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Dec 31, 2020
First BanCorp Q4 2020 Earnings Report
Reported net income of $50.1 million for the fourth quarter of 2020, compared to $28.6 million for the third quarter of 2020.
Key Takeaways
First BanCorp. reported a net income of $50.1 million for Q4 2020, an increase compared to $28.6 million in the previous quarter. The results reflect the full effect of the Banco Santander Puerto Rico acquisition and include merger and restructuring costs.
Net income was $50.1 million, or $0.23 per diluted share.
Net interest income increased by $29.1 million to $177.8 million.
Non-interest income increased by $0.3 million to $30.2 million.
Total loans decreased by $68.4 million to $11.8 billion.
First BanCorp
First BanCorp
First BanCorp Revenue by Segment
Revenue by Segment
Service Charges on Deposits Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comOther Operating Income Revenue
CapyFin.com Forward Guidance
First BanCorp looks to the future with great optimism.
Positive Outlook
- Integration progressing as planned and expected to be completed by the end of summer
- Loan origination activity was robust this quarter at $1.4 billion, with growth in commercial and consumer portfolios.
- Deposits, net of government and brokered, continue to grow at a strong pace, up $257 million to $12.8 billion.
- Asset quality ratios remain stable.
- An improving geopolitical environment in Puerto Rico and economic measures stemming from additional stimulus and disaster relief funding should provide additional support to those impacted by the pandemic.
Challenges Ahead
- Uncertainties relating to the impact of the COVID-19 pandemic
- Risk of possible failure or circumvention of the Corporation’s internal controls and procedures
- Risk that the Corporation’s risk management policies may not be adequate
- Adverse changes in general economic conditions in Puerto Rico, the U.S., the U.S. Virgin Islands, and the British Virgin Islands
- Uncertainty as to the availability of certain funding sources, such as brokered CDs
Revenue & Expenses
Visualization of income flow from segment revenue to net income