First BanCorp reports Q2 EPS 19c, consensus 19c
Reports Q2 book value per share $9.74. Reports Q2 CET1 capital ratio 20.63%. Reports Q2 net charge-offs 1.07%. Aurelio Aleman, President and CEO of First BanCorp., commented: "We reported another strong quarter of core earnings with net income of $41.3M or 19c per share. Pre-tax, pre-provision income reached another record level at $71M this quarter. Franchise metrics continue to move in a positive direction. Our loan portfolio grew $118M, representing our fourth consecutive quarter of loan growth. On a year-over-year basis the loan portfolio has grown over $425M, almost 5%, reflecting a 19% increase in the consumer portfolio, a 7% increase in the commercial and construction portfolio, and a decrease in the residential loan portfolio of approximately 5%, consistent with previously mentioned strategies. Origination activity was healthy at $885M and the pipeline for the remainder of the year continues to be strong. We continue achieving organic reductions in NPAs with a $31M reduction during the quarter, a 7% decrease which resulted in a ratio of NPAs to asset of 3.06%. Year-over-year we have reduced our NPAs by $237 million, or 38%. We have achieved this through organic reductions with minimal impact on our earnings. Inflows to NPAs for the quarter declined and credit quality improved in almost every asset class. Our capital continues to grow with tangible book value now at $9.57 per share and our common equity tier 1 capital ratio is 20.6%. Our organization is poised for growth and our teams are well prepared for executing on opportunities within our markets."