Q3 2024 First BanCorp Earnings Call Transcript
Key Points
- First BanCorp (FBP) reported a strong quarter with $73.7 million in net income, translating to $0.45 per share.
- The company achieved a solid return on assets of 1.55% and maintained an efficiency ratio in the 52% range.
- Asset quality improved with nonperforming assets reduced to 63 basis points of total assets.
- The loan portfolio grew by $63 million despite higher-than-expected commercial prepayments.
- First BanCorp (FBP) successfully launched the nCino platform, enhancing the digital experience in commercial lending.
- Adjusted pretax pre-provision income slightly decreased to $112 million due to increased expenses.
- Loan growth expectations were revised down to 4% for 2024, primarily due to higher-than-forecasted prepayments.
- Net charge-offs increased to $24 million, or 78 basis points of average loans, compared to 69 basis points last quarter.
- Expenses rose to $122.9 million, $4.3 million higher than the previous quarter, due to increased personnel and consulting costs.
- The investment portfolio income decreased by $1 million as repayments and maturities continued.
Good morning all. And thank you all for attending the First BanCorp Q3 2024 Financial ResultsConference Call. My name is Brica and I will be your moderator for today (Operator Instructions) .
I would now like to pass the conference over to your host, Ramon Rodriguez, Investor Relations
Officer at First BanCorp. Thank you. You may proceed, Ramon.
Thank you, Brica. Good morning, everyone, and thank you for joining First BanCorp's conference call and webcast to discuss the company's financial results for the third quarter of 2024. Joining me today from First BanCorp are Aurelio Aleman, President and Chief Executive Officer; and Orlando Berges, Executive Vice President and Chief Financial Officer.
Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business.
The company's
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