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First Bancorp Puerto Rico (FBP)
NYSE:FBP
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Earnings Data
Report Date
Jan 24, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.41Last Year’s EPS
$0.46Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 23, 2024
|% Change Since: -9.21%
|Next Earnings Date:Jan 24, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a strong overall performance with notable achievements in net income, asset quality improvement, and technological advancements. However, increased expenses, higher provisions for credit losses, and revised loan growth expectations indicate challenges that need to be addressed.Company Guidance
During the First BanCorp Q3 2024 earnings call, the executive team provided several key metrics and guidance for the future. The company reported a net income of $73.7 million or $0.45 per share, achieving a return on assets of 1.55%. Despite a slight decrease in adjusted pretax pre-provision income to $112 million due to increased expenses, the efficiency ratio remained within the 52% range. The loan portfolio expanded by $63 million, although higher-than-expected commercial prepayments of $102 million affected growth, prompting the company to adjust its loan growth forecast from 5% to 4% for 2024. Core deposits excluding broker and government deposits held steady at $12.7 billion. Asset quality improved, with nonperforming assets reduced to 63 basis points of total assets. The company also reported the redemption of $50 million in debentures and the payment of $26.3 million in common dividends, while capital ratios improved, and tangible book value per share increased by 15%. Looking forward, the company anticipates that the expected rate environment will aid in achieving net interest income improvement through 2025.Strong Net Income and Return on Assets
Reported $73.7 million in net income, or $0.45 per share, resulting in a solid return on assets of 1.55%.
Commercial Loan Growth
The strongest quarter of commercial loan originations for the year, with a loan portfolio growth of $63 million despite $102 million in unexpected commercial prepayments.
Improved Asset Quality
Nonperforming assets reduced to 63 basis points of total assets, with a decrease in nonperforming loans and an improvement in asset quality projected to continue.
Capital and Liquidity Strength
Redeemed $50 million in outstanding debentures and paid $26.3 million in common dividends, with capital ratios improving and tangible book value per share growing by 15%.
Technological Advancements
Launched the Encino platform providing a digital experience in the commercial lending workflow.
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FBP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FBP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 23, 2024 | $20.24 | $19.15 | -5.39% |
| Jul 23, 2024 | $20.75 | $21.43 | +3.28% |
| Apr 23, 2024 | $16.82 | $16.75 | -0.42% |
| Jan 24, 2024 | $15.34 | $15.66 | +2.09% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First Bancorp Puerto Rico (FBP) report earnings?
First Bancorp Puerto Rico (FBP) is schdueled to report earning on Jan 24, 2025, TBA Not Confirmed.
What is First Bancorp Puerto Rico (FBP) earnings time?
First Bancorp Puerto Rico (FBP) earnings time is at Jan 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FBP EPS forecast?
FBP EPS forecast for the fiscal quarter 2024 (Q4) is $0.41.
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