPP loans originated in the two
rounds of the program in 2020. See "Financial Condition and Operating Data
Analysis" below for additional information.



?As of September 30, 2020, total liabilities were $16.4 billion, an increase of
$6.0 billion from December 31, 2019. The increase was mainly the result of the
acquisition of BSPR, which added $4.2 billion in total deposits as of September
30, 2020. In addition, there was a $1.7 billion organic growth in deposits,
primarily in demand deposits and savings reflecting the effect of payments
received by individuals and commercial customers from government stimulus
packages, as well as the effect of payment deferral programs. See "Risk
Management - Liquidity Risk and Capital Adequacy" below for additional
information about the Corporation's funding sources.



?As of September 30, 2020, the Corporation's stockholders' equity was $2.2
billion, a decrease of $2.8 million from December 31, 2019. The decrease was
driven by the $62.3 million transition adjustment related to the adoption of
CECL that was recorded against beginning retained earnings, and common and
preferred stock dividends totaling $34.8 million declared in the first nine
months of 2020, partially offset by the earnings generated in the first nine
months of 2020, and an increase of approximately $51.8 million in other
comprehensive income ("OCI") related to changes in the fair value of
available-for-sale investment securities. The Corporation's common equity tier 1
capital, tier 1 capital, total capital and leverage ratios were 17.21%, 17.52%,
20.32% and 13.04%, respectively, as of September 30, 2020, compared to common
equity tier 1 capital, tier 1 capital, total capital and leverage ratios of
21.60%, 22.00%, 25.22%, and 16.15%, respectively, as of December 31, 2019. As
permitted by the regulatory capital framework, the Corporation elected the
option to delay for two years the effect of the estimate of the CECL methodology
on regulatory capital, relative to the incurred loss methodology's effect on
capital, followed by a three-year transition period. In addition, the quarterly
average asset calculation used for the numerator of the leverage ratio as of
September 30, 2020 includes the dollar amount of the assets acquired in the BSPR
acquisition since the acquisition date through the end of the third quarter, and
the denominator reflects the number of days in the entire quarter, which
resulted in a diluted quarterly average asset balance for the quarter ended
September 30, 2020. The full effect in the leverage ratio of the assets acquired
in the BSPR acquisition will be reflected in the regulatory capital position
determination as of December 31, 2020. See "Risk Management - Capital" below for
additional information.



?Total loan production, including purchases, refinancings, renewals and draws
from existing revolving and non-revolving commitments, but excluding the
utilization activity on outstanding credit cards, was $971.1 million for the
quarter ended September 30, 2020, compared to $1.0 billion for the same period
in 2019. The variance consisted of a decrease of $126.5 million in commercial
and construction loan originations, primarily in the Puerto Rico region, and an
$18.1 million decrease in consumer loan originations, predominantly personal
loans, partially offset by a $40.7 million increase in residential mortgage loan
originations, driven by a higher volume of refinancings and conforming loan
originations due to the lower mortgage loan interest rate environment.



?Total non-performing assets were $293.3 million as of September 30, 2020, a
decrease of $24.1 million from December 31, 2019. The decrease was primarily
related to: (i) a $12.6 million decrease in the OREO portfolio balance, driven
by sales; (ii) a $5.8 million decrease in nonaccrual consumer loans; and (iii) a
$5.0 million decrease in nonaccrual commercial and construction loans, including
the $3.1 million charge-off taken on a commercial mortgage loan in the Puerto
Rico region, the payoff of a $2.0 million commercial mortgage loan in the Virgin
Islands and the restoration to accrual status of $1.7 million of loans related
to a commercial mortgage borrower in the Puerto Rico region. See "Risk
Management - Non-Accruing and Non-Performing Assets" below for additional
information.



?Adversely classified commercial and construction loans decreased by $63.2
million to $157.3 million as of September 30, 2020, compared to December 31,
2019. The decrease was driven by the upgrade in the credit risk classification
of a $117.5 million commercial mortgage loan relationship in the Puerto Rico
region during the first quarter of 2020, partially offset by the downgrade in
the third quarter of 2020 of two commercial relationships in the Florida region
engaged in the transportation industry totaling $38.8 million. While
approximately 99% of the Corporation's small business banking customers and 100%
of the corporate banking customers had reopened their businesses after the
government-imposed lockdowns earlier in 2020, the Corporation is closely
monitoring its loan portfolio to identify potential at-risk segments, the
payment performance after the end of payment deferral periods, the need for
extensions of payment deferral arrangements and the performance of different
sectors of the economy in all the markets where the Corporation operates.

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The Corporation's financial results for the third quarter and first nine months
of 2020 and 2019 included the following items that management believes are not
reflective of core operating performance, are not expected to reoccur with any
regularity or may reoccur at uncertain times and in uncertain amounts (the
"Special Items"):



Quarter and Nine-Month Period Ended September 30, 2020




?Gain on sales of U.S. agencies MBS and U.S Treasury notes of $5.3 million and
$13.4 million recorded in the third quarter and nine-month period ended
September 30, 2020, respectively. The gain on tax-exempt securities or realized
at the tax-exempt international banking entity subsidiary level had no effect on
the income tax expense recorded on the third quarter and first nine months of
2020.



?Merger and restructuring costs of $10.4 million ($6.5 million after-tax) and
$14.2 million ($8.9 million after-tax) for the third quarter and nine-month
period ended September 30, 2020, respectively, in connection with the
acquisition of BSPR and related restructuring initiatives. Merger and
restructuring costs primarily included consulting, legal, system conversions and
other integration related efforts.



?An $8.0 million tax benefit related to a partial reversal of the deferred tax asset valuation allowance recorded in the third quarter of 2020.




?Costs of $1.0 million ($0.6 million after-tax) and $4.3 million ($2.7 million
after-tax) related to the COVID-19 pandemic response efforts recorded in the
third quarter and nine-month period ended September 30, 2020, respectively,
primarily costs related to additional cleaning, safety materials, and security
measures. Also included was approximately $1.7 million in bonuses paid to branch
personnel and other essential employees for working during the pandemic during
the second quarter of 2020, as well as other employee-related expenses such as
expenses for the administration of COVID-19 tests and purchases of personal
protective equipment.



?A $0.1 million gain realized on the repurchase of $0.4 million of trust-preferred securities ("TRuPs") in the third quarter of 2020.




?A $5.0 million ($3.1 million after-tax) benefit recorded in the second quarter
of 2020 resulting from the final settlement of the Corporation's business
interruption insurance claim related to lost profits caused by Hurricanes Irma
and Maria in 2017.



?A $1.2 million ($0.7 million after-tax) benefit recorded in the first quarter
of 2020 resulting from insurance recoveries associated with hurricane-related
expenses incurred primarily in the Puerto Rico region.



Quarter and Nine-Month Period Ended September 30, 2019

?A $3.0 million ($1.8 million after-tax) positive effect on earnings related to the acceleration of the discount accretion from the payoff of an acquired commercial mortgage loan in the third quarter of 2019.




?Benefits of $0.4 million ($0.2 million after-tax) and $1.2 million ($0.7
million after-tax) for the third quarter and nine-month period ended September
30, 2019, respectively, resulting from hurricane-related insurance recoveries
related to repairs and maintenance costs, and impairments associated with
facilities in the Virgin Islands region.



?A $6.4 million ($4.0 million after-tax) positive effect on earnings recorded in
the first quarter of 2019 related to net loan loss reserve releases resulting
from revised estimates of the hurricane-related qualitative reserves associated
with the effects of Hurricanes Irma and Maria, primarily related to consumer and
commercial loans. See "Provision for Credit Losses" below for additional
information.



?A $2.3 million expense recovery recorded in the first quarter of 2019 related
to an employee retention benefit payment (the "Benefit") received by the Bank
under the Disaster Tax Relief and Airport Extension Act of 2017, as amended (the
"Disaster Tax Relief Act"). The Benefit was recorded as an offset to employees'
compensation and benefits expenses and was not treated as taxable income by
virtue of the Disaster Tax Relief Act.



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The following table reconciles for the quarter and nine-month periods ended
September 30, 2020 and 2019 the reported net income to adjusted net income, a
non-GAAP financial measure that excludes the Special Items identified above:



                                                                                              Nine-month period ended
                                                          Quarter ended September 30,              September 30,
                                                            2020               2019             2020            2019
(In thousands)
Net income, as reported (GAAP)                         $        28,613$        46,327$     52,135$   130,928
Adjustments:
Gain on sales of investment securities                         (5,288)                  -       (13,380)
Merger and restructuring costs                                  10,441                592         14,188             592
COVID-19 pandemic-related expenses                                 962                  -          4,286
Partial reversal of deferred tax asset valuation
allowance                                                      (8,000)                  -        (8,000)               -
Hurricane-related loan loss reserve release                                             -              -         (6,425)

Accelerated discount accretion due to early payoff of acquired loan

                                                        -            (2,953)                        (2,953)
Gain on early extinguishment of debt                              (94)                  -           (94)

Employee retention benefit - Disaster Tax Relief and Airport Extension Act of 2017

                                                           -              -         (2,317)
Benefit from hurricane-related insurance recoveries                  -              (379)        (6,153)         (1,199)
Income tax impact of adjustments (1)                           (4,276)              1,028        (4,621)           3,745
Adjusted net income (Non-GAAP)                         $        22,358    $ 

44,615 $ 38,361$ 122,371

(1)See "Basis of Presentation" below for the individual tax impact related to reconciling items.


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Critical Accounting Policies and Practices




The accounting principles of the Corporation and the methods of applying these
principles conform to GAAP. The Corporation's critical accounting policies
relate to: 1) the allowance for credit losses; 2) income taxes; 3) the
classification and values of financial instruments; 4) income recognition on
loans; and 5) acquired loans. These critical accounting policies involve
judgments, estimates and assumptions made by management that affect the amounts
recorded for assets, liabilities and contingent liabilities as of the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting periods. Actual results could differ from estimates and
assumptions, if different outcomes or conditions prevail. Certain determinations
inherently require greater reliance on the use of judgments, estimates, and
assumptions, and, as such, have a greater possibility of producing results that
could be materially different than those originally reported.



The Corporation's critical accounting policies are described in Management's
Discussion and Analysis of Financial Condition and Results of Operations
included in First BanCorp.'s Annual Report on Form 10-K for the fiscal year
ended December 31, 2019 (the "2019 Annual Report on Form 10-K"). In connection
with our adoption of CECL on January 1, 2020, the Corporation has updated its
critical accounting policy for the allowance for credit losses.



Allowance for Credit Losses




The Corporation maintains an ACL for loans and finance leases based upon
management's estimate of the expected credit losses in the loan portfolio, as of
the balance sheet date, excluding loans held for sale. Additionally, the
Corporation maintains an ACL for debt securities classified as either
held-to-maturity (HTM) or available-for-sale (AFS), and other off-balance sheet
credit exposures (e.g., unfunded loan commitments). In connection with the
adoption of CECL, the Corporation updated its approach for estimating expected
credit losses, which requires management to exercise judgment and make estimates
in new areas, as described more fully below, and updated its accounting
policies. For more information, see Note 1, - Basis of Presentation and
Significant Accounting Policies, to the accompanying consolidated financial
statements in this Form 10-Q. For loans and finance leases, unfunded loan
commitments, and HTM debt securities, the ACL is measured based on the remaining
contractual term of the financial asset exposures, adjusted, as appropriate, for
prepayments and permitted extension options using historical experience, current
conditions, and forecasted information. For AFS debt securities, the ACL is
measured using a discounted cash flow approach and is limited to the difference
between the fair value of the security and its amortized cost. Changes in the
ACL and, therefore, in the related provision for credit losses can materially
affect net income. In applying the judgment and review required to determine the
ACL, management considerations include the evaluation of past events, historical
experience, changes in economic forecasts and conditions, customer behavior,
collateral values, and the length of the initial loss forecast period, and other
influences. During 2020, management has also considered the effect of the
COVID-19 pandemic in determining the ACL. From time to time, changes in economic
factors or assumptions, business strategy, products or product mix, or debt
security investment strategy may result in a corresponding increase or decrease
in our ACL.



                                      140
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The Corporation's methodology for estimating the ACL under CECL for applicable loans and debt securities includes the following key components:




?Forecasted economic variables, such as, unemployment rate, home and commercial
real estate prices, and gross domestic product (GDP), are used to estimate
expected credit losses. The Corporation has currently set an initial forecast
period ("reasonable and supportable period") of 2 years and a reversion period
of up to 3 years, utilizing a straight-line approach and reverting back to the
historical macroeconomic mean for Puerto Rico and the Virgin Islands regions.
For the Florida region, the methodology considers a reasonable and supportable
forecast period and an implicit reversion towards the historical trend that
varies for each macroeconomic variable, achieving the steady state by year 5.



?After the reversion period, a historical loss forecast period covering the remaining contractual life, adjusted for prepayments, is used based on the change in key historical economic variables during representative historical expansionary and recessionary periods.




?The ACL for loans, unfunded loan commitments, and HTM debt securities is
primarily measured based on a probability of default (PD)/loss given default
(LGD) modeled approach. The current fair value of collateral is utilized to
assess the expected credit losses when a financial asset is considered to be
collateral dependent.



?The ACL on a TDR loan is generally measured using a discounted cash flow method
unless the loan is collateral dependent, in which case the ACL is measured based
on the fair value of the collateral. The discounted cash flow method will
provide the estimated life-time credit losses. For credit card, personal, and
nonaccrual auto loans and finance leases modified in a TDR, the ACL is measured
using the same methodologies as those used for all other loans in those
portfolios.



?The remaining contractual term of a loan is adjusted for expected prepayments,
as appropriate. The contractual term excludes expected extensions, renewals, and
modifications unless either of the following applies: the Corporation has a
reasonable expectation at the reporting date that a TDR will be executed with an
individual borrower or the extension or renewal options are included in the
original or modified contract at the reporting date and are not unconditionally
cancellable by the Corporation.



Acquired Loans



Loans acquired through purchase or a business combination are recorded at their
fair value as of the acquisition date. The Corporation performs an assessment of
acquired loans to first determine if such loans have experienced more than
insignificant deterioration in credit quality since their origination and thus
should be classified and accounted for as purchased credit deteriorated ("PCD")
loans. For loans that have not experienced more than insignificant deterioration
in credit quality since origination, referred to as non-PCD loans, the
Corporation records such loans at fair value, with any resulting discount or
premium accreted or amortized into interest income over the remaining life of
the loan using the interest method. Additionally, upon the purchase or
acquisition of non-PCD loans, the Corporation measures and records an ACL based
on the Corporation's methodology for determining the ACL. The ACL for non-PCD
loans is recorded through a charge to provision for credit losses in the period
in which the loans were purchased or acquired.



Acquired loans that are classified as PCD are recognized at fair value, which
includes any resulting premiums or discounts. Premiums and non-credit loss
related discounts are amortized or accreted into interest income over the
remaining life of the loan using the interest method. Unlike non-PCD loans, the
initial ACL for PCD loans is established through an adjustment to the acquired
loan balance and not through a charge to provision for credit losses in the
period in which the loans were acquired. At acquisition, the ACL for PCD loans,
which represents the fair value credit discount, is determined using a
discounted cash flow method that considers the PDs and LGDs used in the
Corporation's ACL methodology. Characteristics of PCD loans include:
delinquency, payment history since origination, credit scores migration and/or
other factors the Corporation may become aware of through its initial analysis
of acquired loans that may indicate there has been more than insignificant
deterioration in credit quality since a loan's origination. In connection with
the BSPR acquisition on September 1, 2020, the Corporation acquired PCD loans
with an aggregate fair value at acquisition of approximately $753.0 million, and
recorded an ACL of approximately $28.7 million, which was added to the amortized
cost of the loans. In addition, the Corporation recorded an ACL of $1.3 million
for acquired PCD debt securities.



Subsequent to acquisition, the ACL for both non-PCD and PCD loans is determined
pursuant to the Corporation's ACL methodology in the same manner as all other
loans.



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RESULTS OF OPERATIONS



Net Interest Income



Net interest income is the excess of interest earned by First BanCorp. on its
interest-earning assets over the interest incurred on its interest-bearing
liabilities. First BanCorp.'s net interest income is subject to interest rate
risk due to the repricing and maturity mismatch of the Corporation's assets and
liabilities. Net interest income for the quarter and nine-month period ended
September 30, 2020 was $148.7 million and $422.6 million, respectively, compared
to $144.4 million and $427.2 million for the comparable periods in 2019. On a
tax-equivalent basis and excluding the changes in the fair value of derivative
instruments, net interest income for the quarter and nine-month period ended
September 30, 2020 was $153.6 million and $438.3 million, respectively, compared
to $149.4 million and $442.4 million for the comparable periods in 2019. Net
interest income for the quarter and nine-month period ended September 30, 2020
includes $14.0 million related to assets and liabilities acquired in the BSPR
acquisition.



The following tables include a detailed analysis of net interest income for the
indicated periods. Part I presents average volumes (based on the average daily
balance) and rates on an adjusted tax-equivalent basis and Part II presents,
also on an adjusted tax-equivalent basis, the extent to which changes in
interest rates and changes in the volume of interest-related assets and
liabilities have affected the Corporation's net interest income. For each
category of interest-earning assets and interest-bearing liabilities, the tables
provide information on changes in (i) volume (changes in volume multiplied by
prior period rates) and (ii) rate (changes in rate multiplied by prior period
volumes). The Corporation has allocated rate-volume variances (changes in rate
multiplied by changes in volume) to either the changes in volume or the changes
in rate based upon the effect of each factor on the combined totals.

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The net interest income is computed on an adjusted tax-equivalent basis and excluding the change in the fair value of derivative instruments. For the definition and reconciliation of this non-GAAP financial measure, refer to the discussion in "Basis of Presentation" below.



Part I
                                       Average Volume            Interest income (1) / expense        Average Rate (1)
   Quarter ended September 30,       2020           2019            2020               2019            2020       2019
   (Dollars in thousands)

   Interest-earning assets:

Money market and other $ 1,450,669$ 762,934 $ 405 $ 4,081 0.11 % 2.12 %

short-term investments

   Government obligations (2)       1,129,976        588,287             4,890              6,752      1.72 %     4.55 %
   MBS                              2,253,121      1,295,189            11,525              9,820      2.03 %     3.01 %
   FHLB stock                          31,635         41,779               441                660      5.55 %     6.27 %
   Other investments                    6,309          3,395                10                  7      0.63 %     0.82 %
   Total investments (3)            4,871,710      2,691,584            17,271             21,320      1.41 %     3.14 %
   Residential mortgage loans       3,117,021      3,018,603            41,577             40,610      5.31 %     5.34 %
   Construction loans                 185,359        104,816             2,453              1,691      5.26 %     6.40 %
   Commercial and Industrial and    4,468,614      3,748,186            51,902             55,543      4.62 %     5.88 %

Commercial mortgage loans

   Finance leases                     447,854        378,866             8,349              7,192      7.42 %     7.53 %
   Consumer loans                   1,944,823      1,776,254            53,796             50,904     11.00 %    11.37 %
   Total loans (4) (5)             10,163,671      9,026,725           158,077            155,940      6.19 %     6.85 %

Total interest-earning assets $ 15,035,381$ 11,718,309$ 175,348$ 177,260 4.64 % 6.00 %

Interest-bearing liabilities:

   Brokered CDs                  $    332,429$    502,569   $         1,850    $         2,843      2.21 %     2.24 %
   Other interest-bearing           8,412,342      6,290,767            14,238             17,498      0.67 %     1.10 %
   deposits
   Other borrowed funds               493,572        284,150             2,840              3,651      2.29 %     5.10 %
   FHLB advances                      494,348        741,522             2,778              3,878      2.24 %     2.07 %
   Total interest-bearing        $  9,732,691$  7,819,008$        21,706$        27,870      0.89 %     1.41 %
   liabilities
   Net interest income                                         $       153,642$       149,390
   Interest rate spread                                                                                3.75 %     4.59 %
   Net interest margin                                                                                 4.07 %     5.06 %


                                      143
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                                        Average Volume            Interest 

income (1) / expense Average Rate (1)

   Nine-Month Period Ended            2020           2019            2020               2019            2020       2019
   September 30,
   (Dollars in thousands)

   Interest-earning assets:

Money market and other $ 1,099,634$ 615,499 $ 2,950 $ 10,350 0.36 % 2.25 %

short-term investments

   Government obligations (2)          784,348        690,566            15,454             21,482      2.63 %     4.16 %
   MBS                               1,937,083      1,304,777            37,874             32,033      2.61 %     3.28 %
   FHLB stock                           32,234         41,809             1,527              2,013      6.33 %     6.44 %
   Other investments                     6,082          3,169                31                 20      0.68 %     0.84 %
   Total investments (3)             3,859,381      2,655,820            57,836             65,898      2.00 %     3.32 %

Residential mortgage loans 2,952,278 3,071,624 118,044

            123,779      5.34 %     5.39 %
   Construction loans                  159,092         94,075             6,519              4,531      5.47 %     6.44 %
   Commercial and Industrial and     4,032,497      3,760,878           146,629            163,518      4.86 %     5.81 %
   Commercial mortgage loans
   Finance leases                      433,014        360,429            24,015             20,313      7.41 %     7.54 %
   Consumer loans                    1,895,308      1,705,150           156,972            145,459     11.06 %    11.41 %
   Total loans (4) (5)               9,472,189      8,992,156           452,179            457,600      6.38 %     6.80 %

Total interest-earning assets $ 13,331,570$ 11,647,976$ 510,015$ 523,498 5.11 % 6.01 %

Interest-bearing liabilities:

   Brokered CDs                   $    393,038$    511,567   $         6,572    $         8,312      2.23 %     2.17 %
   Other interest-bearing            7,330,643      6,166,594            46,167             48,624      0.84 %     1.05 %
   deposits
   Loans payable                        11,241              -                21                  -      0.25 %        - %
   Other borrowed funds                472,715        298,277            10,311             12,699      2.91 %     5.69 %
   FHLB advances                       522,172        740,513             8,656             11,490      2.21 %     2.07 %
   Total interest-bearing         $  8,729,809$  7,716,951$        71,727$        81,125      1.10 %     1.41 %
   liabilities
   Net interest income                                          $       438,288$       442,373
   Interest rate spread                                                                                 4.01 %     4.60 %
   Net interest margin                                                                                  4.39 %     5.08 %




(1) On an adjusted tax-equivalent basis. The Corporation estimated the adjusted
tax-equivalent yield by dividing the interest rate spread on exempt assets by 1
less the Puerto Rico statutory tax rate of 37.5% and adding to it the cost of
interest-bearing liabilities. The tax-equivalent adjustment recognizes the
income tax savings when comparing taxable and tax-exempt assets. Management
believes that it is a standard practice in the banking industry to present net
interest income, interest rate spread and net interest margin on a fully
tax-equivalent basis. Therefore, management believes these measures provide
useful information to investors by allowing them to make peer comparisons. The
Corporation excludes changes in the fair value of derivatives from interest
income and interest expense because the changes in valuation do not affect
interest received or paid.

(2)Government obligations include debt issued by government-sponsored agencies.

(3)Unrealized gains and losses on available-for-sale securities are excluded from the average volumes.

(4)Average loan balances include the average of nonaccrual loans.


(5)Interest income on loans includes $1.5 million and $2.4 million for the
quarters ended September 30, 2020 and 2019, respectively, and $4.6 million and
$6.7 million for the nine-month periods ended September 30, 2020 and 2019,
respectively, of income from prepayment penalties and late fees related to the
Corporation's loan portfolio.



                                      144

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