First BanCorp.> 2001 The composition and estimated tax equivalent weighted average interest and dividend yields of the Corporation’s earning assets at December 31, 2001 were as follows: Total non-performing assets are the sum of non-accruing loans, other real estate owned and other repossessed properties. Non-accruing loans are loans as to which interest is no longer being recognized. When loans fall into non-accruing status, all previously accrued and uncollected interest is charged against interest income. At December 31, 2001, total non-performing assets amounted to $79 mil- lion (0.96% of total assets) as compared to $74 million (1.25% of total assets) at December 31, 2000 and $57 million (1.22% of total assets) at December 31, 1999. The Corporation’s allowance for loan losses to non- performing loans was 124.7% at December 31, 2001 as compared to 113.6% and 133.4% at December 31, 2000 and 1999, respectively. The following table presents non-performing assets at the dates indicated. Non-performing Assets >. (1) Excludes the reserve for loan losses. Amount Weighted (In thousands) Average Rate Money market instruments $ 34,565 3.20% Government obligations 732,679 4.29% Mortgage backed securities 2,558,689 8.14% FHLB of N.Y. stock 22,891 4.39% Corporate bonds 333,348 7.92% Equity securities 33,827 1.43% Total investments 3,715,999 7.23% Consumer loans 1,022,445 13.35% Residential real estate loans 1,011,908 6.51% Construction loans 219,396 5.94% Commercial and commercial real estate loans 1,927,095 6.22% Finance leases 127,935 11.15% Total loans (1) 4,308,779 8.11% Total earning assets $ 8,024,778 7.70% December 31, 2001 2000 1999 1998 1997 (Dollars in thousands) Non-accruing loans: Residential real estate $18,540 $15,977 $ 8,633 $ 9,151 $ 6,963 Commercial and commercial real estate 29,378 31,913 17,975 19,355 16,869 Finance leases 2,469 2,032 2,482 1,716 4,560 Consumer 22,611 17,794 24,726 26,736 24,547 72,998 67,716 53,816 56,958 52,939 Other real estate owned  1,456 2,981 517 3,642 1,132 Other repossessed property 4,596 3,374 3,112 2,277 8,702 Total non-performing assets $79,050 $74,071 $57,445 $62,877 $62,773 Past due loans $27,497 $16,358 $13,781 $15,110 $11,544 Non-performing assets to total assets 0.96% 1.25% 1.22% 1.57% 1.89% Non-performing loans to total loans 1.69% 1.94% 1.96% 2.69% 2.70% Allowance for loan losses $91,060 $76,919 $71,784 $67,854 $57,712 Allowance to total non-performing loans 124.74% 113.59% 133.39% 119.13% 109.02% 0 37