- Growth in Net Interest Income and Margin:
- Net interest income, excluding fair value adjustments, increased by $1.3 million.
- Net interest margin, excluding fair value adjustments, increased by 21 basis points to 3.20%.
- Improvement in Charge-Offs activity and stable non-performing assets levels:
- Net charge-offs decreased by $21.6 million to $46.2 million, or 1.78% (annualized) of average loans, the lowest level since the first quarter of 2009.
- Provision for loan and lease losses decreased for the fifth consecutive quarter, a decrease of $5.8 million to $36.2 million.
- Inflows of loans into non-performing status declined by $50.8 million, or 30% from the previous quarter.
- The level of non-performing loans decreased for the eighth consecutive quarter, declining by $23.7 million from the previous quarter to $1.12 billion.
- Total non-performing assets decreased by $5.0 million.
- Improved fee income from diversified sources:
- Revenues from broker-dealer activities increased by $0.9 million.
- Revenues from insurance activities increased by $0.5 million.
- Deposit fee income increased by $0.3 million.
- Decrease of $0.6 million in Non-Interest Expenses.
- Non-cash charge associated with the equity in losses of unconsolidated entities of $6.2 million, compared to gains of $1.7 million in the fourth quarter of 2011.
- Increase of $1.9 million in the Income Tax Expense mainly related to increased income from profitable subsidiaries.
- Strong capital position:
- Total capital, Tier 1 capital and Leverage ratios of the Corporation of 17.36%, 16.04% and 12.31%, respectively, up from 17.12%, 15.79% and 11.91%, respectively, as of December 31, 2011.
- Total capital, Tier 1 capital and Leverage ratios of the Corporation’s wholly owned banking subsidiary, FirstBank of 16.83%, 15.50% and 11.91%, respectively, up from 16.58%, 15.25%, and 11.52%, respectively, as of December 31, 2011.
- 13.14% Tier 1 common risk-based capital ratio, up from 12.96% as of December 31, 2011.
- 10.20% tangible common equity ratio, down from 10.25% as of December 31, 2011.
- Growth of $119.6 million, or 2%, in core deposits while reducing its cost by 14 basis points, reflecting increases in retail and commercial demand deposits, as well as in savings accounts, since December 31, 2011. Brokered deposits decreased by $125.6 million, or 3%.
- Strong loan originations amounted to $569 million for the first quarter.
- Total assets of $13.1 billion, a decrease of $41.7 million since the beginning of the year, driven by commercial loans paid-off during the quarter.
First BanCorp Reports Financial Results For The Quarter Ended March 31, 2012
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