First BanCorp reports Q3 EPS 45c, consensus 41c

Reports Q3 net interest income – $202.1M compared to $199.6M. The increase was mainly due to a higher volume of loans and an increase of approximately $1.2M associated with the effect of an additional day in the third quarter of 2024. Net interest margin increased to 4.25%, compared to 4.22%. Aurelio Aleman, President and Chief Executive Officer of First BanCorp (FBP), commented: “Our third quarter results reflect our commitment to deliver consistent performance and our ability to generate organic capital on the back of a stable environment in our main market. We posted a strong return on assets of 1.55%, maintained positive credit performance and stable deposit trends, and made good progress on our capital deployment strategy. Net interest income and the margin continued to expand after reaching a trough in the first quarter. We continue to expect that our bond book repricing opportunities will allow for some net interest income expansion in 2025. Finally, consistent with our guidance, we deployed over 100% of our quarterly earnings for the redemption of $50 million in junior subordinated debentures and the payment of common stock dividends. Our franchise is delivering solid results, we have a strong capital base, and we have ample flexibility to prudently allocate that capital into opportunities that best serve the long-term interests of our clients, communities and shareholders.”