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First BanCorp
🇵🇷 NYSE:FBP
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•
Jun 30, 2020

First BanCorp Q2 2020 Earnings Report

Reported net income for the second quarter of 2020 with earnings of $0.09 per diluted share.

Key Takeaways

First BanCorp reported a net income of $21.3 million, or $0.09 per diluted share, for Q2 2020. The results were impacted by deteriorating economic forecasts requiring a reserve build of $29.1 million. However, pre-tax, pre-provision income remained strong at $67 million. The company remains well-capitalized with a total risk-based capital ratio of 25.1%.

Generated net income of $21.3 million, or $0.09 per share, despite deteriorating trends in economic forecasts requiring an additional reserve build of $29.1 million.

Pre-tax, pre-provision income was $67 million in the second quarter.

Total risk-based capital ratio of 25.1%, among the best capitalized banks in the U.S.

Grew an astounding $1.2 billion in core deposits, a 13.5% increase on a linked quarter.

Total Revenue
$135M
Previous year: $143M
-5.1%
EPS
$0.1
Previous year: $0.18
-44.4%
Net Interest Margin
0.04%
Previous year: 0.05%
-13.9%
Total Capital Ratio
0.25%
Tangible Common Equity Ratio
0.15%
Gross Profit
$153M
Previous year: $158M
-3.2%
Cash and Equivalents
$1.2B
Previous year: $740M
+62.6%
Free Cash Flow
$28.2M
Previous year: $67.9M
-58.4%
Total Assets
$14.1B
Previous year: $12.5B
+12.4%

First BanCorp

First BanCorp

First BanCorp Revenue by Geographic Location

Forward Guidance

While the gradual reopening efforts continue and loan origination activity picked up in June, the Corporation remains committed to the safety of its employees and customers. The company sees resilience in its customer base, and the increased activity in the latter half of the quarter is a good indicator of its strength. The management team is optimistic for overcoming the pandemic challenges.

Positive Outlook

  • Resilience in customer base.
  • Loan origination activity picked up in June.
  • Maximizing assistance to borrowers through the CARES Act.
  • Supported more than 6,000 commercial clients with $390 million in approved and funded SBA PPP loans.
  • Grew an astounding $1.2 billion in core deposits, a 13.5% increase on a linked quarter.

Challenges Ahead

  • The pandemic continues to present operational and service challenges for the industry.
  • Deteriorating trends in economic forecasts required an additional reserve build of $29.1 million.
  • Business volumes were hampered by the lockdown.
  • Uncertainty around the pandemic and the path of the economy.
  • The company still faces much uncertainty around the pandemic and the path of the economy.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View First BanCorp