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Jun 30, 2021
First BanCorp Q2 2021 Earnings Report
Reported net income of $70.6 million
Key Takeaways
First BanCorp reported a strong second quarter with a net income of $70.6 million, driven by improvements in macroeconomic trends and a reserve release of $26 million. Excluding the reserve release, pre-tax, pre-provision revenue reached $96.6 million. The company also completed a stock repurchase of 7.96 million shares.
Net income was $70.6 million, or $0.33 per diluted share.
A reserve release of $26 million was driven by improving macroeconomic trends.
Pre-tax, pre-provision revenue reached $96.6 million, excluding the reserve release.
The company repurchased 7.96 million shares for approximately $100 million.
Forward Guidance
The company is on track to complete the integration and conversion of the acquired operations during the third quarter, now shifting our focus on achieving growth and capturing additional market share through our expanded and fully integrated franchise.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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