First Ban(US:FBP)2025-07-22 14:00Financial Performance - Net income reached $802 million, equivalent to $050 per diluted share, an increase from $771 million, or $047 per diluted share, in 1Q 2025[5] - Return on average assets (ROAA) was strong at 169%, up from 164% in 1Q 2025, with the margin increasing by 4 bps to 456%[5] - Adjusted pre-tax, pre-provision income on a non-GAAP basis increased by 9% year-over-year to $1235 million[5] - The efficiency ratio was 500%, slightly up from 496% in 1Q 2025, reflecting sustained expense management[5] Balance Sheet - Total loans increased by $1897 million to $129 billion, a 15% increase compared to the previous quarter, indicating growth across key business segments[5] - Core deposits, excluding brokered and fully collateralized government deposits, decreased by $2409 million to $127 billion[5] - Fully collateralized government deposits decreased by $717 million to $34 billion[5] Asset Quality - The non-performing assets (NPA) ratio remained stable at 068%, while the annualized net charge-offs ratio decreased by 8 bps to 060%[5] - The allowance for credit losses (ACL) coverage ratio on loans and leases decreased slightly by 2 basis points to 193%[5] - Total available liquidity sources amounted to approximately $60 billion, representing 13x of uninsured deposits[5] Capital and Strategic Actions - The company completed the full redemption of remaining junior subordinated debentures, repurchased $282 million in common stock, and declared $290 million in common stock dividends, maintaining a strong CET1 ratio above well-capitalized levels at 166%[5] - Tangible book value per share on a non-GAAP basis grew by 49% to $1116, and the tangible common equity ratio reached 96%[5] Operating Environment - The unemployment rate in Puerto Rico was 55% as of June 2025, and SJU passenger traffic increased by 68% year-to-date compared to the previous year, indicating favorable business activity and economic conditions[7]