secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /PR/ (FBP)
CIK:        0001057706
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001157523-23-001169
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1057706/000115752323001169/0001157523-23-001169-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1057706/000115752323001169/a53487339.htm
  HTML page:      https://secwatch.observer/filing/0001157523-23-001169

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