- First Bancorp’s net interest income for Q4 reached $209.3 million, marking a 3.6% increase from the previous quarter and surpassing the estimate of $200.7 million.
- Total deposits rose by 3.2% from the previous quarter to $16.87 billion.
- Cash and due from banks saw a significant increase of 69% quarter-over-quarter, totaling $1.16 billion.
- The adjusted earnings per share (EPS) was 46 cents, which is slightly lower than the previous year’s 49 cents, but exceeded the estimate of 41 cents.
- The non-interest income decreased by 4.2% year-over-year to $32.2 million, slightly under the estimate of $32.8 million.
- Provision for credit losses increased by 11% year-over-year to $20.9 million, which is lower than the estimated $22.3 million.
- Analyst recommendations included 4 buy ratings and 2 hold ratings, with no sell ratings, indicating a positive outlook.
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A look at First Bancorp Puerto Rico Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 4.0 |
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
First Bancorp Puerto Rico, the holding company for FirstBank Puerto Rico, has garnered positive Smart Scores across various factors indicating a promising long-term outlook. With a solid Value score of 4, the company is perceived as having strong fundamentals relative to its market valuation. Additionally, the top-notch Dividend score of 5 reflects its robust dividend-paying capacity, making it an attractive option for income-seeking investors. Moreover, scoring a 4 in Growth and Resilience underscores its potential for sustainable expansion and ability to withstand economic challenges. While Momentum scored a 3, the overall Smart Scores paint a favorable picture for First Bancorp Puerto Rico‘s future prospects.
First BanCorp. is positioned as a leading commercial banking entity in Puerto Rico and the U.S. Virgin Islands through its subsidiary, FirstBank Puerto Rico. The company’s diversified services also extend to non-banking segments such as Money Express, a small loan provider, and First Leasing and Rental Corporation, specializing in vehicle leasing and rental services. With a solid foundation and strong Smart Scores across key factors, First Bancorp Puerto Rico appears well-equipped to navigate the market dynamics and pursue sustained growth in the long run.
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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