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First BanCorp reports higher adjusted net income, NIM YOY in Q3

Puerto Rico-based First BanCorp reported third-quarter adjusted net income attributable to common shareholders of $44.1 million, or 20 cents per share, an increase from $34.0 million, or 16 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was 20 cents.

On a GAAP basis, the company reported net income of $46.3 million, or 21 cents per share, an increase from $36.3 million, or 16 cents per share, in the third quarter of 2018.

First BanCorp's net interest margin for the third quarter was 4.89%, a slight decrease from 4.90% in the previous quarter but an increase from 4.54% in the year-ago period. The company attributed the slight quarter-over-quarter decrease to pressure on commercial loan yields from lower short-term market interest rates, combined with the increase in the average cost of time deposits and higher cash balances maintained during the third quarter.

On a GAAP basis, the company reported third-quarter net interest income of $144.4 million, up year over year from $132.5 million. First BanCorp saw a slight year-over-year uptick in third-quarter noninterest income, with it amounting to $21.4 million, compared with $18.5 million in the same 2018 period.

Provision for loan and lease losses for the most recent quarter stood at $7.4 million, a decrease from the year-ago figure of $11.5 million. Net charge-offs for the quarter were $13.8 million, compared with $33.0 million in the third quarter of 2018.

Net total loans at the end of the third quarter stood at $8.85 billion, compared with $8.98 billion at the end of the previous quarter and $8.70 billion as of Dec. 31, 2018.

Total deposits at the end of the quarter stood at $9.13 billion, compared with $9.18 billion at the end of the previous quarter and $8.99 billion as of Dec. 31, 2018.