First BanCorp. Announces Earnings for the Quarter Ended March 31, 2022
- Net income of $82.6 million, or $0.41 per diluted share, for the first quarter of 2022, compared to $73.6 million, or $0.35 per diluted share, for the fourth quarter of 2021. The net income for the first quarter of 2022 and fourth quarter 2021 included the following items:
- Provision for credit losses was a net benefit of $13.8 million ($8.6 million after-tax, or an increase of $0.07 per diluted share) for the first quarter of 2022, reflecting, among other things, continued positive long-term outlook of certain macroeconomic variables and their impact on qualitative reserves. The provision for credit losses for the fourth quarter of 2021 was a net benefit of $12.2 million ($7.6 million after-tax, or an increase of $0.06 per diluted share).
- Merger and restructuring costs of $1.9 million for the fourth quarter of 2021 ($1.2 million after-tax, or a decrease of $0.01 per diluted share) associated with the acquisition of Banco Santander Puerto Rico (“BSPR”).
- On a non-GAAP basis, adjusted pre-tax, pre-provision income of $111.8 million for the first quarter of 2022, compared to $104.9 million for the fourth quarter of 2021.
- Net interest income increased to $185.6 million for the first quarter of 2022, compared to $184.1 million for the fourth quarter of 2021.
- Net interest margin increased to 3.81% for the first quarter of 2022, compared to 3.61% for the fourth quarter of 2021. The increase was primarily due to lower U.S. agencies mortgage-backed securities (“MBS”) premium amortization, and a decrease in long-term debt and low-yielding cash balances.
- Non-interest income increased by $2.5 million to $32.9 million for the first quarter of 2022, compared to $30.4 million for the fourth quarter of 2021. The increase was mostly driven by seasonal contingent insurance commissions of $3.0 million recognized in the first quarter of 2022. The fourth quarter of 2021 included the collection of a $0.6 million insurance claim associated with a damaged property.
- Non-interest expenses decreased by $4.8 million to $106.7 million compared to $111.5 million for the fourth quarter of 2021. Total non-interest expenses for the fourth quarter of 2021 included $1.9 million of merger and restructuring costs. Adjusted for those costs, total non-interest expenses decreased by $2.9 million compared to the fourth quarter of 2021 driven by reductions in business promotion, professional service, and card processing expenses.
- Income tax expense was $43.0 million for the first quarter of 2022, compared to $41.6 million for the fourth quarter of 2021. The variance was primarily related to higher pre-tax income when compared to prior quarter, partially offset by a lower effective tax rate.
- Credit quality variances:
- Non-performing assets (“NPAs”) decreased by $1.6 million to $156.5 million as of March 31, 2022, compared to $158.1 million as of December 31, 2021. The decrease was driven by a $6.3 million reduction in nonaccrual residential mortgage loans, primarily reflecting payoffs and paydowns received during the first quarter of 2022, partially offset by increases of $2.1 million in nonaccrual commercial and construction loans, $2.0 million in the other real estate owned (“OREO”) portfolio, and $0.5 million in nonaccrual consumer loans.
- An annualized net charge-offs to average loans ratio of 0.24 % for the first quarter of 2022, compared to 0.26% for the fourth quarter of 2021.
- Total deposits, excluding brokered CDs and government deposits, increased by $55.0 million to $14.5 billion as of March 31, 2022. The increase was primarily related to higher balances in demand deposit accounts, mainly in the Puerto Rico region, partially offset by decreases in retail certificates of deposit (“CDs”) and saving deposit accounts balances.
- Government deposits decreased in the first quarter by $489.9 million and totaled $2.8 billion as of March 31, 2022, consisting of decreases of $436.0 million and $54.3 million in the Puerto Rico and Virgin Islands regions, respectively, partially offset by a slight increase of $0.4 million in the Florida region.
- Brokered CDs decreased by $14.6 million during the first quarter to $85.8 million as of March 31, 2022.
- Total loans increased in the first quarter by $29.8 million to $11.1 billion as of March 31, 2022. The variance consisted of increases of $88.1 million in consumer loans and $36.1 million in commercial and construction loans, partially offset by a $94.4 million decrease in residential mortgage loans. Excluding Small Business Administration Paycheck Protection Program (“SBA PPP”) loans, the growth in the commercial and construction loans portfolio was $91.4 million.
- Total loan originations, including refinancings, renewals and draws from existing commitments (other than credit card utilization activity), amounted to $1.1 billion in the first quarter of 2022, down $235.7 million compared to the fourth quarter of 2021. The decrease reflects a $230.7 million reduction in commercial and construction loan originations, primarily due to a lower dollar amount of refinancings and renewals completed in the first quarter of 2022.
- Liquidity levels have remained high with the ratio of cash and liquid securities to total assets at 26.5% as of March 31, 2022, compared to 27.0% as of December 31, 2021.
- During the first quarter of 2022, First BanCorp. completed its $300 million stock repurchase program by purchasing through open market transactions 3.4 million shares of its common stock for the $50 million remaining in the program.
- Capital ratios remained higher than required regulatory levels for bank holding companies and well-capitalized banks. Estimated total capital, common equity tier 1 capital (“CET1”), tier 1 capital, and leverage ratios of 20.44%, 17.71%, 17.71%, and 10.35%, respectively, as of March 31, 2022. The tangible common equity ratio was 8.63% as of March 31, 2022.
SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp. (the “Corporation” or “First BanCorp.”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), today reported net income of $82.6 million, or $0.41 per diluted share, for the first quarter of 2022, compared to $73.6 million, or $0.35 per diluted share, for the fourth quarter of 2021, and $61.2 million, or $0.28 per diluted share, for the first quarter of 2021. Financial results for the first quarter of 2022 include a net benefit of $13.8 million ($8.6 million after-tax, or an increase of $0.07 per diluted share) recorded to the provision for credit losses, compared to a net benefit of $12.2 million ($7.6 million after-tax, or an increase of $0.06 per diluted share) for the fourth quarter of 2021. In addition, during the first quarter of 2022, the Corporation repurchased 3,409,697 shares of its common stock at a cost of approximately $50.0 million or $14.66 per share, completing the $300 million repurchase program authorized during 2021.
Aurelio Alemán, President and Chief Executive Officer of First BanCorp., commented: “We are pleased to announce another record quarter of exceptional results for our franchise as we continue to deliver sustainable value to our stakeholders. Net income for the quarter was $82.6 million or $0.41 per diluted share, up $9 million or 12% when compared to 4Q 2021, and pre-tax pre-provision income reached a record $111.8 million, up 7% when compared to 4Q 2021. Sequential increases in pre-tax pre-provision income over the last 5 quarters are partially attributed to our disciplined approach to execute on identified operational efficiencies related to the 2020 acquisition as well as additional business rationalization opportunities that have been identified during the integration process.
The economic backdrop continues to benefit franchise performance as stabilized asset quality and low delinquency rates, coupled with an improved long-term economic outlook, prompted the recognition of a provision benefit of $13.8 million during the quarter. Core deposits, net of government and brokered deposits, registered a slight increase of $55 million when compared to 4Q 2021 primarily related to higher balances in demand deposit accounts in the Puerto Rico region. Most importantly, we reached a loan growth inflection point during the quarter, with loan portfolio balances other than PPP loans up $85 million when compared to 4Q 2021. Excluding PPP loans, commercial and construction loan balances increased by $91 million and consumer loans were higher by $88 million when compared to 4Q 2021. Total loan originations, other than credit card utilization activity, were healthy at $1.1 billion although lower than 4Q 2021 originations primarily due to a lower dollar amount of commercial refinancing and renewals completed in the first quarter. We expect loan growth to accelerate during the year as loan pipelines begin to close and disaster recovery funds flow into the Puerto Rico economy.
We are deeply committed to continue improving the banking experience for our customers and enhancing our relationship with the communities we serve, while delivering value to our shareholders. Earlier this month, we continued evolving our corporate sustainability practices and disclosures by formally adopting an environmental, social, and governance (ESG) framework and publishing our inaugural ESG Report. This report highlights our ESG strategic path and community outreach efforts while standardizing our sustainability disclosures. Also, we continued to deliver innovative self-service solutions to our clients by deploying the new mobile Business Digital Banking application with remote deposit capture functionalities. This application allows commercial customers to perform transactions 24/7 in a safe and reliable digital environment.
Finally, during the quarter we completed our 2021 approved capital deployment plan by repurchasing 3.4 million shares of common stock through open market transactions amounting to approximately $50 million. In addition, we are very pleased to announce a new $350 million share repurchase program to be executed through the next four quarters and an increase in the quarterly dividend to $0.12 per share. We are steadfastly committed to preserving shareholder value while investing in our franchise and improving our competitive position in the markets we serve.”
NON-GAAP DISCLOSURES
This press release includes certain non-GAAP financial measures, including adjusted net income, adjusted pre-tax, pre-provision income, adjusted net interest income and margin, adjusted non-interest expenses, tangible common equity, tangible book value per common share, certain capital ratios, and certain other financial measures that exclude the effect of items that management believes are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts (the “Special Items”), and should be read in conjunction with the discussion below in Basis of Presentation – Use of Non-GAAP Financial Measures, the accompanying tables (Exhibit A), which are an integral part of this press release, and the Corporation’s other financial information that is presented in accordance with GAAP.
SPECIAL ITEMS
The financial results for the fourth and first quarters of 2021 included the significant Special Items discussed below. The financial results for the first quarter of 2022 did not include any significant Special items.
Quarter ended December 31, 2021
– Merger and restructuring costs of $1.9 million ($1.2 million after-tax) in connection with the BSPR acquisition integration process and related restructuring initiatives. Merger and restructuring costs in the fourth quarter were primarily related to certain branch consolidations completed during the first quarter of 2022.
Quarter ended March 31, 2021
– Merger and restructuring costs of $11.3 million ($7.0 million after-tax) in connection with the BSPR acquisition integration process and related restructuring initiatives. Merger and restructuring costs in the first quarter of 2021 included approximately $4.8 million related to voluntary and involuntary employee separation programs implemented in the Puerto Rico region. In addition, merger and restructuring costs in the first quarter of 2021 included consulting fees, expenses related to system conversions and other integration related efforts, and accelerated depreciation charges related to planned closures and consolidation of branches in accordance with the Corporation’s integration and restructuring plan.
– Costs of $1.2 million ($0.8 million after-tax) related to the COVID-19 pandemic response efforts, primarily costs related to additional cleaning, safety materials, and security measures.
NET INCOME AND RECONCILIATION TO ADJUSTED NET INCOME (NON-GAAP)
Net income was $82.6 million for the first quarter of 2022, or $0.41 per diluted share, compared to $73.6 million for the fourth quarter of 2021, or $0.35 per diluted share. Adjusted net income was $74.8 million, or $0.36 per diluted share, for the fourth quarter of 2021. The following table shows the net income and earnings per diluted share for the first quarter of 2022 and reconciles for the fourth and first quarters of 2021 the net income to adjusted net income and adjusted earnings per share, which are non-GAAP financial measures that exclude the significant Special Items identified above.
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||
| (In thousands, except per share information) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
| Net income, as reported (GAAP) | $ | 82,600 | $ | 73,639 |
| $ | 61,150 |
| |||
| Adjustments: | |||||||||||
| Merger and restructuring costs |
| – |
| 1,853 |
|
| 11,267 |
| |||
| COVID-19 pandemic-related expenses |
| – |
| 4 |
|
| 1,209 |
| |||
| Income tax impact of adjustments (1) |
| – |
| (696 | ) |
| (4,679 | ) | |||
| Adjusted net income (Non-GAAP) | $ | 82,600 | $ | 74,800 |
| $ | 68,947 |
| |||
| Preferred stock dividends |
| – |
| (446 | ) |
| (669 | ) | |||
| Excess of redemption value over carrying value of Series A through E Preferred | |||||||||||
| Stock redeemed |
| – |
| (1,234 | ) |
| – |
| |||
| Adjusted net income attributable to common stockholders (Non-GAAP) | $ | 82,600 | $ | 73,120 |
| $ | 68,278 |
| |||
| Weighted-average diluted shares outstanding | $ | 199,537 |
| 204,705 |
| $ | 218,277 |
| |||
| Earnings Per Share – diluted (GAAP) | $ | 0.41 | $ | 0.35 |
| $ | 0.28 |
| |||
| Adjusted Earnings Per Share – diluted (Non-GAAP) | $ | 0.41 | $ | 0.36 |
| $ | 0.31 |
| |||
| (1) See Basis of Presentation for the individual tax impact related to reconciling items. | |||||||||||
INCOME BEFORE INCOME TAXES AND RECONCILIATION TO ADJUSTED PRE-TAX, PRE-PROVISION INCOME (NON-GAAP)
Income before income taxes was $125.6 million for the first quarter or 2022, compared to $115.3 million for the fourth quarter of 2021. Adjusted pre-tax, pre-provision income was $111.8 million for the first quarter of 2022, compared to $104.9 million for the fourth quarter of 2021. The following table reconciles income before income taxes to adjusted pre-tax, pre-provision income for the last five quarters:
| (Dollars in thousands) | Quarter Ended | |||||||||||||||||||
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, | ||||||||||||
| 2022 |
| 2021 |
| 2021 |
| 2021 |
| 2021 | ||||||||||||
| Income before income taxes | $ | 125,625 |
| $ | 115,260 |
| $ | 112,735 |
| $ | 110,650 |
| $ | 89,172 |
| |||||
| Less: Provision for credit losses (benefit) |
| (13,802 | ) |
| (12,209 | ) |
| (12,082 | ) |
| (26,155 | ) |
| (15,252 | ) | |||||
| Add: COVID-19 pandemic-related expenses |
| – |
|
| 4 |
|
| 640 |
|
| 1,105 |
|
| 1,209 |
| |||||
| Add: Merger and restructuring costs |
| – |
|
| 1,853 |
|
| 2,268 |
|
| 11,047 |
|
| 11,267 |
| |||||
| Adjusted pre-tax, pre-provision income (1) | $ | 111,823 |
| $ | 104,908 |
| $ | 103,561 |
| $ | 96,647 |
| $ | 86,396 |
| |||||
| Change from most recent prior quarter (amount) | $ | 6,915 |
| $ | 1,347 |
| $ | 6,914 |
| $ | 10,251 |
| $ | (437 | ) | |||||
| Change from most recent prior quarter (percentage) |
| 6.6 | % |
| 1.3 | % |
| 7.2 | % |
| 11.9 | % |
| -0.5 | % | |||||
| (1) Non-GAAP financial measure. See Basis of Presentation below for definition and additional information about this non-GAAP financial measure. | ||||||||||||||||||||
NET INTEREST INCOME
The following table sets forth information concerning net interest income for the last five quarters:
| (Dollars in thousands) | Quarter Ended | |||||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Net Interest Income | ||||||||||||||||||||
| Interest income | $ | 197,854 |
| $ | 198,435 |
| $ | 200,172 |
| $ | 201,459 |
| $ | 194,642 |
| |||||
| Interest expense |
| 12,230 |
|
| 14,297 |
|
| 15,429 |
|
| 16,676 |
|
| 18,377 |
| |||||
| Net interest income | $ | 185,624 |
| $ | 184,138 |
| $ | 184,743 |
| $ | 184,783 |
| $ | 176,265 |
| |||||
| Average Balances | ||||||||||||||||||||
| Loans and leases | $ | 11,106,855 |
| $ | 11,108,997 |
| $ | 11,223,926 |
| $ | 11,560,731 |
| $ | 11,768,266 |
| |||||
| Total securities, other short-term investments and interest-bearing cash balances |
| 8,647,087 |
|
| 9,140,313 |
|
| 9,134,121 |
|
| 7,898,975 |
|
| 6,510,960 |
| |||||
| Average interest-earning assets | $ | 19,753,942 |
| $ | 20,249,310 |
| $ | 20,358,047 |
| $ | 19,459,706 |
| $ | 18,279,226 |
| |||||
| Average interest-bearing liabilities | $ | 11,211,780 |
| $ | 11,467,480 |
| $ | 11,718,557 |
| $ | 12,118,631 |
| $ | 11,815,179 |
| |||||
| Average Yield/Rate | ||||||||||||||||||||
| Average yield on interest-earning assets – GAAP |
| 4.06 | % |
| 3.89 | % |
| 3.90 | % |
| 4.15 | % |
| 4.32 | % | |||||
| Average rate on interest-bearing liabilities – GAAP |
| 0.44 | % |
| 0.49 | % |
| 0.52 | % |
| 0.55 | % |
| 0.63 | % | |||||
| Net interest spread – GAAP |
| 3.62 | % |
| 3.40 | % |
| 3.38 | % |
| 3.60 | % |
| 3.69 | % | |||||
| Net interest margin – GAAP |
| 3.81 | % |
| 3.61 | % |
| 3.60 | % |
| 3.81 | % |
| 3.91 | % | |||||
Net interest income amounted to $185.6 million for the first quarter of 2022, an increase of $1.5 million, compared to $184.1 million for the fourth quarter of 2021. The increase in net interest income was mainly due to:
- A $3.1 million increase in interest income on investment securities, primarily due to a decrease in the premium amortization expense related to lower actual and expected prepayments of US agencies MBS and higher reinvestment yields in the investment securities portfolio.
- A $2.1 million decrease in interest expense, primarily due to: (i) a $1.1 million reduction related to a decrease in long-term debt, including the effect associated with the repayment of a $100 million repurchase agreement that carried a cost of 2.26% and matured early in the first quarter of 2022 and the full quarter effect of the repayment of $120.0 million in Federal Home Loan Bank (“FHLB”) advances that carried an average cost of 2.65% and matured in the latter part of the fourth quarter of 2021, and (ii) a $1.0 million decrease in interest expense on deposits mainly associated with a reduction in the average cost of interest-bearing deposits, as time deposits continue to reprice at lower interest rates, the favorable effect of two fewer days in the first quarter which resulted in a decrease in interest expense of approximately $0.2 million, and a decrease in the average balance.
Partially offset by:
- A $2.0 million decrease in interest income on residential mortgage loans primarily due to a decrease of $107.6 million in the average balance of this portfolio.
- A $1.8 million decrease in interest income on commercial and construction loans, primarily due to: (i) a decrease of approximately $1.8 million in interest income from SBA PPP loans; and (ii) the adverse effect of two fewer days in the first quarter, which resulted in a decrease of approximately $1.4 million in interest income on these portfolios. These variances were partially offset by an increase of $72.4 million in the average balance of this portfolio, excluding PPP loans, which resulted in an increase in interest income of approximately $0.7 million, and $1.1 million collected on a nonaccrual commercial loan.
Net interest margin for the first quarter of 2022 increased to 3.81%, when compared to 3.61% for the fourth quarter of 2021. The improvement on the net interest margin was primarily attributable to higher yields on U.S. agencies MBS and debt securities favorably affected by both lower prepayments and higher reinvestment yields, as well as a reductions in the average balance of low-yielding cash balances as a result of the repayment of long-term debt such as matured FHLB advances and repurchase agreement, as noted above.
The first quarter results continue to reflect the effect of the reductions in the SBA PPP loans. Interest and earned deferred fees on SBA PPP loans in the first quarter of 2022 amounted to $3.2 million, compared to $5.0 million in the fourth quarter of 2021. As of March 31, 2022, SBA PPP loans, net of unearned fees of $5.1 million, totaled $89.7 million.
NON-INTEREST INCOME
The following table sets forth information concerning non-interest income for the last five quarters:
| Quarter Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| (In thousands) | 2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||
| Service charges on deposit accounts | $ | 9,363 | $ | 9,502 | $ | 8,690 | $ | 8,788 | $ | 8,304 | |||||
| Mortgage banking activities |
| 5,206 |
| 5,223 |
| 6,098 |
| 6,404 |
| 7,273 | |||||
| Other operating income |
| 18,289 |
| 15,653 |
| 15,158 |
| 14,692 |
| 15,379 | |||||
| Non-interest income | $ | 32,858 | $ | 30,378 | $ | 29,946 | $ | 29,884 | $ | 30,956 | |||||
Non-interest income amounted to $32.9 million for the first quarter of 2022, compared to $30.4 million for the fourth quarter of 2021. The $2.5 million increase in non-interest income was mainly due to:
- A $3.1 million increase in insurance income, included as part of Other operating income in the table above, reflecting the effect of seasonal contingent commissions of $3.0 million recorded in the first quarter of 2022 based on the prior year’s production of insurance policies.
Partially offset by:
- The effect in the fourth quarter of 2021 of a $0.6 million gain, included as part of Other operating income in the table above, related to the settlement and collection of an insurance claim associated with a damaged property.
NON-INTEREST EXPENSES
The following table sets forth information concerning non-interest expenses for the last five quarters:
| Quarter Ended | |||||||||||||||||||
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, | |||||||||||
| (In thousands) | 2022 |
| 2021 |
| 2021 |
| 2021 |
| 2021 | ||||||||||
| Employees’ compensation and benefits | $ | 49,554 |
| $ | 49,681 |
| $ | 50,220 |
| $ | 49,714 |
| $ | 50,842 | |||||
| Occupancy and equipment |
| 22,386 |
|
| 21,589 |
|
| 23,306 |
|
| 24,116 |
|
| 24,242 | |||||
| Deposit insurance premium |
| 1,673 |
|
| 1,253 |
|
| 1,381 |
|
| 1,922 |
|
| 1,988 | |||||
| Other insurance and supervisory fees |
| 2,235 |
|
| 2,127 |
|
| 2,249 |
|
| 2,360 |
|
| 2,362 | |||||
| Taxes, other than income taxes |
| 5,018 |
|
| 5,138 |
|
| 5,238 |
|
| 5,576 |
|
| 6,199 | |||||
| Professional fees: | |||||||||||||||||||
| Collections, appraisals and other credit-related fees |
| 909 |
|
| 874 |
|
| 1,451 |
|
| 1,080 |
|
| 1,310 | |||||
| Outsourcing technology services |
| 6,905 |
|
| 7,909 |
|
| 8,878 |
|
| 11,946 |
|
| 12,373 | |||||
| Other professional fees |
| 2,780 |
|
| 3,154 |
|
| 3,225 |
|
| 3,738 |
|
| 4,018 | |||||
| Credit and debit card processing expenses |
| 4,121 |
|
| 5,523 |
|
| 5,573 |
|
| 6,795 |
|
| 4,278 | |||||
| Business promotion |
| 3,463 |
|
| 5,794 |
|
| 3,370 |
|
| 3,225 |
|
| 2,970 | |||||
| Communications |
| 2,151 |
|
| 2,268 |
|
| 2,250 |
|
| 2,407 |
|
| 2,462 | |||||
| Net (gain) loss on OREO operations |
| (720 | ) |
| (1,631 | ) |
| (2,288 | ) |
| (139 | ) |
| 1,898 | |||||
| Merger and restructuring costs |
| 0 |
|
| 1,853 |
|
| 2,268 |
|
| 11,047 |
|
| 11,267 | |||||
| Other |
| 6,184 |
|
| 5,933 |
|
| 6,915 |
|
| 6,385 |
|
| 7,092 | |||||
| Total | $ | 106,659 |
| $ | 111,465 |
| $ | 114,036 |
| $ | 130,172 |
| $ | 133,301 | |||||
Non-interest expenses amounted to $106.7 million in the first quarter of 2022, a decrease of $4.8 million from $111.5 million in the fourth quarter of 2021. Included in non-interest expenses are the following Special Items:
- Merger and restructuring costs associated with the acquisition of BSPR of $1.9 million for the fourth quarter of 2021, which were mostly related to certain branch consolidations.
On a non-GAAP basis, adjusted non-interest expenses, excluding the effect of the Special Items mentioned above, amounted to $109.6 million for the fourth quarter of 2021. The $2.9 million decrease in the first quarter of 2022 in adjusted non-interest expenses reflects, among other things, the following significant variances:
- A $2.3 million decrease in business promotion expenses, mainly related to lower advertising and sponsorship expenses incurred during the quarter of approximately $1.7 million and a $0.6 million decrease in credit card loyalty reward program expense associated to lower historical trends of customer redemptions of such awards.
Contacts
First BanCorp.
Ramon Rodriguez
Senior Vice President
Corporate Strategy and Investor Relations
[email protected]
(787) 729-8200 Ext. 82179
