First BanCorp Q3 Profit Falls, But Beats Estimates

(RTTNews) - First BanCorp. (FBP), a bank holding company, on Tuesday posted a decline in earnings for the third-quarter, that reflected a provision for credit loss against last year's provision for credit benefit.

However, the company's adjusted earnings beat the Street view by a penny.

For the quarter ended on September 30, net income was at $74.603 million, compared with $75.009 million a year ago.

Earnings per share were at $0.40, higher than $0.36 per share of the previous year. Common shares outstanding at the end of the quarter declined to 186.258 million from last year's 206.496 million shares.

Adjusted net income stood at $74.603 million, versus $77.495 million, recorded for the previous year period. Excluding items, EPS was $0.40 a share.

Five-analysts, on average, polled by Thomson-Reuters were estimating the lender to post EPS of $0.39. Analysts' estimates typically exclude one-time items.

Pre-tax income declined to $106.631 million, versus $112.735 million of previous year.

Total non-interest income stood at $ 29.693 million, lesser than $29.946 million reported a year ago.

Net interest income moved up to $207.910 million from $184.743 million reported for the same period of 2021.

Provision for credit losses was at $15.783 million, compared with a benefit of $12.082 million last year.