Overview

• First BanCorp Q3 net income rises to $100.5 mln, up from $80.2 mln in Q2

• Net interest income for Q3 increased to $217.9 mln from $215.9 mln in Q2

• Company announces new $200 mln share buyback program

Outlook

• Company cites stable operating environment despite US fiscal and monetary policy uncertainties

Result Drivers

• LOAN GROWTH - Total loans increased by $181 mln, driven by commercial and construction loans, surpassing $13 bln for the first time since 2010

• NET INTEREST INCOME - Increase in net interest income driven by higher interest income on commercial and construction loans and an additional day in the quarter

• CREDIT QUALITY - Decrease in provision for credit losses due to improved historical loss experience and unemployment projections

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for First BanCorp is $25.00, about 15.6% above its October 21 closing price of $21.09

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nBwbgNfQ9a

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)