First Bancorp Pr (FBP) has reported 59.40 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $23.86 million, or $0.11 a share in the quarter, compared with $14.97 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 5.83 percent to $121.43 million from $114.75 million in the previous year period. Net interest income for the quarter dropped 3.31 percent over the prior year period to $121.06 million. Non-interest income for the quarter rose 1.70 percent over the last year period to $23.56 million.
First Bancorp Pr has made provision of $23.19 million for loan losses during the quarter, down 31.05 percent from $33.63 million in the same period last year.
Net interest margin improved 23 basis points to 4.30 percent in the quarter from 4.07 percent in the last year period. Efficiency ratio for the quarter improved to 58.24 percent from 65.77 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Aurelio Alemán, president and chief executive officer of First BanCorp., commented: "We are quite pleased with our results for the fourth quarter and fiscal year end 2016. Throughout the uncertain macroeconomic backdrop in Puerto Rico our institution continues to improve performance metrics and demonstrate improving earnings capabilities. We generated net income for the fourth quarter of $23.9 million, or $0.11 per diluted share, and $93.2 million, or $0.43 per diluted share for the year. Adjusted pre-tax pre-provision income reached $208 million for 2016 and efficiency ratio improved to 62% for the year.
Assets, liabilities fallTotal assets stood at $11,922.46 million as on Dec. 31, 2016, down 5.17 percent compared with $12,573.02 million on Dec. 31, 2015. On the other hand, total liabilities stood at $10,136.21 million as on Dec. 31, 2016, down 6.83 percent from $10,878.88 million on Dec. 31, 2015.
Deposits outpace loan growthNet loans stood at $8,731.28 million as on Dec. 31, 2016, down 3.34 percent compared with $9,033.16 million on Dec. 31, 2015. Deposits stood at $8,831.20 million as on Dec. 31, 2016, down 5.43 percent compared with $9,338.12 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,484.16 million or 16.81 percent of total deposits on Dec. 31, 2016, compared with $1,336.56 million or 14.31 percent of total deposits on Dec. 31, 2015.
Investments stood at $2,081.10 million as on Dec. 31, 2016, up 0.05 percent or $1.05 million from year-ago. Shareholders equity stood at $1,786.24 million as on Dec. 31, 2016, up 5.44 percent or $92.11 million from year-ago.
Return on average assets moved up 63 basis points to 0.80 percent in the quarter from 0.17 percent in the last year period. At the same time, return on average equity increased 403 basis points to 5.29 percent in the quarter from 1.26 percent in the last year period.
Nonperforming assets moved up 20.43 percent or $124.58 million to $734.52 million on Dec. 31, 2016 from $609.93 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 6.16 percent in the quarter, up from 4.85 percent in the last year period.
Average equity to average assets ratio was 15.10 percent for the quarter, up from 13.23 percent for the previous year quarter. Book value per share was $8.05 for the quarter, up 4.41 percent or $0.34 compared to $7.71 for the same period last year.
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