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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.
Revenue by Segment
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
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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