(RTTNews) - Friday, First BanCorp (FBP: News ), the bank holding company for FirstBank Puerto Rico, slipped to a loss in the third quarter, hurt primarily by higher provision for loan and lease losses and lower net interest income.

The San Juan-based company reported third-quarter net loss attributable to common stockholders of $174.69 million or $1.89 per share, compared to net income attributable to common stockholders of $14.48 million or $0.16 per share in the same quarter last year.

On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.33 per share for the quarter. Analysts' s estimates typically exclude special items.

Net interest income for the quarter declined to $129.13 million from $144.62 million in the comparable quarter last year. Net interest margin decreased to 2.62% from 3.08% in the prior year quarter.

Non-interest income for the quarter increased to $50.0 million from $13.87 million in the prior year quarter.

Analysts expected the company to report revenues of $157.20 million for the quarter.
Increase in non-interest income reflected a $34.1 million increase in realized gains on the sale of investment securities. Increase in non-interest income also included higher fees on loans, service charges on deposit accounts, ATM fee income and fees from services to corporate customers.

Non-interest expenses for the quarter were $82.78 million, up from $82.38 million in the previous year quarter.

Provision for loan and lease losses for the quarter was $148.09 million, up substantially from $55.31 million in the comparable quarter last year.

For the nine-month period, First Bancorp net loss attributable to common stockholders of $262.74 million or $2.84 per share, compared to net income attributable to common shareholders of $60.92 million or $0.66 per share a year ago. Net interest income for the nine-month period was $381.75 million, down from $403.69 million in the previous year period. Non-interest income increased to $103.46 million from $55.25 million in the prior year.

FBP is currently trading at $1.83, down $0.14 or 7.32%, on a volume of 1.07 million shares in the NYSE.

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by RTT Staff Writer

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