News about First BanCorp

First BanCorp (FBP) reported Q3 net income of $96.1 million, flat sequentially as lower provisions and taxes offset lower net interest income, with diluted EPS of $0.63. Net interest margin fell 14 basis points to 4.73% on higher funding costs, while annualized loan growth of 3.3% was led by commercial and industrial lending and the CET1 ratio stood at 16.91%. The board raised the dividend 25% to $0.20 per share and approved a new $350 million buyback authorization. Net charge-offs rose to 0.55% of average loans from 0.49%, driven by consumer and auto portfolios, and tangible book value per share declined to $12.15 from $12.68 as higher market rates reduced securities values. Management expects deposit competition and loan pricing to keep pressure on margin expansion through the fourth quarter.