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 Ban(FBP) - 2024 Q1 - Quarterly Results