First Bancorp: 2Q Earnings Snapshot
SAN JUAN, Puerto Rico (AP) _ First Bancorp (FBP) on Tuesday reported second-quarter earnings of $20.6 million.
The San Juan, Puerto Rico-based bank said it had earnings of 9 cents per share. Earnings, adjusted for one-time gains and costs, were 10 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The holding company for FirstBank Puerto Rico posted revenue of $179.5 million in the period. Its revenue net of interest expense was $156.1 million, also exceeding Street forecasts.
First Bancorp shares have decreased 47% since the beginning of the year. The stock has decreased 47% in the last 12 months.