Earnings Alerts

First Bancorp Puerto Rico (FBP) Earnings: 3Q Net Interest Income Below Estimates Amidst Deposit Decline

By October 23, 2024 No Comments
  • First Bancorp’s net interest income for the third quarter was $202.1 million, showing a modest increase of 1.2% compared to the previous quarter. This was slightly below the estimated $204.7 million.
  • Total deposits declined by 1.1% from the previous quarter, settling at $16.35 billion.
  • Cash and due from banks increased significantly by 18% quarter-over-quarter, reaching $684.0 million.
  • The adjusted earnings per share (EPS) matched the previous year at 45 cents, exceeding the estimated 41 cents.
  • Non-interest income grew by 7.3% year-over-year to $32.5 million, closely aligning with the estimate of $32.6 million.
  • Provision for credit losses rose to $15.2 million, up from $4.40 million in the previous year, though it was better than the forecasted $23.6 million.
  • Analyst recommendations include four buys, two holds, and no sells for the company’s stock.

A look at First Bancorp Puerto Rico Smart Scores

FactorScoreMagnitude
Value4
Dividend5
Growth5
Resilience3
Momentum5
OVERALL SMART SCORE4.4

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Based on the Smartkarma Smart Scores, First Bancorp Puerto Rico shows a promising long-term outlook. With top scores in Dividend, Growth, and Momentum, the company demonstrates strong potential for steady returns and future expansion. The Value score also indicates that the stock may be undervalued, presenting an opportunity for investors. Despite a slightly lower score in Resilience, the overall positive ratings highlight First Bancorp Puerto Rico as a solid investment option.

First BanCorp, the parent company of First Bancorp Puerto Rico, operates as a prominent commercial bank with a presence in Puerto Rico and the U.S. Virgin Islands. Additionally, its subsidiaries include Money Express, specializing in small loans, and First Leasing and Rental Corporation, offering vehicle leasing services. The combination of high scores in Dividend, Growth, and Momentum positions First Bancorp Puerto Rico favorably for potential growth and income generation in the long term.


Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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