FirstBanCorp. Q4 Adj. Earnings Matches Estimates - Quick Facts

(RTTNews) - First BanCorp. (FBP), the bank holding company for FirstBank Puerto Rico, on Tuesday reported that its fourth-quarter net income attributable to common shareholders declined to $35.78 million or $0.16 per share, from $100.44 million or $0.46 per share in the year-ago period.

The prior-year quarter's results included a $53.3 million net tax benefit related to a $63.2 million one-time benefit resulting from the partial reversal of the corporation's deferred tax asset valuation allowance.

This was partially offset by a one-time non-cash charge of $9.9 million related to the enactment of the Puerto Rico Tax Reform of 2018.

Excluding items, adjusted earnings for the latest quarter were $0.19 per share, compared to $0.20 per share in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter increased to $139.93 million from $137.70 million in the same period last year. Non-interest income rose to $24.41 million from $20.53 million in the prior-year quarter. Wall Street analysts had a consensus revenue estimate of $144.73 million.