First BanCorp's 2024 Q4: Discrepancies in Balance Sheet Growth, Efficiency, and Loan Strategy

Financial Performance and Loan Growth:
- First BanCorp. earned $76 million in net income and saw a 5% increase in pre-tax pre-provision income to $117 million in Q4 2024.
- This growth was driven by net interest margin income expansion and disciplined expense management.

Deposit and Loan Trends:
- Total loans grew by $310 million or 9.7% in Q4, led by growth in the Consumer, Commercial, and Mortgage segments.
- The increase in deposits, especially core deposits, by 2% sequentially, was driven by seasonal inflows and government funding for reconstruction activities.

Capital Management and Dividend Increase:
- The company redeemed $50 million in junior subordinated debentures and paid $26.3 million in common dividends, distributing 100% of earnings in capital actions.
- The Board of Directors approved a 13% increase in the quarterly cash dividend, raising it to $0.18 per share.

Asset Quality and Allowance for Credit Losses:
- Non-performing assets reached a record low of 61 basis points of total assets, with the allowance for credit losses decreasing by $3.1 million to $244 million.
- This improvement is attributed to positive economic outlook and stable credit performance, particularly in the Residential Mortgage portfolio.