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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.
Earnings Scheduled For April 26, 2021 benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
First Bancorp: Q1 Earnings Snapshot
April 26, 2021 GMT
SAN JUAN, Puerto Rico (AP) First Bancorp (FBP) on Monday reported first-quarter earnings of $61.2 million.
The bank, based in San Juan, Puerto Rico, said it had earnings of 28 cents per share. Earnings, adjusted for one-time gains and costs, came to 31 cents per share.
The holding company for FirstBank Puerto Rico posted revenue of $225.6 million in the period. Its revenue net of interest expense was $207.2 million, topping Street forecasts.
First Bancorp shares have increased 31% since the beginning of the year. The stock has more than doubled in the last 12 months.
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
Operator
Good morning and welcome to the First Bancorp First Quarter 2021 Results Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to John Pelling, IR Officer. Please go ahead.
John Pelling
Investor Relations Officer
Thank you, Betsy. Good morning, everyone. And thank you for joining First Bancorp s conference call and webcast to discuss the company s financial results for the first quarter 2021. Joining you today from First Bancorp are Aurelio Aleman, President and Chief Executive Officer; and Orlando Berges, Executive Vice President and Chief Financial Officer.
Before we begin today s call, it is my responsibility to inform you this comment involves certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company s business. The company s actual results could differ materially from the forward-looki
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