First BanCorp Q1 Profit Down

(RTTNews) - irst BanCorp. (FBP), the bank holding company for FirstBank Puerto Rico, reported net income of $2.3 million or $0.01 per share, for the first quarter of 2020, down from $43.3 million, or $0.20 per share, for the first quarter of 2019.

Financial results for the first quarter of 2020 included the effect of a reserve builda for loans, finance leases and debt securities of $59.8 million, driven by the effect of the COVID-19 pandemic on forecasted economic and market conditions, and a tax-exempt gain from sales of investment securities of $8.2 million, or $0.04 per share.

Adjusted net loss per share was $0.03 compared to net income of $0.17 in the prior year.

Net interest income was $138.6 million compared to $140.18 million in the prior year.