First BanCorp Q2 net income $70.7M flat QoQ; announces $225M share repurchase program

FIRST BANCORP /PR/

2023-Q2 EPS reported $0.78 revenue$469,489,000

Net income $70.7M ($0.39 diluted EPS), consistent with Q1; ROAA 1.51% vs 1.55% prior quarter.
Net interest margin 4.23%, down from 4.34% QoQ, reflecting higher deposit costs; provision increased to $22.2M from $15.5M.
Total loans grew $140.4M to $11.7B; core deposits (ex-brokered & gov't) decreased $104.3M.
Board approved new $225M share repurchase program to be executed by Q3 2024; also resumed prior $75M authorization.
Non-performing assets down $7.9M to $121.1M; capital ratios well above 'well capitalized' thresholds.

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 June 30, 2023 results: net income $70.7 million, EPS $0.39 per diluted share.

Period: the quarter ended June 30, 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 second quarter of 2023, consistent with the first quarter of 2023.

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Source: SEC EDGAR

accession 0001157523-23-001169

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