Group 1 - First Bancorp (FBP) is a notable stock in the Finance sector, currently outperforming its peers with a year-to-date performance of approximately 15.6% compared to the sector average of 7.5% [4] - FBP holds a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions, with a 5.6% increase in the consensus estimate for full-year earnings over the past three months [3] - The company is part of the Banks - Southeast industry, which includes 54 companies and is currently ranked 61 in the Zacks Industry Rank, with this industry gaining an average of 2.3% year-to-date [5] Group 2 - Banco Comercial Portugues S.A. Unsponsored ADR (BPCGY) is another Finance stock that has outperformed the sector, with a year-to-date increase of 45.3% [4] - BPCGY has a Zacks Rank of 2 (Buy) and has seen a 14% increase in its consensus EPS estimate for the current year [5] - The Banks - Foreign industry, which includes BPCGY, has 67 stocks and is ranked 14, with an industry performance of +25.1% since the beginning of the year [6]

Company Overview - First BanCorp is a Puerto Rico-based holding company that operates FirstBank Puerto Rico [1] - The company has a concentrated presence in the Puerto Rico market, with approximately 80% of its loans originating from this geography [1] Investment Focus - The company is characterized as a value-focused investment entity, conducting fundamental research across various sectors including chemicals, homebuilders, building materials, industrials, and metals & mining [1] - The investment strategy emphasizes acquiring stocks that are undervalued and have potential catalysts in the near future [1] - The investment horizon for the company ranges from one quarter to two years [1] Experience and Expertise - The company has over three years of active investing experience and has served as a buy-side analyst at a boutique research firm and family offices [1]

Core Viewpoint - First Bancorp (FBP) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a solid history of exceeding expectations [1]. Earnings Performance - First Bancorp has a track record of surpassing earnings estimates, with an average surprise of 10.75% over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $0.43 per share against an expectation of $0.47, resulting in a surprise of 9.30%. In the previous quarter, it reported $0.46 per share compared to a consensus estimate of $0.41, achieving a surprise of 12.20% [3]. Earnings Estimates and Predictions - Recent estimates for First Bancorp have been trending upward, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [6]. - The current Earnings ESP for First Bancorp is +3.60%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [9]. Zacks Rank and Success Rate - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests that First Bancorp has a high probability of beating consensus estimates, with historical data indicating that nearly 70% of stocks with this combination achieve positive surprises [7][9].

Company Overview - First Bancorp (FBP) is headquartered in San Juan and operates in the Finance sector [3] - The stock has experienced a price change of 12.69% since the beginning of the year [3] Dividend Information - First Bancorp currently pays a dividend of $0.18 per share, resulting in a dividend yield of 3.44% [3] - The yield of the Banks - Southeast industry is 2.35%, while the S&P 500's yield is 1.52% [3] - The company's annualized dividend of $0.72 has increased by 12.5% from the previous year [4] - Over the past five years, First Bancorp has raised its dividend five times, averaging an annual increase of 31.93% [4] - The current payout ratio is 39%, indicating that 39% of its trailing 12-month EPS is paid out as dividends [4] Earnings Growth Expectations - For the fiscal year, First Bancorp anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 at $1.93 per share, reflecting a year-over-year growth rate of 6.63% [5] Investment Appeal - First Bancorp is viewed as an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 1 (Strong Buy) [7]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents First Bancorp's unaudited consolidated financial statements as of March 31, 2025, and for the quarter then ended, along with explanatory notes Consolidated Statement of Financial Condition Highlights (As of March 31, 2025 vs. December 31, 2024) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$19,106,983** | **$19,292,921** | **($185,938)** | | Total Loans, net | $12,428,129 | $12,502,614 | ($74,485) | | Total Investment Securities | $4,669,661 | $4,934,304 | ($264,643) | | **Total Liabilities** | **$17,327,641** | **$17,623,685** | **($296,044)** | | Total Deposits | $16,822,529 | $16,871,298 | ($48,769) | | Long-term borrowings | $331,143 | $561,700 | ($230,557) | | **Total Stockholders' Equity** | **$1,779,342** | **$1,669,236** | **$110,106** | Consolidated Statement of Income Highlights (Quarter Ended March 31, 2025 vs. 2024) | Account | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $212,397 | $196,520 | $15,877 | | Provision for Credit Losses | $24,810 | $12,167 | $12,643 | | Non-interest Income | $35,734 | $33,983 | $1,751 | | Non-interest Expenses | $123,022 | $120,923 | $2,099 | | **Net Income** | **$77,059** | **$73,458** | **$3,601** | | **Diluted EPS** | **$0.47** | **$0.44** | **$0.03** | [Note 2 – Debt Securities](index=12&type=section&id=Note%202%20%E2%80%93%20Debt%20Securities) The debt securities portfolio, comprising AFS and HTM securities, showed a **$475.5 million** net unrealized loss on AFS securities as of March 31, 2025, primarily due to interest rate changes Debt Securities Portfolio Summary (As of March 31, 2025) | Security Type | Amortized Cost (in thousands) | Fair Value (in thousands) | Net Unrealized Loss (in thousands) | | :--- | :--- | :--- | :--- | | **Available-for-Sale (AFS)** | **$4,788,924** | **$4,312,884** | **($475,524)** | | U.S. Gov't & GSEs | $1,738,032 | $1,679,582 | ($58,110) | | Mortgage-backed securities (MBS) | $3,049,892 | $2,632,302 | ($417,414) | | **Held-to-Maturity (HTM)** | **$312,807** | **$305,501** | **($7,306)** | | Puerto Rico municipal bonds | $92,522 | $96,008 | $3,486 (Gain) | | MBS | $220,285 | $209,493 | ($10,792) | - The Corporation expects no credit losses on its U.S. government and agency debt securities, attributing unrealized losses to interest rate changes, not credit quality. The company does not intend to sell these securities before recovery[44](index=44&type=chunk) - The Allowance for Credit Losses (ACL) for AFS securities was **$0.52 million**, primarily for a Puerto Rico government obligation and private label MBS. The ACL for HTM securities was **$0.84 million**, entirely for Puerto Rico municipal bonds[47](index=47&type=chunk)[54](index=54&type=chunk) [Note 3 – Loans Held for Investment](index=20&type=section&id=Note%203%20%E2%80%93%20Loans%20Held%20for%20Investment) Total loans held for investment were **$12.68 billion** as of March 31, 2025, with nonaccrual loans increasing to **$98.5 million**, mainly due to a Florida commercial mortgage loan Loan Portfolio Composition (As of March 31, 2025) | Loan Category | Puerto Rico & VI Region (in thousands) | Florida Region (in thousands) | Total (in thousands) | | :--- | :--- | :--- | :--- | | Residential mortgage | $2,334,653 | $503,193 | $2,837,846 | | Construction | $193,791 | $40,650 | $234,441 | | Commercial mortgage | $1,781,402 | $720,287 | $2,501,689 | | Commercial & Industrial (C&I) | $2,289,278 | $1,070,590 | $3,359,868 | | Consumer | $3,736,076 | $5,478 | $3,741,554 | | **Total Loans** | **$10,335,200** | **$2,340,198** | **$12,675,398** | Loan Delinquency Status (As of March 31, 2025) | Status | Amount (in thousands) | | :--- | :--- | | Current | $12,408,673 | | 30-89 Days Past Due | $131,216 | | 90+ Days Past Due & Accruing | $37,048 | | **Nonaccrual** | **$98,461** | - Nonaccrual loans in the Florida region increased significantly to **$21.4 million** as of March 31, 2025, from **$8.6 million** at year-end 2024, primarily due to a **$12.5 million** commercial mortgage loan being placed on nonaccrual status[66](index=66&type=chunk)[71](index=71&type=chunk) [Note 4 – Allowance for Credit Losses (ACL)](index=38&type=section&id=Note%204%20%E2%80%93%20Allowance%20for%20Credit%20Losses%20for%20Loans%20and%20Finance%20Leases) The Allowance for Credit Losses (ACL) for loans and finance leases increased to **$247.3 million** as of March 31, 2025, driven by qualitative adjustments for economic uncertainty ACL Roll-Forward (Quarter Ended March 31, 2025) | Description | Amount (in thousands) | | :--- | :--- | | Beginning Balance (Dec 31, 2024) | $243,942 | | Provision for Credit Losses | $24,837 | | Charge-offs | ($28,210) | | Recoveries | $6,700 | | **Ending Balance (Mar 31, 2025)** | **$247,269** | - The ACL as a percentage of total loans held for investment increased to **1.95%** at Q1 2025 from **1.91%** at Q4 2024[116](index=116&type=chunk) - Net charge-offs for Q1 2025 were **$21.4 million**, compared to **$11.2 million** for Q1 2024. The increase was partly due to lower recoveries from bulk sales of charged-off consumer loans (**$2.4 million** in Q1 2025 vs. **$9.5 million** in Q1 2024)[115](index=115&type=chunk) [Note 11 – Stockholders' Equity](index=51&type=section&id=Note%2011%20%E2%80%93%20Stockholders%27%20Equity) Stockholders' equity increased to **$1.78 billion** at March 31, 2025, following **$21.8 million** in stock repurchases and **$50.6 million** in debenture redemptions - The Board approved a **$250 million** repurchase program on July 22, 2024. In Q1 2025, the company executed **$21.8 million** in common stock repurchases and **$50.6 million** in redemption of junior subordinated debentures[148](index=148&type=chunk) - As of May 5, 2025, the Corporation had approximately **$100.0 million** remaining under its repurchase authorization[149](index=149&type=chunk) - A quarterly cash dividend of **$0.18** per common share was declared for Q1 2025, an increase from **$0.16** per share in Q1 2024[152](index=152&type=chunk) [Note 19 – Regulatory Matters, Commitments and Contingencies](index=64&type=section&id=Note%2019%20%E2%80%93%20Regulatory%20Matters%2C%20Commitments%20and%20Contingencies) The Corporation and FirstBank exceeded all minimum regulatory capital requirements as of March 31, 2025, with **$2.1 billion** in off-balance sheet commitments and a **$7.4 million** FDIC special assessment First BanCorp. Regulatory Capital Ratios (As of March 31, 2025) | Ratio | Actual | Minimum for Capital Adequacy | | :--- | :--- | :--- | | CET1 Capital Ratio | 16.62% | 4.5% | | Tier I Capital Ratio | 16.62% | 6.0% | | Total Capital Ratio | 17.96% | 8.0% | | Leverage Ratio | 11.20% | 4.0% | - Commitments to extend credit totaled approximately **$2.1 billion** as of March 31, 2025, including **$0.8 billion** in retail credit card lines[197](index=197&type=chunk) - The Corporation's total estimated FDIC special assessment related to the 2023 bank failures is **$7.4 million**, with **$4.2 million** remaining to be paid[202](index=202&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=67&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, including **$77.1 million** net income, a **36 bps** net interest margin expansion to **4.52%**, and comprehensive risk management strategies [Executive Summary](index=67&type=section&id=Executive%20Summary) The Corporation reported **$77 million** net income and **1.64%** return on average assets for Q1 2025, driven by margin expansion, core deposit growth, and **$102.0 million** in capital deployment - Reported net income of **$77 million** and return on average assets of **1.64%** for Q1 2025[209](index=209&type=chunk) - Core customer deposits increased by **$29 million**, including a **$70 million** rise in non-interest-bearing deposits[209](index=209&type=chunk) - Capital deployment in Q1 2025 totaled approximately **$102.0 million**, including redemption of TruPS, common stock dividends, and share repurchases[212](index=212&type=chunk) [Results of Operations](index=68&type=section&id=Results%20of%20Operations) Net income for Q1 2025 was **$77.1 million**, primarily due to a **$15.9 million** increase in net interest income and a **36 bps** net interest margin expansion to **4.52%** Key Performance Indicators (Q1 2025 vs. Q1 2024) | Indicator | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Return on Average Assets | 1.64% | 1.56% | | Return on Average Common Equity | 17.90% | 19.56% | | Efficiency Ratio | 49.58% | 52.46% | - Net interest income increased by **$15.9 million** YoY to **$212.4 million**, and net interest margin expanded **36 bps** to **4.52%**, driven by a favorable change in asset mix and lower funding costs[221](index=221&type=chunk) - The provision for credit losses increased to **$24.8 million**, impacted by lower recoveries from bulk loan sales and a **$2.7 million** increase in qualitative adjustments for economic uncertainty[221](index=221&type=chunk) [Financial Condition](index=78&type=section&id=Financial%20Condition) Total assets decreased by **$185.9 million** to **$19.1 billion** at March 31, 2025, with a slight decrease in the loan portfolio and a **$252.4 million** reduction in AFS securities - Total assets stood at **$19.1 billion** as of March 31, 2025, a decrease of **$185.9 million** from year-end 2024[251](index=251&type=chunk) - The total loan portfolio was **$12.7 billion**, down **$71.7 million** from year-end, with a decrease in commercial loans in Puerto Rico partially offset by growth in Florida and the Virgin Islands[253](index=253&type=chunk) - The available-for-sale debt portfolio is expected to generate approximately **$1.5 billion** in cash inflows over the next twelve months, which will be redeployed into higher-yielding assets or used to repay maturing brokered CDs[262](index=262&type=chunk) [Risk Management](index=83&type=section&id=Risk%20Management) The Corporation maintains a comprehensive risk management framework, with **$6.2 billion** in available liquidity, a **16.62%** CET1 ratio, and an increase in non-performing assets to **$129.4 million** - As of March 31, 2025, the Corporation had **$6.2 billion** in available liquidity sources, equivalent to **133%** of estimated uninsured deposits (excluding fully collateralized government deposits)[277](index=277&type=chunk) - The tangible common equity ratio improved to **9.10%** as of March 31, 2025, from **8.44%** at year-end 2024[315](index=315&type=chunk) - Non-performing assets increased by **$11.1 million** to **$129.4 million**, mainly due to a **$12.6 million** commercial mortgage loan in Florida moving to nonaccrual status[358](index=358&type=chunk) - Direct exposure to the Puerto Rico government, its municipalities, and public corporations was **$288.1 million** as of March 31, 2025[384](index=384&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=109&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the market risk disclosures within the Management's Discussion and Analysis section of the report - The report directs readers to the Risk Management section of the MD&A for detailed information on market risk[393](index=393&type=chunk) [Controls and Procedures](index=109&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period, March 31, 2025[394](index=394&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[395](index=395&type=chunk) [PART II. OTHER INFORMATION](index=110&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=110&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the financial statements for a discussion of legal proceedings, which are not expected to have a material adverse effect - For details on legal proceedings, the report refers to Note 19 of the consolidated financial statements[397](index=397&type=chunk) [Risk Factors](index=110&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the 2024 Annual Report on Form 10-K[399](index=399&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=111&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the Corporation repurchased **1.38 million** shares of common stock for **$21.8 million**, with **$127.7 million** remaining under the repurchase program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Remaining Authorization (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Jan 2025 | 327 | $18.16 | - | $200,000 | | Feb 2025 | - | - | - | $200,000 | | Mar 2025 | 1,376,489 | $18.27 | 1,194,567 | $127,692 | | **Total** | **1,376,816** | **-** | **1,194,567** | **-** | - The total shares purchased include **182,249** shares withheld to cover tax obligations upon the vesting of equity-based awards for employees[404](index=404&type=chunk)

Core Viewpoint - First Bancorp (FBP) has received an upgrade to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [1][2]. - Changes in future earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly influenced by institutional investors [4][6]. - Rising earnings estimates and the subsequent rating upgrade for First Bancorp indicate an improvement in the company's underlying business, suggesting potential upward pressure on the stock price [5][10]. Earnings Estimate Revisions for First Bancorp - For the fiscal year ending December 2025, First Bancorp is expected to earn $1.93 per share, reflecting a 6.6% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for First Bancorp has increased by 4.1%, indicating positive sentiment among analysts [8]. Zacks Rank System Overview - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revision features and potential for market-beating returns [9][10].

Company Overview - First Bancorp (FBP) is headquartered in San Juan and operates in the Finance sector [3] - The stock has experienced a price change of 6.62% since the beginning of the year [3] Dividend Information - First Bancorp currently pays a dividend of $0.18 per share, resulting in a dividend yield of 3.63% [3] - The company's annualized dividend of $0.72 has increased by 12.5% from the previous year [4] - Over the past five years, First Bancorp has raised its dividend five times, averaging an annual increase of 31.93% [4] - The current payout ratio is 39%, indicating that 39% of its trailing 12-month EPS is distributed as dividends [4] Earnings Growth Expectations - For the fiscal year, First Bancorp anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 at $1.88 per share, reflecting a year-over-year growth rate of 3.87% [5] Industry Context - The Banks - Southeast industry's average dividend yield is 2.38%, while the S&P 500's yield is 1.62%, positioning First Bancorp as an attractive dividend option [3] - High-growth firms or tech start-ups typically do not offer dividends, making established companies like First Bancorp more appealing for income investors [7] Investment Outlook - First Bancorp is viewed as a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Data and Key Metrics Changes - The company reported a solid Return on Assets (ROA) of 1.64% and a pre-provision income growth of 7%, reaching $125 million during the quarter [7] - Net income for the quarter was $77 million, translating to $0.47 per share, compared to $76 million and $0.46 per share in the previous quarter [19] - Net interest income increased to $212 million, up $3 million from the prior quarter, with a net interest margin expansion of 19 basis points to 4.52% [22][26] Business Line Data and Key Metrics Changes - Total loans were slightly down, but core deposit loans remained stable, with a $70 million increase in non-interest bearing deposits [8][10] - Credit performance was stable, with early delinquency down compared to the prior quarter, indicating normalization in consumer credit trends [11][38] - The allowance for credit losses increased by $3.4 million to $247.3 million, reflecting higher qualitative adjustments due to economic uncertainty [39] Market Data and Key Metrics Changes - Year-to-date fiscal government tax collection increased by 3%, and the unemployment rate reached a low not seen in a long time [15] - The company noted a healthy pipeline for loans, sustaining mid-single-digit growth expectations for the year despite market uncertainties [9][18] Company Strategy and Development Direction - The company aims to continue deploying capital opportunistically to improve franchise and shareholder value, with a focus on growing the balance sheet and enhancing product offerings [42][44] - Management emphasized the importance of maintaining disciplined underwriting guidelines while exploring growth opportunities in both commercial and residential sectors [63][71] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about loan growth in the second half of the year, citing a better pipeline compared to the beginning of the year [76][78] - The company remains committed to its mid-single-digit growth guidance, despite acknowledging the unpredictable nature of the economic environment [18][79] Other Important Information - The company resumed its stock purchase program, repurchasing $22 million in the first quarter and planning to complete another $28 million in April [12][43] - The tangible book value per share increased by 7% to $10.64, with the tangible common equity ratio expanding to 9.1% [43] Q&A Session Summary Question: What are the expected yields for the second half of the year? - The expected yields for the second half of the year are projected to be around 1.35% to 1.40% [48] Question: What is the anticipated margin expansion? - The company anticipates a margin expansion of five to seven basis points, assuming a blended rate of new originations between 150 to 300 basis points [49][50] Question: How does the company view loan origination growth? - Management believes both construction and commercial loans will grow, while consumer loans are expected to grow at a slower pace [63] Question: What is the outlook on consumer charge-offs? - The company expects an improvement in consumer charge-off rates year over year, with older vintages that behaved worse being cleared out [81][84] Question: What is the status of the stock buyback program? - The company plans to complete a $50 million buyback by the end of April and retains flexibility for further buybacks if unique opportunities arise [98]

Financial Performance - First Bancorp's net income for Q1 2025 was $364 million, a $328 million increase compared to $36 million in Q4 2024[22] - Adjusted net income increased to $349 million in Q1 2025, up from $317 million in Q4 2024[22] - The return on average assets significantly improved to 121% in Q1 2025, compared to 012% in Q4 2024[22] - Net interest margin (tax equivalent) increased by 19 basis points to 327% in Q1 2025[22] Balance Sheet and Capital - Total deposits reached $107 billion, representing a $214 million increase for the quarter, or an annualized growth rate of 8%[48] - The company maintains strong capital levels, with growth in every capital measure from Q4 2024 to Q1 2025[44, 46] - As of March 31, 2025, brokered deposits remained minimal at $10 million[48] Asset Quality - The allowance for credit losses to total loans was 149% as of March 31, 2025[57] - The company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits[52] - Uninsured and uncollateralized deposits represent approximately 33% of total deposits[52] Strategic Positioning - First Bancorp is the 4th largest bank headquartered in North Carolina and the largest community bank[9] - The company operates 113 branches in North Carolina and South Carolina[9] - The company is focused on high-growth markets in the Carolinas, which are experiencing significant population influx and economic growth[69, 81]

First BanCorp. (NYSE:FBP) Q1 2025 Earnings Conference Call April 24, 2025 12:00 PM ET Company Participants Ramon Rodriguez - Investor Relations Officer Aurelio Aleman - President and CEO Orlando Berges - Executive Vice President and CFO Conference Call Participants Frank Schiraldi - Piper Sandler Brett Rabatin - Hovde Group Steve Moss - Raymond James Kelly Motta - KBW Timur Braziler - Wells Fargo Operator Hello, everyone, and thank you for joining the First BanCorp. First Quarter 2025 Financial Results Conf ...