First BanCorp Q3 2022 net income flat at $74.6M; NIM expands to 4.31%; record pre-tax pre-provision income

FIRST BANCORP /PR/

2022-Q3 EPS reported $1.19 revenue$683,212,000

Net income $74.6M ($0.40 EPS) vs $74.7M ($0.38) in Q2; pre-tax pre-provision income record $122.4M, up 3% QoQ.
Net interest income rose to $207.9M; net interest margin 4.31% vs 4.00% in Q2.
Provision for credit losses $15.8M vs $10.0M in Q2, reflecting portfolio growth and macro outlook deterioration.
Core deposits decreased $530M to $13.6B; loans (excl. SBA PPP) grew $112.8M, driven by consumer and commercial.
Stock repurchases: 5.4M shares for $75M in Q3; YTD total $225M of $350M program; capital ratios strong.

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