First BanCorp Q2 net income $74.7M, EPS $0.38; record PTPP $118.8M

FIRST BANCORP /PR/

2022-Q2 EPS reported $0.80 revenue$445,609,000

Net income $74.7M ($0.38 diluted share), down from $82.6M ($0.41) in Q1 2022 but up from $70.6M ($0.33) in Q2 2021.
Record pre-tax pre-provision income of $118.8M, up 6.2% from Q1 and 23% YoY.
Net interest margin expanded to 4.00% vs 3.81% in Q1; net interest income $196.2M.
Provision for credit losses was an expense of $10.0M vs a net benefit of $13.8M in prior quarter.
Repurchased 7.07M shares for $100M under $350M buyback; non-performing assets fell to 0.76% of total assets.

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