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First BanCorp
🇵🇷 NYSE:FBP
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OverviewEarningsDividends
•
Mar 31, 2021

First BanCorp Q1 2021 Earnings Report

Reported net income, driven by an improving macroeconomic outlook and continued progress on the integration of acquired operations

Key Takeaways

First BanCorp reported a strong first quarter with net income of $61.2 million, or $0.28 per diluted share, driven by improving macroeconomic forecasts which led to a reserve release of $15 million. Core operating performance was strong with pre-tax pre-provision income of $86 million.

Net income reached $61 million, or $0.28 per share, compared to $50 million in the fourth quarter.

Improving macroeconomic forecasts led to a reserve release of $15 million.

Core operating performance was strong with pre-tax pre-provision income of $86 million.

Loan origination activity was solid reaching $1.2 billion, including $209 million of new SBA PPP loans disbursed.

Total Revenue
$176M
Previous year: $139M
+27.1%
EPS
$0.31
Previous year: -$0.03
-1133.3%
Tangible Common Equity Ratio
10.9%
Previous year: 16.36%
-33.4%
Gross Profit
$201M
Previous year: $165M
+21.8%
Cash and Equivalents
$1.52B
Previous year: $990M
+53.3%
Free Cash Flow
$109M
Previous year: $87.2M
+25.5%
Total Assets
$19.4B
Previous year: $13B
+48.8%

First BanCorp

First BanCorp

First BanCorp Revenue by Geographic Location

Forward Guidance

The Corporation anticipates additional charges of approximately $1.7 million in the second quarter of 2021 in connection with the previously announced Employee Voluntary Separation Program (“VSP”) offered to eligible employees in the Puerto Rico region.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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