First Bancorp Reports Strong Q1 2026 Earnings with 28% Net Income Growth and Expanded Net Interest Margin

summarizeSummary

First Bancorp announced strong Q1 2026 results with significant year-over-year growth in net income and EPS, driven by an expanded net interest margin and healthy loan and deposit growth, while maintaining strong capital ratios.

check_boxKey Events

• Strong Earnings Growth

  Net income increased 28.2% year-over-year to $46.7 million, with diluted earnings per share rising to $1.13 from $0.88 in Q1 2025.

• Expanded Net Interest Margin

  Net interest income grew by 15.4% to $107.1 million, and the net interest margin expanded by 42 basis points to 3.67% compared to Q1 2025.

• Healthy Balance Sheet Growth

  Total assets increased by 2.2% to $12.9 billion, and total deposits grew by 2.5% to $11.0 billion quarter-over-quarter.

• Stable Credit Quality and Capital

  Nonperforming assets increased slightly to 0.32% of total assets, but the allowance for credit losses to nonperforming loans remained robust at 303.99%. All capital ratios exceeded regulatory 'well-capitalized' standards.

auto_awesomeAnalysis

First Bancorp reported robust first-quarter 2026 financial results, with net income increasing by 28.2% year-over-year to $46.7 million and diluted EPS rising to $1.13 from $0.88. This strong performance was primarily driven by a 15.4% increase in net interest income and a 42 basis point expansion in the net interest margin to 3.67%. The company also demonstrated healthy balance sheet growth with total assets up 2.2% and total deposits up 2.5% quarter-over-quarter. While nonperforming assets saw a slight increase, overall credit quality remains strong with a high allowance for credit losses to nonperforming loans ratio. The company also continued its stock repurchase program, buying back $5.1 million in shares during the quarter.