0 49 First BanCorp.> 2001 Year ended December 31, 2001 2000 1999  Interest income: Loans $353,777,585 $329,007,974 $260,741,177 Investment securities 159,713,664 132,603,596 106,770,856 Short-term investments  1,475,521 527,155 450,248 Dividends on FHLB stock 1,289,125 1,248,755 1,100,823 Total interest income 516,255,895 463,387,480 369,063,104 Interest expense: Deposits 160,758,451 153,283,358 90,489,121 Short-term borrowings  97,952,979 105,326,693 79,455,499 Notes payable  8,904,611 10,803,634 12,914,538 Advances from FHLB 12,585,108 3,200,940 470,590 Total interest expense 280,201,149 272,614,625 183,329,748 Net interest income  236,054,746 190,772,855 185,733,356 Provision for loan losses 61,030,000 45,718,500 47,960,500 Net interest income after provision for loan losses 175,024,746 145,054,355 137,772,856 Other income: Other fees on loans  19,631,741 19,913,340 12,886,541 Service charges on deposit accounts 9,213,436 8,898,170 8,540,291 Trading income (loss) 419,367 (7,946 Gain on sale of investments 9,606,314 7,850,472 1,376,672 Rental income 2,292,541 2,433,664 2,609,657 Other operating income 12,235,791 10,517,047 7,457,218 Total other income 52,979,823 50,032,060 32,862,433 Other operating expenses: Employees’ compensation and benefits 54,702,977 50,014,110 48,545,839 Occupancy and equipment  24,991,540 22,791,863 20,137,354 Taxes 5,973,897 5,054,748 4,696,937 Insurance 2,475,411 1,846,984 2,081,417 Net cost (gain) of operations and disposition of other real estate owned  352,075 78,509 (303,359 Amortization of debt issuance costs  107,354 319,899 612,404 Other 32,251,124 32,943,391 25,501,303 Total other operating expenses 120,854,378 113,049,504 101,271,895 Income before income tax provision and cumulative effect of accounting change 107,150,191 82,036,911 69,363,394 Income tax provision 20,133,858 14,761,302 7,288,445 Income before cumulative effect of accounting change 87,016,333 67,275,609  62,074,949 Cumulative effect of accounting change, net of tax (1,014,889 Net income $ 86,001,444 $ 67,275,609 $ 62,074,949 Net income available to common stockholders $ 69,493,246 $ 59,868,067 $ 57,799,949 Net income per common share basic: Income before cumulative effect of accounting change $ 2.65 $2.22 $2.00 Cumulative effect of accounting change (0.04 Earnings per common share basic $ 2.61 $2.22 $2.00 Net income per common share diluted: Income before cumulative effect of accounting change $ 2.64 $2.21 $1.98 Cumulative effect of accounting change (0.04 Earnings per common share diluted $ 2.60 $2.21 $1.98 Dividends declared per common share $ 0.52 $0.44 $0.36 ) ) ) ) ) First BanCorp Consolidated Statements of Income The accompanying notes are an integral part of these statements.