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Sep 30, 2022
First BanCorp Q3 2022 Earnings Report
Reported stable net income and increased net interest income
Key Takeaways
First BanCorp reported a net income of $74.6 million, or $0.40 per diluted share, for Q3 2022. Net interest income increased to $207.9 million, driven by upward repricing of variable-rate commercial loans and higher average balances in the consumer loan portfolio.
Net income of $74.6 million, or $0.40 per diluted share.
Net interest income increased to $207.9 million.
Net interest margin increased to 4.31%.
Total loans increased by $81.3 million.
First BanCorp
First BanCorp
First BanCorp Revenue by Geographic Location
Revenue by Geographic Location
Puerto Rico Loans Revenue
CapyFin.comVirgin Islands Loans Revenue
CapyFin.comUnited States Loans Revenue
CapyFin.com Forward Guidance
This press release may contain “forward-looking statements” concerning the Corporation’s future economic, operational and financial performance.
Positive Outlook
- rebuilding efforts and disaster relief money stimulate economic activity and the ultimate effect on loan collection
- the Corporation’s ability to identify and prevent cyber-security incidents
- including the risk that the Corporation may not realize, either fully or on a timely basis, the cost savings and any other synergies from the acquisition that the Corporation expected
- the ability of FirstBank to realize the benefits of its net deferred tax assets
- the ability of FirstBank to generate sufficient cash flow to make dividend payments to the Corporation
Challenges Ahead
- the impact that Hurricanes Fiona and Ian will have on the economy in the regions impacted, both positive and negative, for the Corporation’s commercial and retail customers
- the impact of rising interest rates and inflation on the Corporation, including a decrease in demand for new loan originations and refinancings, increased competition for borrowers, and an increase in non-interest expenses which would have an impact on the Corporation’s margins and may have an adverse impact on origination volumes and financial performance
- uncertainties relating to the duration of the COVID-19 pandemic and its impact on the Corporation’s business, operations, employees, credit quality, financial condition and net income
- risks related to the Corporation’s participation in government responses or programs related to the COVID-19 pandemic
- uncertainty as to the ultimate outcome of the debt restructuring plan of Puerto Rico (“Plan of Adjustment” or “PoA”) and 2022 Fiscal Plan for Puerto Rico as certified by the Financial Oversight and Management Board for Puerto Rico, or any revisions to it, on our clients and loan portfolios, and any potential impact from future economic or political developments in Puerto Rico
Revenue & Expenses
Visualization of income flow from segment revenue to net income