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First BanCorp
🇵🇷 NYSE:FBP
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OverviewEarningsDividends
•
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%.

Total Revenue
$197M
Previous year: $206M
-4.3%
EPS
$0.49
Previous year: $0.4
+22.5%
Leverage Ratio
10.78%
Tangible Common Equity Ratio
7.67%
Gross Profit
$300M
Previous year: $18.7M
+1502.3%
Cash and Equivalents
$663M
Previous year: $478M
+38.6%
Free Cash Flow
$76.6M
Previous year: $101M
-24.0%
Total Assets
$18.9B
Previous year: $18.6B
+1.5%

First BanCorp

First BanCorp

First BanCorp Revenue by Geographic Location

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.
  • Correction in the credit cycle is driven by inflationary pressures.
  • Potential impact of any additional credit deterioration over the next year.
  • Core deposits, other than government and brokered, contracted by 2.0% as we continue to see use of excess liquidity across all market segments.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View First BanCorp