First BanCorp reports Q1 EPS 57c, consensus 51c

Reports Q1 CET1 capital ratio 16.93 %. Reports Q1 tangible book value per share $12.45. Aurelio Aleman, President and Chief Executive Officer of First BanCorp (FBP), commented: “We began the year with another quarter of strong operating results, delivering consistent performance across our franchise. Earnings per share increased 21% year-over-year, reflecting strong revenue generation and disciplined expense management, which translated into a return on average assets of 1.89%-our 17th consecutive quarter posting a ROAA above 1.5%. Underlying revenue trends remained very strong during the quarter, with pre-tax, pre-provision income reaching an all-time high of $131 million, up 2% from the prior quarter and 5% from a year ago. Core customer deposits continued to grow, reinforcing the strength of our relationship-driven franchise while allowing us to proactively manage funding costs. Loan pipelines remain healthy and continue to support our confidence in achieving our established loan growth targets for the full year. Credit performance was strong, with stable charge-offs, record-low levels of non-performing assets, and very encouraging early-stage delinquency trends, which declined 24% from the prior quarter. Supported by a resilient labor market and stable economic backdrop, we remain focused on serving our customers across a range of environments while closely monitoring key risks, including energy costs and their potential impact on consumers.”