First BanCorp (NYSE:FBP), the Puerto Rico-based banking company, reported second-quarter earnings of $96.1 million, or $0.62 per diluted share, a 24% increase from the same quarter last year. The company achieved record pre-tax pre-provision income of $138 million, reflecting a 5% quarter-over-quarter rise, driven by strong loan growth and expanded net interest income.
Total loans reached $13.3 billion, marking a 5% increase from the previous quarter, with loan originations of $1.7 billion, up 21% year-over-year. Net interest income grew 3.7% to $229.1 million, while total deposits increased by $274 million during the quarter.
Credit trends remained stable, though early-stage delinquency rose by approximately $32.9 million, primarily in auto finance leases. First BanCorp ended the quarter with a Common Equity Tier 1 ratio of 17% and completed $50 million in share repurchases, alongside a $0.20 per-share dividend.
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