First BanCorp Quarterly Income Statements Chart
Quarterly
|
Annual
First BanCorp Quarterly Income Statements Table
Quarterly
|
Annual
| Unit: USD | 2022-06-30 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-03-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 | 2014-06-30 | 2013-12-31 | 2013-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| interest and dividend income: | ||||||||||||||||||||||
| loans | 179,261,000 | 154,229,000 | 151,389,000 | 147,625,000 | 414,442,000 | 139,205,000 | 137,538,000 | 133,175,000 | 134,593,000 | 132,697,000 | 131,442,000 | 400,005,000 | 131,017,000 | 137,033,000 | 138,417,000 | 139,880,000 | 139,344,000 | 443,009,000 | 147,325,000 | |||
| investment securities | 26,491,000 | 13,985,000 | 14,720,000 | 16,018,000 | 45,103,000 | 15,121,000 | 14,732,000 | 13,987,000 | 12,109,000 | 13,950,000 | 13,302,000 | 39,011,000 | 11,894,000 | 12,725,000 | 10,985,000 | 11,242,000 | 12,604,000 | 39,105,000 | 14,422,000 | |||
| interest expense: | ||||||||||||||||||||||
| deposits | 7,694,000 | 20,341,000 | 19,103,000 | 17,492,000 | 50,672,000 | 16,979,000 | 16,974,000 | 16,971,000 | 16,898,000 | 16,348,000 | 15,972,000 | 50,560,000 | 16,742,000 | 17,257,000 | 16,851,000 | 16,980,000 | 17,694,000 | 9,703,174 | 9,630,788 | 70,334,000 | 21,453,000 | |
| securities sold under agreements to repurchase | 1,972,000 | 1,320,000 | 1,621,000 | 2,548,000 | 7,068,000 | 2,333,000 | 2,543,000 | 2,297,000 | 2,917,000 | 2,765,000 | 2,623,000 | 14,840,000 | 5,363,000 | 5,476,000 | 5,216,000 | 5,388,000 | 6,393,000 | 19,402,000 | 6,531,000 | |||
| advances from fhlb | 1,075,000 | 3,878,000 | 3,827,000 | 3,785,000 | 10,205,000 | 3,344,000 | 3,410,000 | 3,372,000 | 3,209,000 | 2,292,000 | 2,122,000 | 4,490,000 | 1,474,000 | 1,471,000 | 955,000 | 944,000 | 934,000 | 4,507,000 | 1,524,000 | |||
| other borrowings | 1,698,000 | 2,331,000 | 2,413,000 | 2,466,000 | 6,668,000 | 2,315,000 | 2,235,000 | 2,085,000 | 2,139,000 | 2,065,000 | 1,962,000 | 5,889,000 | 1,816,000 | 1,979,000 | ||||||||
| benefit from credit losses - benefit: | ||||||||||||||||||||||
| loans and finance leases | 12,665,000 | |||||||||||||||||||||
| unfunded loan commitments | 812,000 | |||||||||||||||||||||
| debt securities | -3,474,000 | |||||||||||||||||||||
| non-interest income: | ||||||||||||||||||||||
| service charges and fees on deposit accounts | 9,466,000 | 6,108,000 | 5,887,000 | 5,716,000 | 16,098,000 | 5,581,000 | 5,344,000 | 5,088,000 | 5,797,000 | 5,803,000 | 5,790,000 | 17,177,000 | 5,788,000 | 5,800,000 | 4,555,000 | |||||||
| mortgage banking activities | 4,082,000 | 4,396,000 | 4,395,000 | 3,627,000 | 12,677,000 | 4,551,000 | 4,835,000 | 4,165,000 | 3,117,000 | 4,846,000 | 3,616,000 | 14,950,000 | 5,485,000 | 4,753,000 | 4,270,000 | 4,763,000 | 3,618,000 | 13,309,000 | 3,521,000 | |||
| insurance commission income | 2,946,000 | 1,983,000 | 2,025,000 | 4,250,000 | 6,936,000 | 1,493,000 | 1,780,000 | 3,355,000 | 1,377,000 | 1,855,000 | 3,587,000 | 7,110,000 | 1,363,000 | 3,269,000 | 1,265,000 | 1,522,000 | 3,022,000 | |||||
| other non-interest income | 14,447,000 | 9,411,000 | 9,916,000 | 8,950,000 | 25,844,000 | 6,898,000 | 8,513,000 | 7,860,000 | 6,963,000 | 7,674,000 | 7,481,000 | 23,486,000 | 7,414,000 | 7,109,000 | 8,372,000 | 8,263,000 | 8,247,000 | 24,366,000 | 7,987,000 | |||
| non-interest expenses: | ||||||||||||||||||||||
| employees’ compensation and benefits | 51,304,000 | 41,409,000 | 40,813,000 | 9,810,750 | 39,243,000 | 8,205,750 | 32,823,000 | |||||||||||||||
| occupancy and equipment | 21,505,000 | 15,129,000 | 15,834,000 | 16,055,000 | 43,282,000 | 14,660,000 | 13,746,000 | 15,105,000 | 13,745,000 | 13,759,000 | 14,088,000 | 41,271,000 | 13,888,000 | 14,183,000 | 15,248,000 | 15,059,000 | 14,349,000 | 45,724,000 | 15,134,000 | |||
| business promotion | 4,042,000 | 4,004,000 | 3,940,000 | 3,706,000 | 10,948,000 | 3,860,000 | 4,016,000 | 2,576,000 | 3,244,000 | 3,192,000 | 3,281,000 | 8,250,000 | 3,169,000 | 4,003,000 | 4,097,000 | 3,934,000 | 2,868,000 | 12,439,000 | 3,538,000 | |||
| professional service fees | 12,036,000 | |||||||||||||||||||||
| taxes, other than income taxes | 4,689,000 | 3,904,000 | 3,737,000 | 3,820,000 | 11,173,000 | 3,534,000 | 3,637,000 | 3,856,000 | 3,763,000 | 3,745,000 | 3,676,000 | 11,212,000 | 3,927,000 | 3,792,000 | 3,065,000 | 3,131,000 | 3,001,000 | 13,304,000 | 4,693,000 | |||
| fdic deposit insurance | 1,466,000 | 1,465,000 | 1,482,000 | 1,698,000 | 6,842,000 | 2,067,000 | ||||||||||||||||
| net (gain) loss on oreo and oreo expenses | -1,485,000 | |||||||||||||||||||||
| credit and debit card processing expenses | 5,843,000 | 4,764,000 | 3,820,000 | 4,154,000 | 11,399,000 | 4,147,000 | 3,766,000 | 3,537,000 | 3,737,000 | 3,566,000 | 2,831,000 | 10,089,000 | 3,546,000 | 3,282,000 | 4,283,000 | 3,945,000 | 3,957,000 | 10,227,000 | 2,682,000 | |||
| communications | 1,978,000 | 1,834,000 | 1,714,000 | 1,752,000 | 4,730,000 | 1,642,000 | 1,582,000 | 1,482,000 | 1,603,000 | 1,628,000 | 1,543,000 | 5,048,000 | 1,711,000 | 1,808,000 | 2,189,000 | 2,045,000 | 1,608,000 | 5,535,000 | 1,866,000 | |||
| merger and restructuring costs | ||||||||||||||||||||||
| other non-interest expenses | 6,948,000 | 5,279,000 | 4,883,000 | 5,438,000 | 16,225,000 | 5,850,000 | 4,365,000 | 4,682,000 | 4,667,000 | 4,746,000 | 3,869,000 | 15,708,000 | 5,178,000 | 6,169,000 | 5,467,000 | 6,065,000 | 5,585,000 | 21,970,000 | 8,013,000 | |||
| income before income taxes | 108,798,000 | 65,595,000 | 59,298,000 | 60,932,000 | 141,983,000 | 48,655,000 | 41,191,000 | 40,906,000 | -19,150,000 | 37,288,000 | 17,468,000 | 95,741,000 | 34,518,000 | 29,067,000 | 19,234,000 | -43,918,000 | 33,678,000 | 23,265,000 | 20,949,000 | -178,939,000 | 19,616,000 | |
| income tax expense | 34,103,000 | 19,268,000 | 18,011,000 | 17,618,000 | -10,159,000 | -9,290,000 | -2,611,000 | -10,444,000 | -5,723,000 | -4,476,000 | -8,032,000 | -64,000 | 276,000 | -1,488,000 | -3,676,000 | |||||||
| net income | 74,695,000 | 46,327,000 | 41,287,000 | 43,314,000 | 165,285,000 | 36,323,000 | 31,032,000 | 33,148,000 | -10,752,000 | 27,998,000 | 25,541,000 | 69,155,000 | 24,074,000 | 23,344,000 | 14,758,000 | -34,074,000 | 25,646,000 | 23,201,000 | 21,225,000 | -180,427,000 | 15,940,000 | |
| yoy | -54.81% | 27.54% | 33.05% | 30.67% | -437.83% | 10.84% | 29.78% | -144.66% | 19.94% | 73.07% | -302.96% | -6.13% | 0.62% | -30.47% | -81.11% | 60.89% | ||||||
| qoq | 61.23% | 12.21% | -4.68% | -73.79% | 355.04% | 17.05% | -6.38% | -138.40% | 9.62% | -63.07% | 187.26% | 3.13% | 58.18% | -143.31% | -232.86% | 10.54% | 9.31% | -111.76% | -1231.91% | |||
| net income margin % | ||||||||||||||||||||||
| net income attributable to common stockholders | 74,695,000 | 45,658,000 | 40,618,000 | 42,645,000 | 163,278,000 | 35,654,000 | 30,363,000 | 32,479,000 | -11,421,000 | 27,329,000 | 24,872,000 | 68,932,000 | 24,074,000 | 23,344,000 | 14,758,000 | -34,074,000 | 25,646,000 | 23,201,000 | 22,505,000 | 3,985,000 | 15,940,000 | |
| net income per common share: | ||||||||||||||||||||||
| basic | 380 | 210 | 190 | 200 | 760 | 160 | 140 | 150 | -50 | 130 | 120 | 330 | 110 | 110 | 120 | |||||||
| diluted | 380 | 210 | 190 | 200 | 760 | 160 | 140 | 150 | -50 | 130 | 110 | 320 | 110 | 110 | 120 | |||||||
| the accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||
| money market investments and interest-bearing cash accounts | 4,081,000 | 3,401,000 | 2,829,000 | 7,930,000 | 3,166,000 | 3,363,000 | 2,256,000 | |||||||||||||||
| total interest income | 172,295,000 | 169,510,000 | 166,472,000 | 467,475,000 | 157,492,000 | 155,633,000 | 149,418,000 | 147,995,000 | 147,374,000 | 145,228,000 | 441,719,000 | 143,573,000 | 150,831,000 | 149,812,000 | 151,632,000 | 152,485,000 | 156,662,000 | 158,423,000 | 483,585,000 | 162,203,000 | ||
| total interest expense | 27,870,000 | 26,964,000 | 26,291,000 | 74,613,000 | 24,971,000 | 25,162,000 | 24,725,000 | 25,163,000 | 23,470,000 | 22,679,000 | 75,779,000 | 25,395,000 | 26,183,000 | 24,883,000 | 25,155,000 | 26,838,000 | 28,968,000 | 28,516,000 | 99,545,000 | 31,298,000 | ||
| net interest income | 144,425,000 | 142,546,000 | 140,181,000 | 392,862,000 | 132,521,000 | 130,471,000 | 124,693,000 | 122,832,000 | 123,904,000 | 122,549,000 | 365,940,000 | 118,178,000 | 124,648,000 | 124,929,000 | 126,477,000 | 125,647,000 | 127,694,000 | 129,907,000 | 384,040,000 | 130,905,000 | ||
| benefit from loan and lease losses | 7,398,000 | 12,534,000 | 11,820,000 | 47,729,000 | 11,524,000 | 19,536,000 | 20,544,000 | 75,013,000 | 18,096,000 | 25,442,000 | 65,230,000 | 21,503,000 | 21,053,000 | 31,176,000 | 74,266,000 | 32,970,000 | 26,999,000 | 26,744,000 | 221,556,000 | 22,195,000 | ||
| net interest income after benefit from loan and lease losses | 137,027,000 | 130,012,000 | 128,361,000 | 345,133,000 | 120,997,000 | 110,935,000 | 104,149,000 | 47,819,000 | 105,808,000 | 97,107,000 | 300,710,000 | 96,675,000 | 103,595,000 | 93,753,000 | 52,211,000 | 92,677,000 | 162,484,000 | 108,710,000 | ||||
| other-than-temporary impairment (“otti”) losses on available-for-sale debt securities: | ||||||||||||||||||||||
| total otti losses | -557,000 | |||||||||||||||||||||
| portion of otti recognized in other comprehensive income | 60,000 | |||||||||||||||||||||
| net impairment losses on available-for-sale debt securities | -497,000 | -12,231,000 | -6,687,000 | -231,000 | -13,097,000 | -156,000 | ||||||||||||||||
| gain on early extinguishment of debt | 2,316,000 | 1,391,000 | 4,217,000 | |||||||||||||||||||
| total non-interest income | 21,401,000 | 22,223,000 | 22,543,000 | 63,787,000 | 18,523,000 | 20,472,000 | 22,784,000 | 18,645,000 | 20,549,000 | 8,243,000 | 61,808,000 | 26,146,000 | 18,469,000 | 18,758,000 | 6,670,000 | 32,729,000 | -25,549,000 | 10,060,000 | ||||
| professional fees | 12,467,000 | 11,671,000 | 10,310,000 | 31,995,000 | 11,502,000 | 10,193,000 | 10,060,000 | 12,023,000 | 11,800,000 | 10,956,000 | 33,465,000 | 10,672,000 | 10,776,000 | 10,709,000 | 19,005,000 | 15,218,000 | 36,112,000 | 11,840,000 | ||||
| net income on oreo and oreo expenses | 2,578,000 | 5,043,000 | 3,743,000 | 10,092,000 | 4,360,000 | |||||||||||||||||
| total non-interest expenses | 92,833,000 | 92,937,000 | 89,972,000 | 266,937,000 | 90,865,000 | 90,216,000 | 86,027,000 | 85,614,000 | 89,069,000 | 87,882,000 | 266,777,000 | 88,303,000 | 92,997,000 | 93,277,000 | 102,799,000 | 91,728,000 | 315,874,000 | 99,154,000 | ||||
| the accompanying notes are an integral part of these statements. | ||||||||||||||||||||||
| employees' compensation and benefits | 39,296,000 | 39,555,000 | 40,684,000 | 37,128,000 | 38,409,000 | 38,653,000 | 113,488,000 | 38,005,000 | 38,435,000 | 37,284,000 | 37,945,000 | 35,654,000 | ||||||||||
| net gain on sale of investments | 371,000 | 8,000 | 6,096,000 | 8,000 | ||||||||||||||||||
| income tax benefit | -3,083,000 | -12,332,000 | -7,758,000 | 8,398,000 | 8,073,000 | 9,844,000 | ||||||||||||||||
| insurance and supervisory fees | 3,701,000 | 3,855,000 | 4,353,000 | 4,855,000 | 4,909,000 | 19,316,000 | 5,604,000 | 7,343,000 | 6,590,000 | 6,796,000 | 6,860,000 | 36,957,000 | 11,513,000 | |||||||||
| net income on other real estate owned (“oreo”) and oreo operations | 5,655,000 | |||||||||||||||||||||
| dividends declared per common share | ||||||||||||||||||||||
| other-than-temporary impairment (otti) losses on available-for-sale debt securities: | ||||||||||||||||||||||
| total other-than-temporary impairment losses | -12,231,000 | -1,845,000 | -29,521,000 | |||||||||||||||||||
| portion of other-than-temporary impairment | ||||||||||||||||||||||
| recognized in other comprehensive income | -4,842,000 | |||||||||||||||||||||
| net income on other real estate owned (oreo) and oreo operations | 190,000 | 1,351,000 | 3,369,000 | 4,076,000 | 8,930,000 | 2,603,000 | 3,206,000 | 4,345,000 | 4,874,000 | 2,628,000 | 35,460,000 | 7,052,000 | ||||||||||
| money market investments | 1,293,000 | 727,000 | 484,000 | 2,703,000 | 662,000 | 1,073,000 | 410,000 | 510,000 | 537,000 | 1,471,000 | 456,000 | |||||||||||
| bargain purchase gain | 13,443,000 | |||||||||||||||||||||
| notes payable and other borrowings | 1,861,000 | 1,843,000 | 1,817,000 | 5,302,000 | 1,790,000 | |||||||||||||||||
| service charges on deposit accounts | 5,082,000 | 5,219,000 | 9,640,000 | 3,157,000 | ||||||||||||||||||
| other-than-temporary impairment losses on available-for-sale debt securities: | ||||||||||||||||||||||
| noncredit-related impairment portion on debt securities not expected to be sold | ||||||||||||||||||||||
| equity in loss of unconsolidated entity | -10,783,000 | -5,908,000 | ||||||||||||||||||||
| net earnings per common share: | ||||||||||||||||||||||
| basic | 70 | -160 | 20 | 80 | ||||||||||||||||||
| diluted | 70 | -160 | 20 | 80 | ||||||||||||||||||
| portion of other-than-temporary impairment losses previously recognized in | ||||||||||||||||||||||
| other comprehensive income | -156,000 | |||||||||||||||||||||
| condensed income statements: | ||||||||||||||||||||||
| non-interest income | 16,174,000 | 15,931,000 | ||||||||||||||||||||
| non-interest expenses | 93,604,000 | 98,145,000 | ||||||||||||||||||||
| per common share results: | ||||||||||||||||||||||
| net earnings per share basic | 0.11 | 0.11 | ||||||||||||||||||||
| net earnings per share diluted | 0.11 | 0.11 | ||||||||||||||||||||
| average shares outstanding | 210,466 | 208,202 | ||||||||||||||||||||
| average shares outstanding diluted | 212,359 | 210,144 | ||||||||||||||||||||
| book value per common share | 6.05 | 5.97 | ||||||||||||||||||||
| tangible book value per common share | 5.81 | 5.72 | ||||||||||||||||||||
| selected financial ratios | ||||||||||||||||||||||
| profitability: | ||||||||||||||||||||||
| return on average assets | 0.73 | 0.67 | ||||||||||||||||||||
| interest rate spread | 4.07 | 4.19 | ||||||||||||||||||||
| return on average total equity | 7.01 | 6.66 | ||||||||||||||||||||
| return on average common equity | 7.21 | 6.95 | ||||||||||||||||||||
| average total equity to average total assets | 10.44 | 10.1 | ||||||||||||||||||||
| tangible common equity ratio | 9.82 | 9.76 | ||||||||||||||||||||
| dividend payout ratio | ||||||||||||||||||||||
| efficiency ratio | 65.06 | 67.3 | ||||||||||||||||||||
| asset quality: | ||||||||||||||||||||||
| allowance for loan and lease losses to total loans held for investment | 2.42 | 2.55 | ||||||||||||||||||||
| net charge-offs (annualized) to average loans | 1.8 | 2.19 | ||||||||||||||||||||
| benefit from loan and lease losses to net charge-offs | 63.17 | 51.09 | ||||||||||||||||||||
| non-performing assets to total assets | 5.89 | 6.05 | ||||||||||||||||||||
| non-performing loans held for investment to total loans held for investment | 6.01 | 5.96 | ||||||||||||||||||||
| allowance to total non-performing loans held for investment | 40.29 | 42.71 | ||||||||||||||||||||
| excluding residential real estate loans | 60.2 | 61.96 | ||||||||||||||||||||
| other information: | ||||||||||||||||||||||
| common stock price: end of period | 4.75 | 5.44 | ||||||||||||||||||||
| balance sheet data: | ||||||||||||||||||||||
| loans, including loans held for sale | 9,395,416 | 9,539,206 | ||||||||||||||||||||
| allowance for loan and lease losses | 225,434 | 241,177 | ||||||||||||||||||||
| intangible assets | 51,143 | 52,378 | ||||||||||||||||||||
| deferred tax asset | 9,853 | 8,738 | ||||||||||||||||||||
| total assets | 12,643,280 | 12,523,251 | ||||||||||||||||||||
| borrowings | 1,456,959 | 1,451,959 | ||||||||||||||||||||
| total preferred equity | 36,104 | 36,104 | ||||||||||||||||||||
| total common equity | 1,322,376 | 1,298,304 | ||||||||||||||||||||
| accumulated other comprehensive loss, net of tax | -34,323 | -28,407 | ||||||||||||||||||||
| total equity | 1,324,157 | 1,306,001 | ||||||||||||||||||||
| ______________ | ||||||||||||||||||||||
| non-gaap measure. refer to capital discussion below for additional information about the components and a reconciliation of these measures. | ||||||||||||||||||||||
| on a tax-equivalent basis and excluding the changes in fair value of derivative instruments (see net interest income discussion below for a reconciliation of this non-gaap measure). | ||||||||||||||||||||||
| non-interest expense to the sum of net interest income and non-interest income. the denominator includes non-recurring income and changes in the fair value of derivative instruments. | ||||||||||||||||||||||
| interest income: | ||||||||||||||||||||||
| portion of other-than-temporary impairment losses recognized in other comprehensive income | ||||||||||||||||||||||
| impairment of collateral pledged to lehman | ||||||||||||||||||||||
| insurance income | 4,652,000 | 1,303,000 |
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