FBP - First BanCorp: Last Year's Acquisition Reserve Build To Drive Earnings This Year

• The federal stimulus and hurricane relief funds will likely play a pivotal role in boosting the economy and credit demand this year.
• Deposit growth will likely outpace loan growth this year leading to margin compression.
• Last year’s significant reserve build will likely keep the provisioning subdued for 2021.
• The December 2021 target price suggests a small downside from the current market price. Additionally, FBP is offering a low dividend yield.

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