First Bancorp. (NYSE: FBP) reported Q4 EPS of $0.19, in-line with the analyst estimate of $0.19.

Aurelio Alemán, President and Chief Executive Officer of First BanCorp., commented: “2019 was a momentous year for our company and we are working diligently toward the approval, closing and integration of the recently announced acquisition of Banco Santander Puerto Rico. We reported $36.4 million of net income for the fourth quarter of 2019, which included $6.8 million of after-tax merger and restructuring charges. Our adjusted core results of $42.8 million, or $0.19 per diluted share, were slightly below the prior quarter reflecting the impact of the current interest rate environment. Our pre-tax, pre-provision income was stronger at $72.1 million this quarter.

Key franchise metrics continue to move in a positive direction; our loan portfolio grew this quarter with continued reductions in non-performing assets. Loan originations and renewals were solid reaching $1.1 billion. Net of non-performing loan reductions, the performing loan book grew approximately $43 million. Our deposits, net of government and brokered CDs, also grew nicely by $261 million in all regions, although the majority of the growth occurred in both Puerto Rico and Florida.

For the full year 2019, we generated net income of $167.4 million or a 1.34% ROA, we originated and renewed over $4.0 billion in loans and credit facilities, we grew our loan portfolio by $140 million, we grew our core deposits by $313 million, and reduced our non-performing assets by 32%. Our pre-tax, pre-provision earnings increased 13.8% to $284 million in 2019 as compared to prior year.

On the capital front, our capital now exceeds $2.2 billion and we announced a 67% increase in our quarterly common dividend last quarter. We are very pleased with the Corporation’s performance during 2019 and we are excited to move forward with the closing and integration of our recently announced acquisition, pending regulatory approval. We look ahead at 2020 as a transformational year for our company, the earnings power of the combined franchise will drive future capital generation while becoming a stronger competitor with significant capital to support incremental lending activity and ongoing growth initiatives on the expanded footprint.”

For earnings history and earnings-related data on First Bancorp. (FBP) click here.