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MarketScreener Homepage  >  Equities  >  Nyse  >  First BanCorp.    FBP   PR3186727065

FIRST BANCORP.

(FBP)
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FIRST BANCORP : PR/ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ("MD&A") (form 10-Q)

08/10/2020 | 04:35pm EST

SELECTED FINANCIAL DATA

                                                                   Quarter ended                Six-Month Period Ended

(In thousands, except for per share data and financial ratios)

                                                               June 30,                        June 30,
                                                               2020             2019            2020            2019

Condensed Income Statements:

             Total interest income                         $     158,616$     169,510$    323,880$     335,982
             Total interest expense                               23,406           26,964         50,021           53,255
             Net interest income                                 135,210          142,546        273,859          282,727
             Provision for credit losses                          39,014           12,534        116,380           23,942
             Non-interest income                                  20,892           22,223         51,092           44,766
             Non-interest expenses                                89,786           92,937        181,970          183,321
             Income before income taxes                           27,302           59,298         26,601          120,230
             Income tax expense                                    6,046           18,011          3,079           35,629
             Net income                                           21,256           41,287         23,522           84,601
             Net income attributable to common                    20,587           40,618         22,184           83,263
             stockholders

Per Common Share Results:

             Net earnings per share-basic                  $        0.09$        0.19$       0.10$        0.38
             Net earnings per share-diluted                $        0.09$        0.19$       0.10$        0.38
             Cash dividends declared                       $        0.05$        0.03$       0.10$        0.06
             Average shares outstanding                          216,920          216,674        216,853          216,507
             Average shares outstanding-diluted                  217,570          216,978        217,442          216,965
             Book value per common share                   $        9.99$        9.74$       9.99$        9.74
             Tangible book value per common share (1)      $        9.83$        9.57$       9.83$        9.57
Selected Financial Ratios (In Percent):
Profitability:
             Return on Average Assets                               0.63             1.33           0.36             1.38
             Interest Rate Spread                                   3.83             4.42           4.00             4.43
             Net Interest Margin                                    4.22             4.90           4.42             4.91
             Interest Rate Spread - tax equivalent basis            3.99             4.59           4.18             4.61
             (2)
             Net Interest Margin - tax equivalent basis             4.38             5.07           4.59             5.09
             (2)
             Return on Average Total Equity                         3.86             7.77           2.13             8.09
             Return on Average Common Equity                        3.80             7.90           2.05             8.23
             Average Total Equity to Average Total Assets          16.32            17.12          16.83            17.05
             Tangible common equity ratio (1)                      15.25            16.64          15.25            16.64
             Dividend payout ratio                                 52.68            16.00          97.75            15.60
             Efficiency ratio (3)                                  57.52            56.40          56.00            55.98

Asset Quality:

             Allowance for credit losses for loans and
             finance leases to total loans held for                 3.41             1.89           3.41             1.89
             investment
             Net charge-offs (annualized) to average loans          0.43             1.07           0.60             1.09
             Provision for credit losses for loans and            368.31            51.68         402.23            50.00
             finance leases to net charge-offs
             Non-performing assets to total assets                  2.16             3.06           2.16             3.06
             Nonaccrual loans held for investment to total          2.18             2.78           2.18             2.78
             loans held for investment
             Allowance for credit losses for loans and
             finance leases to total nonaccrual loans
             held for investment                                  156.54            67.96         156.54            67.96
             Allowance for credit losses for loans and
             finance leases to total nonaccrual loans
             held for investment, excluding residential           390.70           139.16         390.70           139.16
             real estate loans

Other Information:

             Common Stock Price: End of period             $        5.59$       11.04$       5.59$       11.04

                                                            As of June     As of December
                                                             30, 2020         31, 2019

Balance Sheet Data:
             Total loans, including loans held for sale    $   9,405,202$   9,041,682
             Allowance for credit losses for loans and           319,297          155,139
             finance leases
             Money market and investment securities, net
             of allowance for credit losses for debt           2,986,390        2,398,157
             securities
             Goodwill and other intangible assets                 34,246           35,671
             Deferred tax asset, net                             306,175          264,842
             Total assets                                     14,096,406       12,611,266
             Deposits                                         10,696,686        9,348,429
             Borrowings                                          974,150          854,150
             Total preferred equity                               36,104           36,104
             Total common equity                               2,125,460        2,185,205
             Accumulated other comprehensive income, net          53,270            6,764
             of tax
             Total equity                                      2,214,834        2,228,073


(1)Non-GAAP financial measures (as defined below). Refer to "Capital" below for additional information about the components and a reconciliation of these measures.

(2)On a tax-equivalent basis and excluding the changes in the fair value of derivative instruments (see "Net Interest Income" below for a reconciliation of these non-GAAP financial measures).

(3)Non-interest expenses to the sum of net interest income and non-interest income.




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The following MD&A relates to the accompanying unaudited consolidated financial
statements of First BanCorp. (the "Corporation," "we," "us," "our," or "First
BanCorp.") and should be read in conjunction with such financial statements and
the notes thereto and our Annual Report on Form 10-K for the year ended December
31, 2019. This section also presents certain financial measures that are not
based on generally accepted accounting principles in the United States ("GAAP").
See "Basis of Presentation" below for information about why the non-GAAP
financial measures are being presented and the reconciliation of non GAAP
financial measures to the most comparable GAAP financial measures for which the
reconciliation is not presented earlier.



EXECUTIVE SUMMARY



First BanCorp. is a diversified financial holding company headquartered in San
Juan, Puerto Rico offering a full range of financial products to consumers and
commercial customers through various subsidiaries. First BanCorp. is the holding
company of FirstBank Puerto Rico ("FirstBank" or the "Bank") and FirstBank
Insurance Agency. Through its wholly-owned subsidiaries, the Corporation
operates in Puerto Rico, the United States Virgin Islands ("USVI") and the
British Virgin Islands ("BVI"), and the State of Florida, concentrating on
commercial banking, residential mortgage loans, finance leases, credit cards,
personal loans, small loans, auto loans, and insurance agency activities.



RECENT DEVELOPMENTS



COVID-19 Pandemic



The novel coronavirus ("COVID-19") pandemic has had, and continues to have, an
adverse effect on the Corporation's business. The COVID-19 pandemic has severely
restricted the level of economic activity in the markets in which the
Corporation operates. Each of the jurisdictions in which the Corporation
operates has issued stay-at-home and non-essential business lockdown orders. In
response to the COVID-19 pandemic, Puerto Rico's Governor issued an executive
order implementing a stay-at-home mandate on March 15, 2020, which she
subsequently extended until May 3, 2020. In addition to mandating that every
citizen stay at home except to conduct certain essential activities, the order
set out a nightly curfew and a lockdown of non-essential businesses.
Subsequently, the governor instituted additional restrictive measures, including
limiting travel by car and requiring the use of protective equipment, such as
face masks, the maintenance of a distance of at least six feet between citizens,
and a curfew between 7 p.m. to 5 a.m. Some of these restrictions have been
modified. On May 4, 2020, the Puerto Rico government began to implement a
gradual reopening plan beginning with the finance and real estate sectors and
followed by the manufacturing and construction sectors in the middle of May.
Effective June 16, 2020, the Puerto Rico Government terminated the stay-at-home
order and reduced the curfew to 10 p.m. to 5 a.m. While most other parts of the
economy of Puerto Rico have reopened, under new guidelines that affect how
individuals interact and how businesses and government operate, the results for
the second quarter of 2020 continued to be adversely affected by reductions in
transaction volumes due to disruptions caused by the COVID-19 pandemic.



On July 3, 2020, the Puerto Rico Government established new requirements for
travelers entering Puerto Rico, including the requirement that a traveler obtain
a negative COVID-19 test result within 72 hours prior to arrival, and mandatory
quarantines in certain circumstances.



On July 16, 2020, amidst an increase in COVID-19 cases, Puerto Rico's Governor
issued an executive order that included, among other things, reimplementing
certain prior restrictions such as the closure of bars, gyms, marinas, theaters
and casinos and restrictions in the use of beaches, and extending the curfew
through July 31, 2020. Lastly, on July 31, 2020, Puerto Rico's Governor issued
an executive order that extended the curfew through August 15, 2020, extends the
closure and restrictions included in the July 16, 2020 order, and bans the sale
of alcohol and the operation of non-essential businesses on Sundays. As of
August 2, 2020, more than 7,000 people had tested positive for COVID-19 and over
200 deaths that were caused by or related to the illness have been reported,
according to data provided by the Puerto Rico government.





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The Corporation's businesses in the other jurisdictions in which it operates
have also been adversely affected by the COVID-19 pandemic. On March 26, 2020,
Florida's Governor issued a stay-at-home order, and the state began to reopen
essential operations through a phase-in process on May 4, 2020. On June 5, 2020,
portions of Florida entered phase 2 of their reopening process. In response to a
subsequent rise in the number of reported COVID-19 cases, state and local
officials reimplemented significant restrictions on local businesses and social
gatherings. Additionally, in the U.S. Virgin Islands, the government issued a
stay-at-home order on March 23, 2020. On March 30, 2020, the U.S. Virgin Islands
government issued an order extending the stay-at-home mandate through April 30,
2020 and then on April 29, 2020 issued an order lifting the stay-at-home order
and permitting certain categories of businesses to resume operations, subject to
safety protocols and limitations, effective May 4. The U.S. Virgin Islands
tourism-based economy reopened on June 1, 2020, with new requirements for
travelers and new guidance on how to conduct businesses while protecting the
public health. Due to the recent increase in COVID-19 cases, bars, gaming
centers and casinos are closed until further notice. The USVI is conducting
routine temperature checks and health screenings at the ports of entry. No
quarantine is required if travelers meet certain criteria. However, travelers
whose state of residence has a COVID-19 positivity rate greater than 10 percent
are required to produce evidence of a negative COVID-19 antigen test result that
was received within five days prior to travel to the USVI.



In light of the restrictions imposed by Puerto Rico, Florida and the Virgin
Islands, the Corporation modified its operations and the way it serves its
customers. For instance, the Corporation has implemented various steps to
protect its employees, consistent with guidance from federal and local
authorities, such as requiring that a majority of support staff work remotely,
implementing stricter safety and cleaning protocols, including measures for
contact tracing and preventive testing. Branches in Puerto Rico are operating
until 4:30 p.m. on weekdays and 1:00 p.m. on Saturdays. Although the
Corporation's branch transactions and ATM volumes have declined due to the
aforementioned quarantines and lockdowns, its digital and mobile banking
activities have increased. Digital monetary transactions, such as mobile
banking, have increased 32%, and the Corporation's digital banking users in
Puerto Rico have grown 26% since the beginning of the year.



The COVID-19 pandemic and its associated impacts on trade (including supply
chains and export levels), travel, underemployment and unemployment, consumer
spending, and residential, commercial, construction and other economic
activities have resulted in less economic activity, volatile equity market
valuations and significant volatility and disruption in financial markets. For
instance, on March 3, 2020, the Federal Reserve Board (the "FED") reduced the
target federal funds rate by 50 basis points, followed by an additional
reduction of 100 basis points on March 16, 2020. Governments globally intervened
with fiscal policies to mitigate the impact, including the Coronavirus Aid,
Relief, and Economic Security of 2020 (the "CARES Act of 2020") Act in the
United States ("U.S."), which intented to provide economic relief to businesses
and individuals. Some of these provisions may improve the ability of impacted
borrowers to repay their loans, including by providing direct cash payments to
eligible taxpayers below specified income limits, including Puerto Rico
residents, expanded unemployment insurance benefits and eligibility, and relief
designed to prevent layoffs and business closures at small businesses. On April
22, 2020, the Puerto Rico government announced that it received over $2.2
billion from the U.S. Treasury Department as part of the CARES Act stimulus
package. The plan allocates funding for three main components: (i) testing,
contact tracing, isolation and treatment; (ii) reactivating the economy and
protecting jobs; and (iii) continuity of government services. In addition, the
Puerto Rico Government and the PROMESA oversight board have allocated over $900
million intented to stimulate the Puerto Rico economy and provide cash flow
relief to those affected by the COVID-19 pandemic. Unemployed workers had been
receiving a $600 per week supplementary unemployment benefit provided by the
CARES Act of 2020, a benefit that expired on July 31, 2020. On August 8, 2020,
the U.S. President signed an executive order and three memorandums that, if
implemented, would extend the supplementary unemployment benefit at a rate of
$400 per week and defer through the end of the year payroll taxes for workers
earning less than $100,000 a year, among other things. As announced, States will
be asked to cover 25% of the cost of the supplementary unemployment benefit. The
termination or further reductions to the supplementary unemployment benefit
could adversely affect the ability of borrowers to repay their loans.



Consistent with regulatory guidance that endorses constructive arrangements with
borrowers affected by COVID-19, the Corporation adopted payment deferral and
relief programs in March 2020. As of June 30, 2020, the Corporation had under
deferred repayment arrangements 76,205 loans, totaling $3.4 billion, or 36%, of
its total loan portfolio held for investment, consisting of 5,860 residential
mortgage loans, totaling $849.6 million, 69,619 consumer loans, totaling $784.0
million, and 726 commercial and construction loans, totaling $1.7 billion.



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Loans under repayment moratoriums decreased during the month of July to $1.8
billion, or 20%, of the total loan portfolio held for investment as of July 30,
2020, primarily due to borrowers who have resumed their scheduled payments. The
$1.8 billion of loans under deferred repayment arrangements as of July 31, 2020
consisted of 3,974 residential mortgage loans, totaling $623.1 million, 32,791
consumer loans, totaling $240.0 million, and 333 commercial and construction
loans, totaling $966.7 million (for additional information about these programs,
refer to "Financial Condition and Operating Data Analysis - Early Delinquency.")



In addition, the Corporation is participating in the Small Business
Administration ("SBA") Paycheck Protection Program ("PPP") to help provide loans
to the Corporation's small business customers to provide them with additional
working capital. During the second quarter of 2020, the Corporation originated
5,423 loans under this program, totaling approximately $375.2 million, of which
$368.7 million (book value as of June 30, 2020 of $359.6 million) was still
outstanding as of June 30, 2020. Furthermore, as of July 31, 2020, the
Corporation had received approval for 632 additional client applications and
funded $14.9 million during the month of July.



The Corporation's financial results included a provision for credit losses on
loans, finance leases and debt securities of $39.0 million and $116.4 million
for the second quarter and first six months of 2020, respectively. The provision
includes reserve builds of $29.1 million (i.e., the amount by which the
provision for credit losses of $39.0 million exceeds net charge-offs of $9.9
million) in the second quarter of 2020 and $88.9 million (i.e., the amount by
which the provision for credit losses of $116.4 million exceeds net charge-offs
of $27.5 million) during the first six months of 2020, largely related to the
effect of the COVID-19 pandemic on current and forecasted economic and market
conditions. In addition, the stay-at-home and lock down orders have adversely
affected the Corporation's transaction fee income, such as that from credit and
debit cards, automated teller machines (ATMs), and point-of-sale (POS)
transactions, which decreased by $1.8 million during the second quarter of 2020,
as compared to the same period in 2019. In addition, service charges on deposit
accounts decreased by $1.4 million in the second quarter of 2020, compared to
the second quarter of 2019. Further, the lower interest rate environment and
disruptions in the origination of loans and closing processes have adversely
affected the Corporation's net interest income and reduced the net interest
margin by 68 basis points to 4.22% for the second quarter of 2020 compared to
4.90% for the same period a year ago. Nevertheless, as of June 30, 2020, the
Corporation's and the Bank's capital ratios were well in excess of all
regulatory capital requirements and the Corporation maintained high liquidity
levels with the cash and liquid securities to total assets ratio exceeding
21.0%, compared to 15.8% as of December 31, 2019. As of June 30, 2020, the
Corporation had approximately $386.4 million in available unused lines at the
Federal Home Loan Bank ("FHLB") and approximately $997.1 million available for
borrowings through the Primary Credit FED Discount Window Program, if needed. As
a result of payments received by individuals and commercial customers from
government stimulus packages, as well as the effects of payment deferral
programs and reductions in consumer spending, total non-brokered deposits
increased during the second quarter by $1.2 billion to $10.1 billion as of June
30, 2020, compared to $8.9 billion as of March 31, 2020. While management
believes that we have sufficient capital to withstand an extended economic
recession brought about by the COVID-19 pandemic, our financial results and
regulatory capital ratios could be adversely impacted by further credit losses
and we are unable to predict the extent, nature or duration of the effects of
COVID-19 on our results of operations and financial condition at this time.



Update on Pending Acquisition of Banco Santander Puerto Rico




On July 28, 2020, the Corporation announced that it has received all requisite
regulatory approvals for the completion of the previously announced acquisition
of Banco Santander Puerto Rico ("BSPR") by FirstBank. It has received approvals
from the Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation and the Office of the Commissioner of Financial
Institutions of Puerto Rico. Subject to the satisfaction of the remaining
customary conditions to closing, the Corporation expects to complete the
acquisition by September 1, 2020. The Form 8-K filed by the Corporation with the
Securities and Exchange Commission on October 22, 2019, which includes the stock
purchase agreement as an exhibit, provides additional information about the
conditions to completing the transaction.



On a pro forma basis based on June 30, 2020 figures, upon closing of the
transaction, FirstBank expects to have approximately $18.8 billion in assets, a
$12 billion loan portfolio, $15.4 billion of deposits, and approximately 650,000
customers. In addition, FirstBank expects to have 450 ATMs, 73 branches, and
more than 3,500 employees.



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OVERVIEW OF RESULTS OF OPERATIONS




First BanCorp.'s results of operations depend primarily on its net interest
income, which is the difference between the interest income earned on its
interest-earning assets, including investment securities and loans, and the
interest expense incurred on its interest-bearing liabilities, including
deposits and borrowings. Net interest income is affected by various factors,
including: the interest rate environment; the volumes, mix and composition of
interest-earning assets and interest-bearing liabilities; and the re-pricing
characteristics of these assets and liabilities. The Corporation's results of
operations also depend on the provision for credit losses, non-interest expenses
(such as personnel, occupancy, the deposit insurance premium and other costs),
non-interest income (mainly service charges and fees on deposits, and insurance
income), gains (losses) on sales of investments, gains (losses) on mortgage
banking activities, and income taxes.



The Corporation had net income of $21.3 million, or $0.09 per diluted common
share, for the quarter ended June 30, 2020, compared to $41.3 million, or $0.19
per diluted common share, for the same period in 2019.



The key drivers of the Corporation's GAAP financial results for the quarter ended June 30, 2020, compared to the same period in 2019, include the following:




?Net interest income for the quarter ended June 30, 2020 was $135.2 million,
compared to $142.5 million for the second quarter of 2019. The decrease of $7.3
million was primarily related to: (i) a $7.5 million decrease in interest income
on commercial and construction loans, primarily associated with the downward
repricing of variable-rate commercial loans due to declines in short-term market
interest rates, partially offset by an increase in the average balance of these
portfolios that was driven by SBA PPP loans originated during the second quarter
of 2020; (ii) a $3.5 million decrease in interest income on residential mortgage
loans, primarily due to a decrease of 227.8 million in the average balance of
this portfolio; (iii) a $3.1 million decrease in interest income from
interest-bearing cash balances, primarily deposits maintained at the Federal
Reserve Bank of New York ("New York FED"), due to declines in the Federal Funds
target rate; and (iv) a $0.2 million decrease in interest income on investment
securities mainly related to a $2.0 million increase in the premium amortization
expense on U.S. agencies mortgage-backed securities ("MBS"), a $1.0 million
decrease in interest income on U.S. agencies bonds, driven by lower yields
available on purchases, and a $0.4 million decrease related to the downward
repricing of Puerto Rico municipalities bonds tied to the decrease in short-term
market interest rates, partially offset by an increase in interest income of
approximately $3.0 million due to a $512.2 million increase in the average
balance of investment securities.



These variances were partially offset by: (i) a $3.6 million decrease in total
interest expense, reflecting a reduction of approximately $3.5 million
attributable to the lower average interest rate paid on interest-bearing
checking, savings and non-brokered time deposits, a $1.0 million decrease
associated with the $222.6 million decrease in the average balance of FHLB
advances, and a $0.8 million decrease related to the downward repricing of
junior subordinated debentures tied to decreases in the three-month LIBOR index,
partially offset by an increase of approximately $1.4 million in interest
expense related to a $715.3 million in the average balance of interest-bearing
deposits; and (ii) a $3.4 million increase in interest income on consumer loans,
primarily related to a $227.4 million increase in the average balance of this
portfolio.



The net interest margin decreased to 4.22% for the second quarter of 2020,
compared to 4.90% for the same period a year ago. The decrease was primarily due
to the effect of the low interest rate environment on the repricing of variable
rate commercial loans and interest-bearing cash balances, as well as on the U.S.
agencies premium amortization expense. In addition, net interest margin was
adversely affected by a higher proportion of low-yielding assets, such as the
interest-bearing cash balances, U.S agencies bonds and MBS, and SBA PPP loans,
to total interest-earning assets, partially offset by the decrease in the
average interest rate paid on interest-bearing deposits.





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?The provision for credit losses on loans, finance leases, and debt securities
increased by $26.5 million to $39.0 million for the second quarter of 2020,
compared to $12.5 million for the same period in 2019, driven by the reserve
build of $29.1 million in the second quarter of 2020, which reflects the adverse
effect of the COVID-19 pandemic on current and forecasted economic conditions.
Effective January 1, 2020, the Corporation adopted the current expected credit
loss impairment model ("CECL") required by Accounting Standards Codification
("ASC") Topic 326 ("ASC 326"), which replaced the incurred loss methodology. ASC
326 does not require restatement of comparative period financial statements; as
such, results for the second quarter and first six months of 2020 reflect the
adoption of ASC 326, while prior periods reflect results under the previously
required incurred loss methodology. The adoption of ASC 326 resulted in a
cumulative increase of approximately $93.2 million in the allowance for credit
losses ("ACL") as of January 1, 2020.



Net charge-offs totaled $9.9 million for the second quarter of 2020, or 0.43% of
average loans on an annualized basis, compared to $24.3 million, or 1.07% of
average loans for the same period in 2019. The decrease consisted of an $11.4
million decline in net charge-offs taken on commercial and construction loans, a
$2.4 million decrease in net charge-offs taken on residential mortgage loans,
and a $0.6 million decrease in net charge-offs taken on consumer loans. The
decrease in net-charge offs on commercial and construction loans primarily
reflects the effect of an $11.4 million charge-off taken on a commercial
mortgage loan in the Florida region in the prior year period. Meanwhile, the
decrease in net charge-offs taken on residential mortgage and consumer loans
reflects, in part, the effect of the deferred repayment arrangements provided to
borrowers affected by the COVID-19 pandemic that maintained the delinquency
status that existed at the date of the event until the end of the deferral
period. See "Provision for credit losses" and "Risk Management" below for
analyses of the ACL and non-performing assets and related ratios.



?The Corporation recorded non-interest income of $20.9 million for the second
quarter of 2020, compared to $22.2 million for the same period in 2019. The $1.3
million decrease was primarily related to: (i) a $1.8 million decrease in
transactional fee income from credit and debit cards, ATMs, POS, and
merchant-related activity, primarily reflecting lower retail sales volume due to
disruptions caused by quarantines and lockdowns of non-essential businesses in
connections with the COVID-19 pandemic, which in Puerto Rico were imposed in
mid-March of 2020; (ii) a $1.4 million decrease in service charges on deposits
accounts, primarily related to a reduction in the number of returned checks,
paid items, overdraft and cash management fee transactions resulting from
disruptions in business activities caused by the COVID-19 pandemic; (iii) a $0.7
million decrease in revenues from mortgage banking activities, primarily related
to a lower volume of conforming loan sales affected by disruptions caused by the
COVID-19 pandemic; (iv) a $0.7 million decrease in fees and commissions for
other banking services, such as mail and cable transmission, official checks,
safe deposits and insurance referrals, among others; and (v) a $0.6 million
decrease in insurance commission income.



These variances were partially offset by a $4.4 million increase in gains from
hurricane-related insurance recoveries, related to a $5.0 million benefit in the
second quarter of 2020 resulting from the final settlement of the Corporation's
business interruption insurance claim associated with lost profits caused by
Hurricanes Irma and Maria in 2017. See "Non-Interest Income" below for
additional information.



?Non-interest expenses for the second quarter of 2020 were $89.8 million
compared to $92.9 million for the same period in 2019. The $3.1 million decrease
was primarily related to: (i) a $4.2 million decrease in losses from OREO
operations, primarily related to a $3.3 million decrease in write-downs and
losses on sales of OREO properties; (ii) a $1.6 million decrease in business
promotion expenses, primarily related to lower advertising, marketing, and
sponsorships activities, as well as lower costs related to the credit card
rewards program; (iii) a $1.3 million decrease in employees' compensation and
benefits, driven by a $2.7 million increase in deferred loan origination costs
in connection with the origination of SBA PPP loan, which was partially offset
by expenses of $1.7 million recorded in the second quarter of 2020 in connection
with bonuses paid to branch personnel and other essential employees for working
during the pandemic, as well as employee-related expenses, such as expenses for
the administration of COVID-19 tests and purchases of personal protective
equipment; and (iv) a $0.4 million decrease in traveling and mileage expenses.





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The decrease was partially offset by: (i) merger and restructuring costs of $2.9
million in connection with the pending acquisition of BSPR; (ii) a $0.5 million
increase in occupancy and equipment expenses, driven by expenses of $0.9 million
recorded in the second quarter of 2020 related to COVID-19 pandemic response
efforts, including additional cleaning and security protocol expenses; and (ii)
a $0.3 million increase in professional fees, including a $1.8 million increase
in outsourced technology fees, primarily associated with the platform used for
the origination of SBA PPP loans, partially offset by a $0.9 million decrease in
consulting and legal expenses, and a $0.6 million decrease in collection fees,
appraisals and title-related matters.



?For the second quarter of 2020, the Corporation recorded an income tax expense
of $6.0 million, compared to $18.0 million for the same period in 2019. The
variance was mostly attributable to an income tax benefit of approximately $9.9
million recorded in the second quarter of 2020 in connection with higher charges
to the provision for credit losses for loans and debt securities due to the
effect of the COVID-19 pandemic on forecasted economic conditions, as well as a
decrease in the effective tax rate resulting from a decreased taxable income
proportionate to pre-tax income. As of June 30, 2020, the Corporation had a
deferred tax asset of $306.2 million (net of a valuation allowance of $87.3
million, including a valuation allowance of $50.8 million against the deferred
tax assets of the Corporation's banking subsidiary, FirstBank). See "Income
Taxes" below for additional information. On January 1, 2020, the Corporation
recognized an additional $31.3 million in deferred tax assets in connection with
the transitional adjustment resulting from the adoption of the CECL accounting
standard.



?As of June 30, 2020, total assets were $14.1 billion, an increase of $1.5
billion from December 31, 2019. The increase was primarily related to a $657.4
million increase in cash and cash equivalents, attributable, among other things,
to additional liquidity in connection with the growth in total deposits, and a
$599.6 million increase in available-for-sale investment securities, driven by
purchases of U.S. agencies bonds and MBS. In addition, there was a $363.5
million increase in total loans, consisting of a $393.9 million increase in
commercial and construction loans, including SBA PPP loans with a book value of
$359.6 million as of June 30, 2020, and a $13.6 million increase in consumer
loans, partially offset by a $44.0 million decrease in residential mortgage
loans. These increases were partially offset by a $164.2 million increase in the
ACL for loans and finance leases in connection with the cumulative effect of
adopting ASC 326 on January 1, 2020 and the reserves build during the first half
of 2020. See "Financial Condition and Operating Data Analysis" below for
additional information.



?As of June 30, 2020, total liabilities were $11.9 billion, an increase of $1.5
billion from December 31, 2019. The increase was mainly due to a $1.1 billion
increase in total deposits, excluding brokered deposits and government deposits,
a $155.4 million increase in government deposits, a $124.8 million increase in
non-maturity brokered deposits, and a $200 million increase in the reported
balance of repurchase agreements, reflecting the effect of the aforementioned
cancellation of reverse repurchase agreements that were previously offset
against variable-rate repurchase agreements in the consolidated statements of
financial condition.


These variances were partially offset by an $80.0 million decrease in FHLB advances and a $71.7 million decrease in brokered certificates of deposit ("CDs"). See "Risk Management - Liquidity Risk and Capital Adequacy" below for additional information about the Corporation's funding sources.




?As of June 30, 2020, the Corporation's stockholders' equity was $2.2 billion, a
decrease of $13.2 million from December 31, 2019. The decrease was driven by the
$62.3 million transition adjustment related to the adoption of CECL that was
recorded against beginning retained earnings, and common and preferred stock
dividends declared in the first six months of 2020 totaling $23.2 million,
partially offset by the earnings generated in the first half of 2020, and an
increase of approximately $46.5 million in other comprehensive income ("OCI")
related to changes in the fair value of available-for-sale investment
securities. The Corporation's common equity tier 1 capital, tier 1 capital,
total capital and leverage ratios were 21.52%, 21.90%, 25.08% and 15.23%,
respectively, as of June 30, 2020, compared to common equity tier 1 capital,
tier 1 capital, total capital and leverage ratios of 21.60%, 22.00%, 25.22%, and
16.15%, respectively, as of December 31, 2019. As permitted by the regulatory
capital framework, the Corporation elected the option to delay for two years the
effect of the estimate of the CECL methodology on regulatory capital, relative
to the incurred loss methodology's effect on capital, followed by a three-year
transition period. See "Risk Management - Capital" below for additional
information.





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?Total loan production, including purchases, refinancings, renewals and draws
from existing revolving and non-revolving commitments, but excluding the
utilization activity on outstanding credit cards, was $902.9 million for the
quarter ended June 30, 2020, compared to $885.4 million for the same period in
2019. The variance consisted of an increase of $187.4 million in commercial and
construction loans originations, driven by the approximately $375.2 million of
SBA PPP loans originated in the second quarter of 2020, partially offset by
reductions of $158.5 million and $11.5 million in consumer and residential
mortgage loan originations, respectively. The reductions of consumer and
residential mortgage loans reflect the effect of disruptions in the loan
underwriting and closing process caused by the COVID-19 pandemic, including as a
result of quarantines and the lockdown of non-essential businesses measures that
began in Puerto Rico on March 16, 2020 and continued until May 3, 2020. On May
4, 2020, the Puerto Rico government began to implement a gradual reopening
planning beginning with the finance and real estate sectors, while the retail
auto sales sector reopened in late-May. Notwithstanding the decrease in consumer
loan originations, as compared to the second quarter of 2019, auto loans and
finance leases originations picked up in the month of June after the re-opening,
with originations over $40 million and $15 million, respectively, which are
volumes consistent with pre-COVID-19 pandemic levels.



?Total non-performing assets were $303.8 million as of June 30, 2020, a decrease
of $13.6 million from December 31, 2019. The decrease was primarily related to a
$5.0 million decrease in nonaccrual commercial and construction loans, including
the payoff of a $2.0 million commercial mortgage loan in the Virgin Islands and
the restoration to accrual status of $1.7 million of loans related to a
commercial mortgage borrower in the Puerto Rico region, a $2.6 million decrease
in nonaccrual consumer loans, and a $5.3 million decrease in the OREO portfolio
balance. See "Risk Management - Non-Accruing and Non-Performing Assets" below
for additional information.



?Adversely classified commercial and construction loans decreased by $103.0
million to $117.5 million as of June 30, 2020, compared to December 31, 2019.
The decrease was driven by the upgrade in the credit risk classification of a
$117.5 million commercial mortgage loan relationship in the Puerto Rico region
during the first quarter of 2020. While approximately 95% of the Corporation's
small business banking customers and 100% of the corporate banking customers had
reopened their businesses during the second quarter of 2020, the Corporation is
closely monitoring reinstatement of closings of certain non-essential businesses
in response to the recent increase in COVID-19 cases in both Puerto Rico and
Florida, the payment performance after the end of payment deferral periods, and
the performance of different sectors of the economy in all the markets where the
Corporation operates.

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The Corporation's financial results for the second quarter and first six months
of 2020 and 2019 included the following 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"):



Quarter and Six-Month Period Ended June 30, 2020




?A $0.2 million loss and an $8.1 million gain on sales of U.S. agencies MBS
recorded in the second quarter and six-month period ended June 30, 2020,
respectively. The sales were recorded at the tax-exempt international banking
entity subsidiary; thus, there were no effect on the income tax expense recorded
in the second quarter and first six months of 2020.



?A $5.0 million ($3.1 million after-tax) benefit recorded in the second quarter
of 2020 resulting from the final settlement of the Corporation's business
interruption insurance claim related to lost profits caused by Hurricanes Irma
and Maria in 2017.



?Costs of $3.0 million ($1.9 million after-tax) and $3.3 million ($2.1 million
after-tax) related to the COVID-19 pandemic response efforts recorded in the
second quarter and six-month period ended June 30, 2020, respectively, including
approximately $1.7 million in bonuses paid to branch personnel and other
essential employees for working during the pandemic during the second quarter,
as well as other employee-related expenses such as expenses for the
administration of COVID-19 tests and purchases of personal protective equipment.



?Merger and restructuring costs of $2.9 million ($1.8 million after-tax) and
$3.7 million ($2.3 million after-tax) for the second quarter and six-month
period ended June 30, 2020, respectively, in connection with the previously
announced stock purchase agreement with Santander Holdings USA, Inc. relating to
the Corporation's acquisition of BSPR and related restructuring initiatives.



?A $1.2 million ($0.7 million after-tax) benefit recorded in the first quarter
of 2020 resulting from insurance recoveries associated with hurricane-related
expenses incurred primarily in the Puerto Rico region.



Quarter and Six-Month Period Ended June 30, 2019




· A $0.8 million ($0.5 million after-tax) benefit recorded in the second quarter
of 2019 resulting from hurricane-related insurance recoveries related to repair
and maintenance costs and impairments associated with facilities in the British
Virgin Islands.



· A $6.4 million ($4.0 million after-tax) positive effect on earnings recorded
in the first quarter of 2019 related to net loan loss reserve releases resulting
from revised estimates of the hurricane-related qualitative reserves associated
with the effects of Hurricanes Irma and Maria, primarily related to consumer and
commercial loans. See "Provision for Credit Losses" below for additional
information.



· A $2.3 million expense recovery recorded in the first quarter of 2019 related
to an employee retention benefit payment (the "Benefit") received by the Bank
under the Disaster Tax Relief and Airport Extension Act of 2017, as amended (the
"Disaster Tax Relief Act"). The Benefit was recorded as an offset to employees'
compensation and benefits expenses and was not treated as taxable income by
virtue of the Disaster Tax Relief Act.





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The following table reconciles for the quarter and six-month periods ended June
30, 2020 and 2019 the reported net income to adjusted net income, a non-GAAP
financial measure that excludes the Special Items identified above:



                                                                                      Six-month period ended
                                                         Quarter ended June 30,              June 30,
                                                           2020            2019         2020          2019
(In thousands)
Net income, as reported (GAAP)                         $      21,256$   41,287$   23,522$   84,601
Adjustments:
Loss (gain) on sales of investment securities                    155             -      (8,092)
Merger and restructuring costs                                 2,902             -        3,747             -
COVID-19 pandemic-related expenses                             2,961             -        3,324
Hurricane-related loan loss reserve release                        -             -            -       (6,425)

Employee retention benefit - Disaster Tax Relief and Airport Extension Act of 2017

                                      -             -            -       (2,317)

Benefit from hurricane-related insurance recoveries (5,000)

  (820)      (6,153)         (820)
Income tax impact of adjustments (1)                           (324)           308        (345)         2,717
Adjusted net income (Non-GAAP)                         $      21,950    $   

40,775 $ 16,003$ 77,756

(1)See "Basis of Presentation" below for the individual tax impact related to reconciling items.


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Critical Accounting Policies and Practices




The accounting principles of the Corporation and the methods of applying these
principles conform to GAAP. The Corporation's critical accounting policies
relate to: 1) the allowance for credit losses; 2) income taxes; 3) the
classification and values of financial instruments; and 4) income recognition on
loans. These critical accounting policies involve judgments, estimates and
assumptions made by management that affect the amounts recorded for assets,
liabilities and contingent liabilities as of the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting periods. Actual results could differ from estimates, if different
assumptions or conditions prevail. Certain determinations inherently require
greater reliance on the use of estimates, assumptions, and judgments and, as
such, have a greater possibility of producing results that could be materially
different than those originally reported.



The Corporation's critical accounting policies are described in Management's
Discussion and Analysis of Financial Condition and Results of Operations
included in First BanCorp.'s Annual Report on Form 10-K for the fiscal year
ended December 31, 2019 (the "2019 Annual Report on Form 10-K"). In connection
with our adoption of CECL on January 1, 2020, the Corporation has updated its
critical accounting policy for the allowance for credit losses.



Allowance for Credit Losses




The Corporation maintains an ACL for loans and finance leases, which is
management's estimate of the expected credit losses in the loan portfolio, at
the balance sheet date, excluding loans held for sale. Additionally, the
Corporation maintains an ACL for debt securities classified as either
held-to-maturity (HTM) or available-for-sale (AFS), and other off-balance sheet
credit exposures (e.g., unfunded loan commitments). In connection with the
adoption of CECL, the Corporation updated its approach for estimating expected
credit losses, which includes new areas for management judgment, described more
fully below, and updated its accounting policies. For more information, see Note
1, - Basis of Presentation and Significant Accounting Policies, to the
accompanying unaudited consolidated financial statements in this Form 10-Q. For
loans and finance leases, unfunded loan commitments, and HTM debt securities,
the ACL is measured based on the remaining contractual term of the financial
asset exposures, adjusted, as appropriate, for prepayments and permitted
extension options using historical experience, current conditions, and
forecasted information. For AFS debt securities, the ACL is measured using a
discounted cash flow approach and is limited to the difference between the fair
value of the security and its amortized cost. Changes in the ACL and, therefore,
in the related provision for credit losses can materially affect net income. In
applying the judgment and review required to determine the ACL, management
considerations include the evaluation of past events, historical experience,
changes in economic forecasts and conditions, customer behavior, collateral
values, and the length of the initial loss forecast period, and other
influences. From time to time, changes in economic factors or assumptions,
business strategy, products or product mix, or debt security investment strategy
may result in a corresponding increase or decrease in our ACL.





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The Corporation's methodology for estimating the ACL under CECL for applicable loans and debt securities includes the following key components:




?Forecasted economic variables, such as, unemployment rate, home and commercial
real estate prices, and gross domestic product (GDP), are used to estimate
expected credit losses. The Corporation has currently set an initial forecast
period ("reasonable and supportable period") of 2 years and a reversion period
of up to 3 years, utilizing a straight-line approach and reverting back to the
historical macroeconomic mean for Puerto Rico and the Virgin Islands regions.
For the Florida region, the methodology considers a reasonable and supportable
forecast period and an implicit reversion towards the historical trend that
varies for each macroeconomic variable, achieving the steady state by year 5.



?After the reversion period, a historical loss forecast period covering the remaining contractual life, adjusted for prepayments, is used based on the change in key historical economic variables during representative historical expansionary and recessionary periods.




?The ACL for loans, unfunded loan commitments, and HTM debt securities is
primarily measured based on a probability of default (PD)/loss given default
(LGD) modeled approach. The current fair value of collateral is utilized to
assess the expected credit losses when a financial asset is considered to be
collateral dependent.



?The ACL on a troubled debt restructured ("TDR") loan is generally measured
using a discounted cash flow method unless the loan is collateral dependent, in
which case the ACL is measured based on the fair value of the collateral. The
discounted cash flow method will provide the estimated life-time credit losses.
For credit card, personal, and nonaccrual auto loans and finance leases modified
in a TDR, the ACL is measured using the same methodologies as those used for all
other loans in those portfolios.



?The remaining contractual term of a loan is adjusted for expected prepayments,
as appropriate. The contractual term excludes expected extensions, renewals, and
modifications unless either of the following applies: the Corporation has a
reasonable expectation at the reporting date that a TDR will be executed with an
individual borrower or the extension or renewal options are included in the
original or modified contract at the reporting date and are not unconditionally
cancellable by the Corporation.



RESULTS OF OPERATIONS



Net Interest Income



Net interest income is the excess of interest earned by First BanCorp. on its
interest-earning assets over the interest incurred on its interest-bearing
liabilities. First BanCorp.'s net interest income is subject to interest rate
risk due to the repricing and maturity mismatch of the Corporation's assets and
liabilities. Net interest income for the quarter and six-month period ended June
30, 2020 was $135.2 million and $273.9 million, respectively, compared to $142.5
million and $282.7 million for the comparable periods in 2019. On a
tax-equivalent basis and excluding the changes in the fair value of derivative
instruments, net interest income for the quarter and six-month period ended June
30, 2020 was $140.3 million and $284.6 million, respectively, compared to $147.5
million and $293.0 million for the comparable periods in 2019.



The following tables include a detailed analysis of net interest income for the
indicated periods. Part I presents average volumes (based on the average daily
balance) and rates on an adjusted tax-equivalent basis and Part II presents,
also on an adjusted tax-equivalent basis, the extent to which changes in
interest rates and changes in the volume of interest-related assets and
liabilities have affected the Corporation's net interest income. For each
category of interest-earning assets and interest-bearing liabilities, the tables
provide information on changes in (i) volume (changes in volume multiplied by
prior period rates) and (ii) rate (changes in rate multiplied by prior period
volumes). The Corporation has allocated rate-volume variances (changes in rate
multiplied by changes in volume) to either the changes in volume or the changes
in rate based upon the effect of each factor on the combined totals.



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The net interest income is computed on an adjusted tax-equivalent basis and excluding the change in the fair value of derivative instruments. For the definition and reconciliation of this non-GAAP financial measure, refer to the discussion in "Basis of Presentation" below.



Part I
                                       Average Volume            Interest income (1) / expense        Average Rate (1)
   Quarter ended June 30,            2020           2019            2020               2019            2020       2019
   (Dollars in thousands)

   Interest-earning assets:

Money market and other $ 1,073,669$ 590,517 $ 283 $ 3,440 0.11 % 2.34 %

short-term investments

   Government obligations (2)         737,301        720,106             5,263              7,254      2.87 %     4.04 %
   MBS                              1,787,611      1,285,812            12,340             10,316      2.78 %     3.22 %
   FHLB stock                          31,684         41,720               490                657      6.22 %     6.32 %
   Other investments                    6,267          3,030                10                  7      0.64 %     0.93 %
   Total investments (3)            3,636,532      2,641,185            18,386             21,674      2.03 %     3.29 %
   Residential mortgage loans       2,847,192      3,075,037            37,812             41,350      5.34 %     5.39 %
   Construction loans                 169,508         91,711             2,185              1,511      5.18 %     6.61 %
   Commercial and Industrial and    3,944,614      3,809,702            46,755             54,693      4.77 %     5.76 %

Commercial mortgage loans

   Finance leases                     429,286        360,224             7,747              6,735      7.26 %     7.50 %
   Consumer loans                   1,857,278      1,698,944            50,866             48,477     11.02 %    11.44 %
   Total loans (4) (5)              9,247,878      9,035,618           145,365            152,766      6.32 %     6.78 %

Total interest-earning assets $ 12,884,410$ 11,676,803$ 163,751$ 174,440 5.11 % 5.99 %

Interest-bearing liabilities:

   Brokered CDs                  $    418,246$    509,102   $         2,270    $         2,782      2.18 %     2.19 %
   Other interest-bearing           6,987,301      6,181,141            14,727             16,321      0.85 %     1.06 %
   deposits
   Loans payable                       29,451              -                18                  -      0.25 %        - %
   Other borrowed funds               484,150        284,150             3,521              4,034      2.92 %     5.69 %
   FHLB advances                      517,363        740,000             2,870              3,827      2.23 %     2.07 %
   Total interest-bearing        $  8,436,511$  7,714,393$        23,406$        26,964      1.12 %     1.40 %
   liabilities
   Net interest income                                         $       140,345$       147,476
   Interest rate spread                                                                                3.99 %     4.59 %
   Net interest margin                                                                                 4.38 %     5.07 %


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                                        Average Volume            Interest 

income (1) / expense Average Rate (1)

   Six-Month Period Ended June        2020           2019            2020               2019            2020       2019
   30,
   (Dollars in thousands)

   Interest-earning assets:

Money market and other $ 922,188$ 540,559 $ 2,545 $ 6,269 0.55 % 2.34 %

short-term investments

   Government obligations (2)          609,636        742,553            10,564             14,730      3.48 %     4.00 %
   MBS                               1,777,327      1,309,650            26,349             22,213      2.98 %     3.42 %
   FHLB stock                           32,537         41,825             1,086              1,353      6.71 %     6.52 %
   Other investments                     5,968          3,054                21                 13      0.71 %     0.86 %
   Total investments (3)             3,347,656      2,637,641            40,565             44,578      2.44 %     3.41 %
   Residential mortgage loans        2,869,001      3,098,574            76,467             83,169      5.36 %     5.41 %
   Construction loans                  145,814         88,615             4,066              2,840      5.61 %     6.46 %
   Commercial and Industrial and     3,812,042      3,767,329            94,727            107,975      5.00 %     5.78 %
   Commercial mortgage loans
   Finance leases                      425,513        351,058            15,666             13,121      7.40 %     7.54 %
   Consumer loans                    1,870,278      1,669,009           103,176             94,555     11.09 %    11.42 %
   Total loans (4) (5)               9,122,648      8,974,585           294,102            301,660      6.48 %     6.78 %

Total interest-earning assets $ 12,470,304$ 11,612,226$ 334,667$ 346,238 5.40 % 6.01 %

Interest-bearing liabilities:

   Brokered CDs                   $    423,676$    516,141   $         4,722    $         5,469      2.24 %     2.14 %
   Other interest-bearing            6,783,847      6,103,478            31,929             31,126      0.95 %     1.03 %
   deposits
   Loans payable                        16,923              -                21                  -      0.25 %        - %
   Other borrowed funds                462,172        305,457             7,471              9,048      3.25 %     5.97 %
   FHLB advances                       536,236        740,000             5,878              7,612      2.20 %     2.07 %
   Total interest-bearing         $  8,222,854$  7,665,076$        50,021$        53,255      1.22 %     1.40 %
   liabilities
   Net interest income                                          $       284,646$       292,983
   Interest rate spread                                                                                 4.18 %     4.61 %
   Net interest margin                                                                                  4.59 %     5.09 %




(1) On an adjusted tax-equivalent basis. The Corporation estimated the adjusted
tax-equivalent yield by dividing the interest rate spread on exempt assets by 1
less the Puerto Rico statutory tax rate of 37.5% and adding to it the cost of
interest-bearing liabilities. The tax-equivalent adjustment recognizes the
income tax savings when comparing taxable and tax-exempt assets. Management
believes that it is a standard practice in the banking industry to present net
interest income, interest rate spread and net interest margin on a fully
tax-equivalent basis. Therefore, management believes these measures provide
useful information to investors by allowing them to make peer comparisons. The
Corporation excludes changes in the fair value of derivatives from interest
income and interest expense because the changes in valuation do not affect
interest received or paid.

(2)Government obligations include debt issued by government-sponsored agencies.

(3)Unrealized gains and losses on available-for-sale securities are excluded from the average volumes.

(4)Average loan balances include the average of nonaccrual loans.


(5)Interest income on loans includes $0.9 million and $1.9 million for the
quarters ended June 30, 2020 and 2019, respectively, and $3.2 million and $4.0
million for the six-month periods ended June 30, 2020 and 2019, respectively, of
income from prepayment penalties and late fees related to the Corporation's loan
portfolio.



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