First Bancorp (FBP)

[wolf16]

i got in at .2991 and am holding. i really think that this stock has room to move higher, but of course if it gets alot bigger im sure ill take some profit off the table.

[Fast Flyer 03]

Nice 300,000$ buy after the bell!!! New years coming in for FBP!!!!!!!!!!

[Esss Peee]

In the same boat, I'm holding C and some of FBP. I know how you feel about C as well.

[richme]

My intent to hold. I got in at .3182 with 5K shares then bought 2.5K shares at .465. That is all of the funds that I care to put out unless I sell my 14K C but its so close to earning announcement I don't want to do it now. C moves up a penny or two then drops 10, so...... GLTU.

[Esss Peee]

Do you all think this stock is something to put on a shelf and hold for a period of time? Will it recover or will it get bought out soon? I can't find much to research this with, but I've been in on a bullish ride with what I own. I'm wondering if anyone else intends to hold this long?

[wolf16]

yeah, up big right towards close on friday.

[captss]

Looks like a good run coming here.

[Esss Peee]

No news is good news?

[illegal_alias]

Not sure what's up, but interesting post on another board http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_F/threadview?m=tm&bn=6611&tid=19346&mid=19395&tof=8&rt=1&frt=1&off=1

[captss]

looking really good here, anyone know whats up? TIA

[mlkrborn]

FBP and DRL in exchange of offer and rejection @0.30,
Doral: Rejected Offer Was Viable Alternative For First BanCorp
Date : 12/07/2010 @ 5:42PM
Source : Dow Jones News
Stock : First BanCorp (Puerto Rico) (FBP)
Quote : 0.3 0.0044 (1.49%) @ 8:00PM


Doral: Rejected Offer Was Viable Alternative For First BanCorp
Doral Financial (NYSE:DRL)
Intraday Stock Chart

Today : Thursday 9 December 2010
Click Here for more Doral Financial Charts.

Doral Financial Corp. (DRL) said in a securities filing Tuesday that its rejected offer for First BanCorp (FBP) of Puerto Rico was the "most viable alternative" to First BanCorp's own efforts to raise capital.

On Monday First BanCorp said it had received and rejected from Doral an offer of 30 cents a share in an all-stock deal. First BanCorp said the offer wasn't in the best interest of the company and its shareholders.

The filing by Doral on Tuesday was only about the offer First BanCorp had rejected. It didn't include Doral's response to First BanCorp's rejection.

In its filing, quoting a Dec. 2 letter, Doral said it had been following "with great interest" First BanCorp's attempts to raise capital.

"We believe that our proposal presents the most viable alternative for First BanCorp and its shareholders," the letter read. "We believe we can combine our companies on a basis that would be financially attractive to both sets of shareholders
and would not require external assistance."

First BanCorp has been trying to raise capital since the spring, when it originally planned to buy one of its collapsing competitors in a government-assisted auction that remapped the Puerto Rican banking world. But it didn't raise capital in time and investors have fretted over bad construction loans.

Last week, the U.S. Treasury Department said it would convert its preferred stock in the bank into common stock if First BanCorp raised only $350 million instead of the $500 million it originally sought to raise. Moreover, the Treasury Dept. will give First BanCorp more advantageous conversion terms on its preferred stock.

Doral made the offer to enter into merger discussions the same day First BanCorp announced the renegotiated terms.

The letter said the combined bank would be the second-largest bank in Puerto Rico by deposits, and "extremely beneficial for the health of the larger Puerto Rican banking market."

The Doral presentation said the combined banks would have 20% of Puerto Rico's deposits and 35% of its loans in dollars, both numbers second only to Popular Inc. (BPOP).

It concluded to say that Doral has hired Credit Suisse Group AG (CS, CSGN.VX) and FBR Capital Markets Corp. (FBCM) as financial advisers.

Doral also attempted to buy another Puerto Rican bank earlier this year but was left out, and then turned its sights on First BanCorp.

First BanCorp shares
closed at 30 cents for the second straight day Tuesday, after jumping to the offer price earlier Monday.

-By David Benoit, Dow Jones Newswires; 212-416-2458; [e-mail]

[CHA-RU]

Upside Trade Trade indicators for long trades. Upside Trade & Breakout Help


Next stop .41 once we get past .33 current resistance



TRADE QUALITY 60%, Fair
High trade quality is a combination of good profit, profit/loss ratio and target potential.

TARGET 1 Price: 0.41 Profit: 24.2% , for a typical rally.
Stop Limit/Trailing Stop Limit: 0.29 Loss: 12.1%
Profit/Loss Ratio: 2 : 1 - Fair

TARGET 1 POTENTIAL Excellent, there are 1 resistance areas on the way to Target 1.
Stocks may quickly rise to Targets when there are not many resistance areas blocking the way.

TARGET 1 RESISTANCE Current price at resistance: 0.31 ± 0.03, type Single, strength 8
+24.2% at 0.41 is Target 1

TARGET 2 Price: 0.46 Profit: 39.4% , Profit/Loss Ratio: 3.3 : 1 - Good for an extreme rally.

[CHA-RU]

Starting to look real attractive
Company use to give out dividends which seemed to stop last year. A rebound looks like its happening, Broke above 50 day /200 day is above a dollar and its at .325 cents now, Im in at .31

[CHA-RU]

First BanCorp Announces Loan Sale and Accelerates De-Risking of Balance Sheet
First Bancrp (NYSE:FBP)
Intraday Stock Chart
Today : Wednesday 8 December 2010
First BanCorp (the “Corporation”) (NYSE:FBP) announced that it has signed, on December 7, 2010, a letter of intent to sell approximately a $701.9 million loan portfolio, with a net book value of $602.8 million, of which approximately 95% are adversely classified. The buyer is a new joint venture entity, majority owned by a global financial services firm.

The Corporation’s primary goal with respect to this transaction is to accelerate de-risking and improve the Corporation’s risk profile. It will reduce the Corporation's classified assets and non-performing loans by approximately $574.7 million and $301.6 million, respectively. The transaction will decrease the Corporation’s Puerto Rico non-performing construction and commercial real estate loans by 58% and 27%, respectively, and its Puerto Rico classified residential construction loans by 64%. The $602.8 million net book value portfolio is composed of 67% construction loans, 27% commercial real estate loans and 6% commercial loans.

The Corporation expects to receive approximately $401.9 million, or a purchase price of 57.25% of the $701.9 million unpaid principal balance of the loans as of September 30, 2010, each to be updated from collections prior to the closing date. The Corporation will recognize an estimated pre-tax loss of $112.1 million in this transaction, after taking into consideration the specific reserves of $88.9 million already assigned to the $602.8 million of the loans net book value. Considering the net book value and the specific additional reserves of the loans being sold, the transaction will have a modest impact on capital ratios.

As a consideration for the sale of the loans, the Corporation will receive $130.0 million in cash, a note for 50% of the purchase price as seller financing, and a 35% interest in the new joint venture. In addition, the Corporation will be providing additional financing to cover unfunded commitments for the completion of the construction projects.

[CHA-RU]

First BanCorp Announces Loan Sale and Accelerates De-Risking of Balance Sheet
First Bancrp (NYSE:FBP)
Intraday Stock Chart
Today : Wednesday 8 December 2010
First BanCorp (the “Corporation”) (NYSE:FBP) announced that it has signed, on December 7, 2010, a letter of intent to sell approximately a $701.9 million loan portfolio, with a net book value of $602.8 million, of which approximately 95% are adversely classified. The buyer is a new joint venture entity, majority owned by a global financial services firm.

The Corporation’s primary goal with respect to this transaction is to accelerate de-risking and improve the Corporation’s risk profile. It will reduce the Corporation's classified assets and non-performing loans by approximately $574.7 million and $301.6 million, respectively. The transaction will decrease the Corporation’s Puerto Rico non-performing construction and commercial real estate loans by 58% and 27%, respectively, and its Puerto Rico classified residential construction loans by 64%. The $602.8 million net book value portfolio is composed of 67% construction loans, 27% commercial real estate loans and 6% commercial loans.

The Corporation expects to receive approximately $401.9 million, or a purchase price of 57.25% of the $701.9 million unpaid principal balance of the loans as of September 30, 2010, each to be updated from collections prior to the closing date. The Corporation will recognize an estimated pre-tax loss of $112.1 million in this transaction, after taking into consideration the specific reserves of $88.9 million already assigned to the $602.8 million of the loans net book value. Considering the net book value and the specific additional reserves of the loans being sold, the transaction will have a modest impact on capital ratios.

As a consideration for the sale of the loans, the Corporation will receive $130.0 million in cash, a note for 50% of the purchase price as seller financing, and a 35% interest in the new joint venture. In addition, the Corporation will be providing additional financing to cover unfunded commitments for the completion of the construction projects.

[illegal_alias]

FBP receives and rejects merger deal from Doral 6-Dec-10 08:37 am SAN JUAN, Puerto Rico, Dec 06, 2010 (BUSINESS WIRE) -- First BanCorp (the
"Corporation") [NYSE:FBP], [NYSE:FBPPrA], [NYSE:FBPPrB], [NYSE:FBPPrC],
[NYSE:FBPPrD], [NYSE:FBPPrE], announced today its rejection of ! an unsolicited
acquisition proposal received from Doral Financial Corporation ("Doral"). On
December 2, 2010, the Corporation received a letter from Doral proposing a
stock-for-stock exchange valued at $0.30 for each share of the Corporation's
common stock. Doral's proposal contemplates that it will raise $550 million
prior to transaction closing and reach a new agreement with the U.S. Treasury to
exchange the Corporation's Series G Preferred Stock the U.S. Treasury currently
holds into shares of common stock of the combined company at a discount. The
Corporation's Board of Directors concluded that the acquisition proposal
received from Doral is not in the best interest of the Corporation and its
stockholders.

Aurelio Aleman, President and Chief Executive Officer of First BanCorp, said:
"After consideration, the Board of Directors unanimously decided not to pursue
the Doral proposal. We believe it is in the best interest of the Cor! poration and
its stockholders to continue the execution of our previously announced capital
plan, including the raising of $350 million of common equity in a public
offering and the conversion into common stock of the Series G Preferred Stock,
held by the U.S. Treasury. We maintain our focus on the implementation of our
business strategies, while providing superior customer service to our clients."

The Corporation recently announced that the U.S. Treasury, which owns $424
million of First BanCorp's Series G Preferred Stock, has reduced from $500
million to $350 million the size of the capital raise required to satisfy the
remaining substantive condition to the Corporation's ability to compel the
conversion of the Series G Preferred Stock into shares of common stock.

[allspice]

Looks like it has bottomed.

[allspice]

Nice technical set-up after today's candle and bullish eod surge. Really looks like she wants the 30s tomorrow.

[allspice]

Per Yahoo MB, IR says capital raise details next week.

[allspice]

Like the higher low. Bought a few at 263 here.

[Fast Flyer 03]

Definately!!!!!!

[allspice]

Ya think so?

[Fast Flyer 03]

Plenty of upside here once we get a strong turning point!!!

[Fast Flyer 03]

Short Interest (Shares Short) 37,181,300

[Fast Flyer 03]

First Bancorp management to meet with UBS
Meeting to be held in New York on November 9 hosted by UBS. I am hoping something very big has transpired here.

[Fast Flyer 03]

Something very big brewing here!!!!!!

[Fast Flyer 03]

10:30:22 AM
First Bancorp management to meet with UBS

[Fast Flyer 03]

TODAY.....Highlight of Business Operations:
Net loss for the quarter ended September 30, 2010 amounted to $75.2 million, compared to a net loss of $165.2 million for the quarter ended September 30, 2009. The Corporation’s financial results for the third quarter of 2010, as compared to the third quarter of 2009, were principally impacted by (i) the impact in 2009 of a non-cash charge of $152.2 million to increase the deferred tax asset valuation allowance, and (ii) a reduction of $27.6 million in the provision for loan and lease losses related to lower charges to specific reserves, a slower migration of loans to non-performing status and the overall decline in the size of the loan portfolio. These factors were partially offset by (i) a decrease of $30.7 million in non-interest income driven by a reduction of $33.7 million in gains on sale of investments due to a lower volume of sales, aside from a nominal loss of $0.3 million resulting from a transaction on which the Corporation sold mortgage-backed securities realizing a gain of $47.1 million that was offset by the cost of $47.4 million for the early extinguishment of a matching set of repurchase agreements, (ii) a decrease of $15.4 million in net interest income mainly resulting from the Corporation’s deleveraging strategies to preserve its capital position and from higher than historical levels of liquidity maintained in the balance sheet due to the current economic environment, and (iii) an increase of $5.9 million in non-interest expenses driven by increases in the FDIC deposit insurance premium and higher losses on real estate owned (REO) operations due to write-downs to the value of repossessed properties and higher costs associated with a larger inventory.



Net interest income is the excess of interest earned by First BanCorp on its interest-earning assets over the interest incurred on its interest-bearing liabilities. First BanCorp’s net interest income is subject to interest rate risk due to the re-pricing and maturity mismatch of the Corporation’s assets and liabilities. Net interest income for the quarter and nine-month period ended September 30, 2010 was $113.7 million and $349.6 million, respectively, compared to $129.1 million and $381.7 million for the comparable periods in 2009. On a tax-equivalent basis and excluding the changes in the fair value of derivative instruments and unrealized gains and losses on liabilities measured at fair value, net interest income for the quarter and nine-month period ended September 30, 2010 was $121.9 million and $373.3 million, respectively, compared to $145.1 million and $420.1 million for the comparable periods of 2009.

[Fast Flyer 03]

C'Mon folks lets here some positive chatter out there!!!!!

[Fast Flyer 03]

LOOK OUT!!! We are heading to new highs. Uptrend is now here. All aboard there is no holding it down any longer. We are way under valued its time for a market correction.$$$$$ville is where we belong.

[Fast Flyer 03]

Way undervalued. This will move up fast.

• FirstBank’s established, integrated and geographically diverse network of branches, offices and service centers that are located in Puerto Rico, the Virgin Islands and Florida.


Our specific strengths as of June 30, 2010 by geographic area are described below in further detail:

Puerto Rico


• a strong diversified franchise with 48 bank branches located throughout much of the island of Puerto Rico;

• an attractive business mix with substantial market share, ranking second in total loans and third in total deposits net of brokered CDs;



• a proven track record of organic growth and a core deposit growth strategy that has driven a $888.9 million, or 38%, increase in core deposits since December 31, 2007; and



• assets of $15.2 billion representing 84% of our total assets.


Virgin Islands


• a strong market position with market share in excess of 40% and limited competition;

• 14 branches serving St. Thomas, St. Croix, St. John, Tortola and Virgin Gorda;

• an attractive customer and business segment mix, skewed more towards mass affluent retail customers and retail-oriented businesses; and

• assets of $1.1 billion representing 6% of our total assets.


Florida


• a limited market presence in highly attractive counties;

• 10 branches serving primarily the south Florida region and a loan production office;

• 64% increase in core deposits since December 2009 to $1.4 billion as of June 30, 2010;

• a local market that provides expansion opportunities under improved market conditions; and



• assets of $1.7 billion, representing 10% of our total assets.


We have a two-pronged strategy, which is consistent with the plans we have submitted to our regulators in accordance with the Agreements into which we entered in early June 2010 and contains elements intended to strengthen our capital position and elements intended to improve our profitability. These elements are described below:

[Fast Flyer 03]

0.3225

[Fast Flyer 03]

Nice to see some AH action. Next week should be very active.

[Fast Flyer 03]

FBP reported 3rd quarter 2010 earnings of $0.28 per share on October 21, 2010. This beat the $0.32 consensus loss of the 5 analysts covering the company.
The next earnings announcement from FBP is expected the week of February 1, 2011 Long and getting strong!!!!

[Fast Flyer 03]

Some tasty numbers here as well.The turn around should be amazing!!

Key MeasuresSelect View Select ViewShow AllValuationFinancial StrengthAssetsProfitabilityVALUATION FBP Industry Average Sector Average S&P 500
Price/Earnings (TTM) -0.92 15.16 17.86 18.20
Price/Cash Flow 0.04 8.10 9.76 11.82
Price/Sales (TTM) 0.08 0.26 0.35 0.37
Price/Book 0.04 1.42 1.77 3.56
FINANCIAL STRENGTH
Quick Ratio (MRQ) -- -- -- --
Current Ratio (MRQ) -- 0.37 2.76 1.93
LT Debt to Equity (MRQ) 509.32 219.38 181.74 75.38
Total Debt to Capital (MRQ) 803.46 435.08 332.10 100.62
Return On Equity -39.11 1.00 1.00 1.00
Return On Assets -1.29 0.81 -8.91 7.70
Return On Invested Capital -3.85 3.30 -28.68 13.08
ASSETS
Asset Turnover 0.06 0.07 0.16 0.79
Assets per Employee $7.2M $37.8M $26.3M $2.4M
Inventory Turnover -- -- 14.07 12.03
PROFITABILITY
EBITDA -$235.4M $5.2B $3.2B $3.2B
Operating Margin -23.8% 12.6% 4.7% 17.3%
Profit Margin -24.2% 8.6% 0.5% 11.2%
Gross Profit Margin -- 52.0% 41.6% 44.0%

[Fast Flyer 03]

Call expects -0.12 EPS for next quarter.
The current Price Target for FBP is $0.700. Pretty close if you ask me but that could be much more than the estimates are calling. Let's see where we end up. :)

[DrZhivago]

Consensus target price is $0.66 based on the average of Wall Street analysts.

[Fast Flyer 03]

Any thoughts lets hear them!!!!!!!!!!!!!!!!!!

[Fast Flyer 03]

Shorts will have to cover now on the uptrend.^^^^ Up we go!!!! thats a good deal of the float which needs to be covered.






First Bancorp P R $ 0.31
FBP 0.02

Daily Short Sale Volume - NEW view
Short Interest (Shares Short) 37,181,300
Days To Cover (Short Interest Ratio) 11.7
Short Percent of Float view
Naked Short Selling List - NEW view
Short Interest - Prior 28,957,200
Short % Increase / Decrease 28.40
Short Squeeze Ranking™ view

% From 52-Wk High ($ 3.84 ) -92.01 %
% From 52-Wk Low ($ 0.26 ) 18.08 %
% From 200-Day MA ($ 1.29 ) -76.20 %
% From 50-Day MA ($ 0.33 ) -6.97 %
Price % Change (52-Week) -84.49 %

Shares Float view
Total Shares Outstanding 92,542,722
% Owned by Insiders 14.09%
% Owned by Institutions
Market Cap. $ 28,410,617
Trading Volume - Today 1,495,868
Trading Volume - Average 3,184,300
Trading Volume - Today vs. Average 12.29 %
Earnings Per Share -4.78
PE Ratio
Record Date 2010-OctB

Sector Financial
Industry Foreign Regional Banks
Exchange

[Fast Flyer 03]

Time to chase the ask!!!!!!!!!!

[DrZhivago]

I agree FBP will offer nice returns from these levels. I am going to relinquish Mod here. Nothing against the company...just don't have time for proper DD on this one. Take the board if you wish!

[Fast Flyer 03]

Good time for potential turnaround. Where has everyone run off to?

Top Institutional HoldersConcentration of Current % Held
Top 10 Institutions: Top 20 Institutions: Top 50 Institutions: All:
Low
Avg. Turnover Rating Name Shares Held Position Value Percentage of
Total Holdings
since 11/3/10 % Owned
of Shares
Outstanding Turnover
Rating
MP (Thrift) ... 106.0M $192,926,408 +83% 69.0% Low
Fidelity ... 4.0M $12,560,000 +3% 2.6% Low
Taconic Capital ... 2.8M $8,792,000 +2% 1.8% High
Greenlight ... 1.6M $5,180,994 +1% 1.1% Moderate
Vanguard Group, Inc. 1.6M $5,001,298 +1% 1.0% Low
Schneider ... 1.3M $3,957,866 +1% 0.8% Low
American Century ... 1.0M $3,185,386 +1% 0.7% Low
NorthPointe ... 800.9K $2,514,826 +1% 0.5% High
State Street ... 768.8K $2,414,111 +1% 0.5% Low
Marketfield ... 583.8K $1,833,069 0% 0.4% High

Top Mutual Fund HoldersPercentage of Outstanding Shares per Holdings Style (Top 10)
Core Growth 2.6%
Index 2.1%
Core Value 1.5%
Deep Value 0.4%
Equity Hedge 0.4% GARP 0.2%
Sector Specific 0.1%
Specialty 0.0%
Yield 0.0%
International 0.0% Moderate
Avg. Turnover Rating Name Shares Held Position Value Percentage of
Total Holdings
since 11/3/10 % Owned
of Shares
Outstanding Investment
Style
Fidelity Mid-Cap ... 4.0M $9,120,000 +3% 2.6% Core Growth
Statens ... 1.8M $10,271,254 +1% 1.2% Core Value
American Century ... 675.0K $2,119,500 +1% 0.4% Deep Value
Vanguard ... 633.7K $1,989,790 0% 0.4% Index
iShares Russell ... 619.2K $1,411,812 0% 0.4% Index
TFS Market ... 532.1K $1,708,092 0% 0.4% Equity Hedge
Vanguard ... 403.3K $1,266,284 0% 0.3% Index
iShares Russell ... 366.9K $836,527 0% 0.2% Index
Schneider Small ... 333.6K $760,594 0% 0.2% Core Value
CREF Stock Account 290.5K $912,258 0% 0.2% Index

[Fast Flyer 03]

Time to take er up^^^^^^^^^^^^^^^^^^^^^^^^^^^

[DrZhivago]

Financials today. A little more dirty laundry needs to get aired out first.

Always hard to call a perfect bottom. One thing I haven't figured out is the date those new shares become part of the float. That also needs to be fully absorbed before FBP becomes a long-term buy for me.

[stocky101]

LOOKS READY FOR A TURN AROUND

[DrZhivago]

The big money is playing FBP again -- look at that volume lately! Friday's AM gap looks filled today.

[DrZhivago]

Some assorted DD:

About the announced stock sale:
$575 Million Stock Sale

This version of the story mentions FPB as a possible takeover candidate:



--------------------------------------------------------------

The unusually large short interest:



-----------------------------------

I'm still trying to determine whether to use this information for a contrarian play, or to let recent events unfold for a awhile.

[Fast Flyer 03]

Time for a turn around!!!!!!

[filmspeed]

yea they are but i think it is at the low now, i guess we will see, how much support we have, They are still going to have to cover very soon, sooner then later, just my thoughts

[mlkrborn]

Short pricks walked it down below 030 now!