First BanCorp. reports $70.6M in net income, up 231% Y-O-Y
July 26, 2021
First BanCorp, the parent company of FirstBank Puerto Rico, reported net income of $70.6 million, or $0.33 per diluted share, for the second quarter of 2021, up 231% from the $21.3 million, or $0.09 per diluted share on record for the same year-ago quarter. The quarter includes a net benefit of $26.2 million recorded to […]
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Popular Inc. reports $218.1M in net income in 2Q21
July 23, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, reported $218.1 million in net income for the second quarter ended June 30, 2021, compared to the $127.6 million on record for the same period in 2020, representing $90.5M in year-over-year growth. The most recent figure compares to $262.6 million in net income reported for […]
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Oriental CEO: ‘It’s time to pull out of bankruptcy’
July 22, 2021
OFG Bancorp, the parent company for Oriental Bank, reported results for the second quarter ended June 30, 2021, that revealed diluted earnings per share of $0.78 compared to $0.56 in first quarter of 2021 and $0.39 in 2Q20. Total core revenues were $133.3 million compared to $127.7 million in first quarter of 2021 and $128.2 […]
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Anthem completes acquisition of MMM Holdings, affiliates from InnovaCare Health
July 1, 2021
Four months after announcing it had entered into an agreement to acquire Puerto Rico-based MMM Holdings, LLC and its Medicare Advantage (MA) plan MMM Healthcare, LLC., Indianapolis-based Anthem Inc. confirmed the deal has closed. “We’re pleased to complete the acquisition of MMM and work with our new colleagues to serve Medicare and Medicaid-eligible individuals and […]
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Fitch Ratings upgrades First BanCorp to ‘BB;’ assigns stable outlook
June 25, 2021
Fitch Ratings announced it has upgraded First BanCorp’s (FBP) Long-Term Issuer Default Rating to ‘BB’ from ‘B+,’ with a stable outlook. “The upgrade primarily reflects Fitch’s review of FBP’s blended operating environment score as well as the resiliency of FBP’s financial profile despite the significant challenges in Puerto Rico’s operating environment over the past several […]
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Liquidity of Puerto Rico’s banks up $16B in 1Q21, Financial Stability Index says
June 23, 2021
The Financial Stability Index of commercial banks in Puerto Rico, prepared by Estudios Técnicos Inc., shows a strengthening in the banking industry this year, mainly due to an improvement in its liquidity and increases of $16 billion in deposits in the first quarter of 2021. “The index increased from 0.52 in the first quarter of […]
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Insurer Seguros Múltiples building new $3M branch in San Juan
June 18, 2021
Insurance company Cooperativa de Seguros Múltiples de Puerto Rico announced the start of construction of its new $3 million San Juan metropolitan area branch, located on the same campus as its headquarters in Río Piedras. The new offices slated to open during the first quarter of 2022 will generate 40 direct jobs and 30 indirect […]
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27 Puerto Rico credit unions receive $47.3M in funding from US Treasury
June 16, 2021
The US Department of the Treasury today announced the allocation of $47.3 million in relief funds to 27 Puerto Rico-based credit unions, through its CDFI Rapid Response Program (CDFI RRP). The goal is to provide necessary capital for community development financial institutions (CDFIs) to respond to economic challenges created by the COVID-19 pandemic, particularly in […]
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Popular Inc. originated $2.1B in loans under SBA Paycheck Protection Program
June 16, 2021
Popular Inc. announced that, upon completion of the second round of the Paycheck Protection Program (PPP) on May 31, 2021, it had processed nearly 50,000 loans, originating $2.1 billion in both rounds of the program. Popular said during the second PPP round, which began on Jan. 19, it processed approximately 20,500 loans totaling $673 million […]
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MHH Healthcare, LLC to acquire Medical Card System Inc.
June 14, 2021
Kinderhook Industries, LLC’s MHH Healthcare announced it has entered into a definitive agreement to acquire Medical Card System Inc. The transaction is expected to close later this year, subject to customary conditions and regulatory approvals, and will mark the second significant acquisition by a subsidiary of MHH Healthcare following the prior acquisition of GlobalHealth. Additional […]
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Popular reports $262.6M in 1Q21 net income, bullish on Puerto Rico’s economy
April 29, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $262.6 million for the quarter ended March 31, 2021, compared to net income of $176.3 million for the quarter ended December 31, 2020. “We got off to a strong start in 2021, earning $262.6 million in the quarter, and are optimistic […]
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Puerto Rico’s credit union industry strengthened by 20% increase in total deposits
April 28, 2021
Conditions for Puerto Rico’s credit union industry continued improving as of the fourth quarter of 2020, with greater liquidity, asset quality and a 20% increase in total deposits, according to the new Credit Union Industry Financial Stability Index for Puerto Rico, produced by Estudios Técnicos Inc. (ETI). “The index increased from 0.38 in the fourth quarter […]
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First BanCorp reports $58.9M in Y-O-Y net income growth during 1Q21
April 27, 2021
First BanCorp., the parent company of FirstBank Puerto Rico, reported net income of $61.2 million, or $0.28 per diluted share, for the first quarter of 2021, compared to $50.1 million, or $0.23 per diluted share, for the fourth quarter of 2020, and $2.3 million, or $0.01 per diluted share, for the first quarter of 2020. […]
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OFG Bancorp reports $127.7M in 1Q21 revenue, benefits on loan originations
April 22, 2021
OFG Bancorp, the financial holding company for Oriental Bank, reported results for the first quarter ended March 31, 2021, which reflected $127.7 million in revenue, a slight drop when compared to $132.8 million reported for the fourth quarter of 2020. The financial institution explained that the last quarter of 2020 benefited from $3.9 million in […]
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MCS, 1st health plan in Puerto Rico to offer a telemedicine platform for medical providers
March 11, 2021
MCS is the first insurer in Puerto Rio to market the MCS TeleCare telemedicine platform to offer primary care physicians assigned to medical groups (IPAs) and certain specialists a secure and cost-free option for performing teleconsultations with their patients. In 2019, the Puerto Rico Health Department established the regulation to control the use and practice […]
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