Strong Net Income and Return on Assets
First BanCorp reported a net income of $80 million, translating into a strong return on assets of 1.69%, driven by record net interest income, solid loan production, and well-managed expense growth.
Growth in Loan Production
Total loans grew by 6% linked quarter annualized, driven by strong commercial loan production in Puerto Rico and Florida. The commercial lending pipeline remains strong as the company enters the second half of the year.
Stable Asset Quality and Improved Charge-offs
Nonperforming assets remained flat at 68 basis points of total assets, and net charge-offs decreased during the quarter. The consumer credit policy calibration from prior years is benefiting current metrics.
Capital Deployment Strategy
First BanCorp has deployed over 107% of earnings in dividends, buybacks, and relation of TruPS, aligning with their strategy to benefit long-term shareholder interests.
Investment in Technology and Digital Growth
The company achieved an 8% annual rise in digital active customers over the past 5 years, supporting its omnichannel strategy and efficiency ratio goals.