First BanCorp. (NYSE:FBP) Q3 2023 Earnings Call Transcript

Orlando Berges-González: We feel that we see the inflection point starting next year, early next year, in the first quarter where we’ll see a little bit still the repricing on the time deposit side happening this quarter — this fourth quarter of the year. So it — again, going back to statements we have done in the past that the growth on the portfolio, on the investment portfolio could be a factor to offset some of that, helping keep that net interest income going up a bit from where we are or staying at the levels where we are.

Alex Twerdahl: Okay. And then just final question from me. Just the highway deal that you alluded to in your prepared remarks, can you just talk about how that — I’m not sure if it’s been disclosed how big the bank financing piece is exactly, but just how that might actually impact your balance sheet, both in the fourth quarter when that deal is expected to close as well as if there’s a piece of it that might be sort of a go-forward piece?

Aurelio Alemán-Bermudez: Yes. Well, it was publicly announced this week, on Tuesday, by the government and the winner of the bid. They’re working together to close it close to the end of the year. So most of the benefit will come in the balance sheet for really 2024, some this year, but mostly 2024. Banks, local banks, it was publicly in the statement that local banks contributed around $600 million of the financing required of the initial payment of 2.850. Our position, we contributed — we committed $150 million to the transaction which will be disbursed at closing, yes.

Alex Twerdahl: Thanks for the comment on that. Thank you for taking my questions.

Aurelio Alemán-Bermudez: Thank you.

Operator: [Operator Instructions] We currently have no further questions registered. So I would like to hand the call back to Ramon Rodriguez for closing remarks. Ramon, over to you.

Ramon Rodriguez: Thanks to everyone for participating in today’s call. We will be attending Hovde’s financial services conference in Palm Beach on November 2 and Piper Sandler’s conference in Miami, November 16. We look forward to seeing a number of you at these events, and we greatly appreciate your continued support. Have a great day. Thank you.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines. Thank you.