First BanCorp (FBP) News & EventsFBPFirst BanCorp

First BanCorp Reports Q2 Tangible Book Value of $12.68

Reports Q2 tangible book value per share $12.68. Aurelio Aleman, President and Chief Executive Officer of First BanCorp, commented: "We concluded the first half of the year with another quarter of strong financial and operating performance, delivering growth across our franchise while continuing to generate attractive returns for shareholders. Adjusted pre-tax, pre-provision income reached a record of $137.5 million, earnings per share increased 24% compared to the prior year, and return on average assets was 2.02%, marking our 18th consecutive quarter above 1.5%. By many measures, this represents the strongest and most consistent period of performance in our company's history. This achievement reflects the trust our customers place in us, as well as the dedication, discipline, and execution demonstrated by our teams across the organization."

First BanCorp Denies Lawsuit Allegations

First BanCorp said it is aware that a lawsuit has been filed against it in the United States District Court for the Southern District of New York alleging claims relating to banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands. It added, "The Corporation and FirstBank categorically deny the claims alleged in the complaint and intend to vigorously defend against them. First BanCorp and FirstBank are committed to maintaining the highest standards of compliance, governance, and ethical conduct. As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering compliance program designed to meet its legal and regulatory obligations, and, as a matter of ongoing practice, works cooperatively with its regulators and, where appropriate, with law enforcement authorities in support of the integrity and potential misuse of the banking system. The Corporation is reviewing the complaint and will respond through the appropriate legal channels. Given that litigation is pending, FirstBank will not be providing further comment at this time."

First BanCorp Reports Q1 CET1 Capital Ratio at 16.93%

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, 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."