First BanCorp. - FBP STOCK NEWS

First BanCorp (NYSE: FBP) reported net income of $73.7 million, or $0.45 per diluted share, for Q3 2024, compared to $75.8 million in Q2 2024 and $82.0 million in Q3 2023. The quarter showed a strong return on assets of 1.55% and net interest income increased to $202.1 million from $199.6 million in Q2. The loan portfolio grew by $63 million despite $122 million in commercial prepayments. The bank maintained positive credit performance and stable deposit trends while deploying capital through a $50 million redemption of junior subordinated debentures and payment of common stock dividends.

First BanCorp (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, has announced it will report its financial results for the third quarter ended September 30, 2024, before the market opens on October 23, 2024. The company will hold a conference call and live webcast to discuss these results at 10:00 a.m. Eastern time on the same day.

The call and webcast can be accessed through First BanCorp's investor relations website: fbpinvestor.com. Listeners are advised to access the website 15 minutes before the call to download necessary software. A dial-in option is also available at 833-470-1428 or 404-975-4839, with participant access code 104808.

Following the presentation, a Q&A session will be available for research analysts and institutional investors. A replay of the webcast will be archived on the company's website until October 23, 2025, and a telephone replay will be available until November 22, 2024, at 866-813-9403, with access code 131916.

First BanCorp (NYSE: FBP) reported net income of $75.8 million, or $0.46 per diluted share, for Q2 2024, an increase from $73.5 million, or $0.44 per diluted share, in Q1 2024, and $70.7 million, or $0.39 per diluted share, in Q2 2023.

Key highlights include:

• Net interest income of $199.6 million, up from $196.5 million in Q1 2024.
• Provision for credit losses decreased to $11.6 million from $12.2 million in Q1 2024.
• Non-interest income fell to $32.0 million from $34.0 million in Q1 2024.
• Non-interest expenses decreased to $118.7 million from $120.9 million in Q1 2024.

Core deposits, excluding brokered and government deposits, increased by $132 million. Asset quality remained stable with a slight increase in early-delinquency and charge-off trends within consumer lending. The company repurchased $50 million of common stock and paid $26.3 million in dividends. Net interest margin increased to 4.22% from 4.16% in Q1 2024.

First BanCorp (NYSE: FBP), the holding company for FirstBank Puerto Rico, has announced significant capital actions approved by its Board of Directors. These include:

• A quarterly cash dividend of $0.16 per share on outstanding common stock, payable on September 13, 2024, to shareholders of record as of August 29, 2024.
• A new repurchase program of up to $250 million, potentially including common stock or junior subordinated debentures, to be executed through Q4 2025.
• This is in addition to the $50 million remaining from the July 2023 stock repurchase program.

CEO Aurelio Alemán emphasized the 's commitment to returning capital to stakeholders while balancing growth, financial soundness, and shareholder distributions.

First BanCorp (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, has published its third annual Corporate Sustainability Report for 2023. The report underscores the company’s dedication to environmental, social, and governance (ESG) principles. Key achievements include the expansion of their recycling program, the adoption of a Human Rights Statement, enhanced diversity, equity, and inclusion (DEI) initiatives, and the launch of a coastal erosion mitigation program called 'Rescate Costero'.

CEO Aurelio Alemán emphasized the importance of aligning business practices with sustainability to deliver shareholder value and contribute positively to society and the environment. The report adheres to standards set by the Sustainability Accounting Standards Board (SASB), the United Nations Sustainable Development Goals (UNSDG), and the Task Force on Climate-Related Financial Disclosures (TCFD).

Further details are available in the full report.

First BanCorp (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, has announced it will release its second-quarter financial results for 2024 on July 23, 2024, before the market opens.

A conference call and live webcast to discuss these results will take place at 10:00 a.m. Eastern time on the same day. Interested parties can access the call via the ’s investor relations website, fbpinvestor.com, or by dialing 833-470-1428 (domestic) or 404-975-4839 (international), using the participant access code 715720.

The webcast will include a question-and-answer session for research analysts and institutional investors. Replay options will be available on the website until July 23, 2025, and via telephone until August 22, 2024.

First BanCorp. (FBP) declares a quarterly cash dividend of $0.16 per share on its outstanding common stock, payable on June 14, 2024, to shareholders of record at the close of business on May 30, 2024.

First BanCorp. reported a net income of $73.5 million for Q1 2024, showing a slight decrease from the previous quarter but an improvement from the same period last year. The company's President and CEO highlighted consistent growth in the loan portfolio, prudent expense management, and profitability. They also mentioned plans for technological investments and a strategic partnership with nCino to enhance commercial lending operations.

First BanCorp (FBP) to report Q1 financial results on April 23, 2024, with a conference call and webcast scheduled to discuss the results. Investors can access the webcast through fbpinvestor.com or dial-in. A replay will be available on the company's website.