First Bancorp. Announces Earnings for the Quarter Ended March 31, 2020
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First Bancorp. (FBP) Reports Q1 EPS of $0.01
April 30, 2020 7:33 AM EDTFirst Bancorp. (NYSE: FBP) reported Q1 EPS of $0.01, versus $0.16 reported last year.
Net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020, compared to $36.4 million, or $0.16 per diluted share, for the fourth quarter of 2019. Financial results for the first quarter of 2020 included the effect of a reserve build1 for loans, finance leases and debt securities of $59.8 million ($39.8 million after-tax, or $(0.18) per diluted share) driven by the effect of the COVID-19 pandemic on forecasted economic and market conditions, and a tax-exempt gain from sales of investment securities of $8.2 million, or... More