While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. For the quarter ended March 2025, First Bancorp ...

First Bancorp (FBP) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non- recurring items. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.46 on $246.12 million in revenues for the coming quarter and $1.84 on $996.12 million in revenues for the current ...

Group 1 - Analysts project First Bancorp (FBP) will announce quarterly earnings of $0.43 per share, a decline of 2.3% year over year, with revenues expected to reach $240.31 million, increasing 4.3% from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a collective reevaluation by analysts [1] - The 'Efficiency ratio' is expected to be 52.1%, compared to 52.5% in the same quarter last year, while 'Net Interest Margin' is projected at 4.5%, up from 4.3% a year ago [4] Group 2 - 'Total Interest-Earning Assets - Average Balance' is forecasted to be $19.27 billion, compared to $18.93 billion in the same quarter last year [5] - 'Service charges and fees on deposit accounts' are estimated at $9.83 million, slightly up from $9.66 million in the same quarter last year [5] - 'Total Non Interest Income' is expected to reach $33.81 million, compared to $33.98 million a year ago [6] Group 3 - First Bancorp shares have changed by -3.2% in the past month, while the Zacks S&P 500 composite has moved -5.6%, indicating a relatively better performance [7] - With a Zacks Rank 3 (Hold), FBP is expected to closely follow overall market performance in the near term [7]

Core Viewpoint - First Bancorp (FBP) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended March 2025, with actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The earnings report is scheduled for release on April 24, 2025, with expectations of quarterly earnings at $0.43 per share, reflecting a year-over-year decrease of 2.3%. Revenues are projected to be $240.31 million, which is a 4.3% increase from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their initial projections during this period [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for First Bancorp is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.77%, suggesting a bearish outlook from analysts [10][11]. Historical Performance - In the last reported quarter, First Bancorp exceeded the expected earnings of $0.41 per share by delivering $0.46, resulting in a positive surprise of 12.20%. Over the last four quarters, the company has consistently beaten consensus EPS estimates [12][13]. Industry Comparison - In comparison, Popular (BPOP), another player in the Southeast banking industry, is expected to report earnings of $2.26 per share for the same quarter, indicating a year-over-year increase of 20.9%, with revenues projected at $756.11 million, up 5.8% from the previous year [17].

Employee Statistics and Training - As of December 31, 2024, the Corporation had 3,113 regular employees, representing a 2% decrease from December 31, 2023[35] - Approximately 67% of the total employee population and 58% of management positions were women as of December 31, 2024[35] - The Corporation delivered more than 109,000 hours of training in 2024, with employees completing an average of 31.33 training hours[42] - The voluntary turnover rate was 10.91% for 2024, with a turnover rate of 3.6% for high performers[39] - The Corporation's investment in employee wellness includes health, dental, and vision insurance, as well as fitness facilities and wellness programs[45] Business Segments - The Mortgage Banking segment focuses on originating residential mortgage loans, including FHA, VA, and RD loans, with a commitment to sell conforming loans to FNMA and FHLMC[20][22] - The Consumer (Retail) Banking segment includes consumer lending and deposit-taking activities primarily conducted through FirstBank's branch network in Puerto Rico[23] - The Treasury and Investments segment manages the Corporation's investment portfolio and provides funding to support lending activities across various segments[25] Capital Ratios and Regulatory Compliance - As of December 31, 2024, the Corporation's total capital ratio was 18.02%, exceeding the minimum requirement of 10.00%[64] - The Corporation's Common Equity Tier 1 (CET1) capital ratio was 16.32%, above the minimum requirement of 6.50%[64] - The Tier 1 capital ratio for the Corporation was 16.32%, surpassing the minimum requirement of 8.00%[64] - The leverage ratio for the Corporation stood at 11.07%, well above the minimum requirement of 5.00%[64] - The Corporation is subject to regulatory capital requirements aligned with Basel III, including a capital conservation buffer of 2.5%[61] - The Corporation and FirstBank are not required to perform formal stress-testing due to total assets being less than $100 billion[66] - The Corporation has elected to phase in the full effect of Current Expected Credit Loss (CECL) on regulatory capital over a five-year transition period[62] Community and Environmental Impact - The Corporation's Corporate Sustainability program emphasizes ESG matters, with a focus on governance, community impact, and environmental stewardship[30][31] - FirstBank received a "satisfactory" rating in its most recent Community Reinvestment Act (CRA) examination by the FDIC[78] Deposit Insurance and Regulatory Changes - The Corporation recorded an increase of approximately $2.4 million in deposit insurance expense compared to 2022 due to the increase in the initial base deposit insurance assessment rate[97] - The FDIC's designated reserve ratio for the Deposit Insurance Fund (DIF) was achieved at 1.36% in September 2018, but fell to 1.30% in Q3 2020 due to a surge in deposits[95] - The FDIC plans to restore the DIF to at least 1.35% within eight years, maintaining current assessment rates and monitoring deposit trends[95] - The Corporation recorded charges of $6.3 million and $1.1 million in FDIC deposit insurance expenses for the years ended December 31, 2023, and 2024, respectively, due to special assessments related to bank closures[98] - As of December 31, 2024, the Corporation's total estimated FDIC special assessment amounted to $7.4 million, with $2.4 million already paid[98] - The FDIC adopted a final rule in October 2022 to increase initial base deposit insurance assessment rates uniformly by 2 basis points starting in 2023[96] Compliance and Governance - The Corporation is subject to federal economic and trade sanctions requirements enforced by the Office of Foreign Assets Control (OFAC)[82] - The Corporation believes it has adopted appropriate policies and controls to comply with the Bank Secrecy Act and USA PATRIOT Act[83] - The SEC's new rules require registrants to disclose material cybersecurity incidents and risk management strategies within four business days of determination[86] - The Corporation's Compensation Clawback Policy is compliant with NYSE's listing standards as per the SEC's new rules introduced in October 2022[92] - FirstBank is in compliance with the stock ownership requirements of the FHLB of New York, holding shares of capital stock as mandated by applicable laws and regulations[102] - The FDIC regulations allow well-capitalized institutions to accept brokered deposits without limitations, while undercapitalized institutions are prohibited from accepting them[109] - The Banking Law requires every bank to maintain a legal reserve of no less than 20% of its demand liabilities, excluding certain government deposits[112] - Under the Banking Law, loans to any one person or entity can reach up to 15% of the bank's paid-in capital, reserve fund, and 50% of retained earnings, with a maximum of 33.33% if secured by collateral worth at least 25%[113][114] Taxation and Regulatory Fees - The Corporation has maintained an effective tax rate lower than the maximum statutory rate in Puerto Rico, benefiting from special tax treatments through certain entities[124] - FirstBank Insurance Agency is registered and regulated by the Insurance Commissioner of Puerto Rico, adhering to various regulations regarding licensing and consumer protection[127] - FirstBank is subject to the rules and regulations of multiple federal housing agencies regarding mortgage banking operations, including the FHA and VA[128] - The IBE Act 52 provides tax exemptions for net income derived by FirstBank's international banking operations, with specific activities identified for exemption[118] - The recent amendments to the IBE Act increased the annual license fee for IBEs from $5,000 to $25,000, effective May 15, 2024[122] - The Banking Law mandates that at least 10% of the yearly net income of a Puerto Rico commercial bank be credited to a reserve fund until it equals the total paid-in capital[115] Reporting and Governance Documents - The Corporation provides access to annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K through its investor relations website[130] - Corporate Governance Guidelines and Principles, along with various committee charters, are available free of charge on the Corporation's website[131] - The Corporation's Code of Ethics for CEO and Senior Financial Officers is established to ensure ethical conduct[133] - Information regarding interest rate risk management is included in the Management's Discussion and Analysis section of the Form 10-K[576]

Group 1 - First Bancorp (FBP) is currently outperforming the Finance sector with a year-to-date gain of approximately 4.4%, compared to the sector's average return of 4% [4] - The Zacks Rank for First Bancorp is 2 (Buy), indicating a positive earnings outlook based on earnings estimates and revisions [3] - The Zacks Consensus Estimate for FBP's full-year earnings has increased by 3.9% in the past quarter, reflecting improved analyst sentiment [4] Group 2 - First Bancorp is part of the Banks - Southeast industry, which ranks 21 in the Zacks Industry Rank, and has performed better than the industry average, which has seen a loss of about 0.2% year-to-date [6] - Another Finance stock, Colony Bankcorp (CBAN), has also outperformed the sector with a year-to-date return of 4.7% and has a Zacks Rank of 1 (Strong Buy) [5][6] - Investors in the Finance sector should monitor both First Bancorp and Colony Bankcorp for their continued strong performance [7]

Financial Data and Key Metrics Changes - No specific financial data or key metrics changes are provided in the provided content [1][2][3][4][5] Business Line Data and Key Metrics Changes - No specific business line data or key metrics changes are provided in the provided content [1][2][3][4][5] Market Data and Key Metrics Changes - No specific market data or key metrics changes are provided in the provided content [1][2][3][4][5] Company Strategy and Development Direction and Industry Competition - No specific information on company strategy, development direction, or industry competition is provided in the provided content [1][2][3][4][5] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on the operating environment or future outlook is provided in the provided content [1][2][3][4][5] Other Important Information - The call may involve forward-looking statements such as projections of revenue, earnings, and capital structure, as well as statements on the plans and objectives of the company's business [3] - The company's actual results could differ materially from the forward-looking statements made due to important factors described in the company's latest SEC filing [3] - The company assumes no obligation to update any forward-looking statements made during the call [3] Summary of Q&A Session - No Q&A session content is provided in the provided content [1][2][3][4][5]

Core Insights - First Bancorp reported revenue of $241.47 million for the quarter ended December 2024, reflecting a year-over-year increase of 4.9% and a surprise of +2.50% over the Zacks Consensus Estimate of $235.57 million [1] - The earnings per share (EPS) for the quarter was $0.46, down from $0.49 in the same quarter last year, with an EPS surprise of +12.20% compared to the consensus estimate of $0.41 [1] Financial Performance Metrics - The efficiency ratio was reported at 51.6%, better than the two-analyst average estimate of 52.4% [4] - Total interest-earning assets averaged $19.18 billion, exceeding the $18.92 billion average estimate from two analysts [4] - The net interest margin was 4.3%, slightly below the two-analyst average estimate of 4.4% [4] - Net interest income on a tax-equivalent basis, excluding valuations, was $214.49 million, surpassing the average estimate of $207.59 million [4] - Total non-interest income was reported at $32.20 million, slightly below the average estimate of $32.87 million [4] Stock Performance - Shares of First Bancorp have returned +4.2% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - First Bancorp reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, but down from $0.49 per share a year ago, indicating a 6.12% year-over-year decline in earnings [1] - The company has consistently surpassed consensus EPS estimates over the last four quarters, showcasing strong performance [2] Financial Performance - First Bancorp's revenues for the quarter ended December 2024 were $241.47 million, surpassing the Zacks Consensus Estimate by 2.50% and up from $230.29 million year-over-year, reflecting a revenue growth of 5.12% [2] - The company has exceeded consensus revenue estimates three times in the last four quarters [2] Stock Performance - First Bancorp shares have increased approximately 5.4% since the beginning of the year, outperforming the S&P 500's gain of 3.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42, with projected revenues of $236.48 million, and for the current fiscal year, the EPS estimate is $1.80 on revenues of $984.45 million [7] - The trend of estimate revisions for First Bancorp is favorable, which is a positive indicator for future stock performance [6] Industry Context - The Banks - Southeast industry, to which First Bancorp belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable environment for the company's performance [8]

Exhibit 99.1 FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024 SAN JUAN, Puerto Rico – January 23, 2025 – First BanCorp. (the "Corporation" or "First BanCorp.") (NYSE: FBP), the bank holding company for FirstBank Puerto Rico ("FirstBank" or "the Bank"), today reported a net income of $75.7 million, or $0.46 per diluted share, for the fourth quarter of 2024, compared to $73.7 million, or $0.45 per diluted share, for the third quarter of 2024, and $79.5 million, or $0.46 per d ...