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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.
Revenue by Geographic Location
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
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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