First BanCorp. (NYSE:FBP) Q1 2023 Earnings Conference Call April 25, 2023 10:00 AM ET
Company Participants
Ramon Rodriguez - Senior Vice President, Corporate Strategy and Investor Relations
Aurelio Aleman-Bermudez - President and Chief Executive Officer
Orlando Berges-Gonzalez - Executive Vice President and Chief Financial Officer
Conference Call Participants
Timur Braziler - Wells Fargo
Kelly Motta - KBW
Operator
Hello, everyone and welcome to First BanCorp's First Quarter 2023 Financial Results Call. My name is Daisy, and I'll be coordinating your call today. [Operator Instructions]
I'll now like to hand over to your host, Ramon Rodriguez, the Corporate Strategy and Investor Relations Officer at First BanCorp to begin. So Ramon, please go ahead.
Ramon Rodriguez
Thank you, Daisy. Good morning, everyone and thank you for joining First BanCorp's conference call and webcast to discuss the company's financial results for the first quarter of 2023. Joining you today from First BanCorp are Aurelio Aleman, President and Chief Executive Officer; and Orlando Berges, Executive Vice President and Chief Financial Officer.
Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements, such as projections of revenue, earnings and capital structure, as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's latest SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbpinvestor.com.
At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.
Aurelio Aleman-Bermudez
Thanks Ramon. Good morning to everyone and thanks for joining our earnings call today.
Please turn to page four to go over the highlights for the quarter. Very pleased to say that we begin the year with very encouraging results for our franchise. The resiliency of our business model was evidenced during the quarter as we earned $70.7 million in net income or $0.39 per share, which translated into a strong return assets of 1.5%. On non-GAAP basis, pretax, pre-provision income was $118 million, up 6% when compared to the same quarter last year, and 3% below last quarter, mostly driven by a reduction in net interest income during the quarter. The margin contracted slightly by 3 basis points, primarily to higher cost of funds.