secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K
Filed at:   2022-04-28T23:59:59+00:00
Accession:  0001157523-22-000496
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000115752322000496/0001157523-22-000496-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000115752322000496/a52700160.htm
  HTML page:      https://secwatch.observer/filing/0001157523-22-000496

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