secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K
Filed at:   2022-10-25T23:59:59+00:00
Accession:  0001157523-22-001377
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000115752322001377/0001157523-22-001377-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000115752322001377/a52951854.htm
  HTML page:      https://secwatch.observer/filing/0001157523-22-001377

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