First Bancorp FBP announced that the Bank has
entered into three separate agreements to sell a total of $532 million of
unpaid principal balance in commercial loans or $315 million of book value for
a total price of $201 million, or 38 percent of unpaid principal balance.
These transactions will result in a pre-tax loss net of reserves of
approximately $65 million. At the completion of the transactions, FirstBank
will reduce its nonperforming assets by approximately 23 percent or $282
million. FirstBank's pro-forma non-performing asset to total asset ratio as of
December 31, 2012 decreases from 9.45 percent to 7.30 percent.
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