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]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) First BanCorp. reported strong Q4 2024 results with increased net income and loan growth, achieving record annual revenues and a sustainable dividend increase [Earnings Overview](index=1&type=section&id=Earnings%20Overview) First BanCorp. reported a net income of $75.7 million, or $0.46 per diluted share, for Q4 2024, showing a slight increase from Q3 2024 but a decrease compared to Q4 2023. For the full year 2024, net income was $298.7 million, or $1.81 per diluted share, a slight decline from $302.9 million in 2023 | Metric | Q4 2024 | Q3 2024 | Q4 2023 | Year 2024 | Year 2023 | | :------------------- | :------ | :------ | :------ | :-------- | :-------- | | Net Income (Millions USD) | $75.7 | $73.7 | $79.5 | $298.7 | $302.9 | | Diluted EPS (USD) | $0.46 | $0.45 | $0.46 | $1.81 | $1.71 | [CEO Commentary & Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Outlook) The CEO highlighted strong Q4 results driven by solid loan growth, encouraging core customer deposit trends, and robust profitability, with a 13% dividend increase approved for 2025 - Q4 2024 results were strong, marked by solid loan growth across all business segments, positive core customer deposit trends, and robust profitability[2](index=2&type=chunk) - Pre-tax pre-provision income grew by **5%** on a linked quarter basis, attributed to net interest income expansion and disciplined expense management[2](index=2&type=chunk) - For the full year, the Corporation achieved record revenues and a return on average assets above **1.5%** for the third consecutive year[4](index=4&type=chunk) Key Annual Performance Metrics | Metric | Change/Value | | :------------------------- | :----------- | | Loan Portfolio Expansion (USD) | 4.7% or $569M | | Core Customer Deposits Added (USD) | $267M | | Capital Deployment (% of earnings) | >100% of earnings (4th consecutive year) | | Common Stock Dividend Increase (%) | 13% | [Key Financial Highlights (Table)](index=1&type=section&id=Key%20Financial%20Highlights%20%28Table%29) This table provides a snapshot of key financial highlights for Q4 and full year 2024, compared to prior periods, covering income, expenses, and key ratios Financial Highlights (Thousands USD, except per share) | Financial Highlights (Thousands USD, except per share) | Q4 2024 | Q3 2024 | Q4 2023 | Year 2024 | Year 2023 |\n| :------------------------------------ | :--------- | :--------- | :--------- | :--------- | :--------- | | Net Interest Income (Thousands USD) | $209,267 | $202,064 | $196,682 | $807,479 | $797,110 | | Provision for Credit Losses (Thousands USD) | 20,904 | 15,245 | 18,812 | 59,921 | 60,940 | | Non-Interest Income (Thousands USD) | 32,199 | 32,502 | 33,609 | 130,722 | 132,694 | | Non-Interest Expenses (Thousands USD) | 124,533 | 122,935 | 126,605 | 487,073 | 471,428 | | Income Before Income Taxes (Thousands USD) | 96,029 | 96,386 | 84,874 | 391,207 | 397,436 | | Income Tax Expense (Thousands USD) | 20,328 | 22,659 | 5,385 | 92,483 | 94,572 | | Net Income (Thousands USD) | $75,701 | $73,727 | $79,489 | $298,724 | $302,864 | | Net Interest Margin | 4.33% | 4.25% | 4.14% | 4.25% | 4.22% | | Efficiency Ratio | 51.57% | 52.41% | 54.98% | 51.92% | 50.70% | | Diluted EPS (USD) | $0.46 | $0.45 | $0.46 | $1.81 | $1.71 | | Book Value per Share (USD) | $10.19 | $10.38 | $8.85 | $10.19 | $8.85 | | Tangible Book Value per Share (USD) | $9.91 | $10.09 | $8.54 | $9.91 | $8.54 | | Return on Average Equity | 17.77% | 18.31% | 23.69% | 19.09% | 21.86% | | Return on Average Assets | 1.56% | 1.55% | 1.70% | 1.58% | 1.62% | [Quarterly Performance Analysis (Q4 2024 vs Q3 2024)](index=1&type=section&id=Quarterly%20Performance%20Analysis%20%28Q4%202024%20vs%20Q3%202024%29) This section analyzes First BanCorp.'s Q4 2024 performance compared to Q3 2024, focusing on profitability, balance sheet changes, asset quality, and liquidity and capital [Profitability](index=1&type=section&id=Profitability) First BanCorp.'s Q4 2024 profitability saw increased net income and net interest income, alongside higher credit loss provisions and non-interest expenses [Net Income & EPS](index=1&type=section&id=Net%20Income%20%26%20EPS) Net income increased by $2.0 million to $75.7 million, with diluted EPS remaining stable at $0.46 Net Income and EPS (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :------- | :------ | :------ | :----- | | Net Income (Millions USD) | $75.7M | $73.7M | +$2.0M | | Diluted EPS (USD) | $0.46 | $0.45 | +$0.01 | [Net Interest Income & Margin](index=1&type=section&id=Net%20Interest%20Income%20%26%20Margin) Net interest income increased by $7.2 million to $209.3 million, and the net interest margin improved by 8 basis points to 4.33% Net Interest Income and Margin (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------- | :-------- | :-------- | :----- | | Net Interest Income (Millions USD) | $209.3M | $202.1M | +$7.2M | | Net Interest Margin (%) | 4.33% | 4.25% | +0.08% | [Provision for Credit Losses](index=1&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses increased by $5.7 million to $20.9 million, primarily due to loan growth, particularly in the commercial loan portfolio Provision for Credit Losses (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :-------------------------- | :-------- | :-------- | :----- | | Provision for Credit Losses (Millions USD) | $20.9M | $15.2M | +$5.7M | | Primary Driver | Loan growth (commercial loan portfolio) | | Economic Outlook Impact | Positive outlook, but less impact than prior quarter | [Non-Interest Income](index=1&type=section&id=Non-Interest%20Income) Non-interest income slightly decreased by $0.3 million to $32.2 million Non-Interest Income (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------- | :-------- | :-------- | :----- | | Non-Interest Income (Millions USD) | $32.2M | $32.5M | -$0.3M | | Key Drivers | Decrease in insurance commission income, partially offset by increase in card and processing income | [Non-Interest Expenses](index=1&type=section&id=Non-Interest%20Expenses) Non-interest expenses increased by $1.6 million to $124.5 million, while the efficiency ratio improved to 51.57% Non-Interest Expenses and Efficiency Ratio (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :------------------ | :-------- | :-------- | :----- | | Non-Interest Expenses (Millions USD) | $124.5M | $122.9M | +$1.6M | | Efficiency Ratio (%) | 51.57% | 52.41% | -0.84% | [Income Taxes](index=1&type=section&id=Income%20Taxes) Income tax expense decreased by $2.4 million to $20.3 million, primarily due to a lower effective tax rate from a higher proportion of exempt income Income Tax Expense (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :--------------- | :-------- | :-------- | :----- | | Income Tax Expense (Millions USD) | $20.3M | $22.7M | -$2.4M | | Reason | Lower effective tax rate due to higher proportion of exempt income | [Balance Sheet Overview](index=1&type=section&id=Balance%20Sheet%20Overview) The balance sheet showed growth in total loans and core deposits, with a notable increase in non-interest-bearing deposits, while brokered CDs decreased [Total Loans](index=1&type=section&id=Total%20Loans) Total loans grew by $303.2 million to $12.8 billion, primarily driven by growth in the commercial loan portfolio across all regions Total Loans (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :--------- | :-------- | :-------- | :----- | | Total Loans (Billions USD) | $12.8B | $12.5B | +$303.2M | | Driver | Commercial loan portfolio growth across all regions | [Deposits](index=1&type=section&id=Deposits) Core deposits increased by $197.9 million to $12.9 billion, including a significant rise in non-interest-bearing deposits, while brokered CDs decreased Deposit Trends (QoQ) | Deposit Type | Q4 2024 | Q3 2024 | Change | | :--------------------------- | :-------- | :-------- | :----- | | Core Deposits (Billions USD) | $12.9B | $12.7B | +$197.9M | | Non-Interest-Bearing Deposits (Millions USD) | | | +$296.8M | | Government Deposits (Billions USD) | $3.5B | $3.1B | +$367.9M | | Brokered CDs (Millions USD) | $478.1M | $520.0M | -$41.9M | [Asset Quality](index=1&type=section&id=Asset%20Quality) Asset quality metrics showed a slight improvement with decreased non-performing assets and a stable net charge-off ratio, despite a decline in ACL coverage [Non-Performing Assets](index=1&type=section&id=Non-Performing%20Assets) Non-performing assets decreased by $0.8 million to $118.3 million Non-Performing Assets (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :-------------------- | :-------- | :-------- | :----- | | Non-Performing Assets (Millions USD) | $118.3M | $119.1M | -$0.8M | | Driver | Decrease in OREO and nonaccrual commercial/construction loans | [Early Delinquency](index=1&type=section&id=Early%20Delinquency) Total loans in early delinquency increased by $9.6 million to $153.0 million, driven by consumer and residential mortgage loans Early Delinquency (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------------- | :-------- | :-------- | :----- | | Total Early Delinquency (Millions USD) | $153.0M | $143.4M | +$9.6M | | Consumer Loans (Millions USD) | | | +$14.1M | | Residential Mortgage Loans (Millions USD) | | | +$0.9M | | Commercial & Construction Loans (Millions USD) | | | -$5.4M | [Allowance for Credit Losses (ACL)](index=1&type=section&id=Allowance%20for%20Credit%20Losses%20%28ACL%29) The ACL coverage ratio decreased to 1.91% from 1.98% ACL Coverage Ratio (QoQ) | Metric | Q4 2024 | Q3 2024 | | :----------------- | :------ | :------ | | ACL Coverage Ratio (%) | 1.91% | 1.98% | [Net Charge-Offs](index=1&type=section&id=Net%20Charge-Offs) The annualized net charge-offs to average loans ratio remained flat at 0.78% Net Charge-Offs Ratio (QoQ) | Metric | Q4 2024 | Q3 2024 | | :----------------------------------- | :------ | :------ | | Annualized Net Charge-Offs to Average Loans Ratio (%) | 0.78% | 0.78% | [Liquidity and Capital](index=1&type=section&id=Liquidity%20and%20Capital) Liquidity improved with increased cash and cash equivalents, while capital ratios remained strong, exceeding regulatory requirements [Liquidity Position](index=1&type=section&id=Liquidity%20Position) Cash and cash equivalents increased significantly to $1.2 billion, with available liquidity at 17.27% of total assets Liquidity Metrics (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------------- | :-------- | :-------- | :----- | | Cash & Cash Equivalents (Billions USD) | $1.2B | $685.4M | +$514.6M | | Available Liquidity (% of Total Assets) | 17.27% | 18.43% | -1.16% | [Capital Ratios](index=1&type=section&id=Capital%20Ratios) Capital ratios remained strong and exceeded regulatory levels, with the Corporation repurchasing junior subordinated debentures and paying common stock dividends Capital Ratios (QoQ) | Capital Ratio | Q4 2024 | Q3 2024 | | :------------ | :------ | :------ | | Total Capital (%) | 18.02% | 18.25% | | CET1 Capital (%) | 16.32% | 16.18% | | Tier 1 Capital (%) | 16.32% | 16.18% | | Leverage Ratio (%) | 11.07% | 10.96% | - Repurchased **$50.0 million** of junior subordinated debentures and paid **$26.1 million** in common stock dividends[8](index=8&type=chunk) [Tangible Common Equity (Non-GAAP)](index=2&type=section&id=Tangible%20Common%20Equity%20%28Non-GAAP%29) The tangible common equity ratio decreased to 8.44% from 8.79%, primarily due to a decrease in the fair value of available-for-sale debt securities Tangible Common Equity Ratio (QoQ) | Metric | Q4 2024 | Q3 2024 | | :-------------------------- | :------ | :------ | | Tangible Common Equity Ratio (%) | 8.44% | 8.79% | | Driver | Decrease in fair value of available-for-sale debt securities | [Detailed Statement of Financial Condition](index=3&type=section&id=Detailed%20Statement%20of%20Financial%20Condition) This section provides a detailed analysis of First BanCorp.'s balance sheet, including assets, liabilities, and stockholders' equity, as of December 31, 2024 [Assets Analysis](index=3&type=section&id=Assets%20Analysis) Total assets increased by $433.8 million to approximately $19.3 billion, driven by cash and loans, partially offset by decreased investment securities [Total Assets & Loan Originations](index=10&type=section&id=Total%20Assets%20%26%20Loan%20Originations) Total assets grew to $19.3 billion, with total loan originations increasing by $352.1 million to $1.5 billion, mainly in commercial and construction loans Total Assets and Loan Originations (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------------- | :----------- | :----------- | :----- | | Total Assets (Billions USD) | ~$19.3B | ~$18.8B | +$433.8M | | Total Loan Originations (Billions USD) | $1.5B | $1.1B | +$352.1M | | PR Loan Originations (Billions USD) | $1.2B | $902.2M | +$272.1M | | VI Loan Originations (Millions USD) | $65.1M | $34.7M | +$30.4M | | FL Loan Originations (Millions USD) | $298.1M | $248.4M | +$49.7M | [Cash and Cash Equivalents](index=10&type=section&id=Cash%20and%20Cash%20Equivalents) Cash and cash equivalents increased by $474.0 million, primarily due to increased deposits and investment securities inflows, partially offset by loan growth and debenture redemption Cash and Cash Equivalents (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------------- | :-------- | :-------- | :----- | | Cash & Cash Equivalents (Millions USD) | +$474.0M | | | | Drivers | Increase in deposits, net cash inflows from investment securities portfolio | - Redemption of **$50.0 million** in outstanding TruPS contributed to the change in cash, aligning with capital structure optimization and reduced financing costs[43](index=43&type=chunk) [Investment Securities](index=10&type=section&id=Investment%20Securities) Investment securities decreased by $334.9 million, mainly due to maturities, principal repayments, and fair value decreases, partially offset by new purchases Investment Securities (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------------- | :-------- | :-------- | :----- | | Investment Securities (Millions USD) | -$334.9M | | | | Maturities (Millions USD) | $367.5M | | | | Principal Repayments (Millions USD) | $105.2M | | | | Decrease in Fair Value (AFS) (Millions USD) | $82.3M | | | | Purchases (U.S. agencies MBS) (Millions USD) | $222.1M | | | [Total Loans](index=10&type=section&id=Total%20Loans) Total loans increased by $303.2 million, with growth across all regions and primarily in commercial and construction loans Total Loans by Portfolio (QoQ) | Loan Type | Change | | :------------------------ | :----- | | Total Loans (Millions USD) | +$303.2M | | Commercial & Construction Loans (Millions USD) | +$275.9M | | Consumer Loans (Millions USD) | +$16.4M | | Residential Mortgage Loans (Millions USD) | +$10.9M | - Loan growth was observed across all regions: Puerto Rico (**+$127.9 million**), Florida (**+$126.9 million**), and Virgin Islands (**+$48.4 million**)[43](index=43&type=chunk) [Liabilities Analysis](index=11&type=section&id=Liabilities%20Analysis) Total liabilities increased by $465.4 million to approximately $17.6 billion, driven by deposits and offset by decreased other borrowings [Total Liabilities & Deposits](index=11&type=section&id=Total%20Liabilities%20%26%20Deposits) Total liabilities increased to $17.6 billion, with total deposits rising by $523.9 million due to government and core deposit growth, while brokered CDs decreased Total Liabilities and Deposits (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :---------------- | :----------- | :----------- | :----- | | Total Liabilities (Billions USD) | ~$17.6B | ~$17.2B | +$465.4M | | Total Deposits (Billions USD) | ~$16.9B | ~$16.3B | +$523.9M | | Government Deposits (Millions USD) | | | +$367.9M | | Core Deposits (excl. brokered/gov) (Millions USD) | | | +$197.9M | | Non-Interest-Bearing Deposits (Millions USD) | | | +$296.8M | | Brokered CDs (Millions USD) | $478.1M | $520.0M | -$41.9M | - The decrease in brokered CDs reflects **$174.1 million** in maturing short-term brokered CDs with an average cost of **5.26%** being paid off, partially offset by **$132.2 million** of new issuances at an average cost of **4.14%**[45](index=45&type=chunk) [Other Borrowings](index=11&type=section&id=Other%20Borrowings) Other borrowings decreased by $50.0 million due to the redemption of outstanding junior subordinated debentures Other Borrowings (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :-------------- | :-------- | :-------- | :----- | | Other Borrowings (Millions USD) | $61.7M | $111.7M | -$50.0M | | Reason | Redemption of outstanding TruPS | [Stockholders' Equity](index=11&type=section&id=Stockholders%27%20Equity) Total stockholders' equity decreased by $31.6 million to $1.7 billion, primarily due to fair value changes in available-for-sale debt securities and common stock dividends Stockholders' Equity (QoQ) | Metric | Q4 2024 | Q3 2024 | Change | | :--------------------- | :-------- | :-------- | :----- | | Total Stockholders' Equity (Billions USD) | $1.7B | $1.7B | -$31.6M | | Key Factors | -$82.3M from fair value of AFS debt securities, -$26.3M in common stock dividends, partially offset by net income | [Liquidity Details](index=11&type=section&id=Liquidity%20Details) Core liquidity, including cash and high-quality liquid securities, totaled $2.4 billion, with significant borrowing capacity available to meet liquidity needs Liquidity Metrics | Metric | Q4 2024 | Q3 2024 | | :----------------------------------- | :-------- | :-------- | | Cash & Cash Equivalents (Billions USD) | $1.2B | $685.4M | | Total Core Liquidity (Billions USD) | $2.4B | $2.5B | | Core Liquidity (% of Total Assets) | 12.54% | 13.32% | | Available FHLB Lending Capacity (Millions USD) | $912.4M | | | Available FED Borrower-In-Custody Program (Billions USD) | ~$2.6B | | | Total Available Liquidity (Billions USD) | $5.9B | | | Total Available Liquidity (% of Uninsured Deposits) | 124% | | Deposit Composition | Deposit Type | Q4 2024 | Q3 2024 | | :----------------------------------------- | :-------- | :-------- | | Total Deposits (excl. brokered CDs) (Billions USD) | $16.4B | $15.8B | | Government Deposits (fully collateralized) (Billions USD) | $3.5B | $3.2B | | Estimated Uninsured Deposits (Billions USD) | $4.8B | $4.6B | | Uninsured Deposits (% of Total Deposits) | 29.36% | 29.25% | [Tangible Common Equity (Non-GAAP) Reconciliation](index=12&type=section&id=Tangible%20Common%20Equity%20%28Non-GAAP%29%20Reconciliation) The tangible common equity ratio decreased to 8.44% due to a decline in the fair value of available-for-sale debt securities and an increase in tangible assets Tangible Common Equity Reconciliation (Thousands USD, except ratios) | Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :----------------------------------- | :----------- | :----------- | :----------- | | Total Common Equity - GAAP (Thousands USD) | $1,669,236 | $1,700,885 | $1,497,609 | | Goodwill (Thousands USD) | (38,611) | (38,611) | (38,611) | | Other Intangible Assets (Thousands USD) | (6,967) | (8,260) | (13,383) | | Tangible Common Equity - Non-GAAP (Thousands USD) | $1,623,658 | $1,654,014 | $1,445,615 | | Total Assets - GAAP (Thousands USD) | $19,292,921 | $18,859,170 | $18,909,549 | | Goodwill (Thousands USD) | (38,611) | (38,611) | (38,611) | | Other Intangible Assets (Thousands USD) | (6,967) | (8,260) | (13,383) | | Tangible Assets - Non-GAAP (Thousands USD) | $19,247,343 | $18,812,299 | $18,857,555 | | Tangible Common Equity Ratio - Non-GAAP (%) | 8.44% | 8.79% | 7.67% | | Tangible Book Value per Common Share - Non-GAAP (USD) | $9.91 | $10.09 | $8.54 | [Exposure to Puerto Rico Government](index=13&type=section&id=Exposure%20to%20Puerto%20Rico%20Government) This section details First BanCorp.'s direct and indirect exposure to the Puerto Rico government, its municipalities, and public corporations [Direct Exposure](index=13&type=section&id=Direct%20Exposure) Direct exposure to the Puerto Rico government increased slightly to $288.6 million, primarily comprising loans and obligations to municipalities and public corporations Direct Exposure to Puerto Rico Government (Thousands USD) | Category | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------- | :----------- | :----------- | | Total Direct Exposure (Thousands USD) | $288,600 | $285,500 | | Loans/Obligations of Municipalities (property tax) (Thousands USD) | $195,800 | | | Loans/Obligations of Municipalities (specific revenues) (Thousands USD) | $51,100 | | | Loan to PR Electric Power Authority Affiliate (Thousands USD) | $8,800 | | | Loans to Public Corporations (Thousands USD) | $30,000 | | | PRHFA Residential MBS (amortized cost) (Thousands USD) | $2,900 | | - The exposure includes **$92.4 million** in financing arrangements with Puerto Rico municipalities, underwritten as commercial loans but issued in bond form and accounted for as held-to-maturity debt securities[55](index=55&type=chunk) [Indirect Exposure](index=13&type=section&id=Indirect%20Exposure) Indirect exposure primarily consists of public sector deposits, which increased to $3.1 billion, alongside construction loans funded through conduit financing structures Indirect Exposure to Puerto Rico Government (Thousands USD) | Category | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------- | :----------- | :----------- | | Public Sector Deposits in Puerto Rico (Thousands USD) | $3,100,000 | $2,700,000 | | Composition of Public Sector Deposits (%) | 17% from municipalities, 83% from public corporations/central government/US federal agencies | | Construction Loans (LIHTC/CDBG-DR) (Thousands USD) | $59,200 | $40,200 | | Unfunded Loan Commitments (LIHTC/CDBG-DR) (Thousands USD) | $94,200 | | [Non-GAAP Financial Measures](index=14&type=section&id=Non-GAAP%20Financial%20Measures) This section explains First BanCorp.'s use of non-GAAP financial measures to provide additional insights into underlying performance and facilitate comparability [Overview of Non-GAAP Disclosures](index=14&type=section&id=Overview%20of%20Non-GAAP%20Disclosures) Non-GAAP financial measures are utilized to enhance analysis of business trends, performance, and for budgeting and long-term planning processes - Non-GAAP financial measures are used to enhance analysis of business trends and performance, particularly during economic stress[58](index=58&type=chunk) - These measures are utilized in budgeting and long-term planning processes[58](index=58&type=chunk) - Non-GAAP measures include adjusted net income, adjusted EPS, adjusted pre-tax, pre-provision income, tangible common equity, tangible book value per common share, and certain capital ratios[59](index=59&type=chunk) [Special Items Affecting Financial Results](index=14&type=section&id=Special%20Items%20Affecting%20Financial%20Results) Financial results for 2024 and 2023 included special items such as FDIC assessment expenses, legal settlement gains, and gains on early extinguishment of debt Special Items (Millions USD) | Special Item | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :---------------------------- | :---------------------- | :---------------------- | | FDIC Special Assessment Expense (pre-tax) (Millions USD) | $1.1 | $6.3 | | FDIC Special Assessment Expense (after-tax) (Millions USD) | $0.7 | $3.9 | | Gain Recognized from Legal Settlement (pre-tax) (Millions USD) | - | $3.6 | | Gain Recognized from Legal Settlement (after-tax) (Millions USD) | - | $2.3 | | Gain on Early Extinguishment of Debt (pre-tax) (Millions USD) | - | $1.6 | [Adjusted Pre-Tax, Pre-Provision Income](index=15&type=section&id=Adjusted%20Pre-Tax%2C%20Pre-Provision%20Income) Adjusted pre-tax, pre-provision income is a non-GAAP metric used to analyze underlying performance trends by excluding credit loss provisions and other special items - This metric helps analyze underlying performance trends, especially during economic stress[63](index=63&type=chunk) - It represents income before income taxes, adjusted to exclude provisions for credit losses on loans, unfunded loan commitments, debt securities, and other special items[63](index=63&type=chunk) [Tangible Common Equity Ratio and Tangible Book Value per Common Share](index=15&type=section&id=Tangible%20Common%20Equity%20Ratio%20and%20Tangible%20Book%20Value%20per%20Common%20Share) These non-GAAP measures evaluate capital adequacy for banking organizations with significant goodwill or intangible assets by adjusting total common equity and total assets - Tangible common equity is total common equity less goodwill and other intangible assets[64](index=64&type=chunk) - Tangible assets are total assets less goodwill and other intangible assets[64](index=64&type=chunk) - These metrics are used to compare capital adequacy of banking organizations with significant goodwill or intangible assets[64](index=64&type=chunk) [Net Interest Income Excluding Valuations, and on a Tax-Equivalent Basis](index=15&type=section&id=Net%20Interest%20Income%20Excluding%20Valuations%2C%20and%20on%20a%20Tax-Equivalent%20Basis) Net interest income, interest rate spread, and net interest margin are reported on a tax-equivalent basis, excluding derivative fair value changes, to facilitate comparability - Excludes changes in the fair value of derivative instruments, which do not affect interest due or earned[65](index=65&type=chunk) - Tax-equivalent adjustment recognizes income tax savings from tax-exempt assets, making yields comparable to taxable assets[65](index=65&type=chunk) - This is a standard practice in the banking industry to facilitate comparison with peers[65](index=65&type=chunk) [Reconciliation of Net Income to Adjusted Net Income (Non-GAAP)](index=16&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income%20%28Non-GAAP%29) This section reconciles GAAP net income and diluted EPS to adjusted non-GAAP figures by excluding special items like FDIC assessment expenses and legal settlement gains Net Income Reconciliation (Thousands USD, except per share) | Metric | Q4 2024 | Q3 2024 | Q4 2023 | Year 2024 | Year 2023 | | :----------------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Net Income, as Reported (GAAP) (Thousands USD) | $75,701 | $73,727 | $79,489 | $298,724 | $302,864 | | Adjustments: | | | | | | | FDIC Special Assessment Expense (Thousands USD) | - | - | 6,311 | 1,099 | 6,311 | | Gain Recognized from Legal Settlement (Thousands USD) | - | - | - | - | (3,600) | | Gain on Early Extinguishment of Debt (Thousands USD) | - | - | - | - | (1,605) | | Income Tax Impact of Adjustments (Thousands USD) | - | - | (2,367) | (412) | (1,017) | | Adjusted Net Income Attributable to Common Stockholders (Non-GAAP) (Thousands USD) | $75,701 | $73,727 | $83,433 | $299,411 | $302,953 | | Earnings Per Share - Diluted (GAAP) (USD) | $0.46 | $0.45 | $0.46 | $1.81 | $1.71 | | Adjusted Earnings Per Share - Diluted (Non-GAAP) (USD) | $0.46 | $0.45 | $0.49 | $1.81 | $1.71 | [Reconciliation of Income Before Income Taxes to Adjusted Pre-Tax, Pre-Provision Income (Non-GAAP)](index=16&type=section&id=Reconciliation%20of%20Income%20Before%20Income%20Taxes%20to%20Adjusted%20Pre-Tax%2C%20Pre-Provision%20Income%20%28Non-GAAP%29) This table reconciles income before income taxes to adjusted pre-tax, pre-provision income by adjusting for credit loss provisions and special items Adjusted Pre-Tax, Pre-Provision Income Reconciliation (Thousands USD) | Metric | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Year 2024 | Year 2023 | | :----------------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Income Before Income Taxes (Thousands USD) | $96,029 | $96,386 | $101,379 | $97,413 | $84,874 | $391,207 | $397,436 | | Add: Provision for Credit Losses Expense (Thousands USD) | 20,904 | 15,245 | 11,605 | 12,167 | 18,812 | 59,921 | 60,940 | | Add: FDIC Special Assessment Expense (Thousands USD) | - | - | 152 | 947 | 6,311 | 1,099 | 6,311 | | Less: Gain Recognized from Legal Settlement (Thousands USD) | - | - | - | - | - | - | (3,600) | | Less: Gain on Early Extinguishment of Debt (Thousands USD) | - | - | - | - | - | - | (1,605) | | Adjusted Pre-Tax, Pre-Provision Income (Thousands USD) | $116,933 | $111,631 | $113,136 | $110,527 | $109,997 | $452,227 | $459,482 | | Change from Most Recent Prior Period (Amount, Thousands USD) | $5,302 | ($1,505) | $2,609 | $530 | ($3,389) | ($7,255) | ($15,798) | | Change from Most Recent Prior Period (Percentage) | 4.7% | -1.3% | 2.4% | 0.5% | -3.0% | -1.6% | -3.3% | [Corporate Information & Outlook](index=16&type=section&id=Corporate%20Information%20%26%20Outlook) This section provides details on First BanCorp.'s upcoming conference call, a safe harbor statement regarding forward-looking information, and general corporate and investor relations contact information [Conference Call / Webcast Information](index=16&type=section&id=Conference%20Call%20%2F%20Webcast%20Information) First BanCorp.'s senior management will host an earnings conference call and live webcast on January 23, 2025, with details provided for access and replay - Conference call and live webcast scheduled for **January 23, 2025**, at **10:00 a.m. (Eastern Time)**[69](index=69&type=chunk) - Access via fbpinvestor.com or dial-in **(833) 470-1428 / (404) 975-4839**, participant access code **960930**[69](index=69&type=chunk) - Webcast replay available until **January 23, 2026**; telephone replay until **February 22, 2025** (access code **745161**)[69](index=69&type=chunk) [Safe Harbor Statement](index=17&type=section&id=Safe%20Harbor%20Statement) This standard safe harbor statement cautions readers about forward-looking statements and outlines various factors that could cause actual results to differ materially from projections - Forward-looking statements are subject to risks, uncertainties, estimates, and assumptions that are difficult to predict[70](index=70&type=chunk) - Key risk factors include the global interest rate environment, inflation, volatility in the financial services industry, changes in fiscal and monetary policies, and the ability to retain core deposits[70](index=70&type=chunk) - Other risks include adverse changes in economic conditions in Puerto Rico and the U.S., cybersecurity incidents, impacts of natural disasters, and regulatory changes[70](index=70&type=chunk) [About First BanCorp.](index=18&type=section&id=About%20First%20BanCorp.) First BanCorp. is the parent corporation of FirstBank Puerto Rico, operating in multiple regions, with its common stock trading on the NYSE under FBP - First BanCorp. is the parent company of FirstBank Puerto Rico and FirstBank Insurance Agency[71](index=71&type=chunk) - FirstBank Puerto Rico operates in Puerto Rico, the U.S., British Virgin Islands, and Florida[71](index=71&type=chunk) - Common stock trades on the NYSE under the symbol **FBP**[71](index=71&type=chunk) [Investor Relations Contact](index=18&type=section&id=Investor%20Relations%20Contact) Ramon Rodriguez, Senior Vice President of Corporate Strategy and Investor Relations, serves as the primary contact for investor inquiries - Contact: **Ramon Rodriguez**, Senior Vice President, Corporate Strategy and Investor Relations[71](index=71&type=chunk) - Email: **ramon.rodriguez@firstbankpr.com**, Phone: **(787) 729-8200 Ext. 82179**[71](index=71&type=chunk) [Exhibit A - Supplementary Financial Tables](index=19&type=section&id=Exhibit%20A%20-%20Supplementary%20Financial%20Tables) This exhibit provides a series of supplementary financial tables detailing First BanCorp.'s consolidated statements, selected data, and reconciliations for various periods [Condensed Consolidated Statements of Financial Condition (Table 1)](index=19&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition%20%28Table%201%29) Table 1 presents the condensed consolidated statements of financial condition for First BanCorp., detailing assets, liabilities, and stockholders' equity at period-end - Provides a detailed breakdown of assets, liabilities, and stockholders' equity at quarter-end and year-end[72](index=72&type=chunk) - Key asset categories include cash, investment securities, and loans. Key liability categories include deposits and borrowings[72](index=72&type=chunk) [Condensed Consolidated Statements of Income (Table 2)](index=20&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Table%202%29) Table 2 outlines the condensed consolidated statements of income, showing interest income and expense, non-interest income and expenses, provision for credit losses, and net income - Details interest income, interest expense, net interest income, and provision for credit losses[73](index=73&type=chunk) - Includes non-interest income components (e.g., service charges, mortgage banking, card and processing income) and non-interest expenses (e.g., compensation, occupancy, professional fees)[73](index=73&type=chunk) [Selected Financial Data (Table 3)](index=21&type=section&id=Selected%20Financial%20Data%20%28Table%203%29) Table 3 presents selected financial data, including per common share results, profitability ratios, capital ratios, liquidity ratios, and asset quality metrics - Summarizes key per share metrics, profitability, capital, liquidity, and asset quality ratios[74](index=74&type=chunk) - Includes non-GAAP measures like tangible book value per common share and tax-equivalent net interest margin[74](index=74&type=chunk)[75](index=75&type=chunk) [Reconciliation of Net Interest Income to Net Interest Income Excluding Valuations and on a Tax-Equivalent Basis (Table 4)](index=22&type=section&id=Reconciliation%20of%20Net%20Interest%20Income%20to%20Net%20Interest%20Income%20Excluding%20Valuations%20and%20on%20a%20Tax-Equivalent%20Basis%20%28Table%204%29) Table 4 reconciles GAAP net interest income to adjusted net interest income, interest rate spread, and net interest margin, both excluding derivative valuations and on a tax-equivalent basis - Shows adjustments for unrealized gains/losses on derivative instruments and tax-equivalent adjustments[77](index=77&type=chunk)[78](index=78&type=chunk) - Provides average balances for interest-earning assets and interest-bearing liabilities, along with corresponding average yields and rates[78](index=78&type=chunk) [Quarterly Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-Equivalent Basis) (Table 5)](index=23&type=section&id=Quarterly%20Statement%20of%20Average%20Interest-Earning%20Assets%20and%20Average%20Interest-Bearing%20Liabilities%20%28On%20a%20Tax-Equivalent%20Basis%29%20%28Table%205%29) Table 5 presents quarterly average volumes, interest income/expense, and average rates for interest-earning assets and interest-bearing liabilities on a tax-equivalent basis - Breaks down average volumes and rates for various interest-earning assets (e.g., investments, loans) and interest-bearing liabilities (e.g., deposits, borrowings)[79](index=79&type=chunk) - Includes interest income from prepayment penalties and late fees on loans[81](index=81&type=chunk) [Year-to-Date Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-Equivalent Basis) (Table 6)](index=24&type=section&id=Year-to-Date%20Statement%20of%20Average%20Interest-Earning%20Assets%20and%20Average%20Interest-Bearing%20Liabilities%20%28On%20a%20Tax-Equivalent%20Basis%29%20%28Table%206%29) Table 6 provides a year-to-date view of average interest-earning assets and interest-bearing liabilities, along with their respective interest income/expense and average rates, on a tax-equivalent basis - Offers a year-over-year comparison of average volumes and rates for interest-earning assets and interest-bearing liabilities[82](index=82&type=chunk) - Highlights the impact of tax-equivalent adjustments on yields and rates[82](index=82&type=chunk) [Loan Portfolio by Geography (Table 7)](index=25&type=section&id=Loan%20Portfolio%20by%20Geography%20%28Table%207%29) Table 7 details the Corporation's loan portfolio by geographic region and loan type for December 31, 2024, September 30, 2024, and December 31, 2023 - Provides a geographical breakdown of the loan portfolio, including loans held for investment and loans held for sale[84](index=84&type=chunk) - Shows the distribution of residential mortgage, construction, commercial mortgage, C&I, finance leases, and consumer loans across regions[84](index=84&type=chunk) [Non-Performing Assets by Geography (Table 8)](index=26&type=section&id=Non-Performing%20Assets%20by%20Geography%20%28Table%208%29) Table 8 presents non-performing assets by geographic region, including nonaccrual loans, OREO, and other repossessed property - Details nonaccrual loans by type (residential mortgage, construction, commercial, consumer) and region[85](index=85&type=chunk) - Includes information on past due loans **90 days** and still accruing, and notes exclusions for purchased-credit deteriorated (PCD) loans[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Allowance for Credit Losses on Loans and Finance Leases (Table 9)](index=27&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans%20and%20Finance%20Leases%20%28Table%209%29) Table 9 summarizes the activity of the allowance for credit losses (ACL) on loans and finance leases, including beginning and ending balances, provision, and net charge-offs - Shows the movement in ACL, including the impact of ASU 2022-02 adoption[88](index=88&type=chunk) - Provides ratios such as ACL to total loans held for investment and provision for credit losses to net charge-offs[88](index=88&type=chunk) [Annualized Net Charge-Offs (Recoveries) to Average Loans (Table 10)](index=27&type=section&id=Annualized%20Net%20Charge-Offs%20%28Recoveries%29%20to%20Average%20Loans%20%28Table%2010%29) Table 10 presents the annualized net charge-offs (recoveries) to average loans ratio by loan type for quarterly and year-to-date periods - Breaks down net charge-off ratios for residential mortgage, construction, commercial mortgage, C&I, and consumer loans[89](index=89&type=chunk) - Notes the impact of a **$10.0 million** recovery from a bulk sale of fully charged-off consumer loans on the **2024** year-to-date ratios[89](index=89&type=chunk) [Deposits (Table 11)](index=28&type=section&id=Deposits%20%28Table%2011%29) Table 11 provides a detailed breakdown of deposits, including time deposits, interest-bearing accounts, non-interest-bearing deposits, and brokered CDs - Categorizes deposits into interest-bearing and non-interest-bearing types[90](index=90&type=chunk) - Separately identifies brokered CDs and government deposits for clarity on funding sources[90](index=90&type=chunk)

Wall Street analysts forecast that First Bancorp (FBP) will report quarterly earnings of $0.41 per share in its upcoming release, pointing to a year-over-year decline of 16.3%. It is anticipated that revenues will amount to $235.57 million, exhibiting an increase of 2.3% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this ti ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of ...

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 September 30, 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 CHA ...

For the quarter ended September 2024, First Bancorp (FBP) reported revenue of $234.57 million, up 2% over the same period last year. EPS came in at $0.45, compared to $0.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $239.8 million, representing a surprise of -2.18%. The company delivered an EPS surprise of +4.65%, with the consensus EPS estimate being $0.43.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

Financial Performance - Net income for Q3 2024 was $73.7 million, or $0.45 per diluted share, down from $75.8 million, or $0.46 per diluted share in Q2 2024[1][4] - Net income for the quarter ended September 30, 2024, was reported at $73,727 thousand, a decrease from $82,022 thousand in the same quarter of 2023, representing a decline of 10.2%[32] - Adjusted net income attributable to common stockholders for the same quarter was $73,727 thousand, compared to $82,022 thousand in Q3 2023, reflecting a decrease of 10.2%[32] - Earnings per share (diluted) for Q3 2024 was $0.45, unchanged from Q3 2023, while adjusted earnings per share (diluted) also remained at $0.45[32] - Income before income taxes for the quarter was $96,386 thousand, a decrease of 5.1% from $101,379 thousand in the previous quarter[34] - Net income for the quarter was $73,727 thousand, a decrease from $75,838 thousand in the previous quarter[38] - Basic earnings per share for the quarter was $0.45, consistent with the previous quarter's $0.46[38] Interest Income and Expenses - Net interest income increased to $202.1 million in Q3 2024, compared to $199.6 million in Q2 2024, with a net interest margin of 4.25%[3][4] - Net interest income for Q3 2024 was $202,064 thousand, a slight increase from $199,628 thousand in the previous quarter[38] - Interest income rose to $274,675 thousand, compared to $272,245 thousand in the previous quarter, showing growth in interest earnings[38] - Interest expense remained stable at $72,611 thousand, slightly down from $72,617 thousand in the previous quarter[38] - The average cost of non-brokered time deposits increased by 5 basis points to 3.60% in Q3 2024 compared to Q2 2024[6] - The average interest rate on time deposits increased to 3.52% from 2.45% year-over-year, showing a significant rise in funding costs[43] Loan and Credit Quality - Total loans grew by $62.8 million to $12.5 billion, with total loan originations of $1.2 billion, up $43.1 million from the previous quarter[4] - Provision for credit losses increased to $15.2 million in Q3 2024, reflecting higher charge-off levels in consumer loans[3][4] - The allowance for credit losses at the end of the period was $260.850 million, with a provision for credit losses of $15.245 million during the quarter[16] - Total non-performing assets decreased by $7.8 million to $119.1 million as of September 30, 2024, compared to $126.9 million as of June 30, 2024[13] - Total nonaccrual loans held for investment decreased by $6.9 million to $89.3 million as of September 30, 2024, compared to $96.2 million as of June 30, 2024[13] - Net charge-offs for Q3 2024 were $24.0 million, or an annualized 0.78% of average loans, up from $21.0 million, or 0.69%, in Q2 2024[19] Non-Interest Income and Expenses - Non-interest income rose to $32.5 million, driven by $0.8 million in insurance proceeds received in Q3 2024[3][4] - Non-interest income increased by $0.5 million to $32.5 million in Q3 2024, primarily due to a $0.3 million increase in other non-interest income and a $0.2 million increase in card and processing income[9] - Non-interest expenses increased to $122.9 million, primarily due to higher employee compensation and benefits expenses[3][4] - Non-interest expenses amounted to $122.9 million in Q3 2024, an increase of $4.2 million from Q2 2024, mainly due to a $1.6 million increase in employees' compensation and benefits expense[10] Capital and Liquidity - Cash and cash equivalents amounted to $685.4 million, with total available liquidity at 18.43% of total assets[5] - The Corporation repurchased $50 million of junior subordinated debentures and paid $26.1 million in common stock dividends[5] - The tangible common equity ratio increased to 8.79%, up from 7.66%, driven by a $160.1 million increase in the fair value of available-for-sale debt securities[5] - Total stockholders' equity increased by $209.4 million to $1.7 billion, driven by a $160.1 million increase in the fair value of available-for-sale debt securities[22] - CET1 capital ratio improved to 16.18% as of September 30, 2024, compared to 15.77% as of June 30, 2024[22] - The Corporation had $6.1 billion available to meet liquidity needs, equating to 131% of estimated uninsured deposits[22] Tax and Regulatory - The corporation recorded an income tax expense of $22.7 million in Q3 2024, down from $25.5 million in Q2 2024, reflecting lower pre-tax income[10] - The corporation's estimated annual effective tax rate was 23.7% for Q3 2024, down from 24.1% in Q2 2024[10] - The corporation incurred a FDIC special assessment expense of $152 thousand in Q2 2024, which was not present in Q3 2023[34] Market and Economic Conditions - The net interest margin and net interest income were impacted by the current global interest rate environment, with ongoing reductions in interest rates being a concern for future performance[36] - The corporation highlighted the importance of maintaining core deposits and generating sufficient cash flow through wholesale funding sources amid economic uncertainties[36]