First Bancorp P R Stock Price, News & Analysis

First BanCorp. reported a net income of $70.7 million ($0.39 per diluted share) for Q1 2023, a decrease from $73.2 million ($0.40 per share) in Q4 2022 and $82.6 million ($0.41) in Q1 2022. Pre-tax, pre-provision income was $118.1 million, slightly down from $122.2 million in the previous quarter. Net interest income fell to $200.9 million, impacted by a higher cost of deposits and increased borrowings. However, non-interest income rose to $32.5 million, driven by seasonal commissions. The efficiency ratio worsened to 49.39% from 48.02%, as non-interest expenses increased by $2.4 million, mainly due to higher compensation costs. Total loans grew by $28 million, with notable lending growth in Puerto Rico. The bank repurchased 3.6 million shares for $50 million and raised its dividend from $0.12 to $0.14 per share.

First BanCorp (NYSE: FBP) announced its upcoming financial results for the first quarter ending March 31, 2023, scheduled for release before market opening on April 25, 2023. A conference call and live webcast will follow at 10:00 a.m. Eastern time on the same day to discuss the results. Investors can access the information through the Corporation's investor relations website. Participants are encouraged to join at least 15 minutes early to ensure proper software installation. The conference call will also include a Q&A session for research analysts and institutional investors. A replay of the webcast will be available for one year, while the telephone replay will last until May 25, 2023. First BanCorp operates through FirstBank Puerto Rico and has a presence in Puerto Rico, the U.S., British Virgin Islands, and Florida.