First BanCorp Q1 Net Income Rises Y/Y to $88.8M; Net Interest Income Falls on Repricing
FBP sits 35% above its 52-week low of $17.85 on elevated volume (2.7× avg).
Summary
First BanCorp reported its Q1 2026 earnings, with net interest income (NII) falling to $220.96 million, primarily due to fewer days in the quarter and lower yields from repricing variable-rate commercial loans. However, the company's overall Q1 net income rose year-over-year to $88.80 million, and EPS increased to $0.57, driven by strong revenue generation. The bank also repurchased $50 million in common stock and saw an improvement in credit quality, with a reduction in the provision for credit losses. This mixed performance follows a strong full-year 2025, as reported in February. While the NII decline is a key metric for a bank, the offsetting factors of higher net income, share repurchases, and improved credit quality present a more balanced picture. Traders will be watching how NII trends in future quarters and the company's ability to meet its full-year loan growth targets.
At the time of this announcement, FBP was trading at $24.04 on NYSE in the Finance sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $17.85 to $24.14. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.