Welcome to our dedicated page for First Bancorp P R news (Ticker: FBP), a resource for investors and traders seeking the latest updates and insights on First Bancorp P R stock.
First BanCorp (NYSE: FBP) stands as one of Puerto Rico's most established banking institutions, with a branch network spanning the island, the U.S. Virgin Islands, and Florida. Tracking FBP news provides insight into Caribbean banking conditions, Puerto Rico's economic trajectory, and regional financial services developments.
As a significant player in Puerto Rican banking, First BanCorp news typically covers quarterly earnings releases that reveal loan portfolio performance and deposit trends across its markets. Capital management decisions, including dividend announcements and share repurchase programs, offer signals about the bank's financial health and management's confidence in future performance.
Regulatory developments affecting Puerto Rican financial institutions frequently impact First BanCorp operations. Credit rating agency actions provide third-party assessments of the bank's creditworthiness, while strategic announcements may indicate expansion plans or operational changes across its service territories.
For investors following Caribbean banking or Puerto Rico-focused equities, First BanCorp news delivers regular updates on a bank deeply connected to the island's economy. The company's performance often reflects broader economic conditions in Puerto Rico, making FBP news relevant for understanding regional economic health beyond just the bank itself.
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.
First BanCorp. (NYSE: FBP) has declared a quarterly cash dividend of $0.14 per share, marking a 17% increase or $0.02 from the previous dividend paid in December 2022. The dividend will be payable on March 10, 2023 to shareholders of record as of February 24, 2023. This equates to an annualized dividend of $0.56 per share. Aurelio Alemán, the President and CEO, emphasized the company's commitment to returning capital to shareholders while investing in its core operations and communities, aiming to deliver long-term value.
First BanCorp. (NYSE: FBP) reported a net income of $73.2 million, or $0.40 per diluted share, for Q4 2022, slightly down from the $74.6 million in Q3 2022. For the year, net income reached $305.1 million, up from $281 million in 2021. The pre-tax, pre-provision income was $122.2 million for Q4, marginally lower than the previous quarter. While net interest income decreased to $205.6 million, the net interest margin improved to 4.37%. Total loans increased by $254.3 million, with notable growth in commercial loans. The efficiency ratio decreased to 48.02%.
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