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Mar 31, 2024
First BanCorp Q1 2024 Earnings Report
Reported strong operating results driven by loan portfolio growth and expense management.
Key Takeaways
First BanCorp reported a net income of $73.5 million, or $0.44 per diluted share, for Q1 2024. The loan portfolio grew for the ninth consecutive quarter, expenses were prudently managed, and profitability was sustained. The company returned over 100% of earnings in the form of buybacks and dividends.
Net income was $73.5 million, or $0.44 per diluted share.
Loan portfolio grew for the ninth consecutive quarter.
Core deposit balances stabilized during the quarter.
The company announced a strategic partnership with nCino to simplify commercial lending operations.
Revenue by Segment
Forward Guidance
First BanCorp is well-positioned to navigate the current operating environment and expects technological investments to strengthen their competitive position. The company looks forward to sharing their progress with stakeholders.
Positive Outlook
- Redeploy investment portfolio cash flows into higher-yielding assets.
- Margin accretive for the year.
- Early delinquency metrics improved.
- Sale of a portfolio of previously charged-off consumer loans positively impacted the provision expense.
- Technological investments planned throughout the year to strengthen competitive position.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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