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]

Financial Data and Key Metrics Changes - The company reported a net income of $77 million, or $0.47 per share, compared to $76 million and $0.46 per share in the previous quarter, reflecting a solid return on assets (ROA) of 1.64% [19][7] - Pre-provision income grew by 7% to $125 million during the quarter, indicating strong operational performance [7] - Net interest income increased by $3 million to $212 million, with a net interest margin expanding by 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 non-interest bearing deposits increasing by $70 million [10][8] - The company experienced a healthy pipeline for loan growth, sustaining mid-single-digit growth expectations for the year [9] Market Data and Key Metrics Changes - Year-to-date fiscal government tax collection increased by 3%, and the unemployment rate reached a long-time low [15] - Consumer credit trends showed early delinquency rates decreasing compared to the prior quarter, indicating stabilization in credit performance [11][38] Company Strategy and Development Direction - The company aims to continue its disciplined approach to capital deployment, focusing on improving franchise and shareholder value [44] - There is an ongoing investment in affordable housing projects and infrastructure improvements, alongside a transition to centralized cloud services for data management [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding loan growth, noting that the pipeline is better than in January, despite market uncertainties [78] - The full-year guidance remains unchanged, with expectations for continued margin expansion and stable credit quality [18][28] Other Important Information - The company redeemed approximately $50 million in subordinated debentures and declared $30 million in common stock dividends, while also resuming its stock purchase program [12][42] - The efficiency ratio improved to 49.6%, down from 51.6% in the previous quarter, indicating better cost management [34] Q&A Session Summary Question: What are the expected yields for the second half of the year? - Management indicated that yields are expected to be around 1.35% to 1.40% for the second half of the year [48] Question: What is the anticipated margin expansion? - The company expects a margin expansion of five to seven basis points, assuming a mix of loans and securities [49][50] Question: How does the company view the commercial real estate market in Florida? - Management noted that the commercial real estate portfolio in Florida is healthy, with a focus on maintaining underwriting standards [70][71] Question: What are the trends in loan origination? - Management expects growth in both construction and commercial loans, while consumer loans may grow at a slower pace [63] Question: How is the company managing deposit flows? - The company is seeing more stability in deposit flows compared to previous years, with a focus on core transactional and non-interest bearing deposits [92][93]

Core Insights - First BanCorp. reported a net income of $77 million ($0.47 per share) for Q1 2025, a slight increase from $76 million ($0.46 per share) in Q4 2024, indicating stable profitability [2][9] - The company experienced a net interest margin (NIM) expansion of 19 basis points to 4.52% in Q1 2025, driven by lower funding costs and improved yields on cash and investments [2][11] - Management maintained a mid-single-digit loan growth guidance for 2025, with expectations for growth to materialize in the second half of the year [3][4] Financial Performance - Net interest income increased by $3 million to $212 million in Q1 2025, benefiting from lower funding costs and improved yields [4][10] - The efficiency ratio improved to 49.6% from 51.6% in Q4 2024, reflecting better operational efficiency [2][12] - Total loans were slightly down, with originations reaching $1.2 billion in Q1 2025 [2][7] Capital Management - The company redeemed approximately $50 million in subordinated debentures, declared $29.6 million in dividends, and repurchased $22 million in common stock during Q1 2025 [2][9] - Tangible book value increased by 7% to $10.64 per share in Q1 2025, indicating a strengthening balance sheet [2][12] Credit Quality - Credit quality metrics remained stable, with early delinquencies decreasing by $21.8 million during Q1 2025 [4][12] - The allowance for credit losses increased by $3.4 million to $247.3 million, reflecting adjustments for projected economic uncertainties [12][30] Digital Transformation - The company advanced its digital transformation efforts by converting to a centralized FIS cloud for its core systems in Q1 2025 [5][8]

Financial Data and Key Metrics Changes - The company reported a net income of $77 million, or $0.47 per share, compared to $76 million, or $0.46 per share, in the previous quarter, reflecting a solid return on average assets of 1.64% [13][14] - Net interest income for the quarter was $212 million, an increase of $3 million from the prior quarter, with a net interest margin expanding by 19 basis points to 4.52% [14][17] - The efficiency ratio improved to 49.6% from 51.6% in the previous quarter, indicating better cost management [20] Business Line Data and Key Metrics Changes - Total loans were slightly down on a linked quarter basis, but originations were healthy at $1.2 billion, consistent with typical first-quarter performance [6][7] - Core deposit flows remained stable, with non-interest-bearing deposits increasing by $70 million [7] - Credit performance was stable, with early delinquency rates decreasing compared to the prior quarter [8][22] Market Data and Key Metrics Changes - Consumer confidence is currently uncertain due to pending fiscal policies and tariffs, impacting overall market sentiment [9] - Year-to-date fiscal government tax collections increased by 3%, and the unemployment rate remained low [9] Company Strategy and Development Direction - The company continues to focus on margin expansion and maintaining a healthy balance sheet while navigating economic uncertainties [5][11] - There is an ongoing investment in digital infrastructure, including a transition to a centralized cloud system [10] - The company aims to deploy excess capital thoughtfully to enhance franchise and shareholder value [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about loan growth in the second half of the year, contingent on the resolution of current market uncertainties [54][57] - The company anticipates a normalization of consumer credit metrics, expecting improvements in charge-off rates year-over-year [58][59] Other Important Information - The company redeemed approximately $50 million in subordinated debentures and declared $30 million in common stock dividends during the quarter [8][25] - The tangible book value per share increased by 7% to $10.64, with a tangible common equity ratio expanding to 9.1% [25] Q&A Session Summary Question: Can you provide details on the 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% [28] Question: What assumptions are made regarding margin expansion? - The company assumes a pickup of around 150 to 300 basis points, considering potential rate reductions [30] Question: What is the outlook for loan growth? - Loan growth is expected to be more pronounced in the second half of the year, with a good pipeline currently in place [56] Question: How is the company managing deposit flows? - The company is seeing more stability in deposit flows compared to previous years, with growth in core transaction and non-interest-bearing deposits [65] Question: What is the company's exposure to the Florida condo market? - The company has very limited exposure to the condo market in Florida, primarily in the mortgage portfolio [83]

Financial Performance - First BanCorp reported a net income of $77.1 million, or $0.47 per diluted share, for Q1 2025, an increase from $75.7 million, or $0.46 per diluted share, in Q4 2024[2]. - Net income for the first quarter of 2025 was reported at $77,059,000, an increase from $75,701,000 in the fourth quarter of 2024 and $73,458,000 in the first quarter of 2024[68]. - Adjusted net income attributable to common stockholders for the first quarter of 2025 was also $77,059,000, compared to $75,701,000 in the previous quarter and $74,050,000 in the same quarter last year[68]. - Earnings per diluted share for the first quarter of 2025 was $0.47, consistent with the previous quarter and an increase from $0.44 in the first quarter of 2024[68]. - Income before income taxes for the first quarter of 2025 was $100,299,000, up from $96,029,000 in the fourth quarter of 2024, representing a 7.0% increase[69]. - Adjusted pre-tax, pre-provision income for the first quarter of 2025 was $125,109,000, an increase of $8,176,000 or 7.0% from the previous quarter[69]. Income and Expenses - Pre-tax pre-provision income grew by 7% to $125 million, reflecting strong operational performance[3]. - Non-interest income rose to $35.7 million, driven by $3.3 million in seasonal contingent insurance commissions[8]. - Total non-interest expenses decreased by $1.5 million to $123.0 million in Q1 2025, reflecting variances in employee compensation and benefits[14]. - The Corporation recorded an income tax expense of $23.2 million for Q1 2025, up from $20.3 million in Q4 2024[16]. - The estimated annual effective tax rate for Q1 2025 was 23.7%, compared to 23.0% for Q4 2024[17]. Loans and Credit Quality - Total loans decreased by $71.7 million to $12.7 billion, primarily due to the payoff of a $73.8 million commercial mortgage loan[8]. - The allowance for credit losses (ACL) for loans and finance leases was $247.3 million as of March 31, 2025, an increase of $3.4 million from the previous quarter, driven by higher qualitative adjustments due to economic uncertainty[26]. - The provision for credit losses on loans and finance leases was $24.8 million for Q1 2025, compared to $21.5 million in Q4 2024, with significant expenses in commercial and construction loan portfolios[27]. - Total non-performing assets rose by $11.1 million to $129.4 million as of March 31, 2025, with total nonaccrual loans held for investment at $98.4 million[21]. - The ratio of ACL for loans and finance leases to total loans held for investment was 1.95% as of March 31, 2025, up from 1.91% as of December 31, 2024[29]. Deposits and Liquidity - Core customer deposits increased by $29 million during the quarter, including a $70 million rise in non-interest-bearing deposits[4]. - Total deposits decreased by $48.8 million to $16.3 billion as of March 31, 2025, with a notable $82.1 million decrease in government deposits[46]. - Cash and cash equivalents rose by $168.9 million to $1.3 billion, contributing to total core liquidity of $2.7 billion, or 14.25% of total assets[48]. - The Corporation had $6.2 billion available to meet liquidity needs, representing 133% of estimated uninsured deposits as of March 31, 2025[49]. - The estimated amount of uninsured deposits was $4.6 billion, representing 28.44% of total deposits as of March 31, 2025, down from 29.36% at the end of 2024[50]. Capital and Ratios - Capital ratios exceeded required regulatory levels, with total capital at 17.96% and common equity tier 1 capital at 16.62% as of March 31, 2025[8]. - CET1 capital ratio improved to 16.62% as of March 31, 2025, compared to 16.32% as of December 31, 2024, indicating stronger capital position under Basel III rules[44]. - Tangible common equity ratio increased to 9.10% as of March 31, 2025, up from 8.44% as of December 31, 2024, reflecting improved earnings and asset valuations[51]. Market and Stock Performance - The common stock price at the end of the period rose to $19.17 as of March 31, 2025, compared to $18.59 at the end of the previous quarter, an increase of 3.11%[78]. - Cash dividends declared increased to $0.18 per share for the quarter ended March 31, 2025, up from $0.16 in the previous quarter, reflecting a 12.50% increase[78]. Miscellaneous - The corporation cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed[71]. - The corporation's shares trade on the New York Stock Exchange under the symbol FBP, with operations in Puerto Rico, the U.S., and the British Virgin Islands[72].

Financial Performance - First Bancorp reported revenue of $248.13 million for the quarter ended March 2025, reflecting a year-over-year increase of 7.7% [1] - Earnings per share (EPS) for the quarter was $0.47, up from $0.44 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $240.31 million by 3.26% [1] - The company achieved an EPS surprise of 9.30%, compared to the consensus estimate of $0.43 [1] Key Metrics - Efficiency ratio was reported at 49.6%, better than the estimated 52.1% by two analysts [4] - Net Interest Margin stood at 4.5%, matching the average estimate [4] - Total Interest-Earning Assets averaged $19.08 billion, slightly below the estimated $19.27 billion [4] - Card and processing income was $11.48 million, compared to the average estimate of $11.89 million [4] - Net interest income on a tax-equivalent basis was $212.40 million, exceeding the average estimate of $211.72 million [4] - Service charges and fees on deposit accounts totaled $9.64 million, below the average estimate of $9.83 million [4] - Total Non-Interest Income reached $35.73 million, surpassing the average estimate of $33.81 million [4] - Mortgage banking activities generated $3.18 million, slightly below the average estimate of $3.23 million [4] Stock Performance - Shares of First Bancorp returned +0.7% over the past month, while the Zacks S&P 500 composite declined by -5.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

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 ...

Core Viewpoint - Synovus Financial (SNV) is currently positioned as a more attractive investment option compared to First Bancorp (FBP) based on various valuation metrics and earnings outlook [1][3]. Valuation Metrics - SNV has a forward P/E ratio of 8.29, while FBP has a forward P/E of 10.16, indicating that SNV is potentially undervalued [5]. - The PEG ratio for SNV is 0.81, suggesting a favorable earnings growth outlook compared to FBP's PEG ratio of 1.61 [5]. - SNV's P/B ratio stands at 1.20, compared to FBP's P/B of 1.83, further supporting SNV's valuation advantage [6]. Earnings Outlook - SNV holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while FBP has a Zacks Rank of 4 (Sell), suggesting a less favorable earnings outlook [3]. - The solid earnings outlook for SNV contributes to its superior valuation metrics and overall investment appeal [6]. Value Grades - SNV has been assigned a Value grade of A, while FBP has a Value grade of C, reflecting SNV's stronger position in terms of value investing criteria [6].

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]