First BanCorp. (NYSE:FBP) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET

Company Participants

Ramon Rodriguez - Corporate Strategy and Investor Relations Officer

Aurelio Aleman - President and Chief Executive Officer

Orlando Berges - Executive Vice President and Chief Financial Officer

Conference Call Participants

Brett Rabatin - Hovde Group

Ebrahim Poonawala - Bank of America

Timur Braziler - Wells Fargo

Alex Twerdahl - Piper Sandler

Kelly Motta - KBW

Operator

Hello everybody, and welcome to the First Bancorp First Quarter Earnings 2022 Financial Results. My name is Sam, and I'll be coordinating your call today. [Operator Instructions]

I'll now hand you over to your host, Ramon Rodriguez, Corporate Strategy and Investor Relations Officer to begin. Ramon, please go ahead.

Ramon Rodriguez

Thank you, Sam. 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 2022. 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

Thanks, Ramon, and good morning to everyone, and thanks for joining our call today. Please let's move to Slide four to discuss the highlights of the quarter. We are very, very pleased to begin 2022 on a high note with another record quarter of, I would say, exceptional result for the franchise. We generated $82.6 million in net income or $0.41 per share. And I think more importantly, a record $111.8 million in adjusted pre-tax, pre-provision income.

We clearly see the benefits of scale of being a larger organization, sequential increases in pre-tax, pre-provision income over the last five quarters are attributed to our discipline approach to execute on identify operational efficiencies, related to the acquisition, but also additional business rationalization opportunities that were identified during that integration process. I want to congratulate and thank my teams for this consistent performance under what we can call, you know, a challenging operating cycle, so thanks to all my teams.