Financial Performance - Total interest income for the quarter ended September 30, 2020, was $170,402,000, compared to $172,295,000 in 2019, reflecting a decrease of 1%[410] - Net interest income increased to $148,696,000 from $144,425,000 year-over-year, representing a growth of 2%[410] - Net income attributable to common stockholders for the quarter was $27,944,000, down from $45,658,000, a decline of 39%[410] - The Corporation reported a net income of $28.6 million for Q3 2020, compared to $46.3 million in Q3 2019, with adjusted net income of $22.4 million[459] - Net interest income for Q3 2020 was $148.7 million, an increase from $144.4 million in Q3 2019, with approximately $14.0 million attributed to the acquisition of BSPR[433] - The Corporation recorded a net income tax benefit of $4.4 million for Q3 2020, compared to an income tax expense of $19.3 million in Q3 2019[557] Credit Losses and Provisions - Provision for credit losses surged to $46,914,000 from $7,398,000, indicating a significant increase of 533%[410] - The provision for credit losses increased to $46.9 million in Q3 2020, compared to $7.4 million in Q3 2019, largely due to the Day 1 reserves required for non-PCD loans acquired in the BSPR acquisition[436] - Provision for credit losses for loans and finance leases increased by $126.7 million to $158.5 million for the first nine months of 2020, compared to $31.8 million for the same period in 2019[508] - The BSPR acquisition resulted in a $37.5 million provision for credit losses for non-PCD loans in the third quarter of 2020[504] - The Corporation's allowance for credit losses for loans and finance leases increased to $384.7 million as of September 30, 2020, compared to $155.1 million as of December 31, 2019[563] Loan and Asset Growth - Total loans, including loans held for sale, increased to $11,895,945,000 from $9,041,682,000, a growth of 32%[412] - Total assets as of September 30, 2020, were $18.7 billion, an increase of $6.0 billion from December 31, 2019, including $2.6 billion in loans and $354.8 million in investment securities from the BSPR acquisition[442] - The total loan portfolio reached $11.9 billion, an increase of $2.9 billion compared to December 31, 2019, driven by the addition of $2.6 billion in loans from the BSPR acquisition[564] - The residential mortgage loan portfolio increased by $702.9 million compared to December 31, 2019, primarily due to $816.6 million from the BSPR acquisition in Puerto Rico[570] - Commercial and industrial loans rose to $3.2 billion, reflecting an increase of $995.9 million, with a 10.76% organic growth[565] Non-Interest Income and Expenses - Non-interest income rose to $29,934,000, up from $21,401,000, marking an increase of 40%[410] - Non-interest income for Q3 2020 amounted to $29.9 million, an increase of $8.5 million compared to $21.4 million in Q3 2019, primarily due to a $5.3 million gain on sales of investment securities[516][517] - Non-interest expenses for Q3 2020 were $107.5 million, up from $92.8 million in Q3 2019, including $10.4 million in merger and restructuring costs related to the BSPR acquisition[439] - Non-interest expenses for the first nine months of 2020 totaled $289.5 million, up from $276.2 million in the same period of 2019[544] Deposits and Funding - As of September 30, 2020, total deposits increased by $4.8 billion to $12.5 billion from $7.7 billion as of December 31, 2019[608] - Demand deposits grew by 35%, or $1.1 billion, contributing to an overall increase in deposits, excluding brokered and government deposits, to $12.5 billion[601] - The Corporation's deposits, excluding brokered and government deposits, increased by $4.8 billion, primarily due to the acquisition of BSPR[601] - The Corporation had approximately $648.2 million in callable securities with an average yield of 0.92% as of September 30, 2020[594] Tax and Regulatory Matters - The estimated annual effective tax rate for the first nine months of 2020 was 21%, down from 29% in the same period of 2019[558] - The Corporation incurred an income tax expense of approximately $1.2 million for the third quarter of 2020 related to U.S. operations, consistent with the prior year[561] Market and Economic Conditions - The average yield on interest-earning assets was 4.51% for the quarter, down from 5.83% in the same quarter of the previous year[490] - Average one-month LIBOR rate declined by 173 basis points, three-month LIBOR rate declined by 167 basis points, and Prime Rate declined by 180 basis points compared to the same period in 2019[494]

Financial Data and Key Metrics Changes - The company reported a net income of $28.6 million for Q3 2020, an increase from $21 million in the previous quarter [26] - The pre-tax pre-provision net revenue (PPNR) was $77 million, with only one month of earnings from the acquired operations [7] - The provision for credit losses decreased significantly to $8 million from $39 million in the previous quarter [26][39] Business Line Data and Key Metrics Changes - The acquired Santander operation contributed $3.5 million to after-tax net income, excluding Day 1 CECL adjustments [27] - Retail lending showed strong performance, with auto and mortgage lending returning to pre-pandemic levels [18] - Non-interest income improved to $29.9 million, driven by gains on sales of securities and increased mortgage banking activities [35] Market Data and Key Metrics Changes - The loan to deposit ratio stood at 78%, indicating a solid balance sheet post-acquisition [14] - Employment figures in Puerto Rico showed recovery, with 92% of jobs returning to pre-2019 levels [16] - Active moratoriums on loans reduced to only 0.8% of the portfolio as of October 21 [19] Company Strategy and Development Direction - The company completed a strategic acquisition of Santander, enhancing its competitiveness in commercial, retail, and residential banking [5] - Integration of the acquired operations is underway, with plans to complete the process by the end of Q2 2021 [11] - The company aims to balance cost savings with growth opportunities, targeting $48 million in estimated cost savings from the acquisition [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about economic recovery, supported by over $60 billion in pandemic and hurricane relief funds [16] - The company remains vigilant regarding potential economic hurdles due to COVID-19 and is closely monitoring sensitive sectors like hospitality [18] - Management emphasized the importance of executing integration plans and achieving synergies while navigating the current economic environment [52] Other Important Information - The allowance for credit losses increased to $385 million, reflecting the initial allowance required for the Santander operation [39] - The company incurred $10.4 million in merger and restructuring costs during the quarter, significantly higher than the previous quarter [31] - Capital ratios remain strong, with a Tier 1 ratio of 17% despite the acquisition [43] Q&A Session Summary Question: Discussion on capital return and urgency regarding stock performance - Management acknowledged a sense of urgency regarding capital return but emphasized the need to assess the economic environment and regulatory guidelines before making decisions [46][47] Question: Outlook on pre-provision earnings and revenue - Management indicated that loan growth and margin compression risks will influence future PPNR, with a focus on executing integration plans [50][51] Question: Process for capital actions and buybacks - All capital actions require a formal process, and management stressed the importance of timing and stabilization before executing buybacks [60][61] Question: Opportunities for de-leveraging and managing higher-cost deposits - Management confirmed that they are not renewing brokered deposits and are focusing on managing liquidity efficiently [62][63] Question: Cadence of cost savings and impact of voluntary retirement program - Cost savings will be realized over time, with immediate savings from the voluntary separation program starting in January [66][67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________ FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ COMMISSION FILE NUMBER 001-14793 FIRST BANCORP. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHART ...

Financial Results Second Quarter 2020 1 First | BanCorp Forward-Looking Statements This press release may contain "forward-looking statements" concerning the Corporation's future economic, operational and financial performance. The words or phrases "expect," "anticipate," "intend," "look forward," "should," "would," "believe" and similar expressions are meant to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securitie ...

First BanCorp. (NYSE:FBP) Q2 2020 Earnings Conference Call July 28, 2020 10:00 AM ET Company Participants John Pelling - IR and Capital Planning Officer Aurelio Alemán - President and CEO Orlando Berges - EVP and CFO Conference Call Participants Chris Nardone - Bank of America Alex Twerdahl - Piper Sandler Glen Manna - KBW Operator Good morning and welcome to the First BanCorp Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, thi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________ FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ COMMISSION FILE NUMBER 001-14793 FIRST BANCORP. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHAR ...

First BanCorp. (NYSE:FBP) Q1 2020 Earnings Conference Call April 30, 2020 10:00 AM ET Company Participants John Pelling - IR Aurelio Alemán - President & CEO Orlando Berges - EVP & CFO Conference Call Participants Ebrahim Poonawala - Bank of America Merrill Lynch Alex Twerdahl - Piper Sandler Glen Manna - KBW Operator Good morning and welcome to the First BanCorp 1Q 2020 Results Conference Call. [Operator Instruction] After today's presentation, there will be an opportunity to ask questions. [Operator Instr ...

Financial Results First Quarter 2020 1 First | BanCorp Forward-Looking Statements This presentation may contain "forward-looking statements" concerning the Corporation's future economic, operational and financial performance. The words or phrases "expect," "anticipate," "intend," "look forward," "should," "would," "believes" and similar expressions are meant to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ COMMISSION FILE NUMBER 001-14793 FIRST BANCORP. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) | --- | --- | ...

Financial Data and Key Metrics Changes - Adjusted net income for Q4 2019 was $42.8 million or $0.19 per diluted share, slightly lower than Q3 2019 [8][16] - Pretax pre-provision income was strong at $72 million, consistently over $70 million for the past year [8][16] - Full-year net income was $167 million or $0.76 per share, compared to $201 million in the previous year [27] Business Line Data and Key Metrics Changes - Loan originations and renewals exceeded $1 billion, reaching $1.1 billion in Q4 2019 [9] - The loan portfolio grew by $31 million, primarily from the consumer portfolio [9] - Non-performing assets (NPAs) decreased to 2.5%, a decade low [9] Market Data and Key Metrics Changes - Core deposits increased by $261 million, with growth in both Puerto Rico and Florida [10] - Noninterest income for the quarter was $24 million, an increase of $3 million [21] - Total expenses were $100.23 million, with a significant portion attributed to merger and restructuring costs [22] Company Strategy and Development Direction - The company is focused on integrating pending acquisitions and enhancing service capabilities [13] - A 67% increase in dividends was announced, reflecting confidence in capital generation [10] - The company aims to reduce reliance on brokered CDs, which decreased by $48 million [10] Management's Comments on Operating Environment and Future Outlook - Management noted minimal impact from recent earthquakes, with operations returning to normal quickly [6][7] - The company expects continued support for reconstruction efforts in affected areas, which may positively influence economic activity [30] - Future margin impacts will depend on interest rate movements, with expectations of stabilization [20][34] Other Important Information - The company adopted the new CECL standard for credit losses, expecting an increase of approximately $93 million in the allowance for credit losses [17] - Nonperforming loans decreased by $12.4 million, with significant reductions in commercial and residential mortgage loans [24] Q&A Session Summary Question: Update on loan and deposit growth activity on the Island - Management indicated that the impact from recent events is limited, with no significant changes in overall business volumes [29][30] Question: Expectations for margin outlook - Management expects stabilization in margins if there are no additional Fed fund rate cuts, with a small impact anticipated [34][47] Question: Provisioning expectations for 2020 - Management stated that provisioning will depend on economic assumptions and loan growth, with CECL adoption not expected to significantly alter provisioning levels [36][38] Question: Loan growth outlook for 2020 - Management anticipates continued growth in the mortgage portfolio, with a slowdown in reductions expected later in the year [40][41] Question: Balance sheet cleanup before closing the Santander transaction - Management confirmed that no significant balance sheet cleanup is necessary, focusing instead on optimization [43] Question: Timing for the Santander deal closing - Management projected that the deal closing is expected around the end of the second quarter [44]