This excerpt taken from the FBP 8-K filed Nov 3, 2009.
2009 Third Quarter versus 2009 Second Quarter
Non-interest expenses decreased $13.2 million to $82.8 million, from the 2009 second quarter. The decrease in non-interest expenses reflected:
All other non-interest expenses were relatively stable as management has worked to control costs through its corporate-wide Business Rationalization initiative.
2009 Third Quarter versus 2008 Third Quarter
Non-interest expenses increased $0.4 million to $82.8 million, from the third quarter of 2008. The slight increase in non-interest expenses is mainly related to:
The increase was almost entirely offset by reductions of $3.5 million in controllable expenses such as reductions in employees’ compensation and benefits expenses, mainly due to a decrease in the accrual of bonuses, as well as reductions in business promotion, occupancy, REO losses and taxes (other than income taxes) expenses, partially offset by an increase in professional fees. Management is intensely focused on managing risks, controlling expenses and improving profitability.
The efficiency ratio for the third quarter of 2009 was 46.21% compared to 51.97% for the same period in 2008.