Form 8-K
8-K — FIRST BANCORP /PR/
Accession: 0001057706-26-000010
Filed: 2026-04-22
Period: 2026-04-22
CIK: 0001057706
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — fbpPRQ12026.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (exhibit991.htm)
EX-99.2 — EXHIBIT 99.2 (exhibit992.htm)
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2026-04-22
1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
April 22, 2026
First BanCorp.
(Exact Name of Registrant as Specified in
its Charter)
Puerto Rico
001-14793
66-0561882
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
1519 Ponce de Leon Ave.
P.O. Box 9146
San Juan
,
Puerto Rico
00908-0146
(Address of Principal Executive Offices)
(Zip Code)
(
787
)
729-8200
(Registrant’s Telephone Number, including Area Code)
Not applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
☐
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a
-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
2
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.10 par value)
FBP
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to
use the extended transition
period for
complying with
any new
or revised
financial accounting
standards provided
pursuant to
Section 13(a)
of
the Exchange Act.
☐
3
Item 2.02
Results of Operations and Financial Condition.
On
April
22,
2026,
First
BanCorp.
(the
“Corporation”),
the
bank
holding
company
for
FirstBank
Puerto
Rico
(“FirstBank” or the
“Bank”),
issued a press
release announcing its unaudited
results of operations
for the quarter ended
March 31, 2026. A copy of the
press release is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
A copy
of the
presentation that
the Corporation
will use
at its
conference call
to discuss
its financial
results for
the
quarter ended March
31, 2026 is
attached hereto as Exhibit
99.2 and is
incorporated herein by
reference. As announced
in a
press release
dated March
16, 2026,
the call
may be
accessed via
a live
Internet webcast
at 10:00
a.m. Eastern
time on
Wednesday,
April 22,
2026, through
the Corporation’s
investor relations
website: www.
fbpinvestor.com
or
through the dial-in telephone number 800-715-9871 or 646
-307-1963. The participant access code is 5351564.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Description of Exhibit
99.1
Press Release dated April 22, 2026 - First BanCorp Announces Earnings
for the quarter ended
March 31, 2026
99.2
First BanCorp
Conference
Call Presentation
– Financial
Results for
the quarter
ended March
31,
2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
Exhibits 99.1 and 99.2 referenced therein, shall not be deemed “filed”
for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, nor shall Exhibits 99.1 and
99.2 be deemed
incorporated by reference in any filings under the Securities Act of 1933,
as amended.
4
Exhibit Index
Exhibit
Description of Exhibit
99.1
Press Release dated April 22, 2026 - First BanCorp Announces Earnings
for the quarter ended March 31,
2026
99.2
First BanCorp Conference Call Presentation – Financial Results for the
quarter ended March 31, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
Exhibits 99.1
and 99.2
referenced therein,
shall not be
deemed “filed”
for purposes
of Section 18
of the
Securities Exchange
Act of 1934,
as amended, nor
shall Exhibits 99.1
and 99.2 be
deemed incorporated
by reference in any filings under the Securities Act of 1933, as amended.
5
SIGNATURE
Pursuant to the
requirements of the
Securities Exchange Act
of 1934, the
registrant has duly
caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 22, 2026
First BanCorp.
By:
/s/ Orlando Berges
Name:
Orlando Berges
Title:
EVP and Chief Financial Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: exhibit991.htm · Sequence: 2
exhibit991
Exhibit 99.1
FIRST BANCORP.
ANNOUNCES EARNINGS FOR THE QUARTER
ENDED MARCH 31, 2026
SAN JUAN, Puerto
Rico – April
22, 2026
– First BanCorp.
(the “Corporation” or “First
BanCorp.”) (NYSE: FBP), the
bank holding company for
FirstBank Puerto
Rico (“FirstBank” or “the Bank”),
today reported a net income
of $88.8 million, or $0.57
per diluted share, for the
first quarter of 2026, compared to
$87.1 million, or
$0.55 per diluted share, for the fourth quarter of 2025, and
$77.1 million, or $0.47 per diluted share, for the first
quarter of 2025.
Aurelio
Alemán,
President
and
Chief
Executive
Officer
of
First
BanCorp,
commented:
“We
began
the
year
with
another
quarter
of
strong
operating
results,
delivering
consistent
performance
across
our
franchise.
Earnings
per
share
increased 21%
year-over-year,
reflecting strong
revenue generation
and
disciplined
expense
management,
which
translated
into
a
return
on
average
assets of 1.89%—our 17th consecutive quarter
posting a ROAA above 1.5%.
Underlying
revenue
trends
remained
very
strong
during
the
quarter,
with
pre‑tax, pre‑provision
income reaching an
all‑time high of
$131 million, up
2%
from
the
prior
quarter
and
5%
from
a
year
ago.
Core
customer
deposits
continued to grow,
reinforcing the
strength of
our relationship‑driven franchise
while allowing
us to
proactively manage
funding costs.
Loan pipelines
remain
healthy and continue to support our confidence in achieving
our established loan
growth
targets
for
the
full
year. Credit
performance
was
strong,
with
stable
charge‑offs, record‑low
levels of
non‑performing assets,
and very
encouraging
early‑stage delinquency trends, which declined 24% from the
prior quarter.
Supported by a resilient labor market and
stable economic backdrop, we remain
focused on serving
our customers across
a range of
environments while closely
monitoring
key
risks,
including
energy
costs
and
their
potential
impact
on
consumers.
Our
thoughtful
and
consistent
approach
to
capital
deployment
resulted in a net
payout ratio of 92% during the
quarter achieved through share
buybacks
and
dividends.
Our
disciplined
approach
to
capital
allocation,
responsible growth, and ongoing execution of our omnichannel strategy continue
to
position
First
BanCorp
to
deliver
sustainable
long‑term
value
for
all
our
stakeholders.”
(In thousands)
Q1 '26
Q4 '25
Q1 '25
Financial Highlights
Net interest income
$
220,956
$
222,768
$
212,397
Provision for credit losses
17,273
22,971
24,810
Non-interest income
37,685
34,400
35,734
Non-interest expenses
127,105
126,870
123,022
Income before income taxes
114,263
107,327
100,299
Income tax expense
25,485
20,226
23,240
Net income
$
88,778
$
87,101
$
77,059
Selected Financial Data
Net interest margin
4.75%
4.68%
4.52%
Efficiency ratio
49.14%
49.33%
49.58%
Diluted earnings per share
$
0.57
$
0.55
$
0.47
Book value per share
$
12.72
$
12.56
$
10.91
Tangible book value per share
(1)
$
12.45
$
12.29
$
10.64
Return on average equity
17.92%
17.84%
17.90%
Return on average assets
1.89%
1.81%
1.64%
Results for the First Quarter of 2026 compared to the Fourth Quarter
of 2025
Profitability
Net income –
$88.8 million, or $0.57
per diluted share compared to
$87.1 million, or $0.55
per diluted share. Net
income for the fourth quarter
of
2025
included
a
reversal
of
$1.1
million
($0.7
million
after-tax)
related
to
the
Federal
Deposit
Insurance
Corporation
(“FDIC”)
special
assessment.
Income before income taxes
–
$114.3 million compared to $107.3 million.
Adjusted pre-tax, pre-provision income (Non-GAAP)
(1)
–
$131.4 million compared to $129.2 million.
Net interest income –
$221.0 million compared to $222.8 million. The decrease includes a reduction of $2.7 million
associated with the effect of
two less days
in the first
quarter of 2026,
$2.2 million associated
to the downward
repricing of variable-rate commercial
loans and cash
held at
the
Federal
Reserve
Bank
(“FED”), partially
offset
by
the
continued deployment
of
cash
flows
from lower-yielding
investment securities
to
higher-yielding assets and a decrease in the cost of interest-bearing deposits.
Net interest margin increased to 4.75%, compared to 4.68%.
Provision for credit losses –
$17.3 million compared to $23.0 million.
The provision reflects an improved projection on certain macroeconomic
variables
and
improvements
in
delinquency
in
the
consumer
loan
portfolios,
partially
offset
by
higher
qualitative
reserves
associated
with
geopolitical uncertainty driven by, among other things, higher oil prices as a result of
the conflict in the Middle East.
Non-interest
income
–
$37.7
million compared
to
$34.4
million.
The increase
was driven
by
$3.6
million
in
seasonal contingent
insurance
commissions recorded in the first quarter of 2026.
Non-interest expenses
– remained relatively flat at $127.1 million,
compared to $126.9 million in the previous quarter.
Income tax expense
– $25.5 million compared to $20.2
million,
mainly due to higher pre-tax income
and an adjustment in the
fourth quarter of
2025 due to a lower than estimated annual effective tax rate.
Balance
Sheet
Total
loans –
decreased by $38.2 million
to $13.1 billion, driven
by a reduction of
$49.9 million in consumer
loans, primarily in the
auto loans
and finance leases
portfolios in the
Puerto Rico region.
Total loan
originations of $1.2
billion, down $143.0
million, mainly in
commercial and
construction loans.
Core
deposits
(other
than
brokered
and
government
deposits) –
increased by
$158.5
million
to
$13.2
billion,
mainly in
interest-bearing
deposits in the Puerto Rico region.
Government deposits (fully collateralized) –
decreased by $146.3 million to $2.9 billion, mainly in
the Puerto Rico region.
Brokered certificates of deposits (“CDs”)
– decreased by $86.5 million to $507.0 million.
Asset
Quality
Allowance for credit losses (“ACL”) coverage ratio –
amounted to 1.87%, compared to 1.90%.
Annualized net charge-offs to average loans ratio
increased to 0.65%, compared to 0.63%.
Non-performing assets –
decreased by $5.3 million to $108.8 million, driven by a reduction
in nonaccrual loans across all portfolios.
Liquidity
and
Capital
Liquidity –
Cash and cash
equivalents amounted to $550.9
million, compared to $658.6
million. When adding $2.3
billion of free
high-quality
liquid securities that could be liquidated or pledged within one day and $1.0 billion in available lending capacity at the Federal Home Loan Bank
(“FHLB”), available liquidity amounted to 20.14% of total
assets, compared to 19.39%.
Capital –
Repurchased $50.0 million in common stock and
declared $31.5 million in common stock dividends. Capital
ratios exceeded required
regulatory
levels.
The
Corporation’s
estimated
total
capital,
common
equity
tier
1
(“CET1”) capital,
tier
1
capital,
and
leverage
ratios
were
18.19%, 16.93%, 16.93%, and 11.66%, respectively,
as of March 31, 2026. On a non-GAAP
basis, the tangible common equity ratio
(1)
increased
to 10.11%, compared to 10.08%.
(1)
Represents non-GAAP
financial
measures. Refer
to
Non-GAAP
Disclosures
-
Non-GAAP
Financial Measures
for
the
definition
of
and additional
information
about
these non-GAAP
financial measures.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 2 of 27
NET INTEREST INCOME
The following table sets forth information concerning net interest income
for the last five quarters:
Quarter Ended
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(Dollars in thousands)
Net Interest Income
Interest income
$
279,849
$
285,158
$
282,743
$
278,190
$
277,065
Interest expense
58,893
62,390
64,827
62,331
64,668
Net interest income
$
220,956
$
222,768
$
217,916
$
215,859
$
212,397
Average Balances
Loans and leases
$
13,068,874
$
13,032,081
$
12,876,239
$
12,742,809
$
12,632,501
Total securities, other short-term
investments and interest-bearing cash
balances
5,776,844
5,871,091
6,037,726
6,245,844
6,444,016
Average interest-earning assets
$
18,845,718
$
18,903,172
$
18,913,965
$
18,988,653
$
19,076,517
Average interest-bearing liabilities
$
11,409,037
$
11,531,091
$
11,669,135
$
11,670,411
$
11,749,011
Average Yield/Rate
Average yield on interest-earning assets
6.02%
5.98%
5.93%
5.88%
5.89%
Average rate on interest-bearing liabilities
2.09%
2.15%
2.20%
2.14%
2.23%
Net interest spread
3.93%
3.83%
3.73%
3.74%
3.66%
Net interest margin
4.75%
4.68%
4.57%
4.56%
4.52%
Net interest
income amounted
to $221.0
million for
the first
quarter of
2026, a
decrease of
$1.8 million,
compared to
$222.8 million
for the fourth
quarter of 2025,
which includes a
reduction of approximately
$2.7 million associated
with the effect
of two less
days in
the first quarter of 2026. The decrease in net interest income reflects the following:
●
A $6.5
million decrease in interest income on loans, driven by:
-
A
$4.1
million
decrease
in
interest
income
on
commercial
and
construction
loans,
driven
by
a
$2.2
million
reduction
associated with
the effect
of two
less days
in the
first quarter
of 2026,
and a
$1.7 million
decrease due
to the
effect
of
lower
interest
rates
on
the
downward
repricing
of
variable-rate
loans.
Also,
the
fourth
quarter
of
2025
included
$0.8
million
of
interest
income
and
a
$0.5
million
prepayment
penalty
in
connection
with
the
payoffs
of
a
$12.0
million
nonaccrual
commercial
mortgage
loan
and
a
$23.8
million
construction
loan,
respectively,
both
in
the
Florida
region.
These variances
were partially
offset by
a $1.1
million increase
associated with
a $65.8
million increase
in the
average
balance.
As of
March 31,
2026, the
interest rate
on approximately
51% of
the Corporation’s
commercial and
construction loans
was tied
to variable
rates, with
32% based
upon SOFR
of 3
months or
less, 12%
based upon
the Prime
rate index,
and
7%
based
on
other
indexes.
For
the
quarter
ended
March
31,
2026,
the
average
one-month
SOFR
decreased
24
basis
points, the
average three-month
SOFR decreased
15 basis
points, and
the average
Prime rate
decreased 27
basis points,
when compared to the fourth quarter of 2025.
-
A
$2.7
million
decrease
in
interest
income
on
consumer
loans
and
finance
leases,
due
to
a
$1.7
million
decrease
associated
with
the
effect
of
two
less
days
in
the
first
quarter
of
2026,
and
a
$1.0
million
decrease
associated
with
a
$36.1 million decline in the average balance.
Partially offset by:
●
A
$3.3 million decrease in interest expense on interest-bearing deposits, consisting
of:
-
A $1.5
million decrease
in interest
expense on
interest-bearing checking
and saving
accounts, mainly
due to
a decrease
of
approximately
$0.6
million
associated
with
lower
interest
rates
paid
in
the
first
quarter
of
2026,
a
$0.5
million
decrease driven
by the
effect of
two less
days in
the first
quarter of
2026, and
a $0.4
million decrease
associated with
a
$66.4 million net
reduction in the
average balance. The
average cost of
interest-bearing checking
and saving accounts
in
the first quarter
of 2026 decreased
4 basis points
to 1.21%
when compared
to the previous
quarter,
driven by a
decrease
in
the
cost
of
government
deposits.
Excluding
government
deposits,
the
average
cost
of
interest-bearing
checking
and
saving accounts in the first quarter of 2026 was 0.66%, compared to 0.68% for
the previous quarter.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 3 of 27
-
A
$0.9
million
decrease
in
interest
expense
on
time
deposits,
excluding
brokered
CDs,
mainly
due
to
a
$0.7
million
decrease associated with the effect of two less days in
the first quarter of 2026.
-
A $0.9 million
decrease in interest
expense on brokered
CDs, of which
$0.7 million was
associated with a
$61.3 million
decline in the average balance.
●
A $1.2 million increase in interest income on investment securities and interest-bearing
cash balances, a net effect of:
o
A $2.8
million increase
in interest
income on
debt securities,
mainly due
to a
22 basis
points improvement
in yield
resulting from
purchases of
higher-yielding
available-for-sale
debt securities
replacing maturities
of lower-yielding
debt securities.
Partially offset by:
o
A
$1.6
million
decrease
in
interest
income
from
interest-bearing
cash
balances,
mainly
due
to
a
$1.1
million
decrease
associated
with
a
$108.6
million
decrease
in
the
average
balances,
which
consisted
primarily
of
cash
maintained at the FED, and a $0.5 million decrease associated with the
reduction of the federal funds rate.
Net interest
margin
for the
first quarter
of 2026
was 4.75%,
a 7
basis points
increase
when compared
to the
fourth quarter
of 2025,
mostly reflecting the deployment
of cash flows from
lower-yielding investment
securities to higher-yielding assets
and the decrease in
the cost
of interest-bearing
deposits. These
factors were
partially offset
by the
downward repricing
of variable-rate
commercial loans
and a
decrease of
3 basis points
associated with
the aforementioned
interest income
collected on
a nonaccrual
commercial loan
and a
prepayment penalty during the fourth quarter of 2025.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 4 of 27
NON-INTEREST INCOME
The following table sets forth information concerning non-interest income
for the last five quarters:
Quarter Ended
March 31, 2026
December 31,
2025
September 30, 2025
June 30, 2025
March 31, 2025
(In thousands)
Service charges and fees on deposit accounts
$
9,932
$
9,861
$
9,811
$
9,756
$
9,640
Mortgage banking activities
4,043
4,219
3,309
3,401
3,177
Insurance commission income
5,944
2,265
2,618
2,538
5,805
Card and processing income
11,758
12,353
11,682
11,880
11,475
Other non-interest income
6,008
5,702
3,374
3,375
5,637
Non-interest income
$
37,685
$
34,400
$
30,794
$
30,950
$
35,734
Non-interest income
increased by $3.3
million to $37.7
million for
the first quarter
of 2026, compared
to $34.4
million for the
fourth
quarter of
2025, mainly
due to
$3.6
million in
seasonal contingent
commissions recorded
as part
of insurance
commission income
in
the first quarter of
2026 based on the
prior year’s production
of insurance policies.
Other variances included
a $0.8 million increase
in
realized
gains
from
purchased
income
tax
credits
reported
as
part
of
other
non-interest
income,
partially
offset
by
a
$0.6
million
decrease in debit
and credit card
processing income driven
by higher transactional
fee income from
point-of-sale terminals
during the
fourth quarter of 2025.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 5 of 27
NON-INTEREST EXPENSES
The following table sets forth information concerning non-interest expenses
for the last five quarters:
Quarter Ended
March 31, 2026
December 31,
2025
September 30, 2025
June 30, 2025
March 31, 2025
(In thousands)
Employees’ compensation and benefits
$
65,299
$
63,196
$
59,761
$
60,058
$
62,137
Occupancy and equipment
22,063
21,797
22,185
22,297
22,630
Business promotion
3,555
5,944
3,884
3,495
3,278
Professional service fees:
Collections, appraisals and other credit-related fees
734
1,007
856
634
598
Outsourcing technology services
8,585
8,433
8,107
8,324
7,921
Other professional fees
3,593
3,671
2,940
2,651
2,967
Taxes, other than income taxes
6,184
6,272
6,092
5,712
5,878
FDIC deposit insurance
2,058
961
2,236
2,235
2,236
Other insurance and supervisory fees
1,206
1,327
1,344
1,566
1,551
Net (gain) loss on other real estate owned (“OREO”) operations
(937)
(838)
1,033
(591)
(1,129)
Credit and debit card processing expenses
7,327
7,728
7,889
7,747
5,110
Communications
2,288
2,284
2,294
2,208
2,245
Other non-interest expenses
5,150
5,088
6,273
7,001
7,600
Total non-interest expenses
$
127,105
$
126,870
$
124,894
$
123,337
$
123,022
Non-interest expenses
amounted to
$127.1 million in
the first quarter
of 2026, an
increase of $0.2
million, from $126.9
million in the
fourth quarter of 2025. Non-interest expenses for the first quarter of 2026
reflect the following significant variances:
●
A
$2.1
million
increase
in
employees’
compensation
and
benefits
expenses,
driven
by
a
$1.5
million
increase
in
payroll
taxes, and
a $1.8
million
increase in
stock-based
compensation expense,
mostly for
stock grants
during the
first quarter
of
2026 for
retirement-eligible employees,
partially offset
by a $1.3
million decrease
in salary
compensation mainly
due to
the
effect of two less working days in the first quarter of 2026.
●
A
$1.1
million
increase
in
the
FDIC
deposit
insurance
expense
driven
by
the
aforementioned
$1.1
million
reversal
recognized in the fourth quarter of 2025 related to the FDIC special assessment.
Partially offset by:
●
A $2.4
million decrease
in business
promotion expenses
as a
result of
certain marketing
efforts during
the fourth
quarter of
2025.
●
A
$0.4
million
decrease
in
credit
and
debit
card
processing
expenses,
mainly
due
to
$1.1
million
in
debit
card
expense
reimbursements
recognized
during
the
first
quarter
of
2026,
partially
offset
by
a
$0.7
million
increase
driven
by
higher
transactional volumes.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 6 of 27
INCOME TAXES
The
Corporation
recorded
an
income
tax
expense
of
$25.5
million
for
the
first
quarter
of
2026,
compared
to
$20.2
million
for
the
fourth
quarter
of
2025.
The
increase
in
income
tax
expense
was
driven
by
higher
pre-tax
income
and
an
adjustment
in
the
fourth
quarter of 2025 due to a lower than estimated annual effective tax
rate.
For the year,
the Corporation’s annual
effective tax rate, excluding discrete
items, was estimated at 21.9%
for the first quarter of 2026,
compared
to
21.6%
for
the
fourth
quarter
of
2025.
As
of
March
31,
2026,
the
Corporation
had
a
net
deferred
tax
asset
of
$143.6
million,
net
of
a
valuation
allowance
of
$75.9
million,
compared
to
a
net
deferred
tax
asset
of
$149.0
million,
net
of
a
valuation
allowance of $75.0 million as of December 31, 2025.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 7 of 27
CREDIT QUALITY
Non-Performing Assets
The following table sets forth information concerning non-performing
assets for the last five quarters:
(Dollars in thousands)
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
Nonaccrual loans held for investment:
Residential mortgage
$
28,071
$
29,169
$
28,866
$
30,790
$
30,793
Construction
5,414
5,536
5,591
5,718
1,356
Commercial mortgage
7,442
8,382
21,437
22,905
23,155
Commercial and Industrial (“C&I”)
27,100
28,042
19,650
20,349
20,344
Consumer and finance leases
19,717
21,434
20,717
20,336
22,813
Total nonaccrual loans held for investment
$
87,744
$
92,563
$
96,261
$
100,098
$
98,461
OREO
6,344
7,522
9,343
14,449
15,880
Other repossessed property
13,124
12,389
12,234
11,868
13,444
Other assets
(1)
1,609
1,620
1,579
1,576
1,599
Total non-performing assets
(2)
$
108,821
$
114,094
$
119,417
$
127,991
$
129,384
Past due loans 90 days and still accruing
(3)
$
28,949
$
31,913
$
28,891
$
29,535
$
37,117
Nonaccrual loans held for investment to total loans held for investment
0.67%
0.71%
0.74%
0.78%
0.78%
Nonaccrual loans to total loans
0.67%
0.70%
0.74%
0.78%
0.78%
Non-performing assets to total assets
0.57%
0.60%
0.62%
0.68%
0.68%
(1)
Residential pass-through MBS issued by the Puerto Rico Housing Finance Authority (“PRHFA”) held as part of the available-for-sale debt securities portfolio.
(2)
Excludes purchased-credit deteriorated
(“PCD”) loans previously accounted
for under Accounting Standards
Codification (“ASC”) Subtopic 310-30
for which the
Corporation made the accounting
policy election of
maintaining pools
of loans
as “units of
account” both at
the time of
adoption of current
expected credit
losses (“CECL”) on
January 1,
2020 and
on an ongoing
basis for credit
loss measurement. These
loans will
continue to be
excluded from nonaccrual
loan statistics as long
as the Corporation can
reasonably estimate the
timing and amount
of cash flows expected
to be collected
on the loan pools.
The portion of
such loans
contractually past
due 90 days
or more amounted
to $4.2 million
as of March
31, 2026 (December
31, 2025 -
$4.8 million; September
30, 2025 -
$5.0 million; June
30, 2025 -
$4.9 million; March
31, 2025
- $5.7
million).
(3)
These include rebooked loans,
which were previously pooled
into GNMA securities, amounting
to $6.7 million as
of March 31, 2026
(December 31, 2025 - $6.7
million; September 30, 2025
- $3.8 million; June
30,
2025 -
$5.5 million;
March 31,
2025 -
$6.4 million).
Under the
GNMA program,
the Corporation
has the
option but
not the
obligation to
repurchase loans
that meet
GNMA’s
specified delinquency
criteria. For
accounting purposes, the loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.
Variances
in credit quality metrics:
●
Total
non-performing
assets
decreased
by
$5.3
million
to
$108.8
million
as
of
March
31,
2026,
driven
by
a
$4.8
million
decrease
in
nonaccrual
loans.
Nonaccrual
commercial
and
construction
loans
decreased
by
$2.0
million,
driven
by
a
$1.2
million
repayment
of
a
C&I
loan
in
the
Puerto
Rico
region
in
the
food
retail
industry,
and
a
$0.6
million
charge-off
of
a
commercial mortgage loan
in the Virgin
Islands region. Nonaccrual
consumer loans decreased
by $1.7 million,
mainly in the
auto
loan
portfolio,
and
nonaccrual
residential
mortgage
loans
decreased
by
$1.1
million.
In
addition,
the
OREO
portfolio
balance decreased by
$1.2 million, mainly
attributable to the
sale of residential
properties in the
Puerto Rico region,
partially
offset by an increase of $0.7 million in other repossessed properties.
●
Inflows to
nonaccrual loans
held for
investment were
$34.3 million
in the
first quarter
of 2026,
a decrease
of $11.9
million,
compared to inflows
of $46.2 million in
the fourth quarter of
2025. Inflows to nonaccrual
commercial and construction
loans
were $1.2 million
in the first quarter
of 2026, a decrease
of $11.2
million, compared to
inflows of $12.4
million in the fourth
quarter
of
2025,
mostly
associated
with
a
$10.0
million
C&I
loan
in
the
Puerto
Rico
region
in
the
telecommunications
industry.
Inflows to
nonaccrual residential
mortgage loans
were $3.4
million in
the first
quarter of
2026, a
decrease of
$0.9
million, compared to
inflows of $4.3
million in the
fourth quarter of
2025. Inflows to
nonaccrual consumer
loans were $29.7
million in the
first quarter of
2026, an increase
of $0.2 million,
compared to inflows
of $29.5 million
in the fourth
quarter of
2025. See
Early Delinquency
below
for additional information.
●
Adversely
classified
commercial
and
construction
loans
decreased
by
$5.4
million
to
$76.0
million
as of
March
31,
2026,
compared to $81.4
million as of
December 31, 2025,
driven by $3.8
million in repayments
on three C&I
loans, including the
aforementioned repayment of a nonaccrual C&I loan in the Puerto Rico
region.
Early Delinquency
Total
loans
held
for
investment
in
early
delinquency
(i.e.,
30-89
days
past
due
accruing
loans,
as
defined
in
regulatory
reporting
instructions)
amounted
to
$110.5
million
as
of
March
31,
2026,
a
decrease
of
$34.5
million,
compared
to
$145.0
million
as
of
December 31, 2025, driven by a $31.0 million decrease in consumer
loans, primarily in the auto loan portfolio.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 8 of 27
Allowance for Credit Losses
The following table summarizes the activity of the ACL for on-balance
sheet and off-balance sheet exposures during the first quarter
of 2026 and fourth quarter of 2025:
Quarter Ended March 31, 2026
Loans and Finance Leases
Debt Securities
(Dollars in thousands)
Residential
Mortgage
Loans
Commercial and
Construction
Loans
Consumer
Loans and
Finance Leases
Total Loans and
Finance Leases
Unfunded
Loans
Commitments
Held-to-
Maturity
Available-
for-Sale
Total ACL
Allowance for Credit Losses
Allowance for credit losses, beginning balance
$
41,071
$
70,920
$
137,046
$
249,037
$
3,013
$
733
$
763
$
253,546
Provision for credit losses - expense (benefit)
239
(984)
17,915
17,170
107
(92)
88
17,273
Net recoveries (charge-offs)
224
(818)
(20,553)
(21,147)
-
-
(12)
(21,159)
Allowance for credit losses, end of period
$
41,534
$
69,118
$
134,408
$
245,060
$
3,120
$
641
$
839
$
249,660
Amortized cost of loans and finance leases
$
2,914,898
$
6,517,223
$
3,658,956
$
13,091,077
Allowance for credit losses on loans to amortized cost
1.42%
1.06%
3.67%
1.87%
Quarter Ended December 31, 2025
Loans and Finance Leases
Debt Securities
(Dollars in thousands)
Residential
Mortgage
Loans
Commercial and
Construction
Loans
Consumer
Loans and
Finance Leases
Total Loans and
Finance Leases
Unfunded
Loans
Commitments
Held-to-
Maturity
Available-
for-Sale
Total ACL
Allowance for Credit Losses
Allowance for credit losses, beginning balance
$
40,272
$
68,580
$
138,138
$
246,990
$
2,611
$
698
$
658
$
250,957
Provision for credit losses - expense
644
2,393
19,381
22,418
402
35
116
22,971
Net recoveries (charge-offs)
155
(53)
(20,473)
(20,371)
-
-
(11)
(20,382)
Allowance for credit losses, end of period
$
41,071
$
70,920
$
137,046
$
249,037
$
3,013
$
733
$
763
$
253,546
Amortized cost of loans and finance leases
$
2,908,302
$
6,508,178
$
3,708,876
$
13,125,356
Allowance for credit losses on loans to amortized cost
1.41%
1.09%
3.70%
1.90%
Allowance for Credit Losses for Loans and Finance
Leases
As of March 31, 2026,
the ACL for loans and
finance leases was $245.1
million, a decrease of $3.9
million, from $249.0 million
as of
December 31,
2025. The
ratio of
the ACL
for loans
and finance
leases to
total loans
held for
investment was
1.87% as
of March
31,
2026, compared to 1.90% as of December 31, 2025.
The
decrease
was
mainly
related
to
the
ACL
for
consumer
loans,
which
decreased
by
$2.6
million,
driven
by
improvements
in
macroeconomic variables,
mainly in the
projection of the
unemployment rate,
and lower delinquency
levels, partially offset
by higher
qualitative reserves
associated with
geopolitical uncertainty
driven by,
among other
things, higher
oil prices as
a result of
the conflict
in
the
Middle
East.
In
addition,
the
ACL
for
commercial
and
construction
loans
decreased
by
$1.8
million,
mainly
due
to
improvements
in
the
projections
of
the
unemployment
rate
and
the
CRE
price
index,
net
of
aforementioned
qualitative
reserves,
partially offset by
renewals and refinancings.
Meanwhile, the ACL for
residential mortgage loans increased
by $0.5 million, driven
by
loan growth and the aforementioned geopolitical uncertainty,
partially offset by an improvement in the unemployment rate.
The provision
for credit
losses on loans
and finance
leases was $17.2
million for
the first
quarter of
2026, compared
to $22.4
million
in the fourth quarter of 2025, as detailed below:
●
Provision for
credit losses
on the
commercial
and construction
loan portfolios
was a
net benefit
of $1.0
million for
the
first
quarter
of 2026,
compared to
an
expense
of $2.4
million
for
the
fourth
quarter
of 2025.
The net
benefit
recorded
during the first quarter of 2026 was driven primarily by the aforementioned
improvement in macroeconomic variables.
●
Provision for credit losses on the
consumer loan and finance lease portfolios
was an expense of $18.0 million for
the first
quarter of
2026, compared
to an
expense of
$19.4
million for
the fourth
quarter of
2025. The
$1.4 million
decrease
in
provision expense was driven by the aforementioned factors.
●
Provision for
credit losses on
the residential
mortgage loan
portfolio was
an expense
of $0.2 million
for the first
quarter
of 2026,
compared to
an expense
of $0.6
million for
the fourth
quarter of
2025. The
$0.4 million
decrease in
provision
expense
was driven
by
lower
loan
growth
than
the
previous
quarter,
partially
offset
by
the
aforementioned
qualitative
reserves for the geopolitical uncertainty discussed above.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 9 of 27
Net Charge-Offs
The following table presents ratios of net (recoveries) charge-offs
to average loans held-in-portfolio for the last five quarters:
Quarter Ended
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
Residential mortgage
-0.03%
-0.02%
-0.00%
-0.00%
0.00%
Construction
-0.02%
-0.02%
-0.50%
-0.02%
-0.02%
Commercial mortgage
0.08%
0.01%
-0.02%
-0.01%
-0.01%
C&I
0.03%
0.00%
0.01%
-0.09%
-0.01%
Consumer loans and finance leases
2.23%
2.20%
2.16%
2.12%
2.31%
(1)
Total loans
0.65%
0.63%
0.62%
0.60%
0.68%
(1)
(1)
Includes $2.4
million in recoveries
associated with
the bulk
sale of
fully charged-off
consumer loans
and finance
leases, which
reduced the
ratios of
consumer loans
and finance
leases and total net charge-offs to related average
loans by 25 basis points and 8 basis points, respectively.
The
ratios
above
are
based
on
annualized
net
charge-offs
and
are
not
necessarily
indicative
of
the
results
expected
in
subsequent
periods.
Net charge-offs
were $21.1 million
for the first
quarter of 2026,
or an annualized
0.65% of average
loans, compared to
$20.4 million,
or an
annualized 0.63%
of average
loans, in
the fourth
quarter of
2025. The
$0.7 million
increase in
net charge-offs
was driven
by a
$0.6
million charge-off associated with a nonaccrual commercial
mortgage loan in the Virgin
Islands region.
Allowance for Credit Losses for Unfunded Loan
Commitments
As
of
March
31,
2026,
the
ACL
for
off-balance
sheet
credit
exposures
increased
to
$3.1
million,
compared
to
$3.0
million
as
of
December 31, 2025.
Allowance for Credit Losses for Debt Securities
As of March 31, 2026, the ACL for debt securities was $1.5 million, of
which $0.6 million was related to Puerto Rico municipal bonds
classified as held-to-maturity,
compared to $1.5 million and $0.7 million, respectively,
as of December 31, 2025.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 10 of 27
STATEMENT
OF FINANCIAL CONDITION
Total
assets
were
approximately
$19.1
billion
as
of
March
31,
2026,
down
$46.8
million
from
December
31,
2025.
The
following
variances within the main components of total assets are noted:
●
A $107.7 million decrease in
cash and cash equivalents,
mainly related to the net
cash outflow for the purchase
of investment
securities, capital deployment
actions,
and the overall decrease
in deposits, partially offset
by the net income
generated in the
first quarter of 2026.
●
A $38.2 million
decrease in total loans
,
driven by a
$49.9 million decrease
in consumer loans,
of which $28.6
million was in
auto
loans
and
finance
leases
in
the
Puerto
Rico
region.
In
terms
of
geography,
the
decline
consisted
of
a
$112.9
million
decrease
in the
Puerto Rico
region, driven
by the
aforementioned
decrease
in consumer
loans and
lower utilization
of C&I
lines
of
credit, mainly
in automotive
lending,
partially
offset
by increase
s
of $47.2
million
in the
Florida
region and
$27.5
million in the Virgin
Islands region.
Total
loan originations,
including refinancings, renewals,
and draws from
existing commitments, amounted
to $1.2
billion in
the first quarter of 2026, a decrease of $143.0 million compared to the fourth
quarter of 2025.
Total
loan originations
in the
Puerto Rico
region amounted
to $848.9
million in
the first
quarter of
2026, compared
to $1.1
billion in the
fourth quarter of
2025. The decrease
of $219.9 million
in total loan
originations was mainly
related to a
$192.7
million decrease
in commercial
and construction
loans, of
which $174.0
million was
in C&I
loans, driven
by multiple
term
loan
originations
in
the
fourth
quarter
of
2025
totaling
$114.7
million
and
the
aforementioned
lower utilization
of
lines
of
credit.
Total
loan
originations
in
the
Florida
region
amounted
to
$228.4
million
in
the
first
quarter
of
2026,
compared
to
$295.8
million
in
the
fourth
quarter
of
2025.
The
$67.4
million
decrease
in
total
loan
originations
was
mainly
related
to
a
$66.5
million decrease in
commercial and construction
loan originations, of
which $42.1 million
was in commercial
mortgage loan
originations and $23.5 million was in C&I loan originations.
Total
loan
originations
in
the
Virgin
Islands
region
amounted
to
$170.9
million
in
the
first
quarter
of
2026,
compared
to
$26.6 million in the fourth
quarter of 2025. The increase
of $144.3 million in total loan
originations was mainly related to
the
origination
of
a
$138.1
million
government
line
of
credit
during
the
first
quarter
of
2026,
of
which
$108.1
million
was
a
refinancing.
Partially offset by:
●
A $108.7
million increase
in investment
securities, driven
by purchases
during the
first quarter
of 2026
of $437.0
million in
U.S. agencies’
MBS and
debentures
at an
average yield
of 4.57%,
partially offset
by repayments
of $322.2
million of
U.S.
agencies’ MBS and
debentures, of which
$125.7 million
was associated with
matured securities,
and a $6.2
million decrease
in
the fair
value
of available
-for-sale
debt
securities
attributable
to
changes in
market
interest rates.
In addition,
during
the
first quarter of 2026, $375.0 million in matured U.S. Treasury
bills were replaced with $370.6 million in U.S. Treasury bills.
Total
liabilities
were
approximately
$17.1
billion
as of
March
31, 2026,
a decrease
of
$47.2
million
from
December 31,
2025.
The
following variances within the main components of total liabilities are noted:
●
Total deposits decreased
by $74.3 million consisting of:
o
A
$146.3 million decrease in government deposits, driven by a decline
of $134.2 million in the Puerto Rico region.
o
An $86.5 million
decrease in brokered
CDs in the Florida
region. The decrease
consisted of maturing
brokered CDs
amounting to $119.6
million with an all-in cost of
4.42% that were paid off
during the first quarter of 2026,
partially
offset
by $33.1
million
of new
issuances with
original
average maturities
of approximately
1.2 years
and an
all-in
cost of 3.77%.
Partially offset by:
o
A $158.5
million increase
in deposits,
excluding brokered
CDs and
government deposits,
consisting of
increases of
$97.0 million
in the Puerto
Rico region,
$37.8 million
in the Virgin
Islands region,
and $23.7 million
in the Florida
region.
The
increase
in
such
deposits
consists
of
a
$115.4
million
increase
in
interest-bearing
deposits,
of
which
$73.1 million was in the Puerto Rico region, and a $43.1 million increase in
non-interest-bearing deposits.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 11 of 27
Total stockholders’
equity amounted to $2.0 billion as of March 31,
2026, an increase of $0.4 million from December 31,
2025, driven
by the
net income
generated in
the first
quarter of
2026, partially
offset by
$50.0 million
in common
stock repurchases
at an
average
price of $20.75,
$31.5 million in
common stock dividends
declared in the
first quarter of
2026,
and a $6.2
million decrease in
the fair
value
of
available-for-sale
debt
securities
due
to
changes
in
market
interest
rates
recognized
as
part
of
accumulated
other
comprehensive loss.
As of
March 31,
2026, capital
ratios exceeded
the required
regulatory levels
for bank
holding companies
and well-capitalized
banks.
The
Corporation’s
estimated
CET1
capital,
tier
1
capital,
total
capital
and
leverage
ratios
under
the
Basel
III
rules
were
16.93%,
16.93%, 18.19%, and
11.66%, respectively,
as of March 31, 2026,
compared to CET1 capital,
tier 1 capital, total
capital, and leverage
ratios of 16.76%, 16.76%, 18.01%, and 11.58%
,
respectively, as of December
31, 2025.
Meanwhile, estimated CET1 capital,
tier 1 capital, total capital and
leverage ratios of our banking subsidiary,
FirstBank, were 15.76%,
16.51%, 17.77%,
and 11.37%,
respectively,
as of March
31, 2026, compared
to CET1 capital,
tier 1 capital,
total capital and
leverage
ratios of 15.60%,
16.35%, 17.61%,
and 11.30%, respectively,
as of December 31, 2025.
Liquidity
Cash
and
cash
equivalents
decreased
by
$107.7
million
to
$550.9
million
as
of
March
31,
2026.
When
adding
$2.3
billion
of
free
high-quality
liquid
securities
that
could
be
liquidated
or pledged
within
one
day,
total
core
liquidity
amounted
to
$2.9 billion
as of
March 31, 2026, or 14.66% of total assets, compared
to $2.6
billion, or 13.54% of total assets as of December
31, 2025. In addition, as
of March
31, 2026,
the Corporation
had $1.0
billion available
for credit
with the
FHLB based
on the
value of
the collateral
pledged
with the
FHLB. As
such, the
basic liquidity
ratio (which
includes cash,
free high-quality
liquid assets
such as
U.S. government
and
government-sponsored enterprises’ obligations that could
be liquidated or pledged within one day,
and available secured lines of credit
with the FHLB to total assets) was approximately 20.14% as of March
31, 2026, compared to 19.39% as of December 31, 2025.
In
addition
to
the
aforementioned
available
credit
from
the
FHLB,
the
Corporation
also
maintains
borrowing
capacity
at
the
FED
Discount
Window
Program.
The
Corporation
had
approximately
$2.6
billion
available
for
funding
under
the
FED’s
Borrower-In-
Custody
Program
as of
March 31,
2026. In
the aggregate,
as of
March 31,
2026, the
Corporation had
$6.5 billion
available to
meet
liquidity needs, or 134% of estimated uninsured deposits (excluding
fully collateralized government deposits).
The Corporation’s
total deposits, excluding
brokered CDs, amounted
to $16.1 billion as
of each of
March 31, 2026
and December 31,
2025,
which included
$2.9 billion
and $3.0
billion, respectively,
in government
deposits that
are fully
collateralized.
Excluding fully
collateralized government deposits and
FDIC-insured deposits,
the estimated amount of
uninsured deposits was $4.8
billion as of each
of March
31, 2026
and December
31, 2025,
which represents
30.12% and
29.79% of
total deposits,
respectively.
Refer to
Table
9 in
the accompanying tables (Exhibit A) for additional information about
the deposits composition.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 12 of 27
Tangible Common
Equity (Non-GAAP)
On
a
non-GAAP
basis,
the
Corporation’s
tangible
common
equity
ratio
increased
to
10.11%
as
of
March
31,
2026,
compared
to
10.08%
as
of
December
31,
2025.
Refer
to
Non-GAAP
Disclosures-
Non-GAAP
Financial
Measures
for
the
definition
of
and
additional information about this non-GAAP financial measure.
The following table
presents a reconciliation
of the Corporation’s
tangible common equity
and tangible assets
to the most comparable
GAAP items as of the indicated dates:
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
(In thousands, except ratios and per share
information)
Tangible Equity:
Total common equity - GAAP
$
1,967,239
$
1,966,865
$
1,918,045
$
1,845,455
$
1,779,342
Goodwill
(38,611)
(38,611)
(38,611)
(38,611)
(38,611)
Other intangible assets
(3,240)
(3,458)
(3,676)
(4,535)
(5,715)
Tangible common equity - non-GAAP
$
1,925,388
$
1,924,796
$
1,875,758
$
1,802,309
$
1,735,016
Tangible Assets:
Total assets - GAAP
$
19,086,105
$
19,132,892
$
19,321,335
$
18,897,529
$
19,106,983
Goodwill
(38,611)
(38,611)
(38,611)
(38,611)
(38,611)
Other intangible assets
(3,240)
(3,458)
(3,676)
(4,535)
(5,715)
Tangible assets - non-GAAP
$
19,044,254
$
19,090,823
$
19,279,048
$
18,854,383
$
19,062,657
Common shares outstanding
154,694
156,619
159,135
161,508
163,104
Tangible common equity ratio - non-GAAP
10.11%
10.08%
9.73%
9.56%
9.10%
Tangible book value per common share - non-GAAP
$
12.45
$
12.29
$
11.79
$
11.16
$
10.64
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 13 of 27
Exposure to Puerto Rico Government
Direct Exposure
As of
March 31,
2026, the
Corporation had
$297.5 million
of direct
exposure to
the Puerto
Rico government,
its municipalities,
and
public
corporations,
a
decrease
of
$0.3
million
compared
to
$297.8
million
as
of
December
31,
2025.
As
of
March
31,
2026,
approximately $211.5
million of the exposure consisted of
loans and obligations of municipalities in
Puerto Rico that are supported
by
assigned
property
tax
revenues
and
for
which,
in
most
cases,
the
good
faith,
credit,
and
unlimited
taxing
power
of
the
applicable
municipality have
been pledged
to their
repayment, and
$42.3 million
consisted of
loans and
obligations which
are supported
by one
or more
specific sources
of municipal
revenues. The Corporation’s
total direct
exposure to
the Puerto
Rico government
also included
$8.6
million
in
a
loan
extended
to
an
affiliate
of
the
Puerto
Rico
Electric
Power
Authority
and
$32.4
million
in
loans
to
a
public
corporation of
Puerto Rico. In
addition, the
total direct exposure
included an
obligation of the
Puerto Rico government,
specifically a
residential pass-through
MBS issued
by the
PRHFA,
at an
amortized cost
of $2.7
million (fair
value of
$1.6 million
as of
March 31,
2026), included
as part
of the
Corporation’s
available-for-sale debt
securities portfolio. This
residential pass-through
MBS issued
by
the PRHFA
is collateralized
by certain
second mortgages
and had
an unrealized
loss of
$1.1 million
as of
March 31,
2026, of
which
$0.3 million is due to credit deterioration.
The
aforementioned
exposure
to
municipalities
in
Puerto
Rico
included
$79.8
million
of
financing
arrangements
with
Puerto
Rico
municipalities
that
were
issued
in
bond
form
but
underwritten
as
loans
with
features
that
are
typically
found
in
commercial
loans.
These bonds are accounted for as held-to-maturity debt securities.
Indirect Exposure
As
of
March
31,
2026
and
December
31,
2025,
the
Corporation
had
$2.4
billion
and
$2.5
billion,
respectively,
of
public
sector
deposits
in
Puerto
Rico.
Approximately
20%
of
the
public
sector
deposits
as
of
March
31,
2026
were
from
municipalities
and
municipal
agencies
in
Puerto
Rico,
and
80%
were
from
public
corporations,
the
Puerto
Rico
central
government
and
agencies,
and
U.S. federal government agencies in Puerto Rico.
Additionally,
as
of
March
31,
2026,
the
outstanding
balance
of
construction
loans
funded
through
conduit
financing
structures
to
support the
federal programs
of Low-Income
Housing Tax
Credit combined
with other
federal programs
amounted to
$81.6 million,
compared
to
$92.4
million
as
of
December
31,
2025.
The
main
objective
of
these
programs
is
to
spur
development
in
new
or
rehabilitated and
affordable rental
housing. PRHFA
,
as program
subrecipient and
conduit issuer,
issues tax-exempt
obligations which
are acquired
by private financial
institutions and
are required
to co-underwrite
with PRHFA
a mirror
construction loan
agreement for
the specific project loan
to which the Corporation
will serve as ultimate lender but
where the PRHFA
will be the lender
of record. The
total amount of unfunded loan commitments related to these loans as of March
31, 2026 was $55.3 million.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 14 of 27
NON-GAAP DISCLOSURES
This
press
release
contains
GAAP
financial
measures
and
non-GAAP
financial
measures.
Non-GAAP
financial
measures
are
used
when management believes
that the presentation of
these non-GAAP financial
measures enhances the
ability of analysts and
investors
to analyze trends
in the Corporation’s
business and understand
the performance of the
Corporation. The Corporation
may utilize these
non-GAAP
financial measures
as guides
in its
budgeting and
long-term planning
process. Where
non-GAAP
financial measures
are
used,
the
most
comparable
GAAP
financial
measure,
as
well
as
the
reconciliation
of
the
non-GAAP
financial
measure
to
the
most
comparable GAAP financial measure, can be found
in the text or in the tables in or attached to this press release.
Any analysis of these
non-GAAP financial measures should be used only in conjunction with results
presented in accordance with GAAP.
Certain non-GAAP
financial measures,
such as
adjusted non-interest
expenses, adjusted
net income,
adjusted earnings
per share,
and
adjusted
pre-tax,
pre-provision
income,
exclude
the
effect
of
items
that
management
believes
are
not
reflective
of
core
operating
performance
(the
“Special
Items”).
Other
non-GAAP
financial
measures
include
net
interest
income,
interest
rate
spread,
and
net
interest margin
each presented on a
tax-equivalent basis; tangible
common equity; tangible
book value per common
share; and certain
capital ratios.
These measures
should be
read in
conjunction with
the accompanying
tables (Exhibit
A), which
are an
integral part
of
this press release, and the Corporation’s
other financial information that is presented in accordance with GAAP.
Special Items
The financial results for the quarters ended March 31, 2026 and December
31, 2025 included the following Special Item:
FDIC Special Assessment Reversal
-
A benefit
of $0.1
million ($0.1
million after-tax,
calculated based
on the
statutory tax
rate of
37.5%) and
$1.1 million
($0.7
million
after-tax)
were
recorded
during
the
first
quarter
of
2026
and
fourth
quarter
of
2025,
respectively,
as
a
result
of
amendments to
the FDIC
special assessment
collection terms.
On December
16, 2025,
the FDIC issued
an interim
final rule
amending the
collection terms
of the
special assessment,
which included
reducing the
collection rate
in the
eighth collection
quarter
from
3.36
basis
points
to
2.97
basis
points,
removing
the
previously
established
extended
assessment
period
provisions,
and
providing
offsets
to
regular
quarterly
deposit
insurance
assessments
if
aggregate
collections
exceed
actual
losses.
This
update
follows
the
FDIC’s
2023
final
rule,
which
initially
imposed
the
special
assessment
to
recover
certain
estimated losses incurred by
the Deposit Insurance Fund
following the failures of
certain financial institutions in
the first half
of
2023.
The
FDIC
deposit
special
assessment
is
reflected
in
the
condensed
consolidated
statements
of
income
as
part
of
“FDIC deposit insurance” expenses.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 15 of 27
Non-GAAP Financial Measures
Tangible
Common Equity Ratio and Tangible
Book Value
per Common Share
The
tangible
common
equity
ratio
and
tangible
book
value
per
common
share
are
non-GAAP
financial
measures
that
management
believes are generally
used by the financial
community to evaluate
capital adequacy.
Tangible
common equity is total
common equity
less goodwill
and other
intangible assets.
Tangible
assets are
total assets
less goodwill
and other
intangible assets.
Tangible
common
equity ratio is tangible common
equity divided by tangible assets. Tangible
book value per common share is
tangible assets divided by
common shares
outstanding. Refer
to
Statement of
Financial Condition
– Tangible
Common Equity
(Non-GAAP)
for a
reconciliation
of
the
Corporation’s
total
stockholders’
equity
and
total
assets
in
accordance
with
GAAP
to
the
non-GAAP
financial
measures
of
tangible
common
equity
and
tangible
assets, respectively.
Management
uses and
believes that
many
stock
analysts
use
the
tangible
common
equity
ratio
and
tangible
book
value
per
common
share
in
conjunction
with
other
more
traditional
bank
capital
ratios
to
compare
the
capital
adequacy
of
banking
organizations
with
significant
amounts
of
goodwill
or
other
intangible
assets,
typically
stemming from the use
of the purchase method of
accounting for mergers and
acquisitions. Accordingly,
the Corporation believes that
disclosure of
these financial
measures may
be useful
to investors.
Neither tangible
common equity
nor tangible
assets, or
the related
measures, should
be considered in
isolation or
as a substitute
for stockholders’
equity,
total assets, or
any other measure
calculated in
accordance with
GAAP.
Moreover,
the manner
in which
the Corporation
calculates its
tangible common
equity,
tangible assets,
and
any other related measures may differ from that of other companies
reporting measures with similar names.
Adjusted Net Income and Adjusted Non-Interest Expenses
To
supplement
the
Corporation’s
financial
statements
presented
in
accordance
with
GAAP,
the
Corporation
uses,
and
believes
that
investors benefit from disclosure of, non
-GAAP financial measures that reflect
adjustments to net income and non-interest
expenses to
exclude Special Items.
Adjusted Pre-Tax,
Pre-Provision Income
Adjusted
pre-tax,
pre-provision
income
is
a
non-GAAP
performance
metric
that
management
uses
and
believes
that
investors
may
find
useful
in
analyzing
underlying
performance
trends,
particularly
in
times
of
economic
stress,
including
as
a
result
of
natural
catastrophes
or
health
epidemics.
Adjusted
pre-tax,
pre-provision
income,
as
defined
by
management,
represents
income
before
income
taxes
adjusted
to
exclude
the
provisions
for
credit
losses
on
loans,
unfunded
loan
commitments
and
debt
securities.
In
addition, from
time to time,
earnings are
also adjusted for
certain items
that management
believes are
not reflective
of core
operating
performance, which are regarded as Special Items.
Net Interest Income on a Tax
-Equivalent Basis
Net interest income,
interest rate spread,
and net interest
margin are
reported on a
tax-equivalent basis in
order to provide
to investors
additional information
about the Corporation’s
net interest
income that
management uses
and believes
should facilitate
comparability
and analysis
of the
periods presented.
The tax-equivalent
adjustment to
net interest
income recognizes
the income
tax savings
when
comparing taxable and tax-exempt
assets and assumes a marginal
income tax rate. Income from tax-exempt
earning assets is increased
by an amount
equivalent to the
taxes that would
have been paid
if this income
had been taxable
at statutory rates.
Refer to Table
4 in
the
accompanying
tables
(Exhibit
A)
for
a
reconciliation
of
the
Corporation’s
net
interest
income
on
a
tax-equivalent
basis.
Management believes
that it
is a standard
practice in
the banking
industry to
present net
interest income,
interest rate
spread, and
net
interest
margin
on
a
fully
tax-equivalent
basis.
This
adjustment
puts
all earning
assets,
most
notably
tax-exempt
securities and
tax-
exempt loans, on a common basis that management believes facilitates comparison
of results to the results of peers.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 16 of 27
NET INCOME AND RECONCILIATION
TO ADJUSTED NET INCOME (NON-GAAP)
The following table reconciles, for the first quarter
of 2026 and fourth quarter of 2025, net income
to adjusted net income and adjusted
earnings
per diluted
share,
which are
non-GAAP
financial
measures
that exclude
the significant
Special Item
discussed
in the
Non-
GAAP Disclosures – Special Items
section, and shows net income, for the first quarter of 2025.
Quarter Ended
March 31, 2026
December 31, 2025
March 31, 2025
(In thousands, except per share information)
Net income, as reported (GAAP)
$
88,778
$
87,101
$
77,059
Adjustment:
FDIC special assessment reversal
(92)
(1,099)
-
Income tax impact of adjustment
(1)
35
412
-
Adjusted net income attributable to common stockholders (Non-GAAP)
$
88,721
$
86,414
$
77,059
Weighted-average diluted shares
outstanding
156,101
157,675
163,749
Earnings per share - diluted (GAAP)
$
0.57
$
0.55
$
0.47
Adjusted earnings per share - diluted (non-GAAP)
$
0.57
$
0.55
$
0.47
(1) See
Non-GAAP Disclosures —
Special Items
above for a discussion of the individual tax impact related to the above adjustment.
INCOME BEFORE
INCOME TAXES
AND RECONCILIATION
TO
ADJUSTED PRE-TAX,
PRE-PROVISION
INCOME
(NON-GAAP)
The following table reconciles income before income taxes to adjusted pre-tax,
pre-provision income for the last five quarters:
Quarter Ended
March 31, 2026
December 31,
2025
September 30, 2025
June 30, 2025
March 31,
2025
(Dollars in thousands)
Income before income taxes
$
114,263
$
107,327
$
106,223
$
102,885
$
100,299
Add: Provision for credit losses expense
17,273
22,971
17,593
20,587
24,810
Less: FDIC special assessment reversal
(92)
(1,099)
-
-
-
Less: Employee retention credit
-
-
(2,358)
-
-
Adjusted pre-tax, pre-provision income
(1)
$
131,444
$
129,199
$
121,458
$
123,472
$
125,109
Change from most recent prior period (amount)
$
2,245
$
7,741
$
(2,014)
$
(1,637)
$
8,176
Change from most recent prior period (percentage)
1.7%
6.4%
-1.6%
-1.3%
7.0%
(1)
Non-GAAP financial measure. See
Non-GAAP Disclosures
above for the definition and additional information about this non-GAAP financial measure.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 17 of 27
Conference Call / Webcast
Information
First BanCorp.’s
senior management
will host
an earnings
conference call
and live
webcast on
Wednesday,
April 22,
2026,
at 10:00
a.m.
(Eastern
Time).
The
call
may
be
accessed
via
a
live
Internet
webcast
through
the
Corporation’s
investor
relations
website,
fbpinvestor.com,
or through a dial-in telephone
number at (800) 715-9871
or (646) 307-1963. The
participant access code is 5351564.
The
Corporation
recommends
that
listeners
go
to
the
web
site
at
least
15
minutes
prior
to
the
call
to
download
and
install
any
necessary software. Following the
webcast presentation, a question and
answer session will be made available
to research analysts and
institutional investors.
A replay of
the webcast will
be archived in
the Corporation’s
investor relations website,
fbpinvestor.com,
until
April 22, 2027. A
telephone replay will be available
one hour after the end
of the conference call through
May 22, 2026, at (800)
770-
2030.
The replay access code is 5351564.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 18 of 27
Safe Harbor
This press release may contain
“forward-looking statements” concerning the
Corporation’s future
economic, operational,
and financial
performance.
The
words
or
phrases
“expect,”
“anticipate,”
“intend,”
“should,”
“would,”
“will,”
“plans,”
“forecast,”
“believe,”
and
similar
expressions
are
meant
to
identify
“forward-looking
statements”
within
the
meaning
of
Section
27A
of the
Securities
Act
of
1933, as amended,
and Section 21E of
the Securities Exchange
Act of 1934, as
amended, and are subject
to the safe harbor
created by
such sections. The Corporation cautions readers not to place undue reliance
on any such forward-looking statements, which speak only
as
of
the
date
hereof,
and
advises
readers
that
any
such
forward-looking
statements
are
not
guarantees
of
future
performance
and
involve certain
risks, uncertainties,
estimates, and
assumptions by
us that
are difficult
to predict.
Various
factors, some
of which
are
beyond
our
control,
including,
but
not
limited
to,
the
uncertainties
more
fully
discussed
in
Part
I,
Item
1A,
“Risk
Factors”
of
the
Corporation’s
Annual Report
on Form
10-K for
the year
ended December
31, 2025,
and the
following, could
cause actual
results to
differ
materially
from
those expressed
in,
or
implied
by,
such
forward-looking
statements: the
effect
of
changes
in
the
interest
rate
environment
and
inflation
levels
on
the
level,
composition
and
performance
of
the
Corporation’s
assets
and
liabilities,
and
corresponding effects
on the
Corporation’s
net interest
income, net
interest margin,
loan originations,
deposit attrition,
overall results
of
operations,
and
liquidity
position;
volatility
in
the
financial
services
industry,
which
could
result
in,
among
other
things,
bank
deposit
runoffs,
liquidity
constraints,
and
increased regulatory
requirements
and
costs;
the
effect
of
continued
changes in
the fiscal,
monetary
and
trade
policies
and
regulations
of
the
U.S.
federal
government,
the
Puerto
Rico
government
and
other
governments,
including those
determined by
the Federal
Reserve Board,
the Federal Reserve
Bank of New
York,
the FDIC, government
-sponsored
housing agencies
and regulators in
Puerto Rico,
the U.S., and
the U.S. and
British Virgin
Islands, that
may affect
the future results
of
the
Corporation;
uncertainty
as
to
the
ability
of
FirstBank
to
retain
its
core
deposits
and
generate
sufficient
cash
flow
through
its
wholesale
funding
sources,
such as
securities sold
under
agreements to
repurchase,
FHLB advances,
and brokered
CDs,
which
may
require us to sell investment
securities at a loss; adverse changes
in general political and economic conditions
in Puerto Rico, the U.S.,
and the U.S. and British Virgin
Islands, including in the interest rate environment, unemployment
rates, market liquidity and volatility,
trade policies, housing absorption rates, real estate markets
,
and U.S. capital markets, which may affect
funding sources, loan portfolio
performance
and
credit
quality,
market
prices
of
investment
securities,
and
demand
for
the
Corporation’s
products
and
services,
and which may
reduce the
Corporation’s
revenues and
earnings and
the value
of the
Corporation’s
assets; the
impact of
litigation or
the threat
of litigation
or other
dispute
resolutions,
including any
adverse settlements
or judgments
against the
Corporation,
and
the
potential resulting liabilities,
costs, negative publicity
or other reputational
harm;
the effects of
asserted and unasserted
claims and the
extent of
available insurance
coverage; the
impact of
government financial
assistance for
hurricane recovery
and other
disaster relief
on economic activity in Puerto
Rico, and the timing and
pace of disbursements of funds
earmarked for disaster relief;
the ability of the
Corporation,
FirstBank,
and
third-party
service
providers
to
identify
and
prevent
cyber-security
incidents,
such
as
data
security
breaches,
ransomware,
malware,
“denial
of
service”
attacks,
“hacking,”
identity
theft,
and
state-sponsored
cyberthreats,
and
the
occurrence of
and response to
any incidents
that occur,
which may
result in misuse
or misappropriation
of confidential
or proprietary
information,
disruption,
or
damage
to
our
systems
or
those
of
third-party
service
providers
on
which
we
rely,
increased
costs
and
losses and/
or
adverse
effects
to
our
reputation;
general
competitive
factors
and
other
market
risks
as well
as
the
implementation
of
existing
or
planned
strategic growth
opportunities,
including
risks,
uncertainties,
and
other
factors
or
events
related
to any
business
acquisitions,
dispositions,
strategic partnerships, strategic
operational investments, including
systems conversions, and any
anticipated
efficiencies or other expected results
related thereto;
uncertainty regarding the implementation
of Puerto Rico’s
debt restructuring plan
and
the
revised
fiscal
plan
for
Puerto
Rico,
as
certified
on
June
6,
2025,
by
the
oversight
board
established
by
the
Puerto
Rico
Oversight,
Management,
and
Economic
Stability
Act,
or
any
revisions
to
it,
on
our
clients
and
loan
portfolios,
and
any
potential
impact
of
future
economic
or
political
developments
and
tax
regulations
in
Puerto
Rico;
the
impact
of
changes
in
accounting
standards,
or determinations
and assumptions
in applying
those standards,
and of
forecasts of
economic
variables considered
for the
determination
of
the
ACL;
the
ability
of
FirstBank
to
realize
the
benefits
of
its
net
deferred
tax
assets;
the
ability
of
FirstBank
to
generate sufficient
cash flow
to pay
dividends to
the Corporation;
environmental, social,
and governance
(“ESG”) matters,
including
our climate-related initiatives and
commitments, as well as the impact
and potential cost to us of any
policies, legislation, or initiatives
in opposition to our
ESG policies; the impacts of
natural or man-made
disasters, widespread health emergencies,
geopolitical conflicts
(including sanctions, war
or armed conflict,
such as the ongoing
conflict in Ukraine,
ongoing conflicts
in the Middle
East, such as the
war in Iran,
recent conflicts in South
America, the possible expansion
of such conflicts in
surrounding areas and
potential geopolitical
consequences,
and
the
threat
of
conflict
from
neighboring
countries
in
our
region),
terrorist
attacks,
or
other
catastrophic
external
events, including impacts
of such events
on general economic
conditions and on
the Corporation’s
assumptions regarding forecasts
of
economic
variables;
the
risk
that
additional
portions
of
the
unrealized
losses
in
the
Corporation’s
debt
securities
portfolio
are
determined
to be
credit-related, resulting
in additional
charges
to the
provision for
credit losses
on the
Corporation’s
debt
securities
portfolio, and
the potential
for additional
credit losses
that could
emerge from
further downgrades
of the
U.S.’s
Long-Term
Foreign-
Currency
Issuer
Default
Rating
and
negative
ratings
outlooks;
the
impacts
of
applicable
legislative,
tax,
or
regulatory
changes
or
changes in
legislative, tax,
or regulatory
priorities, including
as a
result of
the One
Big Beautiful
Bill Act,
signed into
law on
July 4,
2025,
the
reduction
in
staffing
at
U.S.
governmental
agencies,
the
effects
of
U.S.
federal
government
shutdowns
and
political
impasses,
and
uncertainties
regarding
the
U.S.
debt
ceiling
and
federal
budget,
on
the
Corporation’s
financial
condition
or
performance;
the risk
of possible
failure or
circumvention of
the Corporation’s
internal controls
and procedures
and the
risk that
the
Corporation’s
risk
management
policies
may
not
be
adequate;
the
risk
that
the
FDIC
may
further
increase
the
deposit
insurance
premium
and/or
require
further
special
assessments,
causing
an
additional
increase
in
the
Corporation’s
non-interest
expenses;
any
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 19 of 27
need
to
recognize
impairments
on
the
Corporation’s
financial
instruments,
goodwill,
and
other
intangible
assets;
the
risk
that
the
impact
of the
occurrence
of any
of these
uncertainties on
the Corporation’s
capital would
preclude
further growth
of FirstBank
and
preclude
the
Corporation’s
Board
of
Directors
from
declaring
dividends;
and
uncertainty
as
to
whether
FirstBank
will
be
able
to
continue
to
satisfy
its
regulators
regarding,
among
other
things,
its
asset
quality,
liquidity
plans,
maintenance
of
capital
levels,
and
compliance
with
applicable
laws,
regulations
and
related
requirements.
The
Corporation
does
not
undertake
to,
and
specifically
disclaims any
obligation to
update any
“forward-looking statements”
to reflect
occurrences or
unanticipated events
or circumstances
after the date of such statements, except as required by the federal securities laws.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 20 of 27
About First BanCorp.
First BanCorp.
is the
parent corporation
of FirstBank
Puerto Rico,
a state-chartered
commercial bank
with operations
in Puerto
Rico,
the
U.S.,
and
the British
Virgin
Islands
and
Florida,
and
of FirstBank
Insurance
Agency.
First BanCorp.’s
shares
of common
stock
trade
on
the
New
York
Stock
Exchange
under
the
symbol
FBP.
Additional
information
about
First
BanCorp.
may
be
found
at
www.1firstbank.com
.
###
First BanCorp.
Ramon Rodriguez
Senior Vice President
Corporate Strategy and Investor Relations
ramon.rodriguez@firstbankpr.com
(787) 729-8200 Ext. 82179
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 21 of 27
EXHIBIT A
Table 1
– Condensed Consolidated Statements of Financial Condition
As of
March 31, 2026
December 31,
2025
(In thousands, except for share information)
ASSETS
Cash and due from banks
$
549,199
$
657,149
Money market investments:
Time deposit with another financial institution
1,000
750
Other short-term investments
700
700
Total money market investments
1,700
1,450
Available-for-sale debt
securities, at fair value (ACL of $839 as of March 31, 2026
and $763 as of December 31, 2025)
4,668,697
4,554,032
Held-to-maturity debt securities, at amortized cost, net
of ACL of $641 as of March 31, 2026 and $733 as of
December 31, 2025 (fair value $253,485 as of March 31, 2026 and
$262,055 as of December 31, 2025)
256,881
264,563
Total debt securities
4,925,578
4,818,595
Equity securities
46,432
44,753
Total investment securities
4,972,010
4,863,348
Loans held for investment, net of ACL of $245,060 as
of March 31, 2026 and $249,037 as of December 31, 2025
12,846,017
12,876,319
Mortgage loans held for sale, at lower of cost or market
12,805
16,697
Total loans, net
12,858,822
12,893,016
Accrued interest receivable on loans and investments
67,722
71,351
Premises and equipment, net
127,865
126,920
OREO
6,344
7,522
Deferred tax asset, net
143,565
149,012
Goodwill
38,611
38,611
Other intangible assets
3,240
3,458
Other assets
317,027
321,055
Total assets
$
19,086,105
$
19,132,892
LIABILITIES
Deposits:
Non-interest-bearing deposits
$
5,554,751
$
5,549,416
Interest-bearing deposits
11,041,070
11,120,727
Total deposits
16,595,821
16,670,143
Advances from the FHLB
290,000
290,000
Accounts payable and other liabilities
233,045
205,884
Total liabilities
17,118,866
17,166,027
STOCKHOLDERSʼ EQUITY
Common stock, $0.10 par value, 223,663,116
shares issued (March 31, 2026 - 154,693,926 shares outstanding
and December 31, 2025 - 156,618,996 shares outstanding)
22,366
22,366
Additional paid-in capital
952,773
963,543
Retained earnings
2,325,256
2,268,011
Treasury stock, at cost (March 31, 2026 -
68,969,190 shares; and December 31, 2025 - 67,044,120
shares)
(972,438)
(932,505)
Accumulated other comprehensive loss
(360,718)
(354,550)
Total stockholdersʼ equity
1,967,239
1,966,865
Total liabilities and stockholdersʼ equity
$
19,086,105
$
19,132,892
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 22 of 27
Table 2
– Condensed Consolidated Statements of Income
Quarter Ended
March 31,
2026
December 31,
2025
March 31,
2025
(In thousands, except per share information)
Net interest income:
Interest income
$
279,849
$
285,158
$
277,065
Interest expense
58,893
62,390
64,668
Net interest income
220,956
222,768
212,397
Provision for credit losses - expense (benefit):
Loans
17,170
22,418
24,837
Unfunded loan commitments
107
402
(63)
Debt securities
(4)
151
36
Provision for credit losses - expense
17,273
22,971
24,810
Net interest income after provision for credit losses
203,683
199,797
187,587
Non-interest income:
Service charges and fees on deposit accounts
9,932
9,861
9,640
Mortgage banking activities
4,043
4,219
3,177
Card and processing income
11,758
12,353
11,475
Other non-interest income
11,952
7,967
11,442
Total non-interest income
37,685
34,400
35,734
Non-interest expenses:
Employees’ compensation and benefits
65,299
63,196
62,137
Occupancy and equipment
22,063
21,797
22,630
Business promotion
3,555
5,944
3,278
Professional service fees
12,912
13,111
11,486
Taxes, other than income taxes
6,184
6,272
5,878
FDIC deposit insurance
2,058
961
2,236
Net gain on OREO operations
(937)
(838)
(1,129)
Credit and debit card processing expenses
7,327
7,728
5,110
Other non-interest expenses
8,644
8,699
11,396
Total non-interest expenses
127,105
126,870
123,022
Income before income taxes
114,263
107,327
100,299
Income tax expense
25,485
20,226
23,240
Net income
$
88,778
$
87,101
$
77,059
Net income attributable to common stockholders
$
88,778
$
87,101
$
77,059
Earnings per common share:
Basic
$
0.57
$
0.56
$
0.47
Diluted
$
0.57
$
0.55
$
0.47
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 23 of 27
Table 3
– Selected Financial Data
Quarter Ended
March 31,
2026
December 31,
2025
March 31,
2025
(Shares in thousands)
Per Common Share Results:
Net earnings per share - basic
$
0.57
$
0.56
$
0.47
Net earnings per share - diluted
$
0.57
$
0.55
$
0.47
Cash dividends declared
$
0.20
$
0.18
$
0.18
Average shares outstanding
155,262
156,792
162,934
Average shares outstanding diluted
156,101
157,675
163,749
Book value per common share
$
12.72
$
12.56
$
10.91
Tangible book value per common share
(1)
$
12.45
$
12.29
$
10.64
Common stock price: end of period
$
21.36
$
20.73
$
19.17
Selected Financial Ratios (In Percent):
Profitability:
Average yield on loans and leases
7.49
7.55
7.75
Average yield on investment securities,
other short-term investments and interest-earning
cash balances
2.69
2.51
2.25
Average yield on interest-earning assets
6.02
5.98
5.89
Average rate on interest-bearing liabilities
2.09
2.15
2.23
Average cost of funds
1.42
1.46
1.53
Interest rate spread
3.93
3.83
3.66
Interest rate spread - non-GAAP
(2)
4.18
4.04
3.79
Net interest margin
4.75
4.68
4.52
Net interest margin - non-GAAP
(2)
5.00
4.88
4.65
Return on average assets
1.89
1.81
1.64
Return on average equity
17.92
17.84
17.90
Efficiency ratio
(3)
49.14
49.33
49.58
Capital and Other:
Average total equity to average total assets
10.54
10.15
9.14
Total capital
18.19
18.01
17.96
Common equity Tier 1 capital
16.93
16.76
16.62
Tier 1 capital
16.93
16.76
16.62
Leverage
11.66
11.58
11.20
Tangible common equity ratio
(1)
10.11
10.08
9.10
Dividend payout ratio
34.98
32.40
38.06
Basic liquidity ratio
(4)
20.14
19.39
18.76
Core liquidity ratio
(5)
14.66
13.54
14.25
Loan to deposit ratio
78.96
78.84
75.44
Uninsured deposits, excluding fully collateralized deposits,
to total deposits
(6)
30.12
29.79
28.44
Average Balances (In thousands):
Loan and leases
$
13,068,874
$
13,032,081
$
12,632,501
Investment securities, other short-term investments and interest-earning
cash balances
5,776,844
5,871,091
6,444,016
Interest-earning assets
$
18,845,718
$
18,903,172
$
19,076,517
Total assets
$
19,069,238
$
19,081,259
$
19,107,102
Interest-bearing liabilities
$
11,409,037
$
11,531,091
$
11,749,011
Non-interest-bearing deposits
5,441,443
5,419,990
5,425,836
Total funding sources
$
16,850,480
$
16,951,081
$
17,174,847
Total stockholders’ equity
$
2,009,137
$
1,936,808
$
1,745,899
Asset Quality:
Allowance for credit losses for loans and finance leases to
total loans
held for investment
1.87
1.90
1.95
Net charge-offs (annualized) to average loans
outstanding
0.65
0.63
0.68
Provision for credit losses for loans and finance leases
to net charge-offs
81.19
110.05
115.47
Non-performing assets to total assets
0.57
0.60
0.68
Nonaccrual loans held for investment to total loans held for investment
0.67
0.71
0.78
Allowance for credit losses for loans and finance leases to
total nonaccrual loans
held for investment
279.29
269.05
251.13
Allowance for credit losses for loans and finance leases to
total nonaccrual loans
held for investment, excluding residential estate loans
410.67
392.84
365.41
(1)
Non-GAAP financial measures. Refer to
Non-GAAP Disclosures
and
Statement of Financial Condition —
Tangible Common Equity
(Non-GAAP) above
for additional information about
the components and a reconciliation of these measures.
(2)
Non-GAAP financial measures reported on a tax-equivalent
basis. Refer to
Non-GAAP Disclosures
and Table 4 below for additional information and
reconciliation of this measure.
(3)
Non-interest expenses divided by the sum of net interest income
and non-interest income.
(4)
Defined as the sum of cash and cash equivalents, free high-quality
liquid assets that could be liquidated within one day,
and available secured lines of credit with the FHLB to total assets.
(5)
Defined as the sum of cash and cash equivalents and free high-quality
liquid assets that could be liquidated within one day to total
assets.
(6)
Exclude insured deposits not covered by federal deposit insurance.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 24 of 27
Table 4
– Quarterly Statement of Average
Interest-Earning Assets and Average
Interest-Bearing Liabilities (On a Tax-
Equivalent Basis, with GAAP reconciliation)
Average Volume
Interest Income
(1)
/ Expense
Average Rate
(1)
Quarter Ended
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
2026
2025
2025
2026
2025
2025
2026
2025
2025
(Dollars in thousands)
Interest-earning assets:
Money market and other short-term investments
$
618,371
$
727,018
$
1,111,087
$
5,630
$
7,300
$
12,205
3.69%
3.98%
4.45%
Government obligations
(2)
1,467,672
1,595,962
1,971,327
11,426
11,211
6,970
3.16%
2.79%
1.43%
MBS
3,645,699
3,502,688
3,308,964
26,814
22,891
17,497
2.98%
2.59%
2.14%
FHLB stock
24,150
24,735
32,661
474
493
790
7.96%
7.91%
9.81%
Other investments
20,952
20,688
19,977
139
83
247
2.69%
1.59%
5.01%
Total investments
(3)
5,776,844
5,871,091
6,444,016
44,483
41,978
37,709
3.12%
2.84%
2.37%
Residential mortgage loans
2,911,731
2,904,714
2,841,918
43,249
42,960
41,484
6.02%
5.87%
5.92%
Construction loans
247,415
250,338
232,295
5,791
6,398
5,596
9.49%
10.14%
9.77%
C&I and commercial mortgage loans
6,225,066
6,156,312
5,806,929
101,920
105,174
99,756
6.64%
6.78%
6.97%
Consumer loans and finance leases
3,684,662
3,720,717
3,751,359
95,871
98,542
98,752
10.55%
10.51%
10.68%
Total loans
(4) (5)
13,068,874
13,032,081
12,632,501
246,831
253,074
245,588
7.66%
7.70%
7.88%
Total interest-earning assets
$
18,845,718
$
18,903,172
$
19,076,517
$
291,314
$
295,052
$
283,297
6.27%
6.19%
6.02%
Tax-equivalent adjustment
(11,465)
(9,894)
(6,232)
Interest income - GAAP
$
279,849
$
285,158
$
277,065
6.02%
5.98%
5.89%
Interest-bearing liabilities:
Time deposits
$
3,542,960
$
3,524,261
$
3,048,778
$
29,237
$
30,169
$
25,468
3.35%
3.40%
3.39%
Brokered CDs
555,938
617,217
483,774
5,759
6,644
5,461
4.20%
4.27%
4.58%
Other interest-bearing deposits
7,033,139
7,099,613
7,693,900
20,935
22,390
27,568
1.21%
1.25%
1.45%
Advances from the FHLB
277,000
290,000
468,667
2,962
3,187
5,190
4.34%
4.36%
4.49%
Other borrowings
-
-
53,892
-
-
981
0.00%
0.00%
7.38%
Total interest-bearing liabilities
$
11,409,037
$
11,531,091
$
11,749,011
$
58,893
$
62,390
$
64,668
2.09%
2.15%
2.23%
Net interest income / margin-
non-GAAP
(1)
$
232,421
$
232,662
$
218,629
5.00%
4.88%
4.65%
Net interest income / margin - GAAP
$
220,956
$
222,768
$
212,397
4.75%
4.68%
4.52%
Net interest spread - non-GAAP
(1)
4.18%
4.04%
3.79%
Net interest spread - GAAP
3.93%
3.83%
3.66%
(1)
Non-GAAP financial
measures reported on
a tax-equivalent basis.
The tax-equivalent yield
was estimated by
dividing the interest
rate spread
on exempt assets
by 1 less
the Puerto Rico
statutory tax rate
of 37.5% and
adding to
it the
cost of
interest-bearing liabilities.
When adjusted
to a
tax-equivalent basis,
yields on
taxable and
exempt assets
are comparable.
Refer to
Non-GAAP Disclosures
- Non-GAAP
Financial Measures
for
additional information.
(2)
Government obligations include debt issued by government-sponsored agencies.
(3)
Unrealized gains and losses on available-for-sale debt securities are excluded from the average volumes.
(4)
Average loan balances include the average of non-performing loans.
(5)
Interest income on loans includes $4.0 million,
$4.4 million, and $5.4 million, for the
quarters ended March 31, 2026, December 31,
2025, and March 31, 2025, respectively,
of income from prepayment penalties and late
fees related to the Corporation’s
loan portfolio. The results for the first quarter
of 2025 include a prepayment penalties associated with
the payoff of a $73.8 million commercial
mortgage loan and higher income from late
fees in the consumer loans and finance leases portfolios.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 25 of 27
Table 5
– Loan Portfolio by Geography
As of March 31,
2026
Puerto Rico
Virgin Islands
United States
Total
(In thousands)
Residential mortgage loans
$
2,231,306
$
147,082
$
536,510
$
2,914,898
Commercial loans:
Construction loans
178,810
14,167
2,290
195,267
Commercial mortgage loans
1,753,712
72,837
800,564
2,627,113
C&I loans
2,290,891
203,810
1,200,142
3,694,843
Commercial loans
4,223,413
290,814
2,002,996
6,517,223
Consumer loans and finance leases
3,587,266
65,834
5,856
3,658,956
Loans held for investment
10,041,985
503,730
2,545,362
13,091,077
Mortgage loans held for sale
12,805
-
-
12,805
Total loans
$
10,054,790
$
503,730
$
2,545,362
$
13,103,882
As of December 31, 2025
Puerto Rico
Virgin Islands
United States
Total
(In thousands)
Residential mortgage loans
$
2,227,053
$
150,551
$
530,698
$
2,908,302
Commercial loans:
Construction loans
249,466
14,174
1,928
265,568
Commercial mortgage loans
1,690,176
73,751
790,325
2,554,252
C&I loans
2,348,274
170,728
1,169,356
3,688,358
Commercial loans
4,287,916
258,653
1,961,609
6,508,178
Consumer loans and finance leases
3,636,072
66,947
5,857
3,708,876
Loans held for investment
10,151,041
476,151
2,498,164
13,125,356
Mortgage loans held for sale
16,697
-
-
16,697
Total loans
$
10,167,738
$
476,151
$
2,498,164
$
13,142,053
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 26 of 27
Table 6
– Non-Performing Assets by Geography
As of March 31,
2026
(In thousands)
Puerto Rico
Virgin Islands
United States
Total
Nonaccrual loans held for investment:
Residential mortgage
$
11,875
$
4,923
$
11,273
$
28,071
Construction
4,458
956
-
5,414
Commercial mortgage
1,581
5,861
-
7,442
C&I
26,010
611
479
27,100
Consumer and finance leases
19,316
356
45
19,717
Total nonaccrual loans held for investment
63,240
12,707
11,797
87,744
OREO
5,685
659
-
6,344
Other repossessed property
13,055
69
-
13,124
Other assets
(1)
1,609
-
-
1,609
Total non-performing assets
(2)
$
83,589
$
13,435
$
11,797
$
108,821
Past due loans 90 days and still accruing
(3)
$
28,078
$
871
$
-
$
28,949
As of December 31,
2025
(In thousands)
Puerto Rico
Virgin Islands
United States
Total
Nonaccrual loans held for investment:
Residential mortgage
$
12,637
$
5,407
$
11,125
$
29,169
Construction
4,581
955
-
5,536
Commercial mortgage
1,913
6,469
-
8,382
C&I
27,211
644
187
28,042
Consumer and finance leases
20,891
529
14
21,434
Total nonaccrual loans held for investment
67,233
14,004
11,326
92,563
OREO
6,661
861
-
7,522
Other repossessed property
12,216
173
-
12,389
Other assets
(1)
1,620
-
-
1,620
Total non-performing assets
(2)
$
87,730
$
15,038
$
11,326
$
114,094
Past due loans 90 days and still accruing
(3)
$
30,643
$
1,270
$
-
$
31,913
(1)
Residential pass-through MBS issued by the PRHFA held as part of the available-for-sale debt securities portfolio.
(2)
Excludes PCD
loans previously
accounted for
under ASC
Subtopic 310-30
for which
the Corporation
made the
accounting policy
election of
maintaining pools
of loans
as “units
of account”
both at
the time
of
adoption of CECL on January 1, 2020 and
on an ongoing basis for credit loss measurement. These loans will
continue to be excluded from nonaccrual loan statistics as long
as the Corporation can reasonably estimate
the timing and amount of cash flows expected
to be collected on the loan pools. The portion of
such loans contractually past due 90 days or
more amounted to $4.2 million as of March 31,
2026 (December 31, 2025 -
$4.8 million).
(3)
These include rebooked loans, which were previously
pooled into GNMA securities, amounting to $6.7
million as of each of March 31,
2026 and December 31, 2025. Under the
GNMA program, the Corporation has
the option but not
the obligation to repurchase loans
that meet GNMA's specified delinquency
criteria. For accounting purposes,
the loans subject to
the repurchase option are
required to be reflected
on the financial
statements with an offsetting liability.
First BanCorp. Announces Earnings for the Quarter Ended March
31, 2026
– Page 27 of 27
Table 7
– Allowance for Credit Losses on Loans and Finance Leases
Quarter Ended
March 31,
2026
December 31,
2025
March 31,
2025
(Dollars in thousands)
Allowance for credit losses on loans and finance leases, beginning
of period
$
249,037
$
246,990
$
243,942
Provision for credit losses on loans and finance leases expense
17,170
22,418
24,837
Net recoveries (charge-offs) of loans and finance
leases:
Residential mortgage
224
155
(18)
Construction
13
14
14
Commercial mortgage
(522)
(53)
40
C&I
(309)
(14)
77
Consumer loans and finance leases
(20,553)
(20,473)
(21,623)
(1)
Net charge-offs
(21,147)
(20,371)
(21,510)
(1)
Allowance for credit losses on loans and finance leases, end
of period
$
245,060
$
249,037
$
247,269
Allowance for credit losses on loans and finance leases to period
end total
loans held for investment
1.87%
1.90%
1.95%
Net charge-offs (annualized) to average loans
outstanding during the period
0.65%
0.63%
0.68%
Provision for credit losses on loans and finance leases to net
charge-offs during the period
0.81x
1.10x
1.15x
(1)
Includes recoveries totaling $2.4 million associated with the bulk sale of fully charged-off consumer loans and finance leases.
Table 8
– Annualized Net (Recoveries) Charge-Offs to Average
Loans
Quarter Ended
March 31,
2026
December 31, 2025
March 31,
2025
Residential mortgage
-0.03%
-0.02%
0.00%
Construction
-0.02%
-0.02%
-0.02%
Commercial mortgage
0.08%
0.01%
-0.01%
C&I
0.03%
0.00%
-0.01%
Consumer loans and finance leases
2.23%
2.20%
2.31%
(1)
Total loans
0.65%
0.63%
0.68%
(1)
(1)
The recoveries associated with the aforementioned bulk sale reduced the ratios of consumer loans and finance leases and total net charge-offs to related average loans by 25 basis points and 8 basis points, respectively.
Table 9
– Deposits
As of
March 31,
2026
December 31, 2025
(In thousands)
Time deposits
$
3,482,968
$
3,562,331
Interest-bearing saving and checking accounts
7,051,091
6,964,841
Non-interest-bearing deposits
5,554,751
5,549,416
Total deposits, excluding brokered CDs
(1)
16,088,810
16,076,588
Brokered CDs
507,011
593,555
Total deposits
$
16,595,821
$
16,670,143
Total deposits, excluding brokered CDs and government deposits
$
13,219,627
$
13,061,068
(1)
As of March 31,
2026 and December 31, 2025, government deposits amounted to $2.9
billion and $3.0 billion, respectively.
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: exhibit992.htm · Sequence: 3
exhibit992
Exhibit 99.2
1First BanCorp Financial Results First Quarter 2026 April 22, 2026
Forward Looking Statements This presentation contains “forward
-looking statements” concerning the Corporation’s future economic,
operational and financial performance. The words or phrases
“expect,” “anticipate,” “intend,” “should,” “would,” “will,” “plans,”
“forecast,” “believe” and similar expressions are meant to identify
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, and are
subject to the safe harbor created by such sections. The Corporation cautions
readers not to place undue reliance on any such forward
-looking statements, which speak only as of the date hereof, and advises readers
that any such forward-looking statements are not guarantees of future
performance and involve certain risks, uncertainties, estimates
and assumptions by us that are difficult to predict. Various
factors, some of which are beyond our control, including, but not
limited to, the uncertainties more fully discussed in Part I, Item
1A, “Risk Factors” of the Corporation’s Annual Report on Form
10-K for the year ended December 31, 2025, and the following, could
cause actual results to differ materially from those expressed in,
or implied by, such forward-looking statements: the effect
of the current global interest rate environment (including the potential for
ongoing reductions in interest rates) and inflation levels on the level, composition
and performance of the Corporation’s assets and liabilities, and
corresponding effects on the Corporation’s net interest income,
net interest margin, loan originations, deposit attrition, overall
results of operations, and liquidity position; the effects
of changes in the interest rate environment, including any adverse
change in the Corporation’s ability to attract and retain clients and
gain acceptance from current and prospective customers for new
products and services,
including those related to the offering of digital banking and financial
services; volatility in the financial services industry, which could
result in, among other things, bank deposit runoffs, liquidity
constraints, and increased regulatory requirements and costs;
uncertainty as to the ability of FirstBank to retain its core deposits
and generate sufficient cash flow through its wholesale funding
sources, which may require us to sell investment securities at a loss;
the impacts of natural or man-made disasters, widespread health emergencies,
geopolitical conflicts (including sanctions, war or armed conflict
such as the ongoing conflict in Ukraine, ongoing conflicts in the
Middle East, such as the war in Iran); adverse changes in general
political and economic conditions in Puerto Rico, the U.S., and the U.S.
and British Virgin Islands, including in the interest rate
environment, unemployment rates, market liquidity, housing absorption
rates, real estate markets and U.S. capital markets; general competitive
factors and other market risks as well as the implementation of existent
or planned strategic growth opportunities, including risks, uncertainties,
and other factors or events related to any business acquisitions, dispositions
,
strategic partnerships, strategic operational investments including
system conversions, and any anticipated efficiencies or other
expected results related thereto; the impact of litigation or the threat
of litigation, including any settlements or judgments
against the Corporation, and the potential resulting liabilities,
costs, negative publicity or other reputational harm; the effects of
asserted and unasserted claims and the extent of available insurance
coverage; uncertainty as to the implementation of the debt restructuring
plan of Puerto Rico and the Fiscal Plan for Puerto Rico as certified
on June 6, 2025 by the Financial Oversight and Management Board
for Puerto Rico, or any revisions to it, on our clients and
loan portfolios, and any potential impact from future economic or political
developments and tax regulations in Puerto Rico; the impact of government
financial assistance for hurricane recovery and other
disaster relief on economic activity in Puerto Rico; the timing of sales of
properties from our other real estate owned (“OREO”) portfolio;
the impacts of applicable legislative, tax or regulatory changes
on the Corporation’s financial condition or performance;
and the effect of continued changes in the fiscal, monetary, and trade
policies and regulations of the U.S. federal government, the Puerto
Rico government and other governments. The Corporation does
not undertake and specifically disclaims any obligation to
update any “forward-looking statements” to reflect occurrences
or unanticipated events or circumstances after the date of such statements, except
as required by the federal securities laws. Non-GAAP Financial
Measures In addition to the Corporation’s financial information
presented in accordance with GAAP, management uses
certain “non-GAAP” financial measures” within the meaning
of Regulation G promulgated by the SEC, to clarify and enhance
understanding of past performance and prospects for the future. Please
refer to pages 14-16 for a reconciliation of GAAP to non-GAAP measures
and calculations. 2
Agenda 1 1Q 2026 – Quarter Highlights Aurelio Alemán, President
and Chief Executive Officer 2 1Q 2026 – Results of Operations
Orlando Berges, Executive Vice President and Chief Financial Officer
3 1Q 2026 – Questions and Answers 3
First Quarter 2026 – Performance Highlights Profitability Net income
of $88.8 million ($0.57 per diluted share), compared to $87.1
million ($0.55 per diluted share) in 4Q 2025 Net interest income
decreased to $221.0 million but the margin grew by 7 basis points reaching
4.75% On a non-GAAP basis, record adjusted pre-tax, pre-provision
income of $131.4 million, up 1.7% when compared to 4Q 2025 Consistent
expense management discipline resulted in an efficiency ratio
of 49.1% vs. 49.3% in 4Q 2025 Balance Sheet Total loans
decreased slightly to $13.1 billion mainly driven by expected
reductions in consumer loan balances in Puerto Rico Core deposits, other
than brokered and fully collateralized government deposits, increased
by $158.5 million (1.2% vs. prior quarter) Fully collateralized government
deposits decreased by $146.3 million to $2.9 billion Asset Quality Non
-performing assets (“NPA”) ratio decreased to 0.57% and
annualized net charge-offs to average loans increased by 2 bps
to 0.65% Allowance for credit losses (“ACL”) coverage
ratio on loans and leases decreased by 3 bps to 1.87% Liquidity and Capital
Loans in early delinquency (30-89 days past due) decreased
by 24% to $110.5 million compared to $145.0 million in 4Q 2025
Total available liquidity sources of approximately $6.5 billion
or 1.3x of uninsured deposits (excluding fully collateralized
govt. deposits) Repurchased $50.0 million in common stock and declared
$31.5 million in common stock dividends; CET1 remains strong and
above well-capitalized levels at 16.9% On a non-GAAP basis, tangible
book value per share grew by 1.3% to $12.45 and tangible
common equity ratio reached 10.11% 4
First Quarter 2026 – Strong Operating Results 1Q 2026 Franchise Highlights
and Priorities 1 ROAA: 1.89% ROACE: 17.92% 2 NPA
Ratio: 0.57% ACL Coverage: 1.87% 3 CET1 Ratio:16.9% Net
Payout: 92% Operating Environment Stable economic backdrop on the
back of an encouraging labor market (5.7% unemployment rate
as of January 2026), encouraging reshoring activity, and
reconstruction efforts Sector-specific tariffs impacting auto
industry-wide sales; year-to-date retail auto sales ~19% lower than same
period in 2025 (March 2025 auto sales impacted by pre-tariff
frontloading effect) Business Highlights Linked-quarter loan originations
declined by 10% but increased by 6% when compared to the first
quarter of 2025; core customer deposits grew by 4.9% on a linked-quarter
annualized basis Active digital banking users grew by 5% year
-over-year, and over 95% of deposit transactions captured through digital
and self-service channels Deploying AI to enhance our capabilities
and the way we serve our clients by focusing on automating routine
tasks to drive operational efficiency and improve customer experience
Strategic Priorities Selectively grow market share in core business segments
while sustaining operational leverage and safeguarding asset quality
Remain focused on delivering 3%-5% organic loan growth, sustaining
a 52% efficiency ratio, maintaining strong profitability,
and returning close to 100% of annual earnings back to shareholders
Continue our franchise and technology investments towards
improving interaction with customers by providing a seamless experi
ence through multiple channels, including an expanded branch
network Operating Environment PR Economic Activity Index
(EAI)(1) 120.7 111.1 128.8 127.6 127.6 127.9 128.3 127.9
-0.1% -7.8% 0.2% -1.3% -0.7% -0.5% -0.4% 0.2% 1Q20 2Q20 3Q24
4Q24 1Q25 2Q25 3Q25 4Q25 Steady Economic Environment.
+0.4% Real GNP Growth in FY2025; latest EAI reading showing +0.2%
YoY growth in 4Q 2025 and +0.3% in January 2026
Resilient Labor Market. Steady PR unemployment rate at 5.7%
Encouraging Reshoring Activity. Announced expansion plans
equivalent to a $2.2B investment and +4K jobs committed
in PR Disaster Recovery. Ongoing federal disbursements,
mainly from FEMA and HUD (CDBG) to continue supporting reconstruction
efforts and overall economy (1) Puerto Rico Economic Development
Bank (EDB) and Bureau of Labor Statistics. 5
Results of Operations
Income Statement and Selected Financial Data I 10 2026 I vl 40n (0
F ($ in thousands, except per share data and financial ratios) Interest
income S 279,849 S 285,158 $ (5,309) S 277,065 Interest expense
58,893 62,390 (3,497) 64,668 Net interest income 220,956 222,768
(1,812) 212,397 Provision for credit losses 17,273 22,971 (5,698) 24,8
10 Total non-interest income 37,685 34,400 3,285 35,734
Personnel expense 65,299 63,196 2,103 62,137 Occupancy and equipment
expense 22,063 21,797 266 22,630 Professional service fees
12,912 13,111 (199) 11,486 FDIC deposit insurance 2,058 961
1,097 2,236 Net (gain) on OREO operations (937) (838) (99) (1,129)
Other non-interest expenses 25,710 28,643 _2,933) 25,662 Total
non-interest expenses 127,1 05 126,870 23 5 123,022 Pre-tax income
114,263 107,327 6,936 100,299 Income tax expense 25,485 20,226
5,259 23,240 Net i ncome $ 88,778 $ 87,101 $ 1,677 $ 77,059
Selected Financial Data: Adjusted pre-tax, pre-provision income
(Non-GAAP) S 131,444 S 129,199 2,245 S 125,109 Fully diluted EPS
S 0.57 S 0.55 0.02 S 0.47 Tangible bookvaue per share
S 12.45 S 12.29 0.16 S 10.64 Common stock price as of end of
period S 21.36 S 20.73 0.63 S 19.17 Dividend payout ratio 34.98%
32.40% 2.58% 38.06% Net interest Margin (GAAP) 4.75% 4.68%
0.07% 4.52% Efficiency ratio 49.14% 49.33% 0. 19% 49.58%
ROAA 1.89% 1.81% 0.08% 1.64% Non-GAAP Reconciliation –
Selected Data(1) 1Q26 Adjusted Tangible Common Equity Ratio
10.11% 1.64% 11.75% 1Q26 TCE Ratio AOCL Impact
Adj. TCE Ratio 1Q26 Adjusted Tangible Book Value
per Share $12.45 $2.28 $14.73 1Q26 TBVPS AOCL Impact Adj.
TBVPS 1Q26 Adjusted ROACE 17.92% 2.53% 15.39% 1Q26
ROACE AOCL Impact Adj. ROACE (1) Non-GAAP financial measures.
Please refer to the calculation and management’s reason for
using these measures on slides 14-16
titled “First Quarter 2026 - Use of Non-GAAP Financial Measures.”
7
First Quarter 2026 – Profitability Dynamics Net Interest Income ($MM)
$212.4 $215.9 $217.9 $222.8 $221.0 4.52% 4.56% 4.57% 4.68%
4.75% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income ($)
Net Interest Margin (GAAP %) Evolution of Loan Yields and
Cost of Funds(1) 7.75% 7.64% 7.62% 7.55% 7.49% 6.22% 6.18% 6.11%
6.09% 6.07% 1.53% 1.46% 1.51% 1.46% 1.42% 1Q25 2Q25 3Q25
4Q25 1Q26 Loan Yields Cost of Funds Key Highlights Net interest
income amounted to $221.0 million, a decrease of $1.8 million
vs. the prior quarter; primarily reflecting the following: A $6.5
million decrease in interest income on loans related to 1) a $4.1
million reduction in interest income on commercial loans partially attributed
to the effect of two less days in the quarter and the downward
repricing of variable-rate loans, partially offset by an increase
associated to higher average commercial balances, 2) a $2.7 million
decrease in interest income on consumer loans attributed to the
effect of two less days in the quarter and lower average consumer
loan balances A $3.3 million decrease in interest expense mostly due
to lower average balances on interest-bearing checking and savings
accounts, lower rates paid during the quarter, and the effect
of two less days in the quarter A $1.2 million increase in interest income
on investments and cash balances due to purchases of higher
yielding investments replacing lower yielding securities resulting in a
22-bps improvement in yield, partially offset by a decrease
in interest income from lower cash balances and the reduction in fed funds
rate Net interest margin increased during the quarter by 7 basis points
to 4.75%, mostly reflecting the improvement from the deployment
of cash flows from lower yielding securities to higher yielding interest
-earning assets and the decrease in the cost of interest-bearing deposits,
partially offset by downward repricing on variable-rate
commercial loans and a decrease of 3 bps associated with interest income
collected on a nonaccrual commercial loan and a prepayment penalty
during the fourth quarter of 2025 (1) Average cost of funds
include cost of all interest-bearing deposits, non-interest-bearing
deposits, and wholesale funding 8
First Quarter 2026 – Profitability Dynamics Non-Interest Income
($MM) $35.7 $31.0 $30.8 $34.4 $37.7 $22.9 $17.7 $17.7 $20.3
$23.7 $3.2 $3.4 $3.3 $4.2 $4.0 $9.6 $9.8 $9.8 $9.9 $9.9 1Q25 2Q25
3Q25 4Q25 1Q26 Other Mortgage Banking Service Charges
on Deposits Key Highlights Non-interest income of $37.7 million, compared
to $34.4 million in prior quarter; the $3.3 million increase was
driven by: The $3.6 million in seasonal contingent commissions recorded
as part of insurance commission income in the first quarter of 2026 based
on the prior year’s production of insurance policies Non-Interest
Expenses ($MM) $123.0 $123.3 $124.9 $126.9 $127.1 -$0.5 $0.0
$1.9 $0.2 -$0.2 $62.1 $60.1 $59.8 $63.2 $65.3 $61.4 $63.2 $63.2
$63.5 $62.0 1Q25 2Q25 3Q25 4Q25 1Q26 Credit Related
Payroll Related Other Operating Expenses Key Highlights Non-interest
expenses of $127.1 million, relatively flat vs. prior quarter due
to: A $2.1 million increase in payroll-related expenses, which
included seasonal increase in payroll taxes and increase in stock-based
compensation expense Partially offset by a $2.4 million decrease
on business promotion expenses due to certain marketing efforts during the fourth
quarter and a $0.4 million decrease in credit and debit card processing
expenses due to expenses reimbursed in the first quarter which
were partially offset by higher transactional volumes Efficiency
ratio relatively stable at 49%, below the 52% operating target
9
First Quarter 2026 – Asset Quality Repossessed Assets and Other Non-Performing
Loans NPAs/Assets Non-Performing Assets ($MM) $129.4
$128.0 $119.4 $114.1 $108.8 $30.9 $27.9 $23.2 $21.5
$21.1 0.68% 0.68% 0.62% 0.60% 0.57% $98.5 $100.1 $69.3 $92.6
$87.7 1Q25 2Q25 3Q25 4Q25 1Q26 Repossessed Assets and Other
Consumer Residential Construction Commercial $129.4 $128.0 $119.4
$114.1 $108.8 $30.9 $27.9 $23.2 $21.5 21.1. $22.8 $20.3
$20.7 $21.4 $19.7 $30.8 $30.8 $28.9 $29.2 $285.1 $1.4 $5.7 $5.6
$5.5 $5.4 $43.5 $43.3 $41.1 $36.4 $34.5 1Q25 2Q25 3Q25 4Q25
1Q26 Non-Performing Assets ($MM) – Distribution by Segment Total
non-performing assets decreased by $5.3 million to $108.8 million
or 0.57% of total assets Decrease in non-performing assets was
driven by a $4.8 million decrease in nonaccrual loans across all segments
and a $0.5 million net decrease in repossessed assets Inflows
to non-accrual loans held for investment were $34.3 million, a decrease
of $11.9 million when compared to the prior quarter, mostly driven
by a decrease in commercial inflows of $11.2 million due the
$10.0 million Puerto Rico C&I loan inflow in the fourth quarter,
and a $0.9 million decrease in residential mortgage inflows, partially
offset by a $0.2 million increase in consumer loan inflows Loans
in early delinquency (i.e., 30-89 days past due accruing loans)
amounted to $110.5 million, a decrease of $34.5 million vs.
4Q 2025, driven by a $31.0 million decrease in consumer loans,
primarily in the auto loan portfolio 10
First Quarter 2026 – ACL and Capital Evolution of ACL ($MM) and ACL
on Loans to Total Loans (%) $251.7 $253.2 $251.0 $253.5
$249.7 $4.4 $4.6 $4.0 $4.5 $4.6 $247.3 $248.6 $247.0 $249.0
$245.1 1.95% 1.93% 18.90% 1.90% 1.87% 1Q25 2Q25 3Q25
4Q25 1Q26 Off-BS Credit Exposure & Debt Securities Loans ACL
on Loans/Loans Key Highlights The allowance for credit losses (ACL)
on loans and leases was $245.1 million, down $3.9 million vs. prior
quarter; the ratio of the ACL on loans and finance leases to total
loans held for investment decreased to 1.87% Variance
was mainly related to lower consumer and commercial ACL due to improved
macroeconomic variables, partially offset an increase in the mortgage
ACL mostly due to loan growth Net charge-offs of $21.1 million, 0.65%
of average loans, compared to $20.4 million or 0.63% in prior quarter,
increase mostly driven by a $0.6 million charge-off associated
with a nonaccrual CRE loan in the Virgin Islands Capital Ratios (%)
$18.0 $16.6 $16.6 $11.2 $9.1 $17.9 $16.6 $16.6 $11.4
$9.6 $17.9 $16.7 $16.7 $11.5 $9.7 $18.0 $16.8 $16.8 $11.6
$10.1 $18.2 $16.9 $16.9 $11.7 $10.1 1Q25 2Q25 3Q25 4Q25 1Q26
Total Risk-Based Capital Tier-1 Capital Tier-1 Common Leverage
Tangible Common Key Highlights Total stockholders’ equity
amounted to $2.0 billion, an increase of $0.4 million vs. the prior
quarter, driven by earnings generated during the quarter
Partially offset by $50.0 million in common stock repurchases,
$31.5 million in common stock dividends declared during the quarter,
and a $6.2 million decrease in the fair value of available-for-sale
debt securities due to changes in market rates recognized
as part of accumulated other comprehensive loss All regulatory ratios
remain significantly above “well-capitalized” levels 11
1Q 2026 Financial Results Appendix and Non-GAAP Financial Measures
First Quarter 2026 – Balance Sheet Highlights Loan Portfolio - $MM
$12,690.0 $12,880.0 $13,061.0 $13,142.0 $13,104.0 Loans HFS
$15 $10 $13 $17 $13 Commercial $5,862 $6,018 $6,163 $6,243
$6,322 Consumer $3,741 $3,747 $3,736 $3,709 $3,659 Construction
$234 $245 $260 $260 $195 Residential $2,838 $2,859 $2,889 $2,908
$2,915 1Q25 2Q25 3Q25 4Q25 1Q26 Total Deposits (excluding
Brokered CDs) - $MM $16 $16,027 $16,233 $16,077 $16,089
Public Funds $3,443 $3,371 $3,438 $3,016 $2,869 CDs & IRAs
$2,779 $2,888 $3,055 $3,122 $3,179 Commercial $5,120 $4,897
$4,879 $5,019 $5,060 Retail $4,998 $4,871 $4,861 $4,920 $4,981
1Q25 2Q25 3Q25 4Q25 1Q26 Public Funds Distribution - $MM
$2 -84% PR $448 Other -16% 1Q26 $1,876 $489 $56 -77% -20%
-2% Public Corp/Agencies Municipalities US Govt. Loan Originations
- $MM(1) $1,177 $1,414 $1,371 $1,391 $1,247 Consumer
$276 $283 $267 $261 $253 Credit Card $102 $106 $104 $104 $95
Residential $114 $127 $132 $128 $116 Construction $49 $35
$35 $29 $14 Commercial $4,998 $861 $833 $869 $770 1Q25 2Q25
3Q25 4Q25 1Q26 Composition of Deposit Portfolio vs. Available
Liquidity - $MM(2) $16,077 $16,089 $5,549 $5,555 -35% -35%
NIB $10,528 $10,534 IB -65% -65% 4Q25 1Q26 $8,374 $4,846 $2,869
-51% -30% -18% Cash & Equivalents Free Liquid Securities
PHLB Avaialbility Fed Line (1) Loan Originations include refinancing
and renewals, as well as credit card utilization activity (2) Uninsured
deposits exclude public funds which are fully collateralized 13
First Quarter 2026 – Use of Non-GAAP Financial Measures Basis of
Presentation: Use of Non-GAAP Financial Measures This presentation
contains non-GAAP financial measures. Non-GAAP financial measures
are used when management believes that the presentation of
these non-GAAP financial measures enhances the ability of analysts
and investors to analyze trends in the Corporation’s business
and understand the performance of the Corporation. Where
non-GAAP financial measures are used, the most comparable GAAP financial
measure, as well as the reconciliation of the non-GAAP financial
measure to the most comparable GAAP financial measure, can
be found in the text or in the attached tables to this earnings presentation.
Any analysis of these non-GAAP financial measures should be used
only in conjunction with results presented in accordance
with GAAP. Tangible Common Equity Ratio and Tangible
Book Value per Common Share The tangible common equity ratio
and tangible book value per common share are non-GAAP financial
measures that management believes are generally used by the financial
community to evaluate capital adequacy. Tangible common
equity
is total common equity less goodwill and other intangibles. Tangible
assets are total assets less goodwill and other intangibles. Management
and many stock analysts use the tangible common equity ratio
and tangible book value per common share in conjunction with more
traditional bank capital ratios to compare the capital adequacy
of banking organizations with significant amounts
of goodwill or other intangible assets, typically stemming from
the use of the purchase method of accounting for mergers and
acquisitions. Accordingly, the Corporation believes that disclosure
of these financial measures may be useful to investors. Neither
tangible common equity nor tangible assets, or the related measures,
should be
considered in isolation or as a substitute for stockholders’ equity,
total assets, or any other measure calculated in accordance
with GAAP. Moreover, the way the Corporation calculates its tangible
common equity, tangible assets, and any other related measures
may differ from that of other companies reporting measures with
similar names. (In thousands, except ratios and per share information)
10 2026 1 40 2025 3Q2025 20 2025 10 2025 Tangible
Equity: Total common equity - GAAP s 1,967,239 S 1,966,865
S 1,918,045 S 1,845,455 S 1,779,342 Goodwill (38,611) (38,611)
(38,611) (38,611) (38,611) Other intangible assets (3,240) (3,458)
(3,676) (4,535) (5,715) Tangible common equity (Non-GAAP)
$ 1,925,388 $ 1,924,796 $ 1,875,758 $ 1,802,309 $ 1,735,016 Tangible
Assets: Total assets - GAAP s 19,086,105 S 19,132,892
S 19,321,335 S 18,897,529 S 19,106,983 Goodwill (38,611) (38,611)
(38,611) (38,611) (38,611) Other intangible assets (3,240)
(3,458) (3,676) (4,535) (5,715) Tangible assets (Non-GAAP)
$ 19,044,254 $ 19,090,823 $ 19,279,048 $ 18,854,383 $ 19,062,657
Common shares outstanding 154,694 156,619 159,135 161,508 163,104
Tangible common equity ratio (Non-GAAP) 10.11%
10.08% 9.73% 9.56% 9.10% Tangible book value per common share
(Non-GAAP) $ 12.45 $ 12.29 $ 11.79 $ 11.16 $ 10.64 14
First Quarter 2026 – Use of Non-GAAP Financial Measures Basis of
Presentation: Use of Non-GAAP Financial Measures This presentation
contains non-GAAP financial measures. Non-GAAP financial measures
are used when management believes that the presentation of
these non-GAAP financial measures enhances the ability of analysts
and investors to analyze trends in the Corporation’s business
and understand the performance of the Corporation. Where
non-GAAP financial measures are used, the most comparable GAAP financial
measure, as well as the reconciliation of the non-GAAP financial
measure to the most comparable GAAP financial measure, can
be found in the text or in the attached tables to this earnings presentation.
Any analysis of these non-GAAP financial measures should be used
only in conjunction with results presented in accordance
with GAAP. Adjusted Pre-Tax, Pre-Provision Income
Adjusted pre-tax, pre-provision income is a non-GAAP performance
metric that management uses and believes that investors may find
useful in analyzing underlying performance trends, particularly
in times of economic stress, including as a result of natural cat
astrophes or health epidemies. Adjusted pre-tax, pre-provision
income, as defined by management, represents income before
income taxes adjusted to exclude the provision for credit losses expense,
as well as certain items that management believes are not reflective
of core operating performance. (S in thousands) Income before
income taxes Add: Provision for credit losses expense Add: FDIC
special assessment reversal Less: Employee retention credit Adjusted
pre-tax, pre-provision income Change from most recent prior period
(amount) Change from most recent prior period (percentage)
Quarterly Results 10 2026 ! 40 2025 3Q2025 20 2025 1Q2025 S 114,263
S 107,327 S 106,223 S 102,885 S 100,299 17,273 22,971 17,593 20,587
24,810 (92) (1,099) - -s - - (-5 (2,358) - S 131,444 S 129,199 S 121,458
S 123,472 S 125,109 s 2,245 s 7,741 s (2,014) S (1,637) S 8,176
1.7% 6.4% -1.6% -1.3% 7.0% 15
First Quarter 2026 – Use of Non-GAAP Financial Measures Basis of
Presentation: Use of Non-GAAP Financial Measures This presentation
contains non-GAAP financial measures. Non-GAAP financial measures
are used when management believes that the presentation of
these non-GAAP financial measures enhances the ability of analysts
and investors to analyze trends in the Corporation’s business
and understand the performance of the Corporation. Where
non-GAAP financial measures are used, the most comparable GAAP financial
measure, as well as the reconciliation of the non-GAAP financial
measure to the most comparable GAAP financial measure, can
be found in the text or in the attached tables to this earnings presentation.
Any analysis of these non-GAAP financial measures should be used
only in conjunction with results presented in accordance
with GAAP. Adjusted Tangible Common Equity Ratio Adju
sted tangible common equity, which is total common equity
less goodwill and other intangibles, after exclusion of net unreali
zed losses on available-for-sale debt securities recognized as part
of accumulated other comprehensive loss and Special Items,
divided by adjusted tangible assets, which are total assets less
goodwill and other intangible assets, after exclusion of the net
unrealized losses on available-for- sale debt securities. Adjusted
Tangible Book Value Per Share Adjusted tangible common
equity, which is total common equity less goodwill and
other intangibles, after exclusion of net unrealized losses on available-for-sale
debt securities recognized as part of accumulated other comprehensive
loss, divided by common shares outstanding. Adjusted
Return on Average Common Equity Ratio Net income divided by adjusted
average common equity, which is average total common
equity, after exclusion of average net unrealized losses on available-for-sale
debt securities recognized as
part of accumulated other comprehensive loss. Tangible Common
Equity Add: AOCL AFS Debt Securities Adjusted Tangible
Common Equity Tangible Assets Add: AOCL AFS Debt Securities
Adjusted Tangible Assets Adjusted Tangible
Common Equity Ratio Common Shares Outstanding Adjusted Tangible
Book Value Per Common Share As of March 2026
S 1,925,388 353,358 $ 2,278,746 s 19,044,254 353,358 $ 19,397,612
11.75% 154,694 s 14.73 Average Common Equity Add:
Average AOCL AFS Debt Securities Adjusted Average
Common Equity Net Income Adjusted Return on Average Common
Equity 1Q2026 (Average) S 2,009,137 330,659 $ 2,339,796
s 88,778 15.39% 16
Financial Results First Quarter 2026 April 22, 2026
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