FINANCIAL CONDITION >. The following table presents an average balance sheet for the following years: (1) Net of the allowance for loan losses and the valuation on investments securities available for sale. December 31, 2001 2000 1999 (In thousands) Assets Interest earning assets: Money market instruments $ 46,517 $ 9,293 $ 27,344 Government obligations 588,932 528,903 415,742 Mortgage backed securities 1,711,980 1,457,044 1,294,195 Corporate bonds 247,094 51,508 18,646 FHLB stock 21,841 18,008 16,170 Total investments 2,616,364 2,064,756 1,772,097 Commercial loans 1,584,910 1,210,783 847,917 Consumer loans 1,036,637 1,026,044 1,013,782 Residential real estate loans 869,374 573,866 327,700 Construction loans 219,890 169,257 94,940 Finance leases 127,872 103,114 68,577 Total loans 3,838,683 3,083,064 2,352,916 Total interest earning assets 6,455,047 5,147,820 4,125,013 Equity securities 48,122 29,254 702 Total non-earning assets  (1) 198,233 62,302 47,066 Total assets $6,701,402 $5,239,376 $4,172,781 Liabilities and stockholders’ equity Interest bearing liabilities: Interest bearing checking accounts $ 186,111 $ 162,456 $ 140,690 Savings accounts 436,595 433,937 413,662 Certificate accounts 2,859,181 2,173,244 1,373,263 Interest bearing deposits 3,481,887 2,769,637 1,927,615 Other borrowed funds 2,125,022 1,851,524 1,728,913 FHLB advances  256,354 51,053 8,451 Total interest bearing liabilities 5,863,263 4,672,214 3,664,979 Total non-interest bearing liabilities 307,237 250,135 212,993 Total liabilities 6,170,500 4,922,349 3,877,972 Stockholders’ equity 530,902 317,027 294,809 Total liabilities and stockholders’ equity $6,701,402 $5,239,376 $4,172,781 0 35 First BanCorp.> 2001