- Net income of $9.4 million is the first profit for a quarter since the 2009 first quarter.
- Growth in Net Interest Income and Margin:
- Net interest income, excluding fair value adjustments of $0.5 million, increased by $6.6 million.
- Net interest margin, excluding fair value adjustments, increased by 24 basis points to 3.44%.
- Provision for loan and lease losses of $24.9 million, down $11.3 million.
- Stable non-performing assets levels:
- Total non-performing assets decreased by $24.2 million.
- The level of non-performing loans decreased for the ninth consecutive quarter, declining by $53.7 million from the previous quarter to $1.07 billion.
- Inflows of loans into non-performing status declined by $18.5 million, or 15% from the previous quarter.
- Increase of $5.5 million in Non-interest income:
- Non-cash charge associated with the equity in losses of unconsolidated entities of $2.5 million, compared to losses of $6.2 million in the first quarter of 2012.
- Interchange and other related fees of $1.0 million earned on the newly acquired credit cards portfolio.
- Increase of $1.7 million in Non-Interest Expenses led by higher losses on real estate owned (REO) operations and credit card processing expenses.
- Strong capital position:
- Total capital, Tier 1 capital and Leverage ratios of the Corporation of 17.30%,15.98% and 12.51%, respectively, as of June 30, 2012 compared to 17.36%, 16.04% and 12.31%, respectively, as of March 31, 2012.
- Total capital, Tier 1 capital and Leverage ratios of the Corporation’s wholly owned banking subsidiary, FirstBank of 16.80%, 15.48% and 12.13%, respectively, as of June 30, 2012 compared to 16.83%, 15.50%, and 11.91%, respectively, as of March 31, 2012.
- 13.12% Tier 1 common risk-based capital ratio as of June 30, 2012, compared to 13.14% as of March 31, 2012.
- 10.29% tangible common equity ratio as of June 30, 2012, compared to 10.20% as of March 31, 2012.
- Growth of $147.7 million, or 2%, in total deposits, excluding brokered certificates of deposit (CDs), while brokered CDs decreased by $155.8 million, or 4%.
- Re-entered the credit card business with the acquisition of an approximate $406 million portfolio of First Bank-branded credit card accounts from FIA Card Services.
- Strong loan originations amounted to $838 million for the second quarter.
First BanCorp. Announces Earnings For The Quarter Ended June 30, 2012
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