First Bancorp. (FBP) Tops Q3 EPS by 1c
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First BanCorp. Announces Earnings for the Quarter Ended September 30, 2016
October 25, 2016 7:35 AM EDT2016 Third Quarter Highlights and Comparison with Second Quarter
Net income of $24.1 million, or $0.11 per diluted share, compared to $22.0 million, or $0.10 per diluted share, for the second quarter of 2016. The financial results for the third quarter of 2016 include a gain of $6.1 million ($5.9 million after-tax) on sales of U.S. agency mortgage-backed securities (MBS). Net interest income decreased by $2.0 million to $118.2 million, compared to $120.2 million for the second quarter of 2016, primarily due to lower average consumer loan balances and a higher U.S. agency MBS premium amortization expense driven by an increase in actual... More