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Mar 31, 2020
First BanCorp Q1 2020 Earnings Report
Announces earnings for the quarter ended March 31, 2020
Key Takeaways
First BanCorp reported a net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020. The results were influenced by a reserve build for loans, finance leases and debt securities of $59.8 million due to the COVID-19 pandemic, and a tax-exempt gain from sales of investment securities of $8.2 million.
Net income reached $2.3 million, or $0.01 per diluted share.
The financial results included the effect of a reserve build for loans, finance leases and debt securities of $59.8 million.
Adjusted pre-tax, pre-provision income was $68.5 million.
Net interest income totaled $138.6 million.
Forward Guidance
The Corporation continues to work with regulators on the acquisition of Banco Santander Puerto Rico, but now believes it is unlikely that all regulatory approvals will be received to close the transaction by the middle of 2020 as previously expected.
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