First Bank Corp an­nounces quaterly earn­ings

The Pak Banker - - Front Page -


First Ban­Corp, the bank hold­ing com­pany for FirstBank Puerto Rico, to­day re­ported net in­come of $19.1 mil­lion for the third quar­ter of 2012, or $0.09 per di­luted share, an im­prove­ment com­pared to net in­come of $9.4 mil­lion, or $0.05 per di­luted share, for the sec­ond quar­ter of 2012 and a net loss of $24.0 mil­lion, or $1.46 loss per di­luted share, for the third quar­ter of 2011. The net in­come for the nine-month pe­riod ended Septem­ber 30, 2012, was $15.2 mil­lion, or $0.07 per di­luted share, com­pared to a net loss of $67.4 mil­lion, or $4.17 loss per di­luted share, for the same pe­riod in 2011. Net in­come of $19.1 mil­lion.

Growth in net in­ter­est in­come and mar­gin: Net in­ter­est in­come, ex­clud­ing fair value ad­just­ments of $0.2 mil­lion, in­creased by $17.1 mil­lion. Net in­ter­est mar­gin, ex­clud­ing fair value ad­just­ments, in­creased by 54 ba­sis points to 3.98%. Pro­vi­sion for loan and lease losses of $29.0 mil­lion, up $4.1 mil­lion. To­tal non-per­form­ing as­sets de­creased for the tenth con­sec­u­tive quar­ter, de­clin­ing by $48.8 mil­lion. The level of non­per­form­ing loans de­creased by $57.6 mil­lion from the pre­vi­ous quar­ter to $1.01 bil­lion. In­flows of loans into non-per­form­ing sta­tus de­clined by $12.0 mil­lion, or 12%, from the pre­vi­ous quar­ter. Net char­ge­offs de­clined by $11.1 mil­lion to $40.6 mil­lion, or an an­nu­al­ized 1.58% of av­er­age loans. In­crease of $1.1 mil­lion in non­in­ter­est in­come: Full quar­ter im­pact of the credit cards port­fo­lio ac­qui­si­tion from FIA Card Ser­vices re­flects an in­crease of $2.0 mil­lion in in­ter­change and other re­lated fees.

Non-cash charge as­so­ci­ated with the eq­uity in losses of un­con­sol­i­dated en­ti­ties of $2.2 mil­lion, com­pared to losses of $2.5 mil­lion in the sec­ond quar­ter of 2012. In­crease of $4.9 mil­lion in non-in­ter­est ex­penses led by higher losses on real es­tate owned (REO) op­er­a­tions and ex­penses re­lated to the re­cently ac­quired credit cards port­fo­lio. To­tal cap­i­tal, Tier 1 cap­i­tal and lever­age ra­tios of the Cor­po­ra­tion of 17.52%,16.20% and 12.71%, re­spec­tively, as of Septem­ber 30, 2012, com­pared to 17.30%, 15.98% and 12.51%, re­spec­tively, as of June 30, 2012.

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