UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 4, 2008
FIRST BANCORP.
(Exact Name of Registrant as Specified in its Charter)
001-14793
(Commission File Number)
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| Puerto Rico
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66-0561882 |
| (State or Other Jurisdiction
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(I.R.S. Employer |
| of Incorporation)
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Identification No.) |
1519 Ponce de Leon
San Juan, Puerto Rico 00908-0146
(Address of Principal Executive Offices) (Zip Code)
(787) 729 8200
(Registrant’s Telephone Number, including Area Code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 2.02 |
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Results of Operations and Financial Condition |
On February 6, 2008, First BanCorp. (the “Corporation”) issued a press release announcing, among
other things, its unaudited results of operations for the year ended December 31, 2007. The
Corporation has included in this release a non-GAAP financial measure which consists of computing
the net interest margin rate on a tax equivalent basis excluding the unrealized changes in the fair
value of derivative instruments and certain financial liabilities (mainly changes in the fair value of interest rate swaps and certain brokered certificates of deposit). The
Corporation believes this non-GAAP measure provides meaningful information to investors about the
Corporation’s net interest margin and facilitates period-over-period comparability and analysis.
Investors should be aware that non-GAAP measures have inherent limitations and should be read only
in conjunction with the Corporation’s consolidated financial data prepared in accordance with GAAP.
A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including
Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as
amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the
Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
The Corporation also announced in its February 6, 2008 press release the most significant
developments undertaken during 2007. A copy of the press release describing developments is
incorporated herein by reference from Exhibit 99.1.
On February 4, 2008, the Corporation issued a press release which announced that the Board of
Directors of First BanCorp has declared the next payment of dividends on First BanCorp’s Series A
through E Preferred shares. A copy of the press release is incorporated herein by reference from
Exhibit 99.2.
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| Item 9.01 |
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Financial Statements and Exhibits |
(d) Exhibits
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| Exhibit No. |
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Description |
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99.1
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Press Release dated February 6, 2008 |
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99.2
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Press Release dated February 4, 2008 |