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Mar 31, 2022
First BanCorp Q1 2022 Earnings Report
Reported net income and pre-tax pre-provision income reached record levels, driven by operational efficiencies and a positive economic outlook.
Key Takeaways
First BanCorp reported a strong first quarter with net income of $82.6 million, or $0.41 per diluted share, driven by operational efficiencies and a positive economic outlook. Pre-tax pre-provision income reached a record $111.8 million. Loan growth increased, particularly in commercial, construction, and consumer loans. The company completed its $300 million stock repurchase program and announced a new $350 million program.
Net income for the quarter was $82.6 million, or $0.41 per diluted share, up $9 million or 12% compared to 4Q 2021.
Pre-tax pre-provision income reached a record $111.8 million, up 7% compared to 4Q 2021.
Core deposits, net of government and brokered deposits, registered a slight increase of $55 million compared to 4Q 2021, primarily related to higher balances in demand deposit accounts in the Puerto Rico region.
Loan portfolio balances other than PPP loans up $85 million when compared to 4Q 2021.
Revenue by Geographic Location
Forward Guidance
First BanCorp. is committed to improving the banking experience, enhancing community relationships, and delivering shareholder value. They anticipate loan growth acceleration due to closing loan pipelines and disaster recovery funds flowing into the Puerto Rico economy. They will execute a new $350 million share repurchase program and increased the quarterly dividend to $0.12 per share.
Positive Outlook
- Expect loan growth to accelerate during the year as loan pipeline begin to close.
- Expect loan growth to accelerate as disaster recovery funds flow into the Puerto Rico economy.
- Committed to continue improving the banking experience for our customers.
- Committed to enhancing our relationship with the communities we serve.
- Committed to delivering value to our shareholders.
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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