Provision for loan and lease losses resulting from the impact of hurricanes Irma and Maria have resulted in a $66.5 million charge on the latest financial results from First BanCorp
Provision for loan and lease losses resulting from the impact of hurricanes Irma and Maria have resulted in a $66.5 million charge on the latest financial results from First BanCorp.
The lender’s results for the third quarter of 2017 show a loss of $10.8 million compared to a net income of $28 million in the second quarter including the charge for the hurricanes’ impact and provision for other losses, totaling $75 million, up from $18.1 million in the previous quarter.
Net interest income decreased by $1.1 million to $122.8 million, compared to $123.9 million for the second quarter of 2017, primarily due to an increase in the premium amortization expense on U.S. agency mortgage-backed securities which was associated with higher prepayment rates, and an increase in non-performing residential mortgage loans.
Total loan originations, including refinancings, renewals and draws from existing commitments (excluding credit card utilization activity), of $589.7 million for the third quarter of 2017, compared to $906.2 million for the second quarter of 2017.
This lower figure was at least partly due to business disruption caused by the two hurricanes.
The lender’s results for the third quarter of 2017 show a loss of $10.8 million compared to a net income of $28 million in the second quarter including the charge for the hurricanes’ impact and provision for other losses, totaling $75 million, up from $18.1 million in the previous quarter.
Net interest income decreased by $1.1 million to $122.8 million, compared to $123.9 million for the second quarter of 2017, primarily due to an increase in the premium amortization expense on U.S. agency mortgage-backed securities which was associated with higher prepayment rates, and an increase in non-performing residential mortgage loans.
Total loan originations, including refinancings, renewals and draws from existing commitments (excluding credit card utilization activity), of $589.7 million for the third quarter of 2017, compared to $906.2 million for the second quarter of 2017.
This lower figure was at least partly due to business disruption caused by the two hurricanes.
