First BanCorp Posts Record Pre-Provision Income and 24% YoY EPS Growth
FBP sits 44% above its 52-week low of $19.16.
Summary
First BanCorp reported Q2 2026 net income of $96.1 million ($0.62/share), record adjusted pre-tax, pre-provision income of $137.5 million, and a net interest margin that expanded to 4.87%. The bank repurchased $50 million in stock and declared $31 million in dividends.
Key Events · Earnings and Guidance · FBP
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Record Pre-Provision Income
Driven by net interest income growth and disciplined expense management, adjusted pre-tax, pre-provision income hit a record $137.5 million, up 4.6% from Q1 2026.
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Net Interest Margin Expansion
The net interest margin rose 12 basis points to 4.87%, benefiting from the deployment of cash flows into higher-yielding assets and one-time refinancing accelerations that added approximately 7 basis points.
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Strong Capital Returns
Returning 84% of earnings to shareholders, the bank repurchased $50.0 million in common stock at an average price of $25.08 and declared $31.0 million in dividends, all while maintaining a CET1 ratio of 16.96%.
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Loan Growth Accelerates
Total loans grew by $168.8 million to $13.3 billion, fueled by commercial and industrial loan growth in Puerto Rico, including a participated infrastructure loan and a municipal refinancing.
Analysis · FBP · Finance
By several measures, First BanCorp just delivered its strongest quarter ever. Net income climbed 8% sequentially and 20% year-over-year, while the net interest margin widened 12 basis points to 4.87%, helped by higher-yielding asset deployment and one-time refinancing benefits. Credit quality remains sound despite a single large commercial loan migration in Florida. Returning 84% of earnings to shareholders through buybacks and dividends, the bank still maintains a top-tier CET1 ratio of 16.96%. These results underscore the bank's ability to generate consistent, high-quality earnings in a stable Puerto Rico economic environment.
At the time of this filing, FBP was trading at $27.56 on NYSE in the Finance sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $19.16 to $28.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.