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AI brief of an SEC Form 8-K · First BanCorp (Puerto Rico) (FBP)

First BanCorp. Q1 profit $73.5 million, $0.44 a share, down from $79.5 million in Q4

Mixed Impact 3 of 5 earnings Written later

First BanCorp. reported Q1 2024 net income of $73.5 million, or $0.44 per diluted share, down from $79.5 million, or $0.46, in Q4 2023 but up from $70.7 million, or $0.39, in Q1 2023. Q4 results included a $6.3 million FDIC special assessment, and the company's adjusted Q4 EPS was $0.49, so adjusted EPS fell sequentially. The filing contains no guidance.

Key points

  • Net income $73.5 million, or $0.44 per diluted share, vs. $79.5 million, or $0.46, in Q4 2023 and $70.7 million, or $0.39, in Q1 2023
  • Net interest income $196.5 million vs. $196.7 million in Q4 2023; net interest margin 4.16% vs. 4.14%
  • Provision for credit losses $12.2 million vs. $18.8 million, including a $9.5 million recovery tied to a bulk sale of charged-off consumer loans
  • Income tax expense $23.9 million vs. $5.4 million in Q4 2023; the company repurchased $50.0 million of common stock and paid $26.6 million in dividends in Q1 2024

The filing

CompanyFirst BanCorp (Puerto Rico) (FBP)
Form8-K, current report
Filed with the SECApr 23, 2024, 9:41 AM ET
Accession number0001140361-24-021197

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.