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- **Record Q3 profits**: $100M net income (+25% YoY), driven by 8% NII growth.
- **Loan growth acceleration**: $181M QoQ loan growth (5.6% annualized) to $13B.
- **Share buyback expansion**: $200M new buyback authorization added.
- **Margin resilience**: 5.37% NIM (up 16bps YoY) despite auto lending headwinds.
- **Credit stability**: NPAs down 7%, provision coverage at 189%.
- **Capital returns**: 100% of earnings returned to shareholders via dividends/buybacks.

**【CEO Summary Section】**
- Reported net income of $100 million for Q3 2025, up 25% year-over-year, driven by strong net interest income and expense control.
- Total loans grew $181 million (5.6% QoQ annualized) to $13 billion, with diversification into commercial/construction lending offsetting auto loan slowdown.
- Core deposits increased $140 million, with focus on retaining high-value customers amid competitive pressures.
- Announced $200 million share buyback program, expanding total buyback authorization to $250 million.
- 2025 loan growth guidance revised to 3-4% vs. prior 5-6%, reflecting auto sector challenges.

**【CFO Financial Commentary】**
- GAAP net income: $100 million ($0.63 EPS) vs. $80 million ($0.50 EPS) Q2.
- Non-GAAP EPS: $0.51 (13% YoY growth), excluding one-time tax benefits.
- Net interest income: $217.9 million (+8% YoY), margin 5.37% (up 16bps YoY).
- Operating expenses: $124.9 million (+1.3% QoQ), efficiency ratio 50%.
- Credit quality stable: NPAs down 7%, provision $17.6 million (-22% YoY).
- Capital returns: $29M dividends + $50M buybacks executed Q3.

**【Q&A Highlights】**
- **Auto lending**: Industry-wide sales down 17% Q3, but diversification into commercial/residential loans mitigated impact.
- **Deposit competition**: Gov't deposit costs rising, but core retail rates stable at 72bps.
- **Margin guidance**: Q4 NIM flat vs. Q3, with 2026 Fed rate cuts expected to pressure margins.
- **M&A strategy**: Open to mainland deals under $500M, prioritizing Florida market fit.
- **Tax rate**: 22.2% forward guidance, benefiting from reinvested securities portfolio.
- **Credit trends**: Consumer charge-offs stabilizing, commercial credit strong.


First BanCorp. (FBP)-23 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FBP

FBP fundamentals

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