- Net income of $46.3 million, or $0.21 per diluted share, for the third quarter of 2019, compared to $41.3 million, or $0.19 per diluted share, for the second quarter of 2019.
- On a non-GAAP basis, adjusted net income for the third quarter of 2019 increased by $3.9 million to $44.7 million, or $0.20 per diluted share (which excludes the effect of events that are discussed in the Special Items section below and consist of items that management believes are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts), compared to adjusted net income of $40.8 million for the second quarter of 2019, or $0.18 per diluted share.
- Income before income taxes of $65.6 million for the third quarter of 2019, compared to $59.3 million for the second quarter of 2019.
- On a non-GAAP basis, adjusted pre-tax, pre-provision income of $70.2 million for the third quarter of 2019, compared to $71.0 million for the second quarter of 2019.
- Net interest income increased by $1.9 million to $144.4 million for the third quarter of 2019, compared to $142.5 million for the second quarter of 2019, primarily due to growth in the average volume of consumer loans, the effect of a $3.0 million accelerated discount accretion from the payoff of a commercial mortgage loan, and the effect of one additional day in the third quarter, partially offset by the downward repricing of variable-rate commercial loans and the increase in the average cost of time deposits.
- Net interest margin was 4.89% for the third quarter of 2019, compared to 4.90% for the second quarter of 2019.
- Provision for loan and lease losses decreased by $5.1 million to $7.4 million for the third quarter of 2019, compared to $12.5 million for the second quarter of 2019, primarily due to the effect of a $6.5 million net loan loss reserve release for commercial and construction loans recorded in the third quarter, primarily related to improvements in historical loss rates, the upgrade in the credit-risk classification of certain commercial and industrial loans, and the reduction in the size of this portfolio.
- Non-interest income decreased by $0.8 million to $21.4 million for the third quarter of 2019, compared to $22.2 million for the second quarter of 2019, primarily due to a $0.5 million other-than-temporary impairment (“OTTI”) charge on private label mortgage-backed securities (“MBS”) recorded in the third quarter and the effect in the second quarter of a $0.6 million gain from hurricane-related insurance proceeds.
- Non-interest expenses decreased by $0.1 million to $92.8 million for the third quarter of 2019, compared to $92.9 million for the second quarter of 2019.
-
Income tax expense of $19.3 million for the third quarter of 2019, compared to $18.0 million for the second quarter of 2019.
- Credit quality variances:
- Non-performing assets (“NPAs”) decreased in the quarter by $52.0 million to $332.1 million as of September 30, 2019, primarily due to the repayment of a $31.5 million nonaccrual commercial mortgage loan in the Florida region and the sale of a $10.8 million commercial other real estate owned (“OREO”) property in the Puerto Rico region.
- The annualized net charge-off rate was 0.61% for the third quarter of 2019, compared to 1.07% for the second quarter of 2019.
- Total deposits, excluding brokered certificates of deposit (“CDs”) and government deposits, decreased by $38.2 million to $7.6 billion as of September 30, 2019, reflecting decreases of $15.0 million in the Virgin Islands region, $13.7 million in the Florida region, and $9.5 million in the Puerto Rico region.
- Brokered CDs decreased in the quarter by $32.7 million to $483.0 million as of September 30, 2019.
- Government deposits increased in the quarter by $21.6 million to $1.1 billion as of September 30, 2019, reflecting an increase of $38.8 million in the Virgin Islands region, partially offset by a $17.2 million decrease in the Puerto Rico region.
- Total loans decreased in the quarter by $136.7 million to $9.0 billion as of September 30, 2019. The decrease consisted of a $159.8 million decline in the balance of commercial and construction loans, including the early payoff of two large criticized commercial mortgage loans totaling $120.4 million, the repayment of a $31.5 million nonaccrual commercial mortgage loan, and the sale of commercial and industrial loan participations totaling $28.2 million, partially offset by new commercial and construction loan originations in the third quarter. In addition, there was a $63.7 million decrease in residential mortgage loans. These reductions were partially offset by an $86.8 million growth in the consumer loan portfolio, primarily in the Puerto Rico region.
- Total loan originations, including refinancings, renewals and draws from existing commitments (other than credit card utilization activity), amounted to $1.0 billion in the third quarter of 2019, compared to $885.4 million in the second quarter of 2019. The increase primarily resulted from a $170.8 million increase in commercial and construction loan originations, primarily due to both an increase in new loan originations and a higher dollar amount of refinancings and renewals in the Puerto Rico region, partially offset by reductions of $6.6 million in residential mortgage loan originations and $4.0 million in consumer loan originations.
- Total capital, common equity Tier 1 capital (“CET1”), Tier 1 capital, and leverage ratios of 25.27%, 21.61%, 22.02%, and 16.04%, respectively, as of September 30, 2019. The tangible common equity ratio was 17.03% as of September 30, 2019.
SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), today reported net income of $46.3 million, or $0.21 per diluted share, for the third quarter of 2019, compared to $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, and $36.3 million, or $0.16 per diluted share, for the third quarter of 2018.
Aurelio Alemán, President and Chief Executive Officer of First BanCorp., commented: “We achieved another strong quarter of core earnings with net income of $46.3 million or $0.21 per diluted share. Pre-tax, pre-provision income remained healthy at $70 million this quarter, while franchise metrics continue to move in a positive direction.
Third quarter origination activity was strong at $1.0 billion. While we experienced a reduction in our loan portfolio this quarter by $137 million due in large part to payoffs of two large criticized commercial loans and the repayment of a large non-performing loan, on a year-over-year basis the loan portfolio has grown over $225 million, or 2.6%, reflecting a 19% increase in the consumer portfolio, an over 2% increase in the commercial and construction loans portfolio, and, consistent with our strategic plan, the residential loan book decreased by 6%.
We continue achieving impressive organic reductions in non-performing assets, down $52 million this quarter, a 14% reduction, which resulted in an NPA to asset ratio of 2.65%. Year-over-year we have reduced our NPAs by $191 million, or 36%. All of this has been done through organic reductions with minimal impact to our earnings.
Our capital continues to grow with tangible book value now at $9.79 per share and our CET1 ratio is 21.6%.
We are excited about the strategic transaction that we announced last night. This is a transformational deal for our Company. It is an excellent use of our capital generating fully phased-in 2020 consensus EPS accretion of 35% and strengthening our franchise in areas of retail, commercial and small business banking while maintaining capital ratios significantly above well-capitalized guidelines. This deal will significantly improve our branch network and retail footprint, improve our funding profile and brings with it a very talented bench of bankers and a new great client base. The transaction is subject to receipt of all necessary regulatory approvals.”
SPECIAL ITEMS
The financial results for the third and second quarters of 2019 and the third quarter of 2018 include the following items that management believes are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts (the “Special Items”):
Quarter ended September 30, 2019
– A $3.0 million ($1.8 million after-tax) positive effect in earnings related to the accelerated discount accretion from the payoff of an acquired commercial mortgage loan.
– A $0.4 million ($0.2 million after-tax) benefit resulting from hurricane-related insurance recoveries related to repairs and maintenance costs incurred on facilities in the U.S. Virgin Islands.
– A $0.5 million OTTI charge on private label MBS recorded in the tax-exempt international banking entity subsidiary.
Quarter ended June 30, 2019
– A $0.8 million ($0.5 million after-tax) benefit resulting from hurricane-related insurance recoveries related to impairments, repairs and maintenance costs incurred on facilities in the British Virgin Islands.
Quarter ended September 30, 2018
– A $2.7 million ($1.7 million after-tax) positive effect in earnings related to a $2.8 million net loan loss reserve release resulting from revised estimates of the hurricane-related qualitative reserves associated with the effects of Hurricanes Irma and Maria, primarily related to consumer loans, and a $0.5 million gain from hurricane-related insurance proceeds resulting from insurance recoveries in excess of fixed assets impairment charges, partially offset by $0.5 million of hurricane-related expenses recorded in the third quarter of 2018.
NET INCOME AND RECONCILIATION TO ADJUSTED NET INCOME (NON-GAAP)
This press release includes certain non-GAAP financial measures, including adjusted net income, adjusted pre-tax, pre-provision income, adjusted net interest income and margin, tangible common equity, tangible book value per common share, certain capital ratios, and certain other financial measures that exclude the effect of items that management identifies as Special Items because they are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts, and should be read in conjunction with the discussion below in Basis of Presentation – Use of Non-GAAP Financial Measures and the accompanying tables (Exhibit A), which are an integral part of this press release.
Net income amounted to $46.3 million for the third quarter of 2019, compared to $41.3 million for the second quarter of 2019. Adjusted net income amounted to $44.7 million, or $0.20 per diluted share, for the third quarter of 2019, compared to adjusted net income of $40.8 million for the second quarter of 2019, or $0.18 per diluted share. The following table reconciles for the third and second quarters of 2019 and the third quarter of 2018 the reported net income to adjusted net income and adjusted earnings per share, non-GAAP financial measures that exclude the Special Items identified above:
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||
| (In thousands, except per share information) | September 30, 2019 | June 30, 2019 | September 30, 2018 | ||||||||||
| Net income, as reported (GAAP) |
$ |
46,327 |
|
$ |
41,287 |
|
$ |
36,323 |
|
||||
| Adjustments: | |||||||||||||
| Accelerated discount accretion due to early payoff of acquired loan |
|
(2,953 |
) |
|
– |
|
|
– |
|
||||
| OTTI on debt securities |
|
497 |
|
|
– |
|
|
– |
|
||||
| Hurricane-related loan loss reserve release |
|
– |
|
|
– |
|
|
(2,781 |
) |
||||
| Hurricane-related expenses |
|
– |
|
|
– |
|
|
533 |
|
||||
| Benefit from hurricane-related insurance recoveries |
|
(379 |
) |
|
(820 |
) |
|
(478 |
) |
||||
| Income tax impact of adjustments (1) |
|
1,250 |
|
|
308 |
|
|
1,063 |
|
||||
| Adjusted net income (Non-GAAP) |
$ |
44,742 |
|
$ |
40,775 |
|
$ |
34,660 |
|
||||
| Preferred stock dividends |
|
(669 |
) |
|
(669 |
) |
|
(669 |
) |
||||
| Adjusted net income attributable to common stockholders (Non-GAAP) |
$ |
44,073 |
|
$ |
40,106 |
|
$ |
33,991 |
|
||||
| Weighted-average diluted shares outstanding |
$ |
217,227 |
|
|
216,978 |
|
|
216,775 |
|
||||
| Earnings Per Share – diluted (GAAP) |
$ |
0.21 |
|
$ |
0.19 |
|
$ |
0.16 |
|
||||
| Adjusted Earnings Per Share – diluted (Non-GAAP) |
$ |
0.20 |
|
$ |
0.18 |
|
$ |
0.16 |
|
||||
| (1) See Basis of Presentation for the individual tax impact related to each reconciling item. | |||||||||||||
INCOME BEFORE INCOME TAXES AND RECONCILIATION TO ADJUSTED PRE-TAX, PRE-PROVISION INCOME (NON-GAAP)
Income before income taxes amounted to $65.6 million for the third quarter of 2019, compared to $59.3 million for the second quarter of 2019. Adjusted pre-tax, pre-provision income amounted to $70.2 million for the third quarter of 2019, down $0.9 million from the second quarter of 2019. The following table reconciles income before income taxes to adjusted pre-tax, pre-provision income for the last five quarters:
| (Dollars in thousands) | Quarter Ended | |||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
|
2019 |
2019 |
2019 |
2018 |
2018 |
||||||||||||||||
| Income before income taxes |
$ |
65,595 |
|
$ |
59,298 |
|
$ |
60,932 |
|
$ |
59,886 |
|
$ |
48,655 |
|
|||||
| Add: Provision for loan and lease losses |
|
7,398 |
|
|
12,534 |
|
|
11,820 |
|
|
7,649 |
|
|
11,524 |
|
|||||
| Add/(Less): Net loss (gain) on investments and impairments |
|
497 |
|
|
– |
|
|
– |
|
|
84 |
|
|
– |
|
|||||
| Less: Accelerated discount accretion due to early payoff of acquired loan |
|
(2,953 |
) |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Less: Employee retention benefit – Disaster Tax Relief | ||||||||||||||||||||
| and Airport Extension Act of 2017 |
|
– |
|
|
– |
|
|
(2,317 |
) |
|
– |
|
|
– |
|
|||||
| Less: Benefit from hurricane-related insurance recoveries |
|
(379 |
) |
|
(820 |
) |
|
– |
|
|
– |
|
|
(478 |
) |
|||||
| Add: Hurricane-related expenses |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
533 |
|
|||||
| Adjusted pre-tax, pre-provision income (1) |
$ |
70,158 |
|
$ |
71,012 |
|
$ |
70,435 |
|
$ |
67,619 |
|
$ |
60,234 |
|
|||||
| Change from most recent prior quarter (amount) |
$ |
(854 |
) |
$ |
577 |
|
$ |
2,816 |
|
$ |
7,385 |
|
$ |
(1,147 |
) |
|||||
| Change from most recent prior quarter (percentage) |
|
-1.2 |
% |
|
0.8 |
% |
|
4.2 |
% |
|
12.3 |
% |
|
-1.9 |
% |
|||||
| (1) See Basis of Presentation for additional information. | ||||||||||||||||||||
Adjusted pre-tax, pre-provision income is a non-GAAP financial measure that management believes is useful to investors in analyzing the Corporation’s performance and trends. This metric is income before income taxes adjusted to exclude the provision for loan and lease losses and any gains or losses on sales of investment securities and impairments. In addition, from time to time, earnings are also adjusted for certain items regarded as Special Items, such as the accelerated discount from the early payoff of an acquired commercial mortgage loan, a one-time employee retention benefit, and hurricane-related expenses and insurance recoveries reflected above, because management believes these items are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts. (See Basis of Presentation – Use of Non-GAAP Financial Measures – Adjusted Pre-Tax, Pre-Provision Income for additional information about this non-GAAP financial measure).
NET INTEREST INCOME
Net interest income, excluding fair value adjustments on derivatives (“valuations”), and net interest income on a tax-equivalent basis are non-GAAP financial measures. See Basis of Presentation – Use of Non-GAAP Financial Measures – Net Interest Income, Excluding Valuations, and on a Tax-Equivalent Basis below for additional information. The following table reconciles net interest income in accordance with GAAP to net interest income excluding valuations, and net interest income on a tax-equivalent basis for the last five quarters. The table also reconciles net interest spread and net interest margin on a GAAP basis to these items excluding valuations, and on a tax-equivalent basis.
| (Dollars in thousands) | ||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||
| September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||||
| Net Interest Income | ||||||||||||||||||||
| Interest income – GAAP |
$ |
172,295 |
|
$ |
169,510 |
|
$ |
166,472 |
|
$ |
162,424 |
|
$ |
157,492 |
|
|||||
| Unrealized loss (gain) on derivative instruments |
|
1 |
|
|
1 |
|
|
4 |
|
|
(22 |
) |
|
– |
|
|||||
| Interest income excluding valuations |
|
172,296 |
|
|
169,511 |
|
|
166,476 |
|
|
162,402 |
|
|
157,492 |
|
|||||
| Tax-equivalent adjustment |
|
4,964 |
|
|
4,929 |
|
|
5,322 |
|
|
6,135 |
|
|
5,413 |
|
|||||
| Interest income on a tax-equivalent basis and excluding valuations |
$ |
177,260 |
|
$ |
174,440 |
|
$ |
171,798 |
|
$ |
168,537 |
|
$ |
162,905 |
|
|||||
| Interest expense – GAAP |
|
27,870 |
|
|
26,964 |
|
|
26,291 |
|
|
24,726 |
|
|
24,971 |
|
|||||
| Net interest income – GAAP |
$ |
144,425 |
|
$ |
142,546 |
|
$ |
140,181 |
|
$ |
137,698 |
|
$ |
132,521 |
|
|||||
| Net interest income excluding valuations |
$ |
144,426 |
|
$ |
142,547 |
|
$ |
140,185 |
|
$ |
137,676 |
|
$ |
132,521 |
|
|||||
| Net interest income on a tax-equivalent basis and excluding valuations |
$ |
149,390 |
|
$ |
147,476 |
|
$ |
145,507 |
|
$ |
143,811 |
|
$ |
137,934 |
|
|||||
| Average Balances | ||||||||||||||||||||
| Loans and leases |
$ |
9,026,725 |
|
$ |
9,035,618 |
|
$ |
8,912,874 |
|
$ |
8,761,306 |
|
$ |
8,676,620 |
|
|||||
| Total securities, other short-term investments and interest-bearing cash balances |
|
2,691,584 |
|
|
2,641,185 |
|
|
2,634,055 |
|
|
2,685,654 |
|
|
2,892,148 |
|
|||||
| Average interest-earning assets |
$ |
11,718,309 |
|
$ |
11,676,803 |
|
$ |
11,546,929 |
|
$ |
11,446,960 |
|
$ |
11,568,768 |
|
|||||
| Average interest-bearing liabilities |
$ |
7,819,008 |
|
$ |
7,714,393 |
|
$ |
7,615,212 |
|
$ |
7,654,622 |
|
$ |
7,830,063 |
|
|||||
| Average Yield/Rate | ||||||||||||||||||||
| Average yield on interest-earning assets – GAAP |
|
5.83 |
% |
|
5.82 |
% |
|
5.85 |
% |
|
5.63 |
% |
|
5.40 |
% |
|||||
| Average rate on interest-bearing liabilities – GAAP |
|
1.41 |
% |
|
1.40 |
% |
|
1.40 |
% |
|
1.28 |
% |
|
1.27 |
% |
|||||
| Net interest spread – GAAP |
|
4.42 |
% |
|
4.42 |
% |
|
4.45 |
% |
|
4.35 |
% |
|
4.13 |
% |
|||||
| Net interest margin – GAAP |
|
4.89 |
% |
|
4.90 |
% |
|
4.92 |
% |
|
4.77 |
% |
|
4.54 |
% |
|||||
| Average yield on interest-earning assets excluding valuations |
|
5.83 |
% |
|
5.82 |
% |
|
5.85 |
% |
|
5.63 |
% |
|
5.40 |
% |
|||||
| Average rate on interest-bearing liabilities excluding valuations |
|
1.41 |
% |
|
1.40 |
% |
|
1.40 |
% |
|
1.28 |
% |
|
1.27 |
% |
|||||
| Net interest spread excluding valuations |
|
4.42 |
% |
|
4.42 |
% |
|
4.45 |
% |
|
4.35 |
% |
|
4.13 |
% |
|||||
| Net interest margin excluding valuations |
|
4.89 |
% |
|
4.90 |
% |
|
4.92 |
% |
|
4.77 |
% |
|
4.54 |
% |
|||||
| Average yield on interest-earning assets on a tax-equivalent basis and excluding valuations |
|
6.00 |
% |
|
5.99 |
% |
|
6.03 |
% |
|
5.84 |
% |
|
5.59 |
% |
|||||
| Average rate on interest-bearing liabilities excluding valuations |
|
1.41 |
% |
|
1.40 |
% |
|
1.40 |
% |
|
1.28 |
% |
|
1.27 |
% |
|||||
| Net interest spread on a tax-equivalent basis and excluding valuations |
|
4.59 |
% |
|
4.59 |
% |
|
4.63 |
% |
|
4.56 |
% |
|
4.32 |
% |
|||||
| Net interest margin on a tax-equivalent basis and excluding valuations |
|
5.06 |
% |
|
5.07 |
% |
|
5.11 |
% |
|
4.99 |
% |
|
4.73 |
% |
|||||
Net interest income amounted to $144.4 million for the third quarter of 2019, an increase of $1.9 million compared to net interest income of $142.5 million for the second quarter of 2019. The increase in net interest income was mainly due to:
- A $2.9 million increase in interest income on consumer loans, primarily due to an increase of $96.0 million in the average balance of this portfolio and a $0.6 million increase in interest income related to the effect of one additional day in the third quarter. The aggregate average balance of auto loans and finance leases grew by $73.8 million and the average balance of personal loans increased by $13.4 million.
- A $0.7 million increase in interest income on commercial and construction loans, primarily due to the $3.0 million accelerated discount accretion from the payoff of a commercial mortgage loan. In addition, there was a $0.6 million increase in interest income on commercial and construction loans related to the effect of one additional day in the third quarter. These increases more than offset the adverse effects of approximately $0.9 million related to the downward repricing of variable rate commercial loans, $0.7 million associated with a $48.4 million decline in the total commercial and construction average loan balances, $0.4 million related to lower collections of interest payments on nonaccrual loans, and other reductions related to, among other things, deferred fees amortization on loans paid off or refinanced.
- A $0.7 million increase in interest income from interest-bearing cash balances, mainly due to an increase of $172.4 million in the average balance, which consisted primarily of deposits maintained at the Federal Reserve Bank of New York.
Partially offset by:
- A $0.9 million increase in interest expense, reflecting an increase of approximately $1.2 million in interest expense on interest-bearing deposits, primarily due to the effect of both renewals of matured non-brokered time deposits at current higher market interest rates and an increase of $109.6 million in the average balance of non-brokered interest-bearing deposits. This increase was partially offset by a $0.3 million decrease in interest expense on repurchase agreements, primarily due to the downward repricing of variable-rate repurchase agreements.
- A $0.7 million decrease in interest income on investment securities, primarily due to a $125.8 million decrease in the average balance of U.S. agency bonds that resulted in a decrease of approximately $0.9 million in interest income, partially offset by a $0.5 million increase related to higher accelerated discount accretions of U.S. Agency bonds called prior to maturity. Approximately $238.0 million of U.S agency bonds matured or were called prior to maturity in the third quarter. In addition, there was a $0.3 million increase in the U.S. agency MBS premium amortization expense resulting from higher prepayment rates.
Net interest margin was 4.89%, compared to 4.90% for the second quarter of 2019. The decrease was primarily attributable to pressure on commercial loan yields from lower short-term market interest rates combined with the increase in the average cost of time deposits and higher cash balances maintained during the third quarter. These effects were almost entirely offset by the aforementioned $3.0 million accelerated discount accretion from the payoff of a commercial mortgage loan, which increased the net interest margin by approximately 10 basis points in the third quarter, and the increase in the proportion of consumer loans to total interest-earning assets.
PROVISION FOR LOAN AND LEASE LOSSES
The provision for loan and lease losses for the third quarter of 2019 was $7.4 million, compared to $12.5 million for the second quarter of 2019. The $5.1 million decrease in the provision for loan and lease losses, as compared to the 2019 second quarter, was driven by the following factors:
- A $6.5 million net loan loss reserve release for commercial and construction loans in the third quarter of 2019, compared to a $3.4 million provision charge in the second quarter of 2019. The $6.5 million net loan loss reserve release in the third quarter of 2019 was primarily due to: (i) approximately $4.2 million of net loan loss reserve releases related to both lower historical loss rates, primarily for the commercial and industrial loan portfolio, and the upgrade in the credit risk classification of a large commercial and industrial loan; (ii) a $2.6 million release associated with the early payoff of two large criticized commercial mortgage loans in the third quarter; and (iii) a $1.7 million loan loss recovery associated with a commercial and industrial loan fully charged off in prior periods. These variances were partially offset by higher charges to the specific reserve of impaired loans.
Partially offset by:
- A $1.6 million increase in the provision for residential mortgage loans, mainly reflecting less favorable downward adjustments to the reserve related to changes in volume and severity of past due loans as compared to adjustments in the second quarter.
- A $3.1 million increase in the provision for consumer loans, driven by a $1.7 million increase in net charge-offs and the overall increase in the size of this portfolio, primarily auto loans.
See Credit Quality – Allowance for Loan and Lease Losses below for additional information regarding the allowance for loan and lease losses, including variances in net charge-offs.
NON-INTEREST INCOME
The following table s
Contacts
First BanCorp.
John B. Pelling III
Investor Relations Officer
[email protected]
(787) 729-8003
