First BanCorp Q3 Profit Declines, Misses Estimates - Quick Facts

(RTTNews) - First BanCorp. (FBP), the bank holding company for FirstBank Puerto Rico, on Friday reported net income for the third quarter of $28.6 million or $0.13 per share, down from $45.7 million or $0.21 per share in the year-ago period.

Adjusted earnings for the quarter were $0.10 per share, compared to $0.20 per share in the year-ago period.

However, net interest income rose to $148.70 million from $144.43 million in the prior-year quarter, while non-interest income increased to $29.93 million from $21.40 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the quarter on revenues of $152.74 million. Analysts' estimates typically exclude special items.

First BanCorp said it completed the acquisition of Banco Santander Puerto Rico or BSPR effective September 1, 2020. The company's financial statements for the third quarter include 30 days of BSPR operations, post-acquisition, which have an effect on the comparability of the current quarter's results to prior periods.