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First BanCorp. Announces Earnings For The Quarter Ended September 30, 2012

First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), today reported net income of $19.1 million for the third quarter of 2012, or $0.09 per diluted share, an improvement compared to net income of $9.4 million, or $0.05 per diluted share, for the second quarter of 2012 and a net loss of $24.0 million, or $1.46 loss per diluted share, for the third quarter of 2011. The net income for the nine-month period ended September 30, 2012, was $15.2 million, or $0.07 per diluted share, compared to a net loss of $67.4 million, or $4.17 loss per diluted share, for the same period in 2011.

2012 Third Quarter Highlights and Comparison with 2012 Second Quarter:
  • Net income of $19.1 million.
  • Growth in net interest income and margin:
    • Net interest income, excluding fair value adjustments of $0.2 million, increased by $17.1 million.
    • Net interest margin, excluding fair value adjustments, increased by 54 basis points to 3.98%.
  • Provision for loan and lease losses of $29.0 million, up $4.1 million.
  • Stable credit quality metrics:
    • Total non-performing assets decreased for the tenth consecutive quarter, declining by $48.8 million.
    • The level of non-performing loans decreased by $57.6 million from the previous quarter to $1.01 billion.
    • Inflows of loans into non-performing status declined by $12.0 million, or 12%, from the previous quarter.
    • Net charge-offs declined by $11.1 million to $40.6 million, or an annualized 1.58% of average loans.
  • Increase of $1.1 million in non-interest income:
    • Full quarter impact of the credit cards portfolio acquisition from FIA Card Services reflects an increase of $2.0 million in interchange and other related fees.
    • Non-cash charge associated with the equity in losses of unconsolidated entities of $2.2 million, compared to losses of $2.5 million in the second quarter of 2012.
  • Increase of $4.9 million in non-interest expenses led by higher losses on real estate owned (REO) operations and expenses related to the recently acquired credit cards portfolio.
  • Strong capital position:
    • Total capital, Tier 1 capital and leverage ratios of the Corporation of 17.52%,16.20% and 12.71%, respectively, as of September 30, 2012, compared to 17.30%, 15.98% and 12.51%, respectively, as of June 30, 2012.
    • Total capital, Tier 1 capital and leverage ratios of the Corporation’s wholly owned banking subsidiary, FirstBank of 17.03%, 15.71% and 12.35%, respectively, as of September 30, 2012, compared to 16.80%, 15.48%, and 12.13%, respectively, as of June 30, 2012.
    • Tier 1 common risk-based capital ratio of the Corporation of 13.33% as of September 30, 2012, compared to 13.12% as of June 30, 2012.
    • Tangible common equity ratio of the Corporation of 10.39% as of September 30, 2012, compared to 10.29% as of June 30, 2012.
  • Growth in total deposits of $54.4 million, or 1%, excluding brokered certificates of deposit (CDs), while brokered CDs decreased by $58.1 million, or 2%.

Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented, “We are very pleased to report our second consecutive quarterly profit. This quarter’s financial results reflect an expanded net interest margin, improvement in efficiency and credit quality metrics, and growth in non-brokered deposits demonstrating the strength of our franchise and the continued benefits from effectively executing our strategic plan.

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