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 ...

Core Insights - First Bancorp reported revenue of $234.57 million for the quarter ended September 2024, reflecting a 2% increase year-over-year, but fell short of the Zacks Consensus Estimate of $239.8 million by -2.18% [1] - Earnings per share (EPS) for the quarter was $0.45, slightly down from $0.46 in the same quarter last year, but exceeded the consensus estimate of $0.43 by +4.65% [1] Financial Metrics - Efficiency ratio stood at 52.4%, higher than the average estimate of 51.2% from two analysts [1] - Net Interest Margin was reported at 4.3%, slightly below the estimated 4.4% [1] - Average balance of Total Interest-Earning Assets was $18.86 billion, compared to the estimated $19.02 billion [1] - Card and processing income reached $11.77 million, surpassing the average estimate of $11.67 million [1] - Mortgage banking activities generated $3.20 million, exceeding the average estimate of $3.15 million [1] - Service charges and fees on deposit accounts totaled $9.68 million, slightly below the average estimate of $9.81 million [1] - Total Non-Interest Income was $32.50 million, compared to the estimated $32.78 million [1] - Net Interest Income was reported at $202.06 million, lower than the average estimate of $208.45 million [1] Stock Performance - Over the past month, shares of First Bancorp have returned -0.7%, while the Zacks S&P 500 composite increased by +2.7% [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]

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]

Group 1: Earnings Performance - First Bancorp reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, but down from $0.46 per share a year ago, representing an earnings surprise of 4.65% [1] - The company posted revenues of $234.57 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.18%, compared to $230.02 million in the same quarter last year [1] - Over the last four quarters, First Bancorp has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [1] Group 2: Stock Performance and Outlook - First Bancorp shares have increased approximately 24% since the beginning of the year, outperforming the S&P 500's gain of 22.7% [2] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for future stock performance [3] - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $246.56 million, and for the current fiscal year, it is $1.76 on revenues of $948.53 million [4] Group 3: Industry Context - The Zacks Industry Rank for Banks - Southeast is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Customers Bancorp, another company in the same industry, is expected to report a quarterly earnings decline of 44% year-over-year, with a consensus EPS estimate revised 8.6% lower over the last 30 days [5]

First Bancorp (FBP) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 23, 2024, might help the stock move higher if these key numbers are better t ...

Exhibit 99.1 FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER ENDED JUNE 30, 2024 SAN JUAN, Puerto Rico – July 23, 2024 – First BanCorp. (the "Corporation" or "First BanCorp.") (NYSE: FBP), the bank holding company for FirstBank Puerto Rico ("FirstBank" or "the Bank"), today reported a net income $75.8 million, or $0.46 per diluted share, for the second quarter of 2024, compared to $73.5 million, or $0.44 per diluted share, for the first quarter of 2024, and $70.7 million, or $0.39 per diluted share, for t ...

First Bancorp (FBP) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the ...

The earnings report, which is expected to be released on July 23, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $229.41 million, down 2.8% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.14% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collect ...

This holding company for FirstBank Puerto Rico has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 20.72%. Price and EPS Surprise Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus es ...

Looking at its price performance, First BanCorp shares have gained 6.2% over the past six months against the industry's 5.5% decline. Its long-term (three-five years) projected EPS growth rate of 6.9% offers rewards for shareholders. It seems to be a wise idea to add the First BanCorp. (FBP) stock to your portfolio now. Supported by the high interest rate environment and decent loan growth, the company is well-poised for top-line expansion. Some other factors mentioned below make First BanCorp stock a solid ...