Quarterly ResultApr 22, 2026, 04:12 PM
First Bancorp Q1 EPS Jumps to $1.13, Net Income $46.7M
AI Summary
First Bancorp reported strong first-quarter 2026 results with net income rising to $46.7 million, or $1.13 diluted EPS, significantly up from $15.7 million ($0.38 EPS) in the prior quarter and $36.4 million ($0.88 EPS) year-over-year. The company saw its net interest margin expand to 3.67% and achieved a notable improvement in its efficiency ratio to 49.05%. Loan growth was solid, reaching $8.8 billion, while noninterest expenses decreased, reflecting effective cost management.
Key Highlights
- Diluted EPS was $1.13, up from $0.38 in Q4-2025 and $0.88 in Q1-2025.
- Net income reached $46.7 million, a significant increase from prior periods.
- Net interest margin expanded to 3.67%, up 0.09% from the linked quarter.
- Efficiency ratio improved to 49.05% from 73.75% in Q4-2025.
- Total loans grew to $8.8 billion, an annualized increase of 3.3%.