The First Bancorp Inc ( (FNLC) ) has released its Q4 earnings. Here is a breakdown of the information The First Bancorp Inc presented to its investors.
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First BanCorp., a bank holding company for FirstBank Puerto Rico, operates in the financial services industry, focusing on banking services across various regions including Puerto Rico, Florida, and the Virgin Islands.
First BanCorp. concluded 2024 with robust fourth-quarter financial results, showcasing significant loan growth and positive trends in core customer deposits. The company reported a net income of $75.7 million for the fourth quarter and $298.7 million for the year, complemented by a 13% increase in common stock dividends.
The company’s financial performance was bolstered by a 4.7% growth in the loan portfolio and a $267 million increase in core customer deposits. Net interest income grew to $209.3 million in the fourth quarter, with a net interest margin of 4.33%. Operational efficiency also improved, as reflected in a lower efficiency ratio of 51.57%. Furthermore, First BanCorp. achieved record revenues and maintained a return on average assets above 1.5% for the third consecutive year.
Despite challenges such as a slight decrease in non-interest income and a minor increase in non-interest expenses, First BanCorp. managed to keep the return on average equity at a solid 17.77%. The company also successfully optimized its capital structure by redeeming $50 million in junior subordinated debentures.
Looking ahead, First BanCorp. is optimistic about continuing its positive performance into 2025, focusing on responsible organic growth and maintaining strong capital levels. With a strategic emphasis on community development and modernization of infrastructure, the company aims to sustain its growth trajectory and shareholder value.
