Seanergy Maritime Holdings (SHIP) : This shipping company which provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 83.1% over the last 60 days. Here are three stocks with buy rank and strong value characteristics for investors to consider today, May 17th: RCM Technologies (RCMT) : This company is a national provider of Business, Technology and resource ...

First Horizon (FHN) : This financial services company which offers regional banking, mortgage lending, title insurance, specialized commercial lending, commercial leasing and equipment financing, brokerage, wealth management and capital market services, has witnessed the Zacks Consensus Estimate for its current year earnings increasing nearly 5.6% over the last 60 days. This Zacks Rank #1 company has a dividend yield of 3.8%, compared with the industry average of 0.8%. Qifu Technology, Inc. (QFIN) : This Cr ...

Based in San Juan, First Bancorp (FBP) is in the Finance sector, and so far this year, shares have seen a price change of 10.88%. Currently paying a dividend of $0.16 per share, the company has a dividend yield of 3.51%. In comparison, the Banks - Southeast industry's yield is 2.68%, while the S&P 500's yield is 1.58%. Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is ...

Have you been paying attention to shares of First Bancorp (FBP) ? Shares have been on the move with the stock up 12% over the past month. The stock hit a new 52-week high of $18.62 in the previous session. First Bancorp has gained 10.9% since the start of the year compared to the 5.1% move for the Zacks Finance sector and the 1.7% return for the Zacks Banks - Southeast industry. What's Driving the Outperformance? The stock has an impressive record of positive earnings surprises, as it hasn't missed our earn ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended March 31, 2024 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ___________________ to___________________ COMMISSION FILE NUMBER001-14793 FIRST BANCORP. (EXACT NAME OF REGISTRANT AS SPECIFIEDIN ITS CHARTER) Puerto Rico 66-0561882 (State or other jurisdiction of incorporation or organization) ____________ FORM 10-Q [X] QUARTERLY RE ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a m ...

First BanCorp. (NYSE:FBP) Q1 2024 Earnings Conference Call April 23, 2024 10:00 AM ET Company Participants Ramon Rodriguez - IR Officer Aurelio Aleman-Bermudez - President and CEO Orlando Berges-Gonzalez - EVP and CFO Conference Call Participants Alex Twerdahl - Piper Sandler Kelly Motta - KBW Operator Hello everyone and welcome to First BanCorp's First Quarter 2024 Financial Results Call. My name is Seth and I'll be the operator for your call today. [Operator Instructions] I would now hand the floor over t ...

Financial Performance - Net income for Q1 2024 was $73.5 million, or $0.44 per diluted share, compared to $79.5 million, or $0.46 per diluted share in Q4 2023[1][20] - Net income for Q1 2024 was $73.5 million, a decrease of 7.7% from $79.5 million in Q4 2023, but an increase of 3.5% from $70.7 million in Q1 2023[21] - Adjusted net income attributable to common stockholders for Q1 2024 was $74.1 million, down from $83.4 million in Q4 2023, but up from $70.7 million in Q1 2023[21] - Earnings per share (diluted) for Q1 2024 was $0.44, unchanged from Q4 2023, and an increase from $0.39 in Q1 2023[21] - Income before income taxes increased to $97.4 million in Q1 2024, up 14.5% from $84.9 million in Q4 2023[22] - Adjusted pre-tax, pre-provision income for Q1 2024 was $110.5 million, a slight increase of 0.5% from $110.0 million in Q4 2023[22] - Net interest income for Q1 2024 was $196.5 million, slightly down from $196.7 million in Q4 2023, with a net interest margin of 4.16%[5][7] - Non-interest income for Q1 2024 was $34.0 million, an increase of $0.4 million from $33.6 million in Q4 2023[27] - Non-interest expenses were $120.9 million, down from $126.6 million in Q4 2023, leading to an efficiency ratio of 52.46%[5][7] - The efficiency ratio improved to 52.46% in Q1 2024 from 54.98% in Q4 2023, indicating better cost management[79] Loan and Deposit Growth - Total loans grew by $130.7 million, primarily driven by growth in the commercial and construction loan portfolios in Puerto Rico and Florida[7] - The average balance of loans and leases increased to $12.2 billion in Q1 2024, up from $12.0 billion in Q4 2023[23] - Total loan originations in the first quarter of 2024 amounted to $1.1 billion, a decrease of $214.9 million compared to the fourth quarter of 2023[56] - Total loans held for investment reached $12,311,448 thousand, an increase from $12,185,483 thousand as of December 31, 2023, representing a growth of 1.03%[1] - Total deposits as of March 31, 2024, were $16,545,511,000, a minor decrease from $16,555,985,000 as of December 31, 2023[75] - The Corporation's total deposits, excluding brokered CDs, amounted to $15.8 billion as of March 31, 2024, with uninsured deposits estimated at $4.4 billion, representing 27.93% of total deposits[53] - Total deposits decreased by $10.4 million, including a $57.6 million decrease in brokered CDs and a $25.8 million decrease in deposits excluding brokered CDs[61] Credit Quality and Losses - Provision for credit losses decreased to $12.2 million from $18.8 million in the previous quarter, including a $9.5 million recovery from a bulk sale of charged-off consumer loans[7] - The corporation recorded an income tax expense of $23.9 million for Q1 2024, compared to $5.4 million in Q4 2023[33] - Total non-performing assets increased by $3.7 million to $129.6 million as of March 31, 2024, compared to $125.9 million as of December 31, 2023[38] - Total nonaccrual loans held for investment rose by $9.3 million to $93.0 million as of March 31, 2024[38] - Early delinquency loans held for investment decreased by $17.1 million to $133.7 million as of March 31, 2024[40] - Net charge-offs for the first quarter of 2024 were $11.2 million, or an annualized 0.37% of average loans, down from $20.8 million, or 0.69%, in the fourth quarter of 2023[49] - The allowance for credit losses on loans was $263,592,000 as of March 31, 2024, compared to $261,843,000 as of December 31, 2023[75] - The provision for credit losses on loans and finance leases was $12.9 million for the first quarter of 2024, compared to $19.0 million in the fourth quarter of 2023[46] Capital and Liquidity - Cash and cash equivalents increased to $684.5 million, with total core liquidity amounting to $2.7 billion, or 14.45% of total assets[8][9] - Total core liquidity amounted to $2.7 billion as of March 31, 2024, or 14.45% of total assets, compared to $2.8 billion, or 14.93%, as of December 31, 2023[51] - The tangible common equity ratio was 7.59%, compared to 7.67% in the previous quarter[10][18] - CET1 capital ratio was 15.90% as of March 31, 2024, down from 16.10% as of December 31, 2023, while total capital ratio was 18.36%[64] - Total stockholders' equity amounted to $1.5 billion as of March 31, 2024, a decrease of $17.9 million from December 31, 2023, primarily due to stock repurchases and dividends[63] Strategic Initiatives - A strategic partnership with nCino was announced to enhance commercial lending operations and improve client interactions[4] - The company continues to focus on market expansion and enhancing its loan portfolio across various regions, including Puerto Rico and the United States[1]

First Bancorp (FBP) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.79%. A quarter ago, it was expected that this holding company for FirstBank Puerto Rico would post earnings of $0.39 per share when it actually produced earnings of $0.49, delivering a surprise of 25.64%.Over the l ...

SAN JUAN, Puerto Rico, March 20, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), a pioneer in cloud banking for the global financial services industry, today announced that FirstBank Puerto Rico, a subsidiary of First BanCorp (NYSE:FBP), has partnered with nCino to offer a more modern commercial banking experience for its customers in Puerto Rico, Florida and the Virgin Islands, while providing greater insights into its portfolio. This project was spurred on by FirstBank Puerto Rico's digital transforma ...