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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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