First BanCorp Q2 net income rises 19.9% to $96.15 million; net interest margin widens 31 bps to 4.87%

• First BanCorp posted GAAP net income of $96.15 million, up 19.93% year over year, with diluted EPS rising to $0.62.
• Net interest income climbed 6.11% to $229.1 million; net interest margin widened 31 basis points to 4.87%.
• Provision for credit losses fell 16.02% to $17.3 million; net charge-offs eased to $16.1 million, or 0.49% of average loans.
• Non-interest income rose 15.53% to $35.7 million; non-interest expense increased 3.24% to $127.3 million, improving the efficiency ratio to 48.07%.
• Capital returns totaled $81 million, including $50 million in buybacks; the board declared a $0.20 quarterly dividend payable Sept. 11.

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