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First BanCorp Q1 Loss Narrows

First BanCorp (FBP), the bank holding company for FirstBank Puerto Rico, posted first-quarter net loss attributable to common stockholders of $13.2 million or $0.06 per share, narrower than $35.4 million or $1.66 per share in the previous year period.

On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share. Analysts' estimates typically exclude special items.

Net interest income for the quarter dropped to $101.87 million from $106.28 million in the year-ago quarter, while total non-interest income for the quarter plunged to $8.48 million, compared to $40.49 million in the comparable quarter last year.

Separately, First BanCorp announced that FirstBank has signed a definitive agreement with FIA Card Services, N.A. to acquire the FirstBank-branded credit card portfolio of about $400 million. The portfolio consists of approximately 150,000 active credit card relationships.

The company stated that the closing of the transaction is subject to the conditions set forth in the definitive agreement. FirstBank expects the transaction to close during the second quarter of 2012.

Upon closing of the transaction, customers will experience minimal impact since FIA Card Services, N.A. will continue to service the accounts under an interim servicing agreement into 2013, the bank said.

by RTT Staff Writer

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