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FirstBanCorp Q1 Adj. Profit Meets Expectations - Quick Facts

First BanCorp. (FBP), the bank holding company for FirstBank Puerto Rico, on Wednesday reported an increase in profit for the first quarter from the year-ago period on higher revenues. Adjusted earnings per share for the quarter matched analysts' expectations.

The company's net income for the first quarter was $43.31 million or $0.20 per share, up from $33.15 million or $0.15 per share in the year-ago quarter.

Adjusted net income for the quarter was $36.98 million or $0.17 per share, compared to $27.23 million or $0.15 per share in the year-ago period.

Net interest income grew to $140.18 million from $124.69 million in the prior-year quarter, while non-interest income declined slightly to $22.54 million from $22.78 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter on revenues of $138.31 million. Analysts' estimates typically exclude special items.

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