Note 15 - Related Party Transactions >. Note 16 - Premises and Equipment >. Note 17 - Other Assets >. First BanCorp.> 2001 0 67 The Corporation granted loans to its directors, executive officers and to certain related individuals or entities in the ordinary course of business. The movement and balance of these loans were as follows: Premises and equipment are stated at cost less accumulated depreciation as follows: Following is a detail of other assets: December 31, 2001 2000 (In thousands) Deferred tax asset $43,618 $42,651 Accounts receivable 4,844 9,531 Prepaid expenses 12,242 9,293 Revenue earning vehicles 6,526 6,572 Other 21,167 28,527 Total $88,397 $96,574 Useful life December 31, in years 2001 2000 (In thousands) Land $ 7,357 $ 7,378 Buildings and improvements 10-40 39,809 35,038 Leasehold improvements 1-15 14,753 12,344 Furniture and equipment 3-10 62,466 55,654 124,385 110,414 Accumulated depreciation (55,001 (52,086 69,384 58,328 Projects in progress 6,772 13,759 Total premises and equipment - net $76,156 $72,087 ) ) Amount (In thousands) Balance at December 31, 1999 $ 23,093 New loans 279 Payments (3,198 Balance at December 31, 2000 20,174 New loans 14,659 Payments (170 Balance at December 31, 2001 $ 34,663 ) )