First BanCorp earns $96.1 million in Q2
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- First BanCorp reported second-quarter net income of $96.1 million, with diluted EPS rising to $0.62.
- First BanCorp shares were up 0.7% at $27.64 following the earnings announcement.
- Commercial lending in Puerto Rico supported loan growth, higher net interest income and an improved net interest margin.
First BanCorp (NYSE:FBP) reported second-quarter net income of $96.1 million, or $0.62 per share, as lending and interest income increased.
Profit rose from $88.8 million last quarter and $80.2 million one year earlier, while EPS increased from $0.57 and $0.50.
Net interest income rose to $229.1 million, while total loans increased $168.8 million and originations reached $1.7 billion.
Following the announcement, First BanCorp's share price was up 0.7% at $27.64.
Net interest margin increased to 4.87%, while adjusted pre-tax, pre-provision income reached a company-record $137.5 million.
Meanwhile, First BanCorp repurchased $50 million of shares, declared $31 million in dividends and maintained a 16.96% common-equity Tier 1 ratio.
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