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First Bancorp: 2Q Earnings Snapshot

July 28, 2020 GMT

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.

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First Bancorp shares have decreased 47% since the beginning of the year. The stock has decreased 47% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FBP at https://www.zacks.com/ap/FBP

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