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Dec 31, 2023
First BanCorp Q4 2023 Earnings Report
Net income reached $79.5 million, EPS was $0.46, and loans grew by $233.0 million.
Key Takeaways
First BanCorp reported a net income of $79.5 million, or $0.46 per diluted share, for Q4 2023. The corporation experienced strong financial performance and solid loan growth. Total loans increased by $233.0 million and non-performing assets decreased.
Net income for Q4 2023 was $79.5 million, or $0.46 per diluted share.
Loans grew by $233.0 million or 7.8% linked quarter annualized.
Non-performing assets decreased to 0.67% of total assets.
Return on average assets was 1.70%.
Forward Guidance
First BanCorp. is planning to invest in simplifying commercial lending, enhancing franchise resiliency, and expanding digital offerings in 2024. While anticipating a correction in the credit cycle for consumer lending, the company believes its reserve coverage and risk management framework will mitigate the impact.
Positive Outlook
- Additional investments will be geared towards simplifying our commercial lending process.
- Investments will be geared towards enhancing the resiliency of the franchise.
- Investments will be geared towards continuing to expand our digital offerings.
- Ample reserve coverage levels and risk management framework should withstand the impact of any additional credit deterioration over the next year.
- The economic prospects of our primary market, driven by a strong labor market and an unprecedented level of federal support, should also serve as a mitigant.
Challenges Ahead
- Seeing an expected correction in the credit cycle of the consumer lending business.
- Correction in the credit cycle is driven by lower levels of excess liquidity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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