An Urgent Rescue Plan for Puerto Rico
By Federico de Jesús and Laura Rodriguez
April 28, 2021, 11:07 am
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Puerto Rico stands at a crossroads and acting boldly and with urgency, the Biden administration can provide the island with the relief it needs. While Puerto Rico’s
economic crisis has been at the forefront of recent public policy discourse, hurricanes Irma and Maria, subsequent natural disasters, and controversies involving the Puerto Rican central government have made it clear that Puerto Rico’s problems will continue to grow worse every day without an intervention of stimulus and support from the federal government. In addition to these hurdles, the Trump administration spent the past four years impeding Puerto Rico’s recovery
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Net income of $61.2 million, or $0.28 per diluted share, for the first quarter of 2021, compared to $50.1 million, or $0.23 per diluted share, for the fourth quarter of 2020. The net income for the first quarter of 2021 and fourth quarter of 2020 included the following items of note:
- Provision for credit losses was a net benefit of $15.3 million ($9.5 million after-tax, or an increase of $0.04 per diluted share) for the first quarter of 2021, compared to an expense of $7.7 million ($4.8 million after-tax, or a decrease of $0.02 per diluted share) for the fourth quarter of 2020. The reserve release in the first quarter of 2021 was primarily due to positive changes in the outlook of macroeconomic assumptions to which the reserve is correlated.
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