First Ban(FBP)

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First BanCorp. (FBP) Hits Fresh High: Is There Still Room to Run?
zacks.com· 2024-05-16 14:15
Company Performance - First Bancorp (FBP) shares have increased by 12% over the past month, reaching a new 52-week high of $18.62 [1] - Year-to-date, FBP has gained 10.9%, outperforming the Zacks Finance sector's 5.1% and the Zacks Banks - Southeast industry's 1.7% [1] Earnings and Revenue - FBP has consistently exceeded earnings consensus estimates, reporting EPS of $0.44 against a consensus of $0.38 in its last earnings report [2] - For the current fiscal year, FBP is projected to earn $1.76 per share on revenues of $930.33 million, reflecting a 3.51% change in EPS and a 0.06% change in revenues [3] - The next fiscal year forecasts earnings of $1.88 per share on revenues of $945.22 million, indicating year-over-year changes of 6.21% in EPS and 1.6% in revenues [3] Valuation Metrics - FBP currently trades at 10.3X current fiscal year EPS estimates, below the peer industry average of 11.5X [7] - On a trailing cash flow basis, FBP trades at 9.3X compared to the peer group's average of 8.9X [7] - The stock has a PEG ratio of 1.5, which does not place it among the top value stocks [7] Zacks Rank and Style Scores - FBP holds a Zacks Rank of 2 (Buy) due to favorable earnings estimate revisions from analysts [8] - The stock has a Value Score of B, with Growth and Momentum Scores both at C, resulting in a combined VGM Score of B [6][9] Industry Comparison - In comparison to peers, Bank7 Corp. (BSVN) also has a Zacks Rank of 2 (Buy) and a Value Score of A, indicating a competitive position within the industry [10] - BSVN is expected to post earnings of $4.05 per share on revenues of $93.5 million for the current fiscal year, having beaten consensus estimates by 16.35% last quarter [11]
First Ban(FBP) - 2024 Q1 - Quarterly Report
2024-05-09 20:59
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 ...
Why First Bancorp (FBP) is a Top Dividend Stock for Your Portfolio
Zacks Investment Research· 2024-04-30 16:46
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 Ban(FBP) - 2024 Q1 - Quarterly Results
2024-04-23 13:41
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) Q1 Earnings and Revenues Beat Estimates
Zacks Investment Research· 2024-04-23 13:16
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 ...
FirstBank Puerto Rico Selects nCino to Transform Commercial Lending Services
Newsfilter· 2024-03-20 11:30
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 ...
First Ban(FBP) - 2023 Q4 - Annual Report
2024-02-27 16:00
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGEACT OF 1934 For the Fiscal Year Ended December 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE 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 66-0 ...
First BanCorp. Increases Quarterly Cash Dividend on Common Stock to $0.16
Businesswire· 2024-02-08 22:16
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors has declared a quarterly cash dividend of $0.16 per share, which represents an increase of 14% or $0.02 per common share compared to its most recent dividend paid in December 2023. The dividend is payable on March 8, 2024 to shareholders of record at the close of business on February 23, 2024. “We are pleased to announce an i ...
First BanCorp. (FBP) Hit a 52 Week High, Can the Run Continue?
Zacks Investment Research· 2024-01-30 15:16
Have you been paying attention to shares of First Bancorp (FBP) ? Shares have been on the move with the stock up 5.7% over the past month. The stock hit a new 52-week high of $17.45 in the previous session. First Bancorp has gained 5.7% since the start of the year compared to the 19.8% move for the Zacks Finance sector and the 10.6% 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 ...
First Ban(FBP) - 2023 Q3 - Quarterly Report
2023-11-07 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________ FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 ...