First Bancorp (FBP) ( (FBP) ) has released its Q4 earnings. Here is a breakdown of the information First Bancorp (FBP) presented to its investors.
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First BanCorp (FBP) is a bank holding company for FirstBank Puerto Rico, operating in the financial sector with a strong presence in Puerto Rico, the Virgin Islands, and Florida, with a focus on commercial, consumer, and construction loans, as well as community outreach and infrastructure projects.
First BanCorp reported a solid performance in the fourth quarter of 2024, achieving a net income of $75.7 million. The company highlighted its strong loan growth, core customer deposit trends, and profitability metrics, including a 5% increase in pre-tax pre-provision income. Throughout the year, First BanCorp registered record revenues and maintained a return on average assets above 1.5% for the third consecutive year.
Key financial highlights included a 4.7% growth in the loan portfolio and an addition of $267 million in core customer deposits. The net interest income reached $209.3 million, with a net interest margin of 4.33%, demonstrating disciplined expense management and strategic reinvestment in higher-yielding securities. First BanCorp also repurchased $50 million in subordinated debentures and increased its common stock dividend by 13% as part of its capital deployment strategy.
Looking ahead, First BanCorp is optimistic about its performance in 2025, with a conducive operating environment expected to drive organic capital generation. The company remains committed to responsible growth, leveraging its strong capital levels and improved earnings profile to enhance shareholder value through thoughtful capital deployment and a sustainable dividend policy.
