- First Bancorp’s net interest income for Q2 reached $215.9 million, marking a 1.6% increase from the previous quarter and aligning closely with the estimated $217 million.
- Total deposits declined by 1.6% quarter-over-quarter, amounting to $16.55 billion.
- The cash and due from banks saw a substantial drop, decreasing by 45% quarter-over-quarter to $735.4 million.
- Adjusted earnings per share (EPS) were reported at 50 cents, an improvement over the previous year’s 46 cents and in line with the expected 46 cents.
- Non-interest income fell by 3.4% year-over-year, reaching $31.0 million, slightly below the estimate of $32.8 million.
- The provision for credit losses increased significantly by 77% year-over-year to $20.6 million, which is below the anticipated $25.6 million.
- The company received five “buy” ratings with no “hold” or “sell” recommendations.
A look at First Bancorp Puerto Rico Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 4.2 |
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, shows a promising long-term outlook based on its Smartkarma Smart Scores. With strong ratings across multiple factors including Dividend and Resilience, the company is positioned well for stability and growth. The company’s diversified operations, including commercial banking services, small loan and vehicle leasing, provide a solid foundation for sustained performance.
First Bancorp Puerto Rico‘s high scores in Value, Growth, Resilience, and Momentum reflect its robust position in the market. As the parent company of FirstBank Puerto Rico, which operates in Puerto Rico and the U.S. Virgin Islands, First Bancorp is set to benefit from its established presence in the region. Investors looking for a company with a solid dividend yield and growth potential may find First Bancorp Puerto Rico an attractive choice for their long-term investment portfolio.
Summary: First BanCorp is the holding company for FirstBank Puerto Rico, offering commercial banking services in Puerto Rico and the U.S. Virgin Islands. Additionally, the company operates Money Express, a small loan company, and First Leasing and Rental Corporation, focused on vehicle leasing and rental services.
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.
Have feedback on this article? Concerned about the content? Get in touch with us directly.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Analytics and News
- ✓ Events & Webinars
