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AI brief of an SEC Form 8-K · First BanCorp (Puerto Rico) (FBP)

First BanCorp. Q2 net income rises to $75.8 million, or $0.46 per diluted share

Positive Impact 3 of 5 earnings Written later

First BanCorp. reported net income of $75.8 million, or $0.46 per diluted share, for the quarter ended June 30, 2024, up from $73.5 million, or $0.44 per share, in the first quarter of 2024 and $70.7 million, or $0.39 per share, a year earlier. Net interest margin rose to 4.22% and non-performing assets fell $2.7 million to $126.9 million, while annualized net charge-offs rose to 0.69% of average loans from 0.37%. The company repurchased $50.0 million of common stock and paid $26.3 million in dividends during the quarter.

Key points

  • Net income of $75.8 million, or $0.46 per diluted share, versus $73.5 million, or $0.44, in Q1 2024 and $70.7 million, or $0.39, in Q2 2023
  • Net interest margin increased to 4.22% from 4.16%; net interest income was $199.6 million
  • Annualized net charge-offs rose to 0.69% of average loans from 0.37%; allowance coverage was 2.06% versus 2.14%
  • Repurchased $50.0 million of common stock and paid $26.3 million in common stock dividends in the quarter

The filing

CompanyFirst BanCorp (Puerto Rico) (FBP)
Form8-K, current report
Filed with the SECJul 23, 2024, 9:30 AM ET
Accession number0001140361-24-033802

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 23, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.