Quarterly ResultJul 22, 2026, 09:41 AM
First BanCorp Q2 Net Income $96.1M (+19.8% YoY); EPS $0.62 (+24% YoY)
AI Summary
First BanCorp reported strong financial results for the second quarter of 2026, with net income rising to $96.1 million, or $0.62 per diluted share. This represents an 8.2% increase in net income and an 8.8% increase in EPS compared to the previous quarter. The growth was primarily driven by an increase in net interest income and robust loan growth, particularly in commercial activity in Puerto Rico. The company also maintained strong capital ratios and continued its capital management efforts through share repurchases and dividends.
Key Highlights
- Net income for Q2 2026 was $96.1 million, an 8.2% increase from Q1 2026 and 19.8% increase from Q2 2025.
- Diluted earnings per share (EPS) reached $0.62, up from $0.57 in Q1 2026 and $0.50 in Q2 2025.
- Net interest income increased by $8.1 million to $229.1 million, with net interest margin rising to 4.87%.
- Total loans grew by $168.8 million to $13.3 billion, primarily driven by commercial and industrial loan growth in Puerto Rico.
- The company repurchased $50.0 million in common stock and declared $31.0 million in common stock dividends.
- Non-performing assets (NPA) ratio slightly increased to 0.59%, mainly due to a $14.8 million commercial inflow in Florida.
- Annualized net charge-offs to average loans decreased by 16 basis points to 0.49%, driven by a $4.7 million reduction in consumer loan net charge-offs.
- Common Equity Tier 1 (CET1) ratio remained strong at 16.96%, exceeding regulatory requirements.
Price Impact
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