First Bancorp Q3 2024: Assets Hit $8.58B

Ticker: FBP · Form: 10-Q · Filed: 2024-11-08T00:00:00.000Z

Sentiment: neutral

Topics: earnings, financials, 10-Q

TL;DR

FIRST BANCORP Q3 ASSETS $8.58B, EQUITY $199.58M. HEALTHY.

AI Summary

First Bancorp reported its Q3 2024 results, with total assets reaching $8.58 billion and total equity at $199.58 million as of September 30, 2024. The company's filing covers the period ending September 30, 2024, and was submitted on November 8, 2024. Key financial data includes a reported equity of $223.66 million for the fiscal year ending December 31, 2023.

Why It Matters

This 10-Q filing provides a quarterly update on First Bancorp's financial health, including asset and equity levels, which are crucial for investors and regulators to assess the bank's stability and performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments indicated.

Key Numbers

Key Players & Entities

FAQ

What were First Bancorp's total assets as of September 30, 2024?

As of September 30, 2024, First Bancorp's total assets were $8.58 billion.

What was First Bancorp's total equity as of the end of Q3 2024?

First Bancorp's total equity as of September 30, 2024, was $199.58 million.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on November 8, 2024.

What was First Bancorp's total equity at the end of the previous fiscal year (December 31, 2023)?

First Bancorp's total equity as of December 31, 2023, was $223.66 million.

What is the primary business of First Bancorp?

First Bancorp operates in the commercial banking sector, as indicated by its Standard Industrial Classification code 6022.

Filing Stats: 4,280 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-08 14:30:45

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements: Consolidated Statements of Financial Condition (Unaudited) as of September 30, 2024 and December 31, 2023 5 Consolidated Statements of Income (Unaudited) – Quarters and Nine-Month Periods ended September 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (Unaudited) – Quarters and Nine-Month Periods ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows (Unaudited) – Nine-Month Periods ended September 30, 2024 and 2023 8 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) – Quarters and Nine- Month Periods ended September 30, 2024 and 2023 9

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis

Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 130 Item 4.

Controls and Procedures

Controls and Procedures 130 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 131 Item 1A.

Risk Factors

Risk Factors 131 Item 2. Item 5. Unregistered Sales of Equity Securities and Use of Proceeds Other Information 132 132 Item 6. Exhibits 133

SIGNATURES

SIGNATURES 3

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Form 10-Q") contains

forward-looking statements

forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the safe harbor created by such sections. When used in this Form 10-Q or future filings by First BanCorp. (the "Corporation," "we," "us," or "our") with the U.S. Securities and Exchange Commission (the "SEC"), in the Corporation's press releases or in other public or stockholder communications made by the Corporation, or in oral statements made on behalf of the Corporation by, or with the approval of, an authorized executive officer of the Corporation, the words or phrases "would," "intends," "will," "expect," "should," "plans," "forecast," "anticipate," "look forward," "believes," and other terms of similar meaning or import, or the negatives of these terms or variations of them, in connection with any discussion of future operating, financial or other performance are meant to identify "forward-looking statements." The Corporation cautions readers not to place undue reliance on any such "forward-looking statements," which speak only as of the date made or, with respect to such

forward-looking statements

forward-looking statements contained in this Form 10-Q, the date hereof, and advises readers that any such

forward-looking statements

forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict . Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Factors that could cause results to differ materially from those expressed in, or implied by, the Corporation's forward-looking statements include, but are not limited to, risks described or referenced in Part I, Item 1A, "Risk Factors," in the Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Annual Report on Form 10-K"), Part II, Item 1A., "Risk Factors," in the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and the following: the effect of the current global interest rate environment (including the potential for ongoing reductions in interest rates) and inflation levels on the level, composition and performance of the Corporation's assets and liabilities, and corresponding effects on the Corporation's net interest income, net interest margin, loan originations, deposit attrition, overall results of operations, and liquidity position; the effects of changes in the interest rate environment, including any adverse change in the Corporation's ability to attract and retain clients and gain acceptance from current and prospective customers for new and existing products and services, including those related to the offering of digital banking and financial services; volatility in the financial services industry, which could result in, among other things, bank deposit runoffs, liquidity constraints, and increased regulatory requirements and costs; the effect of continued changes in the fiscal and monet

business

business acquisitions, dispositions, strategic partnerships, strategic operational investments, including systems conversions, and any anticipated efficiencies or other expected results related thereto; uncertainty as to the implementation of the debt restructuring plan of Puerto Rico ("Plan of Adjustment" or "PoA") and the fiscal plan for Puerto Rico as certified on June 5, 2024 (the "2024 Fiscal Plan") by the oversight board established by the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"), or any revisions to it, on our clients and loan portfolios, and any potential impact from future economic or political developments and tax regulations in Puerto Rico; the impact of changes in accounting standards, or determinations and assumptions in applying those standards, and of forecasts of economic variables considered for the determination of the allowance for credit losses ("ACL"); the ability of FirstBank to realize the benefits of its net deferred tax assets; the ability of FirstBank to generate sufficient cash flow to pay dividends to the Corporation; environmental, social, and governance matters, including our climate-related initiatives and commitments; the impacts of natural or man-made disasters, widespread health emergencies, geopolitical conflicts (including sanctions, war or armed conflict, such as the ongoing conflict in Ukraine, the conflict in the Middle East, and the possible expansion of such conflicts in surrounding areas and potential geopolitical consequences), terrorist attacks, or other catastrophic external events, including impacts of such events on general economic conditions and on the Corporation's assumptions regarding forecasts of economic variables; the risk that additional portions of the unrealized losses in the Corporation's debt securities portfolio are determined to be credit-related, re

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS PAGE Note 1 – Basis of Presentation and Significant Accounting Policies 11 Note 2 – Debt Securities 13 Note 3 – Loans Held for Investment 23 Note 4 – Allowance for Credit Losses for Loans and Finance Leases 43 Note 5 – Other Real Estate Owned ("OREO") 46 Note 6 – Goodwill and Other Intangibles 47 Note 7 – Non-Consolidated Variable Interest Entities ("VIEs") and Servicing Assets 48 Note 8 – Deposits 52 Note 9 – Advances from the Federal Home Loan Bank ("FHLB") 53 Note 10 – Other Long-Term Borrowings 53 Note 11 – Earnings per Common Share 54 Note 12 – Stock-Based Compensation 55 Note 13 – Stockholders' Equity 58 Note 14 – Accumulated Other Comprehensive Loss 60 Note 15 – Employee Benefit Plans 60 Note 16 – Income Taxes 61 Note 17 – Fair Value 62 Note 18 – Revenue from Contracts with Customers 67 Note 19 – Segment Information 69 Note 20 – Supplemental Statement of Cash Flows Information 71 Note 21 – Regulatory Matters, Commitments, and Contingencies 72 Note 22 – First BanCorp. (Holding Company Only) Financial Information 75 11 FIRST BANCORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The Consolidated

Financial Statements

Financial Statements (unaudited) for the quarter and nine-month period ended September 30, 2024 (the "unaudited consolidated financial statements") of First BanCorp. (the "Corporation") have been prepared in conformity with the accounting policies stated in the Corporation's Audited Consolidated Financial Statements for the fiscal year ended December 31, 2023 (the "audited consolidated financial statements") included in the 2023 Annual Report on Form 10-K, as updated by the information contained in this report. Certain information and note disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted from these statements pursuant to the rules and regulations of the SEC and, accordingly, these financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the 2023 Annual Report on Form 10-K. All adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the statement of financial position, results of operations and cash flows for the interim periods have been reflected. All significant intercompany accounts and transactions have been eliminated in consolidation. The Corporation evaluates subsequent events through the date of filing with the SEC. The results of operations for the quarter and nine-month period ended September 30, 2024 are not necessarily indicative of the results to be expected for the entire year. Adoption of New Accounting Requirements The Corporation was not impacted by the adoption of the following Accounting Standards Updates ("ASUs") during 2024: ASU 2023

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