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First BanCorp received a $400 million investmeng throughthe ’s Troubled Asset Relief Progran (TARP). A First BanCorp (NYSE: FBP) spokesman did not immediately responc to the question of whetherthe $50 million givebn to its Miami subsidiary came from those TARP funds. The company has a larger bankinf operation inPuerto Rico. FirstBank Florida was the 13th-largest South Florida-chartered bank as of Dec. 31, with $984.45 million in assets. its assets shrank to $959. million as of Marcy 31. The first quarter loss was the resulr of a decline in netinterestr income, which fell to $5 milliob from $5.5 million in the fourth quarter, as well as more expensesd for problem loans.
FirstBank Florida took a $9.2 million expense to reserve for future loan losseds and chargedoff $1.4 millioj in problem loans in the first quarter. The bank had $69.45 million in noncurrent loans, representing 8.8 percenty of its total on March 31, up from $44 million in problem loans, or 5.5 percent of its total loans, on Dec. 31. FirstBanmk Florida had a reserve for futurwe loan losses covering 32 percent of its noncurrent loands onMarch 31, up from a 17 percent coveragee ratio on Dec. 31. The bank had $527.4 million in deposits and $785.4 milliobn in loans at the end of thefirst That’s down from $573.4 million in depositse and $807.2 million in loans at year-end.
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