First BanCorp Q2 2022 Earnings Report
Key Takeaways
First BanCorp. reported a net income of $74.7 million, or $0.38 per diluted share, for the second quarter of 2022. The results reflect an increase in net interest income and continued loan growth, offset by a decrease in non-interest income and an increase in non-interest expenses.
Net income was $74.7 million, or $0.38 per diluted share.
Adjusted pre-tax, pre-provision income reached a record $118.8 million, up 6.2% compared to the first quarter of 2022.
Loan portfolio balances, excluding SBA PPP loans, grew by $144.2 million compared to the first quarter of 2022.
Total loan originations, excluding credit card utilization activity, were very strong at $1.4 billion, an increase of $280.8 million compared to the first quarter of 2022.
First BanCorp
First BanCorp
First BanCorp Revenue by Geographic Location
Forward Guidance
First BanCorp. expects that healthy loan pipelines coupled with steady recovery trends in our main market should result in sustained loan originations throughout the second half of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income