UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
☒ | ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2019
Or
☐ | TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-14793
A. | Full title of the Plan and address of the Plan, if different from that of the issuer named below: |
THE FIRSTBANK 401(K) RETIREMENT PLAN FOR RESIDENTS OF PUERTO RICO
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
FIRST BANCORP.
1519 Ponce de León Avenue, Stop 23
Santurce, Puerto Rico 00908-0146
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Financial Statements and Supplemental Schedules
December 31, 2019 and 2018
Index
PAGE | (S) | |||
1 | ||||
Financial Statements: |
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Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018 |
3 | |||
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019 |
4 | |||
5 | ||||
Supplemental Schedules:1 |
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Schedule H, Line 4i Schedule of Assets (Held at End of Year) December 31, 2019 |
12 | |||
13 | ||||
14 | ||||
1 | Other schedules required by Section 2520.103-10 of the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable |
Report of Independent Registered Public Accounting Firm
Plan Participants and Plan Administrator of The FirstBank
401(k) Retirement Plan for Residents of Puerto Rico
Santurce, Puerto Rico
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on the Plans financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
1
Supplemental Information
The supplemental Schedule H, Line 4i Schedule of Assets (Held at End of Year) and Schedule H, Line 4a Schedule of Delinquent Participant Contributions as of December 31, 2019 and for the year then ended, have been subjected to audit procedures performed in conjunction with the audit of The FirstBank 401(k) Retirement Plan for Residents of Puerto Ricos financial statements. The supplemental schedules are the responsibility of the Plans management. Our audit procedures included determining whether the information presented in the supplemental schedules reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated in all material respects in relation to the financial statements as a whole.
/s/ Crowe LLP
We have served as the Plans auditor since 2018.
Miami Florida
June 29, 2020
Stamp No. E413174 of the Puerto Rico Society of Certified Public Accountants
Was affixed to the record copy of this report.
2
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Statements of Net Assets Available for Benefits
December 31, 2019 and 2018
As of December 31, | ||||||||
2019 | 2018 | |||||||
Assets |
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Investments |
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Investments, at fair value (Note 3) |
$ | 59,978,644 | $ | 44,846,407 | ||||
Receivables |
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Contributions receivable from employer |
984,988 | 422,128 | ||||||
Notes receivable from participants |
2,783,310 | 2,755,253 | ||||||
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Total receivables |
3,768,298 | 3,177,381 | ||||||
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Cash |
30,327 | 236,120 | ||||||
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Net assets available for benefits |
$ | 63,777,269 | $ | 48,259,908 | ||||
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The accompanying notes are an integral part of these financial statements.
3
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2019
Year ended December 31, 2019 |
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Additions to net assets attributed to: |
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Investment income: |
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Net appreciation in fair value of investments |
$ | 8,660,094 | ||
Dividends and interest income |
1,893,793 | |||
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Total investment income |
10,553,887 | |||
Interest income on notes receivable from participants |
173,495 | |||
Contributions: |
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Participants |
5,058,982 | |||
Employer |
1,910,952 | |||
Rollovers from other qualified plans |
396,786 | |||
|
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Total contributions |
7,366,720 | |||
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Total additions |
18,094,102 | |||
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Deductions from net assets attributed to: |
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Benefits and withdrawals paid to participants, including rollover distributions |
2,514,876 | |||
Administrative expenses |
61,865 | |||
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Total deductions |
2,576,741 | |||
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Net increase |
15,517,361 | |||
Net assets available for benefits: |
||||
Beginning of year |
48,259,908 | |||
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|
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End of year |
$ | 63,777,269 | ||
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The accompanying notes are an integral part of these financial statements.
4
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
1. | Description of the Plan |
Reporting Entity
The accompanying financial statements include the assets of The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico (the Plan) sponsored by FirstBank Puerto Rico (the Bank) for its Puerto Rico employees only. The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a complete description of the Plans provisions.
General
The Plan is a defined contribution plan, which became effective in 1965, and was amended in 1977, to comply with the requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Accordingly, the Plan is subject to the provisions of ERISA. Effective September 1, 1991, the Plan was further amended to become a savings plan under the provisions of the Puerto Rico Internal Revenue Code, as amended (the PR Code). The Plan was created for the purpose of providing retirement benefits to employees and to encourage and assist them in adopting a regular savings plan that qualifies under the applicable laws of the Commonwealth of Puerto Rico.
Plan Amendments
There were no plan amendments during 2019.
Eligibility
All Puerto Rico full-time employees of the Bank and its wholly owned Puerto Rico subsidiaries are eligible to participate in the Plan after completion of three months of service for purposes of making elective deferral contributions and one year of service for purposes of sharing in the Banks matching, qualified matching and qualified non-elective contributions. The Banks matching contribution is comprised of: 401(k) Matching Contributions and 401(k) Additional Matching Contributions (the lump sum). To be eligible for these matching contributions, the participant needs to be employed at any time during the Plan Year and be employed as of last day of the Plan Year, respectively. Furthermore, regular part time employees are also eligible if the criteria of 1,000 hours of service is met.
Employees are automatically enrolled in the Plan after completion of three months of service unless the employee makes an election to waive participation in the Plan by completing an Election Form at least 30 days before the enrollment date. If the employee does not complete the Election Form within the mentioned period, the employee will be automatically enrolled in the Plan with an initial pre-tax contribution equivalent to 2% of his/her period eligible compensation and the contribution will be invested in a predetermined fund until subsequent election is made by the participant.
Contributions
Participants are permitted to contribute up to an amount not to exceed the maximum deferral amount specified by the PR Code of $15,000 for the tax year ended December 31, 2019. Also, the participant may make voluntary contributions to the Plan on an after-tax basis up to 10% of their eligible compensation. The Bank contributes a matching contribution of fifty cents for every dollar up to the first 6% of the participants eligible compensation that a participant contributes to the Plan on a pre-tax basis. The Banks matching contribution of fifty cents for every dollar of the employees contribution is comprised of: (i) twenty-five cents for every dollar of the employees contribution up to 6% of the employees eligible compensation to be paid to the Plan as of each bi-weekly payroll; and, (ii) an additional twenty-five cents for every dollar of the employees contribution up to 6% of the employees eligible compensation to be deposited as a lump sum subsequent to the Plan Year. These are called 401(k) Matching Contributions and 401(k) Additional Matching Contributions, respectively.
5
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
Investment of participants and employers contributions are directed by participants into various investment options, which include several mutual funds and the common stock of First BanCorp., the Banks parent company. The Plan allows for rollover contributions from other qualified plans.
Participants over age 50 are permitted to make an additional $1,500 pre-tax contribution for the year ended December 31, 2019 after contributing the Plan limit of $15,000 of their pre- tax annual compensation.
Participant Accounts
Each participants account is credited with the participants contributions and allocations of (a) the Banks contributions and (b) Plan earnings. Allocations are based on (a) the participants contributions in the case of matching contributions, and (b) account balances in each investment option in the case of plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account. Forfeited nonvested accounts are used to cover administrative expenses, or used to reduce future Bank contributions. Certain administrative expenses directly associated with the Plan are paid by the Plan and charged to participants accounts.
Vesting
Participants are immediately vested in their contributions and the 401(k) Matching Contributions plus actual earnings thereon, except for the 401(k) Additional Matching Contributions. The additional matching contribution is subject to a vesting period of three years of service.
Notes receivable from Participants
The Plan allows participants and their beneficiaries to borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of 50% of the participants vested account balance or $50,000. A maximum of one loan outstanding is permitted at any time. Interest rates on loans are generally calculated based on the prime rate plus 2% as of the date the loan is granted. As of December 31, 2019 and 2018, substantially all of the loans have interest rates ranging from 5.25% to 7.50%. Principal and interest are paid to the Plan ratably through biweekly payroll deductions. The loans have a term of repayment up to five years. The Plan Administrator may fix the term for repayment of a home loan for a period exceeding five years. A home loan is a loan used to acquire a dwelling unit which, within a reasonable time, the participant will use as a principal residence. Loan transactions are treated as a transfer to (from) the investment funds from (to) the Participants Loan account and are secured by the balance in the participants account.
Payment of Benefits
Plan participants are permitted to make withdrawals from the Plan, subject to provisions in the Plan agreement. On termination of service due to death, disability or retirement all distributions from the Plan will be made in a single lump-sum cash payment. If the value of the vested account is more than $5,000, the participant may elect to defer any benefit payable under the Plan until a specified future date. However, if the value of the account balance does not exceed $1,000, the distribution will be made to the participant, regardless of whether the participant consents to receive it. The Plan allows for participants to receive hardship distributions.
In the case of participant termination because of death, all amounts credited to such participants account shall become fully vested and the entire amount is paid to the person or persons legally entitled thereto. A participant will fully vest in his or her account balance (including matching contributions) upon permanent and total disability.
6
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
Plan Expenses and Administration
Bank and participant contributions were held by Schwab Trust Bank (Charles Schwab) as custodian and managed by Milliman USA, Inc. as plan recordkeeper, both appointed by the Board of Directors of the Bank. The custodian invests cash received, interest and dividend income and makes distributions to participants. The Banks parent company common stock in the Plan is held by State Street Bank and Trust Company (State Street), which provides Charles Schwab with custody, fund accounting, fund administration and transfer agency services.
Generally, recordkeepers fees are paid by the Bank unless there are forfeitures available to offset such expenses. For the year ended December 31, 2019 the Bank paid on behalf of the Plan $216,511 in administrative fees and other services rendered by the plan record keeper and $44,000 for investment advisory and retirement plan consulting to third-party consultants. Administrative expenses incurred by the Plan, primarily custodians fees and other miscellaneous expenses, are reflected in the Plans financial statements.
Forfeitures
Forfeited balances of terminated participants non-vested accounts are used to reduce future Bank contributions or used to cover administrative expenses of the Plan. Refer to Note 7 for further detail.
2. | Summary of Significant Accounting Policies |
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting policies generally accepted in the United States of America. A description of the significant accounting policies of the Plan follows.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Contributions
Employee contributions are recorded in the period in which the Bank makes payroll deductions from the participants compensation. The Banks matching contribution of fifty cents is recorded as follows: twenty-five cents as of each bi-weekly payroll and an additional twenty-five cents as a lump sum subsequent to the Plan Year.
Rollover distributions
Terminated employees or retirees may elect to transfer their savings to other plans qualified by the Puerto Rico Treasury Department.
Investments Valuation and Income Recognition
The Plans investments in mutual funds and common stock of First BanCorp. are stated at fair value. See Note 3 for further information regarding valuation of the Plans investments. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair
7
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
value of its investments which consists of the realized gains or losses on investments bought and sold as well as the unrealized appreciation (depreciation) on those investments held during the year.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Management fees and operating expenses charged to the Plan related to investments in mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, such management fees and operating expenses are reflected as a direct reduction of net appreciation in the aggregate fair value of such investments.
Notes receivable from participants
Notes receivable from participants represent participant loans that are measured at their unpaid principal balance plus any accrued but unpaid interest.
The outstanding loan amount is reduced with payroll retentions made by the employer. Loans bear interest at the rate determined by the Plan administrator at the time the loan is granted. Any terminated employee is required to repay their remaining balance or offset against their account balance upon distribution.
Payment of Benefits
Benefit payments to participants are recorded upon distribution.
3. | Fair Value Measurements |
The Financial Accounting Standards Board (FASB) authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy for classifying financial instruments. The hierarchy is based on whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. Three levels of inputs may be used to measure fair value:
Level 1 | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
Level 2 | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are no active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
Level 3 | Valuations are based on unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. |
8
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
As of December 31, 2019 and 2018, the Plans investments measured at fair value consisted of the following instruments and classifications within the fair value hierarchy.
As of December 31, 2019 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Assets at Fair Value |
|||||||||||||
Investments in mutual funds |
$ | 57,173,383 | $ | | $ | | $ | 57,173,383 | ||||||||
Investment in First BanCorp. |
2,805,261 | | | 2,805,261 | ||||||||||||
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$ | 59,978,644 | $ | | $ | | $ | 59,978,644 | |||||||||
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As of December 31, 2018 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Assets at Fair Value |
|||||||||||||
Investments in mutual funds |
$ | 42,863,061 | $ | | $ | | $ | 42,863,061 | ||||||||
Investment in First BanCorp. |
1,983,346 | | | 1,983,346 | ||||||||||||
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$44,846,407 | $ | $ | $44,846,407 | |||||||||||||
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Following is a description of the Plans valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018. For the year ended December 31, 2019 there were no transfers in or out of Levels 1, 2 or 3.
Mutual Funds: Investments in mutual funds consists of open-end mutual funds and the value is the Net Asset Value of shares held by the Plan at the reporting date. The net asset value is a quoted market price available in an active market. These investments are classified as Level 1.
Investment in First BanCorp.: Investment in First BanCorp. consists of common stock of First BanCorp. and is valued at its quoted market price obtained from an active exchange market. These securities are classified as Level 1.
4. | Party In-Interest Transactions |
Parties-in-interest are defined under the provisions of ERISA as any fiduciary of the Plan, any party rendering service to the Plan, any employer or any affiliate, any employee of such employer covered by the Plan, and certain others. Certain Plan investments consist of shares of mutual funds with a market value of $8,635,619 (2018$6,980,286) managed by Charles Schwab, which is also a provider of custodial services as defined by the Plan since April 1, 2005. In addition, as of December 31, 2019 and 2018, the First BanCorp. Unitized Stock Fund held 264,897 and 230,622 shares, with a quoted market value of $2,805,261 and $1,983,346, respectively, of First BanCorp. common stock, the parent company of the Plan Sponsor. The First BanCorp. Unitized Stock Fund also has an investment of $155,711 (2018$210,965) in the State Street Institutional U.S. Government Money Market Fund. State Street provides Charles Schwab with, among other things, custody services for the First BanCorp. Unitized Stock Fund. For the year ended December 31, 2019, the Plan received dividend income of $34,236 related to First BanCorp. common stock and the net appreciation in the fair value of the investment in First BanCorp. common stock amounted to $525,641. Plan assets include notes receivable from participants of $2,783,310 and $2,755,253 as of December 31, 2019 and 2018, respectively. For the year ended December 31, 2019, interest income related to participant loans receivable amounted to $173,495. These transactions qualify as party-in-interest transactions permitted under the provisions of ERISA.
9
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
5. | Tax Status |
The Plan obtained its latest determination letter on August 22, 2019, in which the Puerto Rico Treasury Department determined and informed the Bank that the Plan is designed in accordance with the applicable sections of the PR Code and, therefore, exempt from income taxes. Therefore, no provision for income taxes has been included in the Plans financial statements.
The Plan Administrator and the Plans tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the PR Code and, therefore, believe that the Plan is qualified and is tax exempt.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by federal, state and/ or local taxing authorities. The plan administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2016.
6. | Plan Termination |
Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts and such termination shall not reduce the interest of any participating employee or their beneficiaries accrued under the Plan up to the date of such termination.
7. | Forfeited Amount |
Forfeited nonvested accounts amounted to $722 as of December 31, 2019 ($4.17 as of December 31, 2018). Forfeited accounts, if any, are transferred by the Plan administrator to an unallocated account to be used to cover administrative expenses of the Plan or reduce the Banks future contributions. No forfeitures were used to cover administrative expenses during 2019.
8. | Risks and Uncertainties |
The Plan provides for investment options in various funds that invest in equity and debt securities and other investments. Such investments are exposed to various risks, such as interest rate, market and credit risks. Market values of investments may decline for a number of reasons, including changes in prevailing market and interest rates, increases in defaults and credit rating downgrades. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the values of investments, it is at least reasonably possible that changes in these factors in the near term would materially affect participants account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits. The Plans exposure to a concentration of credit risk is dependent upon the investments selected by the participants.
The Plan is subject to legal proceedings and claims which might arise in the ordinary course of its activities. At this time, there are no legal proceedings against the Plan that might impact the financial statements.
10
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
Notes to the Financial Statements
December 31, 2019 and 2018
9. | Additional Contributions |
As a result of the Plans non-compliance with its non-discrimination test for the year ended December 31, 2019, the Bank agreed to pay the amount of $92,401 of additional contributions to non-highly
compensated participants to satisfy contribution requirements. At December 31, 2019, these additional contributions were recorded as part of contributions receivable from employer in the statement of net assets available for benefits and included as part of employer contributions in the statement of changes in net assets available for benefits.
10. | Subsequent Events |
On March 11, 2020, the outbreak of COVID-19 (coronavirus) caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread negatively affecting the world economy and as a result, performance of investment options available in the Plan. The full impact of the COVID-19 continues to evolve as of the date of this report and will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including among other things, new information which may emerge concerning the severity of the outbreak and actions taken by government authorities to contain the pandemic or treats its impact. The effect of the COVID-19 will have on the Plan operations and investments is currently unknown.
11. | Prohibited Transactions Participants Contributions Remittances |
In accordance with the U.S. Department of Labors Rules and Regulations 2510.3-102, an employer is required to segregate participants contributions from its general assets as soon as administrative feasible when amounts are contributed by participants or withheld from their wages. During the year ended December 31, 2019 there were no unintentional delays in the remittance of participants contributions withheld. During the year ended December 31, 2018 there were unintentional delays in the remittance of some participants contributions withheld. The Plan Sponsor will absorb any costs incurred by the Plan as a result of the untimely remittances of the participants contributions. During 2019, the Bank remitted to the Plan $8.33 related to lost earnings pertaining to year 2018.
11
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
EIN #: 66-0183103
Plan #: 002
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2019
(a) |
(b) Identity of issue, borrower, lessor or similar party |
(c) Description of Investment including maturity date, rate of interest, par value |
(d) Cost |
(e) Current value | ||||||||||||
Common Stocks | ||||||||||||||||
* | First BanCorp. | Common Stock | 264,897 | shares | ** | $ | 2,805,261 | |||||||||
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Total Common Stocks | 2,805,261 | |||||||||||||||
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Mutual Funds | ||||||||||||||||
* | State Street Institutional US Government Money Market Fund |
Mutual Fund | 155,711 | shares | ** | 155,711 | ||||||||||
Dreyfus Mid Cap Index Fund | Mutual Fund | 12,544 | shares | ** | 407,172 | |||||||||||
Fidelity Extended Market Index Fund | Mutual Fund | 40,475 | shares | ** | 2,634,543 | |||||||||||
Harbor Bond Institutional Class Fund | Mutual Fund | 259,778 | shares | ** | 3,036,802 | |||||||||||
Loomis Sayles Growth Fund | Mutual Fund | 151,668 | shares | ** | 2,781,589 | |||||||||||
Loomis Sayles Inv. Grade Bond | Mutual Fund | 19,546 | shares | ** | 221,456 | |||||||||||
* | Schwab GOVT Money Fund | Mutual Fund | 8,635,619 | shares | ** | 8,635,619 | ||||||||||
Vanguard Wellington Admiral | Mutual Fund | 216,031 | shares | ** | 16,182,869 | |||||||||||
Vanguard S&P 500 Index Admiral | Mutual Fund | 35,871 | shares | ** | 10,694,607 | |||||||||||
Metropolitan West Total Return | Mutual Fund | 37,374 | shares | ** | 408,495 | |||||||||||
MFS International Value Fund Class I | Mutual Fund | 69,920 | shares | ** | 3,339,369 | |||||||||||
Vanguard Dividend Growth Inv. Fund | Mutual Fund | 141,270 | shares | ** | 4,317,222 | |||||||||||
Virtus Small Cap Core | Mutual Fund | 106,239 | shares | ** | 4,357,929 | |||||||||||
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Total mutual funds | 57,173,383 | |||||||||||||||
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Other Investments | ||||||||||||||||
* | Notes receivable from participants |
Interest rates ranging from 5.25% to 7.50% Maturities through 2029 |
** | 2,783,310 | ||||||||||||
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Total Other Investments | 2,783,310 | |||||||||||||||
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Total |
$ | 62,761,954 | ||||||||||||||
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* | Party in-interest |
** | Historical cost is not required for participant directed investment |
12
The FirstBank 401(k) Retirement Plan for Residents of Puerto Rico
EIN #: 66-0183103
Plan #: 002
Schedule H, Line 4a Schedule of Delinquent Participant Contributions
Year End December 31, 2019
Year |
Participant contributions transferred late to the plan |
Contributions not corrected |
Contributions corrected outside VFCP |
Contributions pending corrections in VFCP |
Total fully corrected under VFCP and PTE 2001-51 |
Lost earnings | ||||||||||||||||||
2019 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
2018 | $ | 31,030 | $ | | $ | 31,030 | $ | | $ | | $ | 8.33 |
13
The Plan. Pursuant to the requirement of the Securities Exchange Act of 1934, the Board of Trustees (or the persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
THE FIRSTBANK 401(K) RETIREMENT PLAN FOR RESIDENTS OF PUERTO RICO | ||||
| ||||
(Name of Plan) | ||||
Date: 6/29/2020 | By: | /s/ Victor Barreras | ||
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Authorized Representative |
******
14