First BanCorp Q1 net income $70.7M ($0.39 EPS); net interest margin 4.34%; pauses share buybacks

FIRST BANCORP /PR/

2023-Q1 EPS reported $0.39 revenue$233,403,000

Net income $70.7M ($0.39 diluted EPS) vs $73.2M ($0.40) in Q4 2022 and $82.6M ($0.41) in Q1 2022.
Net interest income $200.9M, down $4.7M QoQ; net interest margin 4.34% vs 4.37%.
Total loans grew $28M to $11.6B; core deposits (ex-brokered/govt) fell $142.7M to $13.1B.
Borrowings increased $347.8M to $1.3B as precautionary liquidity measure; core liquidity $3.2B (16.77% of assets).
Repurchased $50M in shares in Q1; raised quarterly dividend to $0.14/share; paused buybacks in Q2, expects to resume H2 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /PR/ reported the quarter ended March 31, 2023 results: net income $70.7 million, EPS $0.39 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $70.7 million
EPS: $0.39 per diluted share
Result: reported results

Exact text from the filing

Net income of $70.7 million, or $0.39 per diluted share, for the first quarter of 2023

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Source: SEC EDGAR

accession 0001157523-23-000604

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