The table on the following pages shows the Corporation’s history in numbers. From 1991 to 2001, the Corporation reported consistent growth without restating earnings. Over this period, asset size increased more than fourfold from $1.9 billion to $8.2 billion, while book value per common share grew ninefold from $1.35 to $12.59. Earnings also increased as net income grew more than eight times from $10 million to $86 mil- lion. The efficiency ratio improved dra- matically from 63.69% to 41.81%, and diluted per share earnings grew tenfold from $0.22 to $2.60. Since 1991 First BanCorp has transformed itself from First Federal Savings Bank, a small Savings and Loan Institution, into First BanCorp, a diversified financial services organization. >. 

