First Bancorp

Latest Results (20.05.2026):

First BanCorp. reported results for the first quarter of 2026: net income of $88.8 million ($0.57 diluted EPS), up from $87.1 million ($0.55) in Q4 2025 and $77.1 million ($0.47) in Q1 2025. Key drivers included net interest income of $221.0 million with a net interest margin of 4.75%, a lower provision for credit losses of $17.3 million, higher non‑interest income driven by seasonal insurance commissions, and disciplined expense control with non‑interest expenses roughly flat at $127.1 million.

Profitability

Q1 2026 net income was $88.8M ($0.57 diluted). Income before taxes rose to $114.3M and adjusted pre‑tax, pre‑provision income (non‑GAAP) was $131.4M, modestly above the prior quarter.

Net interest income & margin

Net interest income totaled $221.0M, down $1.8M QoQ (partly due to two fewer days in the quarter and downward repricing of some variable commercial loans), while net interest margin expanded 7 bps to 4.75% as the bank redeployed cash from lower‑yielding securities and lowered deposit costs.

Credit quality & provisions

Provision for credit losses declined to $17.3M from $23.0M in Q4 2025, reflecting improved macroeconomic projections and better delinquency in consumer portfolios, offset in part by higher qualitative reserves tied to geopolitical/energy price uncertainty. ACL coverage for loans was 1.87% (vs. 1.90% in Q4), annualized net charge‑offs were 0.65%, and non‑performing assets fell to $108.8M.

Balance sheet, deposits & lending

Total loans were $13.1B (down $38.2M QoQ) with $1.2B of originations in the quarter (down $143M). Core deposits (ex‑brokered & government) rose $158.5M to $13.2B. Government deposits declined $146.3M; brokered CDs fell to $507.0M.

Liquidity & capital

Cash and cash equivalents were $550.9M; adding $2.3B of free HQLA and $1.0B FHLB capacity produced a basic liquidity ratio of 20.14% of assets. Estimated capital ratios remained strong: CET1 16.93%, total capital 18.19%, leverage 11.66%; tangible common equity ratio (non‑GAAP) rose to 10.11%.

Non‑interest income, expenses & shareholder actions

Non‑interest income increased to $37.7M (driven by $3.6M of seasonal contingent insurance commissions). Non‑interest expenses were essentially flat at $127.1M (efficiency ratio ~49.14%). The company repurchased $50.0M of common stock and declared $31.5M in common dividends during the quarter.

Notable adjustments/notes

Q1 2026 results reflect routine non‑GAAP disclosures (e.g., adjusted pre‑tax, pre‑provision income). Q4 2025 included an FDIC special assessment reversal that affects comparability; management disclosed that non‑GAAP measures should be read with GAAP reconciliations in the press release.