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" worst" performing banks in aug 2010August's 5 Worst-Performing Big Bank Stocks By Philip van Doorn 09/02/10 - 07:42 AM EDT * 1 Comment * Add Comment Stock quotes in this article:SNV, ZION, FBP, FBC, DB, WFSL More on SNV * Bank of America Starts Derivatives Group * Bank Stocks: Be Careful with Consensus Price Targets * Mortgage Buybacks Hit Profit, Not Capital Market Activity * Flagstar Bancorp Inc| FBC * Deutsche Bank AG| DB * First BanCorp (Puerto Rico)| FBP Company Profile First BanCorp (FBP) is the holding company for FirstBank Puerto Rico of San Juan. Shares declined 36% during August to close at 36 cents on Tuesday. Income Statement The company reported a second-quarter net loss to common shareholders of $96.8 million, or $1.05 a share, for the second quarter, following a loss of $113.2 million, or $1.22 a share, the previous quarter and a net loss to common shareholders of $94.8 million, or $1.03 a share, a year earlier. Elevated provisions for loan losses have been the main factor in the company's earnings performance. Balance Sheet FirstBanCorp had $18.1 billion in total assets as of June 30. The nonperforming assets ratio was 9.78%, down slightly from the previous quarter and the second-quarter net charge-off ratio was 3.44%. The company is operating under a consent order from the Federal Reserve, requiring main subsidiary FirstBank Puerto Rico to achieve and maintain a Ttier 1 risk-based capital ratio of 10% and a total risk-based capital ratio of 12%. The company was in compliance with the directive on capital, since these ratios for the bank subsidiary were 11.53% and 12.83% as of June 30. Stock Ratios The shares are trading for just 0.07 times tangible book value, according to SNL Financial. Analyst Ratings Out of six analysts covering First BanCorp, there are four hold ratings, along with one buy and one sell rating. -- Written by Philip van Doorn in Jupiter, Fla. |
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