On a positive basis FirstBank


First BanCorp, the parent company of FirstBank, reported a $ 75.7 million increase in net income in the third quarter of 2021 from $ 70.6 million in the second quarter of 2021, reflecting the financial benefits from the newly integrated and expanded franchise. , Introduced by Aurelio Aleman, President and CEO of First BanCorp.

“The improvement in the economic environment in the markets in which we operate continues to shape our key performance indicators. Asset quality continued to improve and non-productive assets reached 0.81% of total assets, the lowest in a decade, ”Aleman said. “At $ 1.1 trillion, the disbursement of loans, including refinancing, was good,” he elaborated after admitting that the loan portfolio, although healthy, had shrunk mainly due to the effect of the SBA’s PPP loan forgiveness and the sale of 52. $ 5 million in outstanding loans. execution of home loans.

The CEO also indicated that e-channel adoption continues to grow significantly, registering 12% organic growth in digital banking users during the quarter. In addition, 40% of all deposits were processed through digital and self-service channels during the quarter.

Financial results

Total deposits excluding broker-provided deposits (brokerage deposits) and government deposits increased by $ 288.5 million to $ 14.1 billion as of September 30, 2021. The increase in deposits was due to an increase in deposit balances in line with market demand. Puerto Rico and Florida, counterbalanced by declining CDs in the Virgin Islands region.

Total loans decreased by $ 249.0 million in the quarter to $ 11.2 billion as of September 30, 2021. The decrease was due to a decrease of $ 180.4 million in commercial and construction loans and $ 156.8 million in residential mortgage loans, while there was an increase in consumer loans by $ 88.2 million.

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