First BanCorp.> 2001 0 14 Increasing Shareholder Value >. The financial results reported here continue a pattern of growth and improving asset quality that has been consistent for several years. The results have been very beneficial to shareholders. First BanCorp’s return on common equity was 22.13% in 2001, while the return on average assets was 1.28%. Dividends were increased in 2001, but the payout ratio remained a conservative 19.91% compared with 19.72% in 2000. First BanCorp shareholders experienced a total return of 22.86% on their investment during 2001. Investors who held First BanCorp stock over the ten year period from year-end 1991 to year-end 2001 received a cumulative total return of 3,397%. Management is optimistic about the future of First BanCorp. The range of services it offers, its effective network of offices and branches supplemented by new sales methods, its dedicat- ed staff and its reputation with clients will all contribute to future earnings growth. Management will continue its efforts to improve First BanCorp’s excellent performance in 2002 and in the years to come.