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