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FirstBank Florida losses narrowed to $581,000 in the third quarter from $638,000 in the second quarter, but that was overshadowed by a spike in problem loans.
While the Miami-based thrift logged 83 percent more nonaccrual loans, those not paying interest or at least 90 days late, its reserve to cover those loans didn’t grow nearly as fast.
FirstBank was the 14th-largest South Florida-chartered bank by assets in June. It’s a subsidiary of San Juan, Puerto Rico-based First BanCorp (NYSE: FBP).
The Florida subsidiary had $40.2 million in nonaccrual loans, representing 4.78 percent of its loan portfolio, as of Sept. 30. That’s up from $21.9 million, or 2.68 percent of its portfolio, on June 30.
Only 18.7 percent of those nonaccrual loans were covered by FirstBank Florida’s $7.5 million reserve for loan losses. That coverage ratio is well below the industry averages and could leave the bank open to future losses, should the value of those nonaccrual loans deteriorate more than that amount.
However, FirstBank Florida had a healthy $104 million in equity capital that could deal with any potential problems.
The Florida thrift grew steadily in the third quarter. Its assets increased 5.2 percent to $983 million. It held $582 million in deposits, up 9.4 percent.
Source:http://www.bizjournals.com/southflorida/s