First BanCorp reports Q EPS 47c, consensus 43c

Reports Q1 tangible book value per share $10.64. Reports Q1 CET1 capital ratio16.62%. Reports Q1 net charge-offs .68%. Aurelio Aleman, president and CEO of First BanCorp (FBP), commented: “We began the year with another quarter of strong performance for the franchise highlighted by encouraging margin expansion, positive operating leverage, and solid profitability metrics. We produced $77 million in net income, grew pre-tax pre-provision income by 7% to $125 million, and posted a return on average assets of 1.64%. We enter 2025 from a position of strength, with strong capital levels, and ample experience navigating economic uncertainty while serving our clients and communities across all environments.”