First BanCorp Q1 2022 net income $82.6M ($0.41 EPS); new $350M buyback, 20% dividend increase

FIRST BANCORP /PR/

2022-Q1 EPS reported $0.41 revenue$218,482,000

Net income $82.6M ($0.41 diluted EPS) vs Q4 2021 $73.6M ($0.35); pre-tax pre-provision income record $111.8M.
Net interest margin expanded to 3.81% from 3.61% on lower MBS premium amortization and reduced long-term debt.
Loan growth inflection: total loans $11.1B (+$29.8M QoQ); commercial/construction ex-PPP up $91M, consumer up $88M.
Board approved $350M stock repurchase program over next 4 quarters; quarterly dividend increased 20% to $0.12/share.
Non-performing assets declined to $156.5M; annualized net charge-offs 0.24% (vs 0.26% prior quarter).

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