Good morning, and welcome to Virtual Earth's Bangor in Canadian Stockers. Before we begin today's virtual meeting, it is the company's responsibility to inform you that this meeting may contain certain forward looking statements, such as productions of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from forward looking statements made due to the important factors described in the company's latest SEC filings. The company assumes no obligation to update any forward looking statements made during this meeting. At this time, I'd like to turn the meeting over to the Chairman of the Board of Directors of First Bancorp, Mr.
Roberto Valencia.
Thank you. Good morning, and welcome to all of you. I'm Roberto Valencia, Chairman of the Board of First Bancorp. Joining me on the line today is Ariel Elamin, Director, President and Chief Executive Officer of the Corporation Orlando Verres, Executive Vice President of the Corporation and Chief Financial Officer and Sara Alvarez, General Counsel and Secretary of the Board, who will serve as secretary for this meeting. Also in attendance today are our fellow members of the Board of Directors, Mr.
Juan Acosta de Hoytas, Mrs. Lucie Crespo, Mr. C. Diedrich, Mrs. Patrice Yipes, Mr.
Dan Frey, Mr. John Heffern and Mr. Felix Jamil. I would also like to recognize the participation of CBA Lisa Rooney and CBA Brian Hecker, representatives of Cloud LLP, the Corporation's independent registered public accounting firm. Needless to say, 2020 is a very challenging year and our corporation employees demonstrated tremendous heart and resiliency.
Beginning January 2020, Puerto Rico encountered earthquakes in the southwestern region of the island only to be followed by the COVID-nineteen pandemic taking hold in March and still persisting today. Our customers, colleagues and communities have been impacted in significant and sometimes very unfortunate ways. We are thankful that we have been a resource for them, donating to various support organizations and providing first leg relief. As we emerge from this period, we are confident that we will progress stronger. I'm very proud of how our corporation and our management team has stepped up to meet the moment, driving our strategy forward while taking important steps to support customers and communities when they have needed us the most.
Our strong capital levels and disaster preparedness gave us the flexibility to serve our customers and our employees during this time of need. 1 year following the lockdowns and activity of March 15, our stock price has appreciated over 2 50%. The increase in our dividend announced in January improved our current dividend yield to 2.2%, and we recently announced a $300,000,000 share repurchase program. We will work diligently to protect and create value as we continue to actively evaluate our opportunities to deploy excess capital, whether it be growth opportunities in the markets we serve or turning it to our shareholders. We are resolute in our commitment to move forward with optimism and confidence.
I'd like to take a moment to recognize the valuable contributions made by our directors in such a challenging and difficult year. Their leadership, guidance, engagement and support were instrumental for the executive team, which once again proved their ability to navigate the corporation through difficult times. I'm also very grateful to our leadership team, our staff has employees and our resilient customers and communities that, combined, have driven the success of our institution. I would also like to recognize contributions made by Mr. Jose Luisabella, who served as Director since 2004 and Mr.
Robert Gormley, who served as Director since 2012, both of whom communicated their intention to not stand for reelection at the end of their current term. I know they are violating to the call, and we thank Jose and Bob for their years of service, advice and their strong overall contributions to the Board throughout their tenure. Thank you, Jose and Bob. I will now call this meeting to order. We will first write a brief management report after we will conduct the formal disposition of the meeting.
It is now my pleasure to leave you with our President and Chief Executive Officer, Mr. Aurelio Aleman.
Thank you, Roberto. As Roberto highlighted, definitely 2020 was unprecedented year. But in spite of all those challenges presented by the pandemic, which some of them are still present, We're extremely pleased with the operational achievements and the strategic achievement that we have in 2020. The M and A transaction represented the largest transaction in history in our preparation in 2020 in spite of the pandemic challenges. And I have to say that I'm fully proud of how the team, the management team and the Board managed all the value that we presented last year and put in the position that we have today.
Our assets climbed to $18,800,000,000 at the end of the year, increase of $6,200,000,000 due in large part to the $1,300,000,000 cash receivable at Casa del Puerto Rico, which was completed in September 1, 2020, and contributed a total of $5,600,000,000 in total asset increase. On the accounts front, I think you saw that post pandemic recovery is definitely promising for our territories. The increased pace of disbursements of these asset recovery bonds looks well for the remaining island and there is across the three transitories that we operate, there's significant stimulus flowing. In the case of Puerto Rico, the international stimulus represent approximately $45,000,000,000 of economic stimulus, which is all 60% of the annual GDP for the island. The integration of the corporation is priority to achieve our same business plan, but it's definitely progressing plan in the execution and we are in fact to complete the acquisition and full conversion by the end of the summer of 2021.
Our wholesale balance sheet with liquidity, reserve coverage and capital ratios well above the top part of our peers will continue to support our growth initiative and goals and will support our capital deployment strategies. For the year 2020 generated $102,000,000 net income or $0.46 per share compared to $167,000,000 or $0.76 per share in 2019. Despite the economic effect of the pandemic of both our regional seasonal estimates and the expenses cycle acquisition, results were added to the projections. Pre tax preparation income for the year increased 6% to $300,000,000 Lower international revenue for the year reached $4,400,000,000 and organic or deposit growth achieved a historic record of $2,000,000,000 The acquisition contributed an additional $4,100,000,000 to Compas. Now the earning bar of our franchise continues to contribute to our growing capital position.
Even with Fabry acquisition, we ended the year with higher capital ratios and Puerto Rico Poly Liquid Bank and the 5% of U. S. Peers. Capital deployment is a priority. Early in 2021, we increased our dividend and more recently, we announced a $200,000,000 share repurchase program.
We are great how we all get together as a team and organization to rally and overcome the obstacles and other ways it will report their coverage. The future is Bradford First Bank and will remain a bit of support for the communities we serve. And now I will be with both the Italian and our counselor, Biffa Alvarez.
Thank you, At this point, I would like to inform you that joining us today is Mr. Maria Robles, who represents Broadridge Financial Solutions, BMC, that has been appointed by the Board of Directors as Director of Elections for the general meeting. Mr. Robles is in charge of the evaluation and certification of the Board passed ME. Please note most of the shareholders have voted by proxy and their votes have already contacted.
As I said as the Board of Directors, I have received an update of distribution for Broad Financial Solutions, verifying that the materials related to these meetings were mailed or made available to the shareholders as of March 25, 2021, which may have the proxy statement a record date for shareholders entitled to review notice and status meeting. Our first matter is to determine the issuance of a quorum for the purpose of conducting this meeting. We have in possession a list of shareholders from the corporation's stock as of the business on March 25, 2021, provided by computer, registered and transgating, which shows the holders of 218,000,000,000 661 shares of common stock issued and outstanding have agreed to vote in this meeting. Our Inspector of Operations has informed us that they are represented by approximately $88,800,000 of shares of common stock entitled to it at this meeting. Consistent with ABLOC and our bodies, the risk of shareholders entitled to notice, is available for your review of the Office of the Secretary of the Board.
If the majority of the shares of common stock entitled to it are present at this meeting, either participated in the call or by certify that this meeting is fully convened for the purpose of transacting the business properly brought forward. The first item of the agenda is reading and the approval of the minutes of the Annual Shareholders Meeting held on May 20, 2020. I'll proceed with the reading of the minutes.
Minutes. Orlando Verdes here. I saw a motion in the previous meetings and to put out this time.
Hi, Roberto. I'll take the motion.
Thank you, Mr. Narricio. The next panel meeting shareholders of Oney22 are approved. They will be available for your review in the office of the Secretary of Commerce. We will now proceed with the description of matters properly before today's meeting.
The first proposal of the election of directors. For this purpose, the Board of Directors duly nominated the following 9 individuals to serve as directors of the creation for a term firing at the next Annual Meeting of Shareholders in 2019. These are Mr. Juan Agua Aleva, Mr. Abuela Aleman, Ms.
Luz Crespo, Ms. Tracy Diedrich, Ms. Patricia East, Mr. Daniel Fry, Mr. John Heffern, Mr.
Roberto Herenga and Mr. Felipe. The Board of Directors recommends a vote for each company to the Board. The second proposal states the advisory approval of the organization structure of the corporation's main executive officers. The Board of Directors recommended a vote for the advisory role of the named executive officer compensation as disclosed in the corporation's proxy statement.
The vote on the approval of this proposal is informative and hence not binding on the Board. The third proposal relates to the eradication of the appointment of Crow LP as the corporation's independent registered public accounting firm for fiscal year 2021. The Board recommends April 4 the ratification of the appointment of Crowellope as independent registered public accounting firm of the corporation for the fiscal year ending December 31, 2021. The affirmative vote of a majority of the shares received herein and entitled is required for the approval of both proposals. If any shareholder who has not yet completed and who wants to vote at this time, please do so by clicking on the book button on your screen.
I will now ask now to allow shareholders to vote and address We understand that all that which should have done so at this time. Having received no questions on the proposal, the votes for votes on the matter before this meeting are not closed. The inspection of election has informed us that the proxies have been related and that the corporation has received the proceeds necessary to elect all 9 director nominees. Approved on a binary basis, the corporation came executive officers' conversation as they described in corporation's proxy statement and to provide an update for the appointment of Pro, LLP as the corporation's independent registered by the accounting firm for fiscal year 2020. The following results of the matters properly brought to you by the end of this meeting will be reported in Form 8 ks to be filed with the Securities and Exchange Commission within the next 4 business days.
Please note that a replay of today's webcast will be available for 1 year on the corporation's website. This concludes our agenda for this portion of the meeting. We will now move to the questions and answer portion of the meeting. As previously mentioned, if you have logged into the meeting with the 6 digit control number, please press star and star and star and star and star.