Form 8-K
8-K — FIRST BANCORP /PR/
Accession: 0001057706-26-000028
Filed: 2026-10-22
Period: 2026-10-22
CIK: 0001057706
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — fbpPRQ32026.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (exhibit991.htm)
EX-99.2 — EXHIBIT 99.2 (exhibit992.htm)
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2026-10-22
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):
October 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
October
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
September
30,
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
September
30,
2026
is
attached
hereto
as
Exhibit
99.2
and
is
incorporated
herein
by
reference.
As
announced in a press release dated
September 23, 2026, the call may be
accessed via a live Internet webcast
at 10:00
a.m.
Eastern
time
on
Thursday,
October
22,
2026,
through
the
Corporation’s
investor
relations
website:
www.fbpinvestor.com or through the dial-in
telephone number 833-461-5787
or 585-542-9983. The
participant access
code is 928134866.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Description of Exhibit
99.1
Press Release dated October 22, 2026 - First BanCorp Announces Earnings
for the quarter ended
September 30, 2026
99.2
First BanCorp
Conference
Call Presentation
– Financial
Results for
the quarter
ended September
30, 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
October
22,
2026
-
First
BanCorp
Announces
Earnings
for
the
quarter
ended
September 30, 2026
99.2
First BanCorp Conference Call Presentation –
Financial Results for the quarter ended September
30, 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: October 22, 2026
First BanCorp.
By:
/s/ Said Ortiz
Name:
Said Ortiz
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 SEPTEMBER 30, 2026
SAN JUAN, Puerto Rico – October 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 $96.1 million, or $0.63
per diluted share, for the third quarter
of 2026, compared to $96.1 million, or
$0.62 per diluted share, for the second quarter of 2026, and
$100.5 million, or $0.63 per diluted share, for the third quarter of
2025.
Aurelio Alemán, President and Chief
Executive Officer of First
BanCorp, commented:
“We
delivered
another
quarter
of
strong
core
performance,
highlighted
by
a
return
on
average
assets
of
1.98%,
a
return
on
average
equity
of
19.5%,
stable
credit
metrics,
and
healthy
balance sheet trends
against the backdrop
of an increasingly
volatile rate environment.
These
results demonstrate
consistent execution
against our
strategic priorities,
the resilience
of our
business model, and our commitment to soundness, profitability,
and responsible growth.
Total
loans
grew
3.3%
annualized
on
a
linked-quarter
basis,
with
growth
across
all
our
operating markets,
particularly in the
commercial segment,
despite higher than
prior quarter
commercial
repayments.
Core
deposits,
excluding
brokered
and
government
deposits,
increased
by
$120
million,
while
non-performing
assets
remained
relatively
flat
compared
with the prior quarter.
We
continued advancing
our multichannel
strategy by
combining our
expanded Puerto
Rico
branch network with
digital tools that provide
clients a faster,
more convenient, and
seamless
service
experience.
This
commitment
to
innovation
and
client-centric
digital
solutions
was
recognized
this
quarter
by
Global
Finance,
which
named
us
the
“Best
Digital
User
Experience in Latin
America and
Puerto Rico”
and the “Best
Digital Banking
App in Puerto
Rico.” We
are
very proud
of this
recognition,
which reflects
our associates'
hard
work and
dedication to delivering the best digital banking experience
for our clients.
Finally, we
remain focused
on allocating capital
where it
can generate
the highest
long-term
returns
for
shareholders.
We
were
also
pleased
to
announce
that
our
Board
of
Directors
approved a
new $350
million stock
repurchase
program and
a 25% increase
in our common
stock
dividend.
We
remain
committed
to
thoughtful
excess
capital
deployment
while
preserving
flexibility
to
support
organic
growth
and
other
franchise-enhancing
opportunities.”
(In thousands)
Q3 '26
Q2 '26
Q3 '25
YTD '26
YTD '25
Financial Highlights
Net interest income
$
227,527
$
229,131
$
217,916
$
677,614
$
646,172
Provision for credit losses
14,633
17,333
17,593
49,239
62,990
Non-interest income
32,590
35,732
30,794
106,007
97,478
Non-interest expenses
130,222
127,324
124,894
384,651
371,253
Income before income taxes
115,262
120,206
106,223
349,731
309,407
Income tax expense
19,147
24,052
5,697
68,684
51,642
Net income
$
96,115
$
96,154
$
100,526
$
281,047
$
257,765
Selected Financial Data
Net interest margin
4.73%
4.87%
4.57%
4.78%
4.55%
Efficiency ratio
50.06%
48.07%
50.22%
49.09%
49.92%
Diluted earnings per share
$
0.63
$
0.62
$
0.63
$
1.82
$
1.59
Book value per share
$
12.43
$
12.95
$
12.05
$
12.43
$
12.05
Tangible book value per share
(1)
$
12.15
$
12.68
$
11.79
$
12.15
$
11.79
Return on average equity
19.46%
19.49%
21.36%
18.96%
19.07%
Return on average assets
1.98%
2.02%
2.10%
1.96%
1.81%
Results for the Third Quarter of 2026 compared to the Second Quarter
of 2026
Profitability
Net income –
$96.1 million, or $0.63 per diluted share compared to $96.1
million, or $0.62 per diluted share.
Income before income taxes
–
$115.3 million compared to $120.2 million.
Pre-tax, pre-provision income (Non-GAAP)
(1)
–
$129.9 million compared to $137.5 million.
Net interest
income –
$227.5 million compared
to $229.1 million.
The decrease was
mostly related to
$3.4 million in
interest income recognized
during the second quarter of
2026 from purchase discount and deferred
fees accelerations, which accounted for approximately 7
basis points of the
decrease in
net interest
margin, and
an increase
of $4.8
million in
deposit costs.
These variances
were partially
offset by
higher commercial
and
construction loan balances,
reinvestment of maturing
debt securities
in higher-yielding
assets, and
$1.3 million
related to
an additional day
in the
quarter. Net interest margin
decreased to 4.73% compared to 4.87% driven by
the aforementioned $3.4 million in interest income recognized in the
second quarter of 2026 and an increase of 8 basis points
in the cost of funds.
Provision for
credit losses
–
$14.6 million compared
to $17.3
million.
The decrease in
provision expense was
mainly due to
a reduction of
$3.2
million in
the provision
for residential
mortgage loans,
mostly driven
by updated
historical loss
experience resulting
in a
downward revision
of
estimated loss severities.
Non-interest income –
$32.6 million compared to
$35.7 million.
The decrease mainly reflected
$1.9 million in
lower realized gains on
purchased
income tax credits and a $0.6 million gain from the sale of
a fixed asset in the Florida region in the previous quarter.
Non-interest
expenses
–
$130.2
million
compared
to
$127.3
million,
including
an
additional
$2.8
million
contingency
reserve
involving
a
commercial other real estate owned (“OREO”) property.
Income tax expense
– $19.2 million compared to $24.1 million,
mainly due to a lower estimated annual effective tax rate.
Balance
Sheet
Total
loans –
increased by
$108.3 million
to $13.4
billion, driven
by commercial
and industrial
(“C&I”) loan
growth. Total
loan originations
of
$1.5 billion, down $238.5 million,
mainly in commercial and construction loans, driven by $270.6 million in
certain refinancings during the second
quarter of 2026.
Core deposits (other than
brokered and government deposits) –
increased by $120.4 million to
$13.4 billion, mainly in the
Puerto Rico region,
driven by a $253.0 million increase in time deposits, partially offset by a $132.6
million decrease in non-maturity deposits.
Government deposits (fully collateralized) –
decreased by $76.7 million to $3.0 billion, of which $57.2 million was in the Puerto Rico region and
$34.6 million was in the Virgin Islands region.
Asset
Quality
Allowance for credit losses (“ACL”) coverage ratio –
amounted to 1.81% compared to 1.85%.
Annualized
net
charge-offs
to
average
loans
ratio
–
increased
to
0.55%
compared
to
0.49%,
primarily
reflecting
a
$2.0
million
increase
in
consumer loans and finance leases net charge-offs, mainly in the auto loan
portfolio.
Non-performing assets
–
increased by
$0.2 million
to $114.1
million,
driven by
a $1.6
million increase
in
nonaccrual loans,
primarily in
auto
loans, partially offset by a $1.3 million decrease in the OREO portfolio balance.
Loans
in
early
delinquency
(30-89
days
past
due)
–
increased
by
$12.1
million
to
$155.5
million,
which
included
an
$8.3
million
matured
construction loan
that was
fully repaid
after September
30, 2026
and a
$6.8 million
increase in
consumer loans
and finance
leases, mainly
auto
loans.
Liquidity
and
Capital
Liquidity –
Cash and
cash equivalents
amounted to
$462.7 million
compared to
$561.3 million.
When adding
$2.1
billion of
free high-quality
liquid securities that
could be liquidated
or pledged within
one day and
$1.1 billion in
available lending capacity
at the Federal
Home Loan Bank
(“FHLB”), available liquidity amounted to 19.15% of total
assets compared to 19.60%.
Capital –
Repurchased $50.0
million in
common stock
and declared
$30.4 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 18.16%,
16.91%, 16.91%,
and 11.71%,
respectively,
as of
September 30,
2026. On
a non-GAAP
basis, the
tangible common
equity ratio
(1)
decreased to
9.55% compared to 10.08%, mainly due to a decrease in the
fair value of available-for-sale debt securities.
(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 September
30, 2026
– Page 2 of 22
NET INTEREST INCOME
The following table sets forth information concerning net interest income
for the last five quarters:
Quarter Ended
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
(Dollars in thousands)
Net Interest Income
Interest income
$
290,845
$
287,710
$
279,849
$
285,158
$
282,743
Interest expense
63,318
58,579
58,893
62,390
64,827
Net interest income
$
227,527
$
229,131
$
220,956
$
222,768
$
217,916
Average Balances
Loans and leases
$
13,264,096
$
13,077,087
$
13,068,874
$
13,032,081
$
12,876,239
Total securities, other short-term
investments and interest-bearing cash
balances
5,826,830
5,797,465
5,776,844
5,871,091
6,037,726
Average interest-earning assets
$
19,090,926
$
18,874,552
$
18,845,718
$
18,903,172
$
18,913,965
Average interest-bearing liabilities
$
11,660,901
$
11,371,881
$
11,409,037
$
11,531,091
$
11,669,135
Average Yield/Rate
Average yield on interest-earning assets
6.04%
6.11%
6.02%
5.98%
5.93%
Average rate on interest-bearing liabilities
2.15%
2.07%
2.09%
2.15%
2.20%
Net interest spread
3.89%
4.04%
3.93%
3.83%
3.73%
Net interest margin
4.73%
4.87%
4.75%
4.68%
4.57%
Net interest
income amounted
to $227.5
million for
the third
quarter of
2026, a decrease
of $1.6
million, compared
to $229.1 million
for the second quarter
of 2026. The third quarter of
2026 included an increase of
approximately $1.3 million associated with
the effect
of an additional day in the quarter.
The decrease in net interest income reflects the following:
●
A $4.8
million increase
in interest expense
on interest-bearing
deposits, primarily
reflecting higher
average balances
of non-
brokered
time
deposits
and
brokered
certificates
of
deposit
(“CDs”),
which
increased
$195.1
million
and
$98.1
million,
respectively,
as well as higher
rates paid on
interest-bearing checking
and saving accounts,
mainly government
deposits. The
average
cost
of
interest-bearing
checking
and
saving
accounts
increased
7
basis
points
to
1.33%,
while
the
cost
excluding
government deposits increased 3 basis points to 0.69%.
Partially offset by:
●
A $3.0
million net
increase in
interest income
on loans,
driven by
a $2.6
million increase
in interest
income on
commercial
and
construction
loans,
reflecting
$3.1
million
associated
with
a
$178.9
million
increase
in
the
average
balance
and
$1.1
million from
an additional day
in the third
quarter of
2026, partially offset
by $1.6 million
resulting from
the acceleration of
net deferred fees associated with the refinancing of a C&I loan in the
Puerto Rico region during the second quarter of 2026.
●
A $0.1
million net
increase in
interest income
on investment
securities and
interest-earning
cash balances,
reflecting higher
yields
from
reinvesting
maturities
of
debt
securities
in
higher-yielding
debt
securities,
partially
offset
by
$1.8
million
resulting
from
the
acceleration
of
the
unamortized
purchase
discount
on
a
municipal
bond
refinanced
during
the
second
quarter of 2026 into a shorter-term commercial loan structure.
Net
interest
margin
for
the
third
quarter
of
2026
was
4.73%
compared
to
4.87%
for
the
previous
quarter.
The
decrease
mainly
reflected
a
shift
in
the
mix
of
interest-bearing
deposits
toward
higher-yielding
options,
such
as
time
deposits,
and
a
7
basis
points
reduction from
prior quarter
purchase discount
and deferred
fee accelerations
while higher
rates paid
on interest-bearing
government
non-maturity deposits were offset by higher yields from the reinvestment
of maturing debt securities.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 3 of 22
NON-INTEREST INCOME
The following table sets forth information concerning non-interest income
for the last five quarters:
Quarter Ended
September 30, 2026
June 30,
2026
March 31, 2026
December 31, 2025
September 30, 2025
(In thousands)
Service charges and fees on deposit accounts
$
9,839
$
9,885
$
9,932
$
9,861
$
9,811
Mortgage banking activities
3,694
3,727
4,043
4,219
3,309
Insurance commission income
2,884
3,114
5,944
2,265
2,618
Card and processing income
12,540
12,512
11,758
12,353
11,682
Other non-interest income
3,633
6,494
6,008
5,702
3,374
Non-interest income
$
32,590
$
35,732
$
37,685
$
34,400
$
30,794
Non-interest income decreased by $3.1 million to $32.6
million for the third quarter of 2026, compared to $35.7
million for the second
quarter
of 2026,
mainly
due to
a $1.9
million
decrease in
realized
gains from
purchased income
tax credits
and
a $0.6
million
gain
recognized during
the second
quarter of
2026 from
the sale
of a
fixed asset
in the
Florida region,
both reported
as part
of other
non-
interest income.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 4 of 22
NON-INTEREST EXPENSES
The following table sets forth information concerning non-interest expenses
for the last five quarters:
Quarter Ended
September 30, 2026
June 30,
2026
March 31, 2026
December 31, 2025
September 30, 2025
(In thousands)
Employees’ compensation and benefits
$
64,286
$
63,439
$
65,299
$
63,196
$
59,761
Occupancy and equipment
22,299
22,108
22,063
21,797
22,185
Business promotion
4,254
4,435
3,555
5,944
3,884
Professional service fees:
Collections, appraisals and other credit-related fees
913
1,229
734
1,007
856
Outsourcing technology services
8,063
8,352
8,585
8,433
8,107
Other professional fees
2,459
3,535
3,593
3,671
2,940
Taxes, other than income taxes
6,233
6,071
6,184
6,272
6,092
Federal Deposit Insurance Corporation (“FDIC”) deposit insurance
2,156
2,167
2,058
961
2,236
Other insurance and supervisory fees
1,118
1,182
1,206
1,327
1,344
Net (gain) loss on OREO operations
(766)
(842)
(937)
(838)
1,033
Credit and debit card processing expenses
9,457
8,514
7,327
7,728
7,889
Communications
2,274
2,234
2,288
2,284
2,294
Other non-interest expenses
7,476
4,900
5,150
5,088
6,273
Total non-interest expenses
$
130,222
$
127,324
$
127,105
$
126,870
$
124,894
Non-interest expenses amounted
to $130.2 million
in the third quarter
of 2026, an increase
of $2.9 million, from
$127.3 million in
the
second quarter of 2026. Non-interest expenses for the third quarter
of 2026 reflect the following significant variances:
●
A $2.6 million
increase in other non
-interest expenses, primarily
reflecting an additional
$2.8 million contingency
reserve in
connection with
an adverse court
ruling involving a
commercial OREO property
in the U.S.
Virgin
Islands, recorded
as part
of other non-interest expenses.
●
A
$0.9
million
increase
in
credit
and
debit
card
processing
expenses,
mainly
due
to
credit
and
debit
card
expense
reimbursements
recognized during the second quarter of 2026.
●
A
$0.8
million
increase
in
employees’
compensation
and
benefits
expenses,
mainly
associated
with
the
effect
of
annual
salary merit increases and an additional working day in the third quarter of 2026.
Partially offset by:
●
A $1.7 million
decrease in professional
service fees, mostly
driven by lower
legal fees recorded
as part of other
professional
fees, as well as lower collections,
appraisals and other credit-related
expenses and outsourcing fees, partially
offset by higher
consulting fees.
INCOME TAXES
The
Corporation
recorded
an
income
tax
expense
of
$19.2
million
for
the
third
quarter
of 2026,
compared
to
$24.1
million
for
the
second quarter
of 2026.
The decrease
in income
tax expense was
driven by
a lower estimated
annual effective
tax rate mostly
related
to higher than previously forecasted business activities with preferential
tax treatment under the Puerto Rico tax code.
For the year,
the Corporation’s
annual effective
tax rate was
estimated at
20.5%
for the third
quarter of
2026, compared
to 21.5%
for
the
second
quarter
of
2026.
As
of
September
30,
2026,
the
Corporation
had
a
net
deferred
tax
asset
of
$135.0
million,
net
of
a
valuation
allowance of
$88.3 million,
compared
to a
net deferred
tax asset
of $142.0
million, net
of a
valuation
allowance of
$75.6
million as of June 30, 2026.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 5 of 22
CREDIT QUALITY
Non-Performing Assets
The following table sets forth information concerning non-performing
assets for the last five quarters:
(Dollars in thousands)
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
Nonaccrual loans held for investment:
Residential mortgage
$
23,944
$
23,410
$
28,071
$
29,169
$
28,866
Construction
5,460
5,463
5,414
5,536
5,591
Commercial mortgage
8,428
7,067
7,442
8,382
21,437
C&I
39,777
41,053
27,100
28,042
19,650
Consumer and finance leases
18,590
17,572
19,717
21,434
20,717
Total nonaccrual loans held for investment
$
96,199
$
94,565
$
87,744
$
92,563
$
96,261
OREO
5,629
6,939
6,344
7,522
9,343
Other repossessed property
10,733
10,803
13,124
12,389
12,234
Other assets
(1)
1,579
1,610
1,609
1,620
1,579
Total non-performing assets
(2)
$
114,140
$
113,917
$
108,821
$
114,094
$
119,417
Past due loans 90 days and still accruing
(3)
$
24,331
$
24,736
$
28,949
$
31,913
$
28,891
Nonaccrual loans held for investment to total loans held for investment
0.72%
0.71%
0.67%
0.71%
0.74%
Nonaccrual loans to total loans
0.72%
0.71%
0.67%
0.70%
0.74%
Non-performing assets to total assets
0.59%
0.59%
0.57%
0.60%
0.62%
(1)
Residential pass-through mortgage-backed securities (“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 $3.0 million as of
September 30, 2026 (June 30, 2026 -
$3.6 million; March 31, 2026
- $4.2 million; December 31, 2025 -
$4.8 million; September 30, 2025 - $5.0
million).
(3)
These include rebooked loans, which were previously pooled into Government National Mortgage Association (“GNMA”) securities,
amounting to $5.2 million as of September 30, 2026 (June 30, 2026 - $4.6 million;
March 31, 2026 -
$6.7 million; December 31, 2025
- $6.7 million; September
30, 2025 - $3.8
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
increased by
$0.2 million
to $114.1
million as
of September
30, 2026,
driven by
a $1.6
million
increase
in
nonaccrual
loans,
primarily
in
auto
loans,
partially
offset
by
a
$1.3
million
decrease
in
the
OREO
portfolio
balance, mainly attributable
to the sale of
a $0.9 million residential
property in the Florida
region. In addition, the
increase in
nonaccrual
loans
included
the
migration
of
a
$1.8
million
commercial
mortgage
loan
in
the
Florida
region
to
nonaccrual
status during the
third quarter of
2026, partially offset
by $1.3 million
in repayments on
a nonaccrual C&I
loan in the
Puerto
Rico region in the food retail industry.
●
Inflows
to
nonaccrual
loans
held
for
investment
were
$34.5
million
in
the
third
quarter
of
2026,
down
$6.2
million
from
$40.7
million
in
the
second
quarter
of
2026.
Inflows
to
nonaccrual
commercial
and
construction
loans
decreased
$12.8
million
to
$2.3
million,
reflecting
the
impact
of
a
$14.8
million
C&I
relationship
in
the
Florida
region
that
migrated
to
nonaccrual
status
in
the
second
quarter
of
2026,
partially
offset
by
the
aforementioned
$1.8
million
commercial
mortgage
loan
inflow
in
the
third
quarter.
Inflows
to
nonaccrual
consumer
loans
increased
$5.6
million
to
$28.4
million,
while
nonaccrual
residential
mortgage
loan
inflows
increased
$1.0
million
to
$3.8
million.
See
Early
Delinquency
below
for
additional information.
●
Adversely
classified
commercial
and
construction
loans
increased
by
$15.8
million
to
$103.0
million
as
of
September
30,
2026,
compared to
$87.2 million
as of
June 30,
2026, driven
by the
downgrade of
a $13.1
million participated
C&I loan
in
the Florida region that is part of the Shared National Credit program.
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 $155.5
million
as of
September 30,
2026,
an increase
of $12.1
million,
compared
to $143.4
million
as of
June 30, 2026,
driven by a $6.8
million increase in
consumer loans and
finance leases, primarily
in the auto
loan portfolio, and
a $4.6
million increase in
the commercial and
construction loan portfolios.
The increase in
commercial and construction
loans was primarily
driven
by
the
aforementioned
$8.3
million
matured
construction
loan
for
which
the
Corporation
received
full
repayment
after
September
30,
2026,
and
a
$1.2
million
matured
commercial
mortgage
relationship
in
the
process
of
renewal
for
which
the
Corporation
continues
to receive
payments
from
the borrower.
These
increases were
partially
offset
by
the renewal
of two
matured
commercial
mortgage
loans
totaling
$3.1
million
and
the
aforementioned
$1.8
million
commercial
mortgage
loan
that
migrated
to
nonaccrual status.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 6 of 22
Allowance for Credit Losses
The following table summarizes the activity of the ACL for on-balance
sheet and off-balance sheet exposures during the third and
second quarters of 2026:
Quarter Ended September 30, 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
$
42,758
$
68,794
$
133,487
$
245,039
$
4,599
$
479
$
885
$
251,002
Provision for credit losses - (benefit) expense
(1,900)
456
16,321
14,877
(120)
(123)
(1)
14,633
Net charge-offs
(160)
(294)
(17,789)
(18,243)
-
-
(12)
(18,255)
Allowance for credit losses, end of period
$
40,698
$
68,956
$
132,019
$
241,673
$
4,479
$
356
$
872
$
247,380
Amortized cost of loans and finance leases
$
2,943,944
$
6,782,080
$
3,638,476
$
13,364,500
Allowance for credit losses on loans to amortized cost
1.38%
1.02%
3.63%
1.81%
Quarter Ended June 30, 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
$
41,534
$
69,118
$
134,408
$
245,060
$
3,120
$
641
$
839
$
249,660
Provision for credit losses - expense (benefit)
1,303
(233)
14,888
15,958
1,479
(162)
58
17,333
Net charge-offs
(79)
(91)
(15,809)
(15,979)
-
-
(12)
(15,991)
Allowance for credit losses, end of period
$
42,758
$
68,794
$
133,487
$
245,039
$
4,599
$
479
$
885
$
251,002
Amortized cost of loans and finance leases
$
2,927,167
$
6,668,570
$
3,661,486
$
13,257,223
Allowance for credit losses on loans to amortized cost
1.46%
1.03%
3.65%
1.85%
Allowance for Credit Losses for Loans and Finance
Leases
As
of
September
30,
2026,
the
ACL
for
loans
and
finance
leases
was
$241.7
million,
or
1.81%
of
total
loans
held
for
investment,
compared to $245.0 million, or 1.85% of total loans held for investment
,
as of June 30, 2026.
The
decrease
was
mainly
related
to
the
ACL
for
residential
mortgage
loans,
which
decreased
by
$2.1
million,
driven
by
updated
historical
loss
experience
used
for
determining
the
ACL
resulting
in
a
downward
revision
of
estimated
loss
severities
and
lower
reserve levels, as
well as improvements in
the projection of the
unemployment rate and
the House Price Index,
partially offset by
loan
growth. In addition, the
ACL for consumer loans
decreased by $1.4 million,
mainly reflecting lower delinquency
levels in credit cards
and
finance
leases,
partially
offset
by
higher
reserves
in
the
auto
loan
portfolio
due
to
updated
loss
expectations
based
on
recent
portfolio performance.
Meanwhile, the ACL
for commercial
and construction
loans increased by
$0.2 million,
mainly due to
changes
in
the
financial
information
of
certain
borrowers
and
loan
growth,
partially
offset
by
an
improvement
in
the
projection
of
certain
macroeconomic variables.
Provision for
credit losses
on loans
and finance
leases was
$14.9 million
for the
third quarter
of 2026,
compared to
$16.0 million
in
the
second
quarter
of
2026.
The
decrease
was
mainly
driven
by
a
$3.2
million
reduction
in
the
provision
for
residential
mortgage
loans, partially
offset by
a $1.4 million
increase in the
provision for
consumer loans
and finance
leases and a
$0.7 million
increase in
the
provision
for
commercial
and
construction
loans.
These
changes
reflected
the
ACL
factors
discussed
above,
as
well
as
a
$2.0
million increase in consumer loans and finance leases net charge
-offs, mainly in the auto loan portfolio.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 7 of 22
Net Charge-Offs
The following table presents ratios of net charge-offs
(recoveries) to average loans held-in-portfolio for the last five quarters:
Quarter Ended
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
Residential mortgage
0.02%
0.01%
-0.03%
-0.02%
-0.00%
Construction
-0.11%
-0.03%
-0.02%
-0.02%
-0.50%
Commercial mortgage
0.02%
-0.02%
0.08%
0.01%
-0.02%
C&I
0.02%
0.03%
0.03%
0.00%
0.01%
Consumer loans and finance leases
1.95%
1.73%
2.23%
2.20%
2.16%
Total loans
0.55%
0.49%
0.65%
0.63%
0.62%
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 $18.2 million for
the third quarter of
2026, or an annualized
0.55% of average loans,
compared to $16.1 million,
or an
annualized 0.49%
of average
loans, in the
second quarter
of 2026.
The $2.1 million
increase in
net charge-offs
was driven
by a
$2.0 million increase in consumer loans and finance leases net charge
-offs, mainly in the auto loan portfolio.
Allowance for Credit Losses for Unfunded Loan
Commitments
As of
September 30,
2026, the
ACL for
off-balance
sheet credit
exposures decreased
to $4.5
million, compared
to $4.6
million as
of
June 30, 2026.
Allowance for Credit Losses for Debt Securities
As of
September 30,
2026, the
ACL for
debt securities
was $1.2
million, of
which $0.3
million was
related to
Puerto Rico municipal
bonds classified as held-to-maturity,
compared to $1.4 million and $0.5 million, respectively,
as of June 30, 2026.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 8 of 22
STATEMENT
OF FINANCIAL CONDITION
Total
assets were approximately
$19.3 billion as of
September 30, 2026,
up $9.1 million from
June 30, 2026. The
following variances
within the main components of total assets are noted:
●
A $108.3 million
increase in total
loans,
primarily reflecting a
$118.4 million
increase in C&I
loans,
including $90.5 million
in
the
Florida
region
driven
by
new
loan
participations
and
$21.3
million
in
the
Virgin
Islands
region
driven
by
disbursements of a government line of credit.
Total
loan originations,
including refinancings, renewals,
and draws from
existing commitments, amounted
to $1.5 billion
in
the third
quarter of
2026,
a decrease
of $238.5
million
compared
to the
second quarter
of 2026.
In the
Puerto Rico
region,
originations decreased $315.6
million to $1.0
billion, driven by
the aforementioned $270.6
million in refinancings
during the
second quarter of 2026 of
a participated C&I loan related
to a public-private partnership and
a participated municipal loan,
as
well
as
lower
utilization
of
C&I
lines
of
credit.
Meanwhile,
in
the
Florida
region,
originations
increased
$69.2
million
to
$402.2 million,
mainly reflecting
a $71.7
million increase
in commercial
and construction
loans, including
$49.0 million
in
C&I loan originations
and $23.1
million in commercial
mortgage loan
originations. In
addition, in the
Virgin
Islands region,
originations increased $7.9 million to $34.0 million.
●
A
$21.5
million
increase
in
investment
securities,
driven
by
$492.1
million
in
debt
securities
purchased
during
the
third
quarter
of
2026,
of
which
$422.4
million
were
U.S.
agencies’
MBS
at
an
average
yield
of
5.44%.
These
purchases
were
partially offset by repayments
of $227.6 million, including
$39.9 million of matured securities, and
a $119.4 million decrease
in the fair value of available-for-sale debt securities attributable
to changes in market interest rates. Meanwhile, U.S. Treasury
bill activity resulted
in a net decrease
of $128.4 million,
reflecting $375.0 million
of maturities at an
average yield of
3.69%,
partially offset by $246.6 million of purchases at an average yield
of 3.87%.
Partially offset by:
●
A
$98.6
million
decrease
in
cash
and
cash
equivalents,
mainly
related
to
net
cash
outflows
from
lending
and
investing
activities and
capital deployment
actions,
partially
offset
by deposit
growth
and a
new $23.8
million short
-term repurchase
agreement.
Total
liabilities were
approximately
$17.4 billion
as of
September 30,
2026,
an increase
of $110.4
million
from June
30, 2026.
The
following variances within the main components of total liabilities are noted:
●
Total deposits increased
by $49.1 million, driven by:
o
A $253.0
million increase
in non-government
time deposits,
excluding brokered
CDs, primarily
in the
Puerto Rico
region.
Partially offset by:
o
A $132.6 million decrease in non-government non-maturity deposits,
mainly in the Puerto Rico region. The decrease
in such
deposits includes
a $116.6
million decrease
in non-interest-bearing
deposits, of
which $84.2
million was
in
the Puerto Rico region.
o
A
$76.7 million decrease
in government deposits, consisting
of decreases of
$57.2 million in
the Puerto Rico region
and $34.6 million in the Virgin
Islands region, partially offset by a $15.1 million increase in the Florida
region.
●
A $23.8 million increase in borrowings related to the aforementioned new
short-term repurchase agreement.
Total stockholders’
equity amounted to $1.9 billion as of September 30, 2026, a decrease of
$101.3 million from June 30, 2026, driven
by a $119.4
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, $50.0
million in
common stock
repurchases at
an average
price of
$28.67, and
$30.4
million
in
common
stock
dividends
declared
in
the
third
quarter
of
2026,
partially
offset
by
the
net
income
generated
in
the
third
quarter of 2026.
As
of
September
30,
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
16.91%, 16.91%, 18.16%,
and 11.71%,
respectively,
as of September
30, 2026, compared to
CET1 capital, tier
1 capital, total capital,
and leverage ratios of 16.96%, 16.96%, 18.21%, and 11.72%
,
respectively, as of June 30,
2026.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 9 of 22
Meanwhile, estimated CET1 capital,
tier 1 capital, total capital and
leverage ratios of our banking subsidiary,
FirstBank, were 15.92%,
16.65%,
17.91%,
and
11.53%,
respectively,
as
of
September
30,
2026,
compared
to
CET1
capital,
tier
1
capital,
total
capital
and
leverage ratios of 15.96%,
16.71%, 17.97%,
and 11.54%, respectively,
as of June 30, 2026.
Liquidity
Cash and
cash equivalents
decreased by
$98.6 million
to $462.7
million as
of September
30, 2026.
When adding
$2.1 billion
of free
high-quality
liquid
securities
that
could
be
liquidated
or
pledged
within
one
day,
total
core
liquidity
amounted
to
$2.6 billion
as of
September 30, 2026,
or 13.40% of total
assets, compared to $2.
7
billion, or 13.73% of
total assets, as of
June 30, 2026. In
addition, as
of
September
30,
2026,
the
Corporation
had
$1.1
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
19.15% as of September
30, 2026, compared to 19.60%
as of
June 30, 2026.
In
addition
to
the
aforementioned
available
credit
from
the
FHLB,
the
Corporation
also
maintains
borrowing
capacity
at
the
U.S.
Federal Reserve (“FED”) Discount
Window Program.
The Corporation had approximately
$2.5 billion available for
funding under the
FED’s Borrower-In-Custody
Program as of September 30,
2026. In the aggregate, as
of September 30, 2026, the Corporation
had $6.2
billion
available
to
meet
liquidity
needs,
or
128%
of
estimated
uninsured
deposits
(excluding
fully
collateralized
government
deposits).
The Corporation’s
total deposits,
excluding brokered
CDs, amounted
to $16.3
billion as
of each
of September
30, 2026
and June
30,
2026,
which
included
$3.0
billion
in
government
deposits
that
are
fully
collateralized
as
of
each
of
those
periods.
Excluding
fully
collateralized government
deposits and
FDIC-insured deposits
as of
September 30,
2026, the
estimated amount
of uninsured
deposits
was $4.8 billion, which represents
29.59% of total deposits, compared
to $4.7
billion, or 29.15% of total deposits,
as of June 30, 2026.
Refer to Table
10 in the accompanying tables (Exhibit A) for additional information about the deposits
composition.
Tangible Common
Equity (Non-GAAP)
On a
non-GAAP
basis, the
Corporation’s
tangible common
equity ratio
decreased to
9.55% as
of September
30, 2026,
compared to
10.08%
as
of
June
30,
2026,
mainly
due
to
a
decrease
in
the
fair
value
of
available-for-sale
debt
securities.
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:
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
(In thousands, except ratios and per share
information)
Tangible Equity:
Total common equity - GAAP
$
1,875,484
$
1,976,833
$
1,967,239
$
1,966,865
$
1,918,045
Goodwill
(38,611)
(38,611)
(38,611)
(38,611)
(38,611)
Other intangible assets
(2,804)
(3,022)
(3,240)
(3,458)
(3,676)
Tangible common equity - non-GAAP
$
1,834,069
$
1,935,200
$
1,925,388
$
1,924,796
$
1,875,758
Tangible Assets:
Total assets - GAAP
$
19,250,334
$
19,241,235
$
19,086,105
$
19,132,892
$
19,321,335
Goodwill
(38,611)
(38,611)
(38,611)
(38,611)
(38,611)
Other intangible assets
(2,804)
(3,022)
(3,240)
(3,458)
(3,676)
Tangible assets - non-GAAP
$
19,208,919
$
19,199,602
$
19,044,254
$
19,090,823
$
19,279,048
Common shares outstanding
150,921
152,674
154,694
156,619
159,135
Tangible common equity ratio - non-GAAP
9.55%
10.08%
10.11%
10.08%
9.73%
Tangible book value per common share - non-GAAP
$
12.15
$
12.68
$
12.45
$
12.29
$
11.79
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 10 of 22
Exposure to Puerto Rico Government
Direct Exposure
As of
September 30,
2026, the
Corporation had
$355.5 million
of direct
exposure to
the Puerto
Rico government,
its municipalities,
and public corporations, a decrease of $23.9
million from $379.4 million as of June 30, 2026, mainly
due to repayments.
The exposure
consisted
primarily
of
$272.4
million
in
municipal
loans
and
obligations
supported
by
assigned
property
tax
revenues,
generally
backed
by
the
municipalities’
good
faith,
credit,
and
unlimited
taxing
power,
and
$27.1
million
supported
by
one
or
more
specific
sources
of
municipal
revenues. The
remaining
exposure
included
$8.5
million
in
a
loan
to
an
affiliate
of
the
Puerto
Rico
Electric
Power
Authority,
$44.9
million
in
loans
to
a
Puerto
Rico
public
corporation,
and
a
PRHFA
residential
pass-through
MBS
with
an
amortized cost of $2.6 million.
The aforementioned
exposure to
municipalities in
Puerto Rico
included $60.7
million of
financing arrangements
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
both
September
30,
2026
and
June
30,
2026,
the
Corporation
had
$2.6
billion
of
public
sector
deposits
in
Puerto
Rico.
Approximately 22% of the public sector
deposits as of September 30, 2026 were
from municipalities and municipal agencies in
Puerto
Rico,
and
78%
were
from
public
corporations,
the
Puerto
Rico
central
government
and
agencies,
and
U.S.
federal
government
agencies in Puerto Rico.
Additionally,
as
of
September
30,
2026,
construction
loans
funded
through
conduit
financing
structures
supporting
Low-Income
Housing Tax
Credit and other federal affordable housing programs amounted
to $78.4 million, compared with $75.0 million as of June
30,
2026.
Under
these
arrangements,
PRHFA
serves
as
conduit
issuer
and
lender
of
record,
while
the
Corporation
serves
as
the
ultimate lender.
The total amount of unfunded loan commitments related to these loans as of September 30,
2026 was $27.7 million.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 11 of 22
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
income
tax
expense,
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
nine-month
period
ended
September
30,
2026
and
for
the
quarter
and
nine-month
periods
ended
September 30, 2025 included the following Special Items:
Nine-Month Period Ended September 30, 2026
FDIC Special Assessment Reversal
-
A benefit
of $0.1
million ($57
thousand
after-tax,
calculated based
on the
statutory tax
rate of
37.5%) was
recorded
during
the
first
quarter
of
2026
following
receipt
of
the
FDIC
assessment
invoice,
paid
on
March
30,
2026,
which
reduced
the
quarterly
special assessment
rate for
the eighth
and final
collection period
from 3.36
bps to
2.97 bps.
Any future
offsets or
one-time final shortfall special assessment
collection, if any,
will be communicated by the
FDIC through future invoices. The
FDIC deposit
special assessment
is reflected
in the
consolidated
statements of
income
as part
of “FDIC
deposit
insurance”
expenses.
Quarter and Nine-Month Period Ended September 30, 2025
Enactment of Act 65-2025
-
On July
17, 2025,
the Government
of Puerto
Rico enacted
Act 65-2025
which, among
other things,
allows domestic
limited
liability companies
owned by
legal entities
to elect
to be
treated as
disregarded
entities for
tax purposes.
As a
result of
this
change, during the third quarter of 2025, the Corporation
reversed approximately $16.6 million in valuation allowance
related
to deferred tax assets primarily associated with NOL carryforwards at the holding
company level.
Employee Retention Credit (“ERC”)
-
During the third
quarter of 2025, the
Corporation recognized a
$2.3 million ERC, net
of $0.3 million
in related commissions.
This
amount
is
reflected
in
the
condensed
consolidated
statements
of
income
as
part
of
“employees’
compensation
and
benefits” expenses. This credit was
established under the Coronavirus
Aid, Relief, and Economic Security
(“CARES”) Act to
support businesses
that retained
employees during
the COVID-19
pandemic. The
credit recorded
during the
third quarter
of
2025 is tax exempt for Puerto Rico tax purposes.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 12 of 22
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,
Adjusted Non-Interest Expenses,
Adjusted Income Tax
Expense, and Adjusted Earnings Per Share
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,
non-interest
expenses,
income tax expense, and adjusted earnings per share 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,
Interest Rate Spread,
and Net Interest Margin 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 Tables
4
and 5
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 September
30, 2026
– Page 13 of 22
NET INCOME AND RECONCILIATION
TO ADJUSTED NET INCOME (NON-GAAP)
The following table shows, for the third and second quarters of 2026,
net income and earnings per diluted share, and reconciles, for the
third
quarter of
2025 and
nine-month
periods ended
September 30,
2026 and
2025, net
income
to adjusted
net income
and
adjusted
earnings per
diluted share,
which are
non-GAAP financial
measures
that exclude
the significant
Special Items
discussed in
the
Non-
GAAP Disclosures – Special Items
section.
Quarter Ended
Nine-Month Period Ended
September 30, 2026
June 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
(In thousands, except per share information)
Net income, as reported (GAAP)
$
96,115
$
96,154
$
100,526
$
281,047
$
257,765
Adjustments:
Employee retention credit
-
-
(2,358)
-
(2,358)
FDIC special assessment reversal
-
-
-
(92)
-
Income tax impact related to the enactment of Act 65-2025
-
-
(16,553)
-
(16,553)
Income tax impact of adjustment
(1)
-
-
-
35
-
Adjusted net income attributable to common stockholders (non-GAAP)
$
96,115
$
96,154
$
81,615
$
280,990
$
238,854
Weighted-average diluted shares
outstanding
151,950
154,162
160,087
154,056
161,770
Earnings per share - diluted (GAAP)
$
0.63
$
0.62
$
0.63
$
1.82
$
1.59
Adjusted earnings per share - diluted (non-GAAP)
$
0.63
$
0.62
$
0.51
$
1.82
$
1.48
(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 and
for
the nine-month periods ended September 30, 2026 and 2025:
Quarter Ended
Nine-Month Period Ended
September 30, 2026
June 30,
2026
March 31, 2026
December 31, 2025
September 30,
2025
September 30,
2026
September 30,
2025
(Dollars in thousands)
Income before income taxes
$
115,262
$
120,206
$
114,263
$
107,327
$
106,223
$
349,731
$
309,407
Add: Provision for credit losses expense
14,633
17,333
17,273
22,971
17,593
49,239
62,990
Less: FDIC special assessment reversal
-
-
(92)
(1,099)
-
(92)
-
Less: Employee retention credit
-
-
-
-
(2,358)
-
(2,358)
Adjusted pre-tax, pre-provision income
(1)
$
129,895
$
137,539
$
131,444
$
129,199
$
121,458
$
398,878
$
370,039
Change from most recent prior period (amount)
$
(7,644)
$
6,095
$
2,245
$
7,741
$
(2,014)
$
28,839
$
34,745
Change from most recent prior period (percentage)
-5.6%
4.6%
1.7%
6.4%
-1.6%
7.8%
10.4%
(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 September
30, 2026
– Page 14 of 22
Conference Call / Webcast
Information
First BanCorp.’s
senior management
will host
an earnings
conference call
and live
webcast on
Thursday,
October 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
(833)
461-5787
or
(585)
542-9983.
The
participant
access
code
is
928134866.
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.co
m,
until October 22, 2027. A
telephone replay will be available one
hour after the end of
the conference call through November
20, 2026,
at (833)
309-1852. The replay access code is 928134866.
Safe Harbor
This press
release may
contain “forward-looking
statements” that
involve risks
and uncertainties,
which could
cause actual
results to
differ
from
those
contained
in
the
forward-looking
statements.
These
include
statements
concerning
the
Corporation’s
future
economic, operational, and financial performance, which
may constitute forward-looking statements and are subject to the
risk that the
actual impact
may differ,
possibly materially,
from what
is currently
expected. For
a discussion
of additional
risks and
uncertainties,
which could cause actual results
to differ from those
contained in the forward-looking
statements, see the Corporation’s
Securities and
Exchange Commission
filings, including,
but not
limited to,
those risks
and uncertainties
included under
the captions
“Risk Factors”
and “Forward-Looking
Statements” set
forth in
these filings
and any
updates to
such risks
and uncertainties
contained in
subsequent
reports on
Form 10-K,
Form 10-Q
or Form
8-K. Undue
reliance should
not be placed
on the forward-looking
statements in this
press
release,
which
are
based
upon
information
available
to
the
Corporation
on
the
date
hereof.
The
Corporation
undertakes
no
duty
to
update this information unless required by law.
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 September
30, 2026
– Page 15 of 22
EXHIBIT A
Table 1
– Condensed Consolidated Statements of Financial Condition
As of
September 30, 2026
June 30,
2026
December 31, 2025
(In thousands, except for share information)
ASSETS
Cash and due from banks
$
461,014
$
559,626
657,149
Money market investments:
Time deposit with another financial institution
1,000
1,000
750
Other short-term investments
700
700
700
Total money market investments
1,700
1,700
1,450
Available-for-sale debt
securities, at fair value (ACL of $872 as of September 30, 2026,
$885 as of June 30, 2026;
and $763 as of December 31, 2025)
4,718,684
4,681,588
4,554,032
Held-to-maturity debt securities, at amortized cost, net
of ACL of $356 as of September 30, 2026 and $479 as of
June 30, 2026; and $733 as of December 31, 2025 (fair value of $207,866
as of September 30, 2026;
$228,667 as of June 30, 2026 and $262,055 as of December 31,
2025)
217,392
233,645
264,563
Total debt securities
4,936,076
4,915,233
4,818,595
Equity securities
44,232
43,552
44,753
Total investment securities
4,980,308
4,958,785
4,863,348
Loans held for investment, net of ACL of $241,673 as
of September 30, 2026; $245,039 as of June 30, 2026;
and $249,037 as of December 31, 2025
13,122,827
13,012,184
12,876,319
Mortgage loans held for sale, at lower of cost or market
16,545
15,474
16,697
Total loans, net
13,139,372
13,027,658
12,893,016
Accrued interest receivable on loans and investments
75,871
70,663
71,351
Premises and equipment, net
128,402
128,680
126,920
OREO
5,629
6,939
7,522
Deferred tax asset, net
135,043
142,041
149,012
Goodwill
38,611
38,611
38,611
Other intangible assets
2,804
3,022
3,458
Other assets
281,580
303,510
321,055
Total assets
$
19,250,334
$
19,241,235
$
19,132,892
LIABILITIES
Deposits:
Non-interest-bearing deposits
$
5,465,908
$
5,548,697
$
5,549,416
Interest-bearing deposits
11,452,728
11,320,832
11,120,727
Total deposits
16,918,636
16,869,529
16,670,143
Securities sold under agreements to repurchase
23,805
-
-
Advances from the FHLB
200,000
200,000
290,000
Accounts payable and other liabilities
232,409
194,873
205,884
Total liabilities
17,374,850
17,264,402
17,166,027
STOCKHOLDERSʼ EQUITY
Common stock, $0.10 par value, 223,663,116
shares issued (September 30, 2026 - 150,920,937 shares
outstanding;
June 30, 2026 - 152,674,406 shares outstanding; and December 31,
2025 - 156,618,996 shares outstanding)
22,366
22,366
22,366
Additional paid-in capital
957,920
955,527
963,543
Retained earnings
2,456,119
2,390,394
2,268,011
Treasury stock, at cost (September 30, 2026
- 72,742,179 shares; June 30, 2026 - 70,988,710 shares; and
December 31, 2025 - 67,044,120 shares)
(1,073,097)
(1,023,005)
(932,505)
Accumulated other comprehensive loss
(487,824)
(368,449)
(354,550)
Total stockholdersʼ equity
1,875,484
1,976,833
1,966,865
Total liabilities and stockholdersʼ equity
$
19,250,334
$
19,241,235
$
19,132,892
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 16 of 22
Table 2
– Condensed Consolidated Statements of Income
Quarter Ended
Nine-Month Period Ended
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
(In thousands, except per share information)
Net interest income:
Interest income
$
290,845
$
287,710
$
282,743
$
858,404
$
837,998
Interest expense
63,318
58,579
64,827
180,790
191,826
Net interest income
227,527
229,131
217,916
677,614
646,172
Provision for credit losses - expense (benefit):
Loans
14,877
15,958
18,270
48,005
63,488
Unfunded loan commitments
(120)
1,479
(756)
1,466
(532)
Debt securities
(124)
(104)
79
(232)
34
Provision for credit losses - expense
14,633
17,333
17,593
49,239
62,990
Net interest income after provision for credit losses
212,894
211,798
200,323
628,375
583,182
Non-interest income:
Service charges and fees on deposit accounts
9,839
9,885
9,811
29,656
29,207
Mortgage banking activities
3,694
3,727
3,309
11,464
9,887
Card and processing income
12,540
12,512
11,682
36,810
35,037
Other non-interest income
6,517
9,608
5,992
28,077
23,347
Total non-interest income
32,590
35,732
30,794
106,007
97,478
Non-interest expenses:
Employees’ compensation and benefits
64,286
63,439
59,761
193,024
181,956
Occupancy and equipment
22,299
22,108
22,185
66,470
67,112
Business promotion
4,254
4,435
3,884
12,244
10,657
Professional service fees
11,435
13,116
11,903
37,463
34,998
Taxes, other than income taxes
6,233
6,071
6,092
18,488
17,682
FDIC deposit insurance
2,156
2,167
2,236
6,381
6,707
Net (gain) loss on OREO operations
(766)
(842)
1,033
(2,545)
(687)
Credit and debit card processing expenses
9,457
8,514
7,889
25,298
20,746
Other non-interest expenses
10,868
8,316
9,911
27,828
32,082
Total non-interest expenses
130,222
127,324
124,894
384,651
371,253
Income before income taxes
115,262
120,206
106,223
349,731
309,407
Income tax expense
19,147
24,052
5,697
68,684
51,642
Net income
$
96,115
$
96,154
$
100,526
$
281,047
$
257,765
Net income attributable to common stockholders
$
96,115
$
96,154
$
100,526
$
281,047
$
257,765
Earnings per common share:
Basic
$
0.64
$
0.63
$
0.63
$
1.83
$
1.60
Diluted
$
0.63
$
0.62
$
0.63
$
1.82
$
1.59
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 17 of 22
Table 3
– Selected Financial Data
Quarter Ended
Nine-Month Period Ended
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
(Shares in thousands)
Per Common Share Results:
Net earnings per share - basic
$
0.64
$
0.63
$
0.63
$
1.83
$
1.60
Net earnings per share - diluted
$
0.63
$
0.62
$
0.63
$
1.82
$
1.59
Cash dividends declared
$
0.20
$
0.20
$
0.18
$
0.60
$
0.54
Average shares outstanding
151,096
153,466
159,291
153,259
161,023
Average shares outstanding diluted
151,950
154,162
160,087
154,056
161,770
Book value per common share
$
12.43
$
12.95
$
12.05
$
12.43
$
12.05
Tangible book value per common share
(1)
$
12.15
$
12.68
$
11.79
$
12.15
$
11.79
Common stock price: end of period
$
26.34
$
26.07
$
22.05
$
26.34
$
22.05
Selected Financial Ratios (In Percent):
Profitability:
Average yield on loans and leases
7.42
7.51
7.62
7.47
7.67
Average yield on investment securities,
other short-term investments and interest-earning cash balances
2.92
2.96
2.33
2.86
2.29
Average yield on interest-earning assets
6.04
6.11
5.93
6.06
5.90
Average rate on interest-bearing liabilities
2.15
2.07
2.20
2.11
2.19
Average cost of funds
1.47
1.39
1.51
1.43
1.50
Interest rate spread
3.89
4.04
3.73
3.95
3.71
Interest rate spread - non-GAAP
(2)
4.19
4.36
3.90
4.24
3.86
Net interest margin
4.73
4.87
4.57
4.78
4.55
Net interest margin - non-GAAP
(2)
5.03
5.18
4.74
5.07
4.70
Return on average assets
1.98
2.02
2.10
1.96
1.81
Return on average equity
19.46
19.49
21.36
18.96
19.07
Efficiency ratio
(3)
50.06
48.07
50.22
49.09
49.92
Capital and Other:
Average total equity to average total assets
10.17
10.35
9.81
10.35
9.48
Total capital
18.16
18.21
17.93
18.16
17.93
Common equity Tier 1 capital
16.91
16.96
16.67
16.91
16.67
Tier 1 capital
16.91
16.96
16.67
16.91
16.67
Leverage
11.71
11.72
11.52
11.71
11.52
Tangible common equity ratio
(1)
9.55
10.08
9.73
9.55
9.73
Dividend payout ratio
31.44
31.92
28.52
32.72
33.73
Basic liquidity ratio
(4)
19.15
19.60
18.10
19.15
18.10
Core liquidity ratio
(5)
13.40
13.73
12.64
13.40
12.64
Loan to deposit ratio
79.09
78.68
77.46
79.09
77.46
Uninsured deposits, excluding fully collateralized deposits,
to total deposits
(6)
29.59
29.15
28.36
29.59
28.36
Average Balances (In thousands):
Loans and leases
$
13,264,096
$
13,077,087
$
12,876,239
$
13,137,365
$
12,751,409
Investment securities, other short-term investments and interest-earning
cash balances
5,826,830
5,797,465
6,037,726
5,800,564
6,241,039
Interest-earning assets
$
19,090,926
$
18,874,552
$
18,913,965
$
18,937,929
$
18,992,448
Total assets
$
19,275,569
$
19,112,408
$
19,028,792
$
19,153,161
$
19,058,747
Interest-bearing liabilities
$
11,660,901
$
11,371,881
$
11,669,135
$
11,481,529
$
11,695,894
Non-interest-bearing deposits
5,427,409
5,550,768
5,309,212
5,473,156
5,378,807
Total funding sources
$
17,088,310
$
16,922,649
$
16,978,347
$
16,954,685
$
17,074,701
Total stockholders’ equity
$
1,959,928
$
1,978,553
$
1,866,839
$
1,982,359
$
1,807,108
Asset Quality:
Allowance for credit losses for loans and finance leases to
total loans held for investment
1.81
1.85
1.89
1.81
1.89
Net charge-offs (annualized) to average loans
outstanding
0.55
0.49
0.62
0.56
0.63
Provision for credit losses for loans and finance leases to
net charge-offs
81.55
99.87
92.00
86.70
105.04
Non-performing assets to total assets
0.59
0.59
0.62
0.59
0.62
Nonaccrual loans held for investment to total loans held for investment
0.72
0.71
0.74
0.72
0.74
Allowance for credit losses for loans and finance leases to
total nonaccrual loans held for investment
251.22
259.12
256.58
251.22
256.58
Allowance for credit losses for loans and finance leases to
total nonaccrual loans held for investment,
excluding residential estate loans
334.47
344.37
366.48
334.47
366.48
(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 Tables 4 and 5 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 September
30, 2026
– Page 18 of 22
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
September 30,
June 30,
September 30,
September 30,
June 30,
September 30,
September 30,
June 30,
September 30,
2026
2026
2025
2026
2026
2025
2026
2026
2025
(Dollars in thousands)
Interest-earning assets:
Money market and other short-term investments
$
522,173
$
539,882
$
871,290
$
4,904
$
4,969
$
9,695
3.73%
3.69%
4.41%
Government obligations
(2)
1,316,809
1,382,832
1,838,314
11,880
14,976
9,779
3.58%
4.34%
2.11%
MBS
3,943,328
3,829,853
3,281,983
33,800
31,011
18,801
3.40%
3.25%
2.27%
FHLB stock
21,322
22,452
25,777
374
447
495
6.96%
7.99%
7.62%
Other investments
23,198
22,446
20,362
143
137
123
2.45%
2.45%
2.40%
Total investments
(3)
5,826,830
5,797,465
6,037,726
51,101
51,540
38,893
3.48%
3.57%
2.56%
Residential mortgage loans
2,941,226
2,924,680
2,873,549
43,403
43,696
42,203
5.85%
5.99%
5.83%
Construction loans
210,168
191,228
250,280
5,295
4,779
6,058
10.00%
10.02%
9.60%
C&I and commercial mortgage loans
6,464,509
6,304,576
6,014,997
108,758
106,430
104,631
6.67%
6.77%
6.90%
Consumer loans and finance leases
3,648,193
3,656,603
3,737,413
96,659
95,946
99,202
10.51%
10.52%
10.53%
Total loans
(4) (5)
13,264,096
13,077,087
12,876,239
254,115
250,851
252,094
7.60%
7.69%
7.77%
Total interest-earning assets
$
19,090,926
$
18,874,552
$
18,913,965
$
305,216
$
302,391
$
290,987
6.34%
6.43%
6.10%
Tax-equivalent adjustment
(14,371)
(14,681)
(8,244)
Interest income - GAAP
$
290,845
$
287,710
$
282,743
6.04%
6.11%
5.93%
Interest-bearing liabilities:
Time deposits
$
3,692,961
$
3,497,812
$
3,352,163
$
30,622
$
28,420
$
28,590
3.29%
3.26%
3.38%
Brokered CDs
626,673
528,544
581,946
6,422
5,414
6,414
4.07%
4.11%
4.37%
Other interest-bearing deposits
7,126,862
7,119,151
7,421,017
23,972
22,359
26,341
1.33%
1.26%
1.41%
Advances from the FHLB
200,000
226,374
313,152
2,155
2,386
3,472
4.27%
4.23%
4.40%
Other borrowings
14,405
-
857
147
-
10
4.05%
0.00%
4.63%
Total interest-bearing liabilities
$
11,660,901
$
11,371,881
$
11,669,135
$
63,318
$
58,579
$
64,827
2.15%
2.07%
2.20%
Net interest income / margin-
non-GAAP
(1)
$
241,898
$
243,812
$
226,160
5.03%
5.18%
4.74%
Net interest income / margin - GAAP
$
227,527
$
229,131
$
217,916
4.73%
4.87%
4.57%
Net interest spread - non-GAAP
(1)
4.19%
4.36%
3.90%
Net interest spread - GAAP
3.89%
4.04%
3.73%
(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 $3.9 million, $3.7
million, and $3.8 million,
for the quarters ended
September 30, 2026, June
30, 2026, and September 30,
2025, respectively, of
income from prepayment penalties and
late fees related to the Corporation’s loan portfolio.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 19 of 22
Table 5
– Year
-to-Date 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)
Nine-Month Period Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
(Dollars in thousands)
Interest-earning assets:
Money market and other short-term investments
$
559,790
$
1,016,762
$
15,503
$
33,797
3.70%
4.44%
Government obligations
(2)
1,388,552
1,882,541
38,282
24,268
3.69%
1.72%
MBS
3,807,384
3,293,288
91,625
54,277
3.22%
2.20%
FHLB stock
22,631
28,159
1,295
1,930
7.65%
9.16%
Other investments
22,207
20,289
419
544
2.52%
3.58%
Total investments
(3)
5,800,564
6,241,039
147,124
114,816
3.39%
2.46%
Residential mortgage loans
2,925,951
2,856,813
130,348
125,361
5.96%
5.87%
Construction loans
216,134
242,893
15,865
17,493
9.81%
9.63%
C&I and commercial mortgage loans
6,332,261
5,905,687
317,108
305,145
6.70%
6.91%
Consumer loans and finance leases
3,663,019
3,746,016
288,476
296,803
10.53%
10.59%
Total loans
(4) (5)
13,137,365
12,751,409
751,797
744,802
7.65%
7.81%
Total interest-earning assets
$
18,937,929
$
18,992,448
$
898,921
$
859,618
6.35%
6.05%
Tax-equivalent adjustment
(40,517)
(21,620)
Interest income - GAAP
$
858,404
$
837,998
6.06%
5.90%
Interest-bearing liabilities:
Time deposits
$
3,578,461
$
3,198,226
$
88,279
$
80,805
3.30%
3.38%
Brokered CDs
570,644
518,195
17,595
17,366
4.12%
4.48%
Other interest-bearing deposits
7,093,393
7,591,571
67,266
80,309
1.27%
1.41%
Advances from the FHLB
234,176
366,703
7,503
12,180
4.28%
4.44%
Other borrowings
4,855
21,199
147
1,166
4.05%
7.35%
Total interest-bearing liabilities
$
11,481,529
$
11,695,894
$
180,790
$
191,826
2.11%
2.19%
Net interest income / margin - non-GAAP
(1)
$
718,131
$
667,792
5.07%
4.70%
Net interest income / margin - GAAP
$
677,614
$
646,172
4.78%
4.55%
Net interest spread - non-GAAP
(1)
4.24%
3.86%
Net interest spread - GAAP
3.95%
3.71%
(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
$11.6
million and
$12.9
million for
the
nine-month
periods ended
September
30, 2026
and 2025,
respectively,
of
income from
prepayment penalties
and late
fees related
to
the
Corporation's loan portfolio.
The results for
the nine-month period
ended September 30,
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 September
30, 2026
– Page 20 of 22
Table 6
– Loan Portfolio by Geography
As of September 30,
2026
Puerto Rico
Virgin Islands
United States
Total
(In thousands)
Residential mortgage loans
$
2,260,645
$
143,100
$
540,199
$
2,943,944
Commercial loans:
Construction loans
202,593
11,970
3,124
217,687
Commercial mortgage loans
1,751,933
71,026
796,434
2,619,393
C&I loans
2,427,411
203,165
1,314,424
3,945,000
Commercial loans
4,381,937
286,161
2,113,982
6,782,080
Consumer loans and finance leases
3,569,862
62,427
6,187
3,638,476
Loans held for investment
10,212,444
491,688
2,660,368
13,364,500
Mortgage loans held for sale
16,545
-
-
16,545
Total loans
$
10,228,989
$
491,688
$
2,660,368
$
13,381,045
As of June 30, 2026
Puerto Rico
Virgin Islands
United States
Total
(In thousands)
Residential mortgage loans
$
2,247,503
$
144,769
$
534,895
$
2,927,167
Commercial loans:
Construction loans
189,736
11,975
2,919
204,630
Commercial mortgage loans
1,747,380
72,059
817,913
2,637,352
C&I loans
2,420,749
181,905
1,223,934
3,826,588
Commercial loans
4,357,865
265,939
2,044,766
6,668,570
Consumer loans and finance leases
3,591,388
63,763
6,335
3,661,486
Loans held for investment
10,196,756
474,471
2,585,996
13,257,223
Mortgage loans held for sale
15,056
418
-
15,474
Total loans
$
10,211,812
$
474,889
$
2,585,996
$
13,272,697
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
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 September
30, 2026
– Page 21 of 22
Table 7
– Non-Performing Assets by Geography
As of September 30,
2026
(In thousands)
Puerto Rico
Virgin Islands
United States
Total
Nonaccrual loans held for investment:
Residential mortgage
$
12,376
$
4,867
$
6,701
$
23,944
Construction
4,439
1,021
-
5,460
Commercial mortgage
1,208
5,418
1,802
8,428
C&I
23,678
728
15,371
39,777
Consumer and finance leases
18,148
289
153
18,590
Total nonaccrual loans held for investment
59,849
12,323
24,027
96,199
OREO
5,552
77
-
5,629
Other repossessed property
10,587
146
-
10,733
Other assets
(1)
1,579
-
-
1,579
Total non-performing assets
(2)
$
77,567
$
12,546
$
24,027
$
114,140
Past due loans 90 days and still accruing
(3)
$
23,394
$
791
$
146
$
24,331
As of June 30,
2026
(In thousands)
Puerto Rico
Virgin Islands
United States
Total
Nonaccrual loans held for investment:
Residential mortgage
$
12,462
$
4,592
$
6,356
$
23,410
Construction
4,441
1,022
-
5,463
Commercial mortgage
1,248
5,819
-
7,067
C&I
25,131
601
15,321
41,053
Consumer and finance leases
17,284
275
13
17,572
Total nonaccrual loans held for investment
60,566
12,309
21,690
94,565
OREO
5,401
659
879
6,939
Other repossessed property
10,699
104
-
10,803
Other assets
(1)
1,610
-
-
1,610
Total non-performing assets
(2)
$
78,276
$
13,072
$
22,569
$
113,917
Past due loans 90 days and still accruing
(3)
$
23,700
$
890
$
146
$
24,736
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 $3.0 million
as of September 30, 2026 (June
30, 2026 -
$3.6 million; December 31, 2025 - $4.8 million).
(3)
These include rebooked loans,
which were previously pooled into GNMA
securities, amounting to $5.2 million
as of September 30, 2026
(June 30, 2026 - $4.6
million; December 31, 2025 -
$6.7 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.
First BanCorp. Announces Earnings for the Quarter Ended September
30, 2026
– Page 22 of 22
Table 8
– Allowance for Credit Losses on Loans and Finance Leases
Quarter Ended
Nine-Month Period Ended
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
(Dollars in thousands)
Allowance for credit losses on loans and finance leases, beginning
of period
$
245,039
$
245,060
$
248,578
$
249,037
$
243,942
Provision for credit losses on loans and finance leases expense
14,877
15,958
18,270
48,005
63,488
Net (charge-offs) recoveries of loans and finance
leases:
Residential mortgage
(160)
(79)
32
(15)
29
Construction
58
13
313
84
340
Commercial mortgage
(158)
155
117
(525)
208
C&I
(194)
(259)
(108)
(762)
729
Consumer loans and finance leases
(17,789)
(15,809)
(20,212)
(54,151)
(61,746)
(1)
Net charge-offs
(18,243)
(15,979)
(19,858)
(55,369)
(60,440)
(1)
Allowance for credit losses on loans and finance leases, end
of period
$
241,673
$
245,039
$
246,990
$
241,673
$
246,990
Allowance for credit losses on loans and finance leases to period
end total loans
loans held for investment
1.81%
1.85%
1.89%
1.81%
1.89%
Net charge-offs (annualized) to average loans
outstanding during the period
0.55%
0.49%
0.62%
0.56%
0.63%
Provision for credit losses on loans and finance leases to net
charge-offs during the period
0.82x
1.00x
0.92x
0.87x
1.05x
(1)
Includes recoveries totaling $2.4 million associated with the bulk sale of fully charged-off consumer loans and finance leases.
Table 9
– Annualized Net Charge-Offs (Recoveries)
to Average Loans
Quarter Ended
Nine-Month Period Ended
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Residential mortgage
0.02%
0.01%
-0.00%
0.00%
-0.00%
Construction
-0.11%
-0.03%
-0.50%
-0.05%
-0.19%
Commercial mortgage
0.02%
-0.02%
-0.02%
0.03%
-0.01%
C&I
0.02%
0.03%
0.01%
0.03%
-0.03%
Consumer loans and finance leases
1.95%
1.73%
2.16%
1.97%
2.20%
(1)
Total loans
0.55%
0.49%
0.62%
0.56%
0.63%
(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 8
basis points
and 3
basis points,
respectively.
Table 10
– Deposits
As of
September 30,
2026
June 30, 2026
December 31, 2025
(In thousands)
Time deposits
$
3,787,656
$
3,535,375
$
3,562,331
Interest-bearing saving and checking accounts
7,064,868
7,190,703
6,964,841
Non-interest-bearing deposits
5,465,908
5,548,697
5,549,416
Total deposits, excluding brokered CDs
(1)
16,318,432
16,274,775
16,076,588
Brokered CDs
600,204
594,754
593,555
Total deposits
$
16,918,636
$
16,869,529
$
16,670,143
Total deposits, excluding brokered CDs and government deposits
$
13,358,314
$
13,237,929
$
13,061,068
(1)
As of each of September 30, 2026, June 30, 2026, and December
31, 2025, government deposits amounted to $3.0 billion.
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: exhibit992.htm · Sequence: 3
exhibit992
FINANCIAL RESULTS Third Quarter 2026 Earnings Presentation
| October 22, 2026
Forward looking statements This presentation may contain “forward
-looking statements” that involve risks and uncertainties, which could
cause actual results to differ from those contained in the forward
-looking statements. These include statements concerning the Corporation’s
future economic, operational, and financial performance,
which may constitute forward-looking statements and are subject
to the risk that the actual impact may differ, possibly materially,
from what is currently expected.
For a discussion of additional risks and uncertainties, which could
cause actual results to differ from those contained in the forward
-looking statements, see the Corporation’s Securities and Exchange
Commission filings, including, but not limited to, those risks and
uncertainties included under the captions “Risk Factors” and “Forward
-Looking Statements” set forth in these filings and any updates
to such risks and uncertainties contained in subsequent report
s
on Form 10-K, Form 10-Q or Form 8-K. Undue reliance
should not be placed on the forward-looking statements in this press
release, which are based upon information available to the Corporation
on the date hereof. The Corporation undertakes no duty to update
this information unless required by law. 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 15-17 for a
reconciliation of GAAP to non-GAAP measures and calculations. 2
Agenda 1 3Q 2026 Quarter Highlights Aurelio Alemán President and
Chief Executive Officer Pages 4-5 2 3Q 2026 Results of Operations
Said Ortiz Executive Vice President and Chief Financial Officer
Pages 7-12 3 Questions and Answers Appendix: p. 14+ 3
3Q 2026 | PERFORMANCE HIGHLIGHTS Strong return on assets of 1.98%;
healthy balance sheet trends Growth across the franchise,
stable credit, and strong profitability NET INCOME $96.1M Flat
QoQ ▼ -$4.4M YoY Strong core revenue and stable
credit costs DILUTED EPS $0.63 ▲ +$0.01 QoQ ▲ +$0.12 YoY (adj.)
Up 14% year-to-date vs. same period last year ROAA 1.98%
▼ -4 bps QoQ ▼ -12 bps YoY 19th straight quarter
above 1.5% NIM (GAAP) 4.73% ▼ -14 bps QoQ ▲ +16 bps YoY
2Q26 higher by 7 bps due to purchase discount and def. fee
acceleration EFFICIENCY RATIO 50.1% ▲ +2.0 pts QoQ
▼ -16 bps YoY Below the 52% operating target TOTAL
LOANS $13.4B ▲ +3.3% ann. QoQ ▲ +2.4% YoY Broad-based
growth across all geographies DEPOSITS (EX. BROKERED) $16.3B
▲ +$44M QoQ ▲ +$86M YoY Driven by $120 million increase
in core deposits during 3Q26 CET1 RATIO 16.9% ▼ -5 bps QoQ
▲ +24 bps YoY Well above well-capitalized levels
PROFITABILITY Net income of $96.1 million ($0.63 per diluted
share), flat vs 2Q 2026 Net interest income decreased
to $227.5 million,
and the margin was down by 14 basis points reaching 4.73% On
a non-GAAP basis, adjusted pre-tax, pre-provision income of
$129.9 million,
$7.6 million below 2Q 2026 Operating expenses were up by $2.9
million resulting in an efficiency ratio of 50.1% vs. 48.1%
in 2Q 2026 BALANCE SHEET Total loans increased by 3.3%
on a linked-quarter annualized basis to $13.4 billion driven by commercial
and industrial loan growth across all regions Total non-brokered
deposits grew by $43.7 million during the quarter Increase
mainly driven by a $120.4 million increase in core customer deposits partially
offset by a $76.7 million
reduction in fully collateralized government deposits ASSET QUALITY
Non-performing assets (“NPA”) ratio was flat at 0.59% Annualized
net charge-offs to average loans increased by 6 bps to 0.55%,
mostly due to a $2.0 million increase in consumer loan net charge-offs
LIQUIDITY AND CAPITAL Total available liquidity
sources of approximately $6.2 billion or 1.3x of uninsured
deposits (excluding fully collateralized govt. deposits) Repurchased
$50.0 million in common stock and declared $30.4 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 decreased by 4.2% to $12.15 mostly driven by AOCL impact
and tangible common equity ratio decreased to 9.6% 3Q 2026 |
PERFORMANCE
HIGHLIGHTS Strong return on assets of 1.98%; healthy balance
sheet trends 4
3Q 2026 | FRANCHISE HIGHLIGHTS PR economy steady; significant
excess capital to continue supporting strategic priorities PUERTO
RICO ECONOMY +0.1% Economic Activity Index August
YoY Growth (%) 6.1% August 2026 Unemployment Rate
ASSET QUALITY 0.59% NPA ratio 1.81% ACL coverage
CAPITAL AND RETURNS 19.46% Return on Average Equity
84% Net payout 3Q26 Operating Environment Steady economic
backdrop +0.3% real GNP growth in FY2026 and 0.2% expected
for FY2027 August 2026 Economic Activity Index at 128.1 (+0.1%
year-over-year growth) Disaster recovery Ongoing federal
disbursements, mainly from FEMA and HUD (CDBG), continue to support
reconstruction and the overall economy Encouraging reshoring activity
Announced expansion plans equivalent to a $2.2B investment and
4K+ jobs committed in Puerto Rico Auto sector normalizing
September year-to-date 2026 retail auto sales down 13%; August 2026 down
5% YoY and September up 1.2% YoY Business Highlights
Loan Growth Loans up 3.3% annualized on a linked-quarter
basis, led by commercial and industrial; total originations up 8% YoY
Strong end-of-year pipeline Deposits Core deposits up 3.6% annualized
on a linked-quarter basis Proactively managing funding costs in a
volatile rate environment Channels Active digital banking users
up 6.5% YoY and ~95% of deposit transactions captured
through digital and self-service channels Increased
branch footprint in non-competing markets Recognitions and Awards
Recognized by Global Finance as “Best Digital User Experience
in Latin America and Puerto Rico” and “Best Digital Banking App”
in Puerto Rico Strategic Priorities Grow Market Share Loan growth:
3%-5% organic loan
growth target Focus on speed, service quality, and providing the best
experience for customers across multiple channels Profitability
Sustain top-quartile profitability while safeguarding asset quality Maintain
efficiency ratio below 52% Enhance Shareholder Value
Return at least ~100% of earnings to shareholders; 84% of earnings
returned via buybacks and dividends in 3Q26 Deploy AI
Strategically Use AI to enhance capabilities and the way we serve
our clients by focusing on automating routine tasks to drive operational
efficiency and improve customer experience 5
3Q 2026 | OUTLOOK AND TARGETS Year-to-date key
performance metrics on track Stated financial targets vs. year-to-date
performance Priority Target YTD 3Q 2026 Status Comment
Organic loan growth ~3% - 5% +1.8% (2.4% annualized) On track
(Low-End) Pipelines and +8% YoY originations support
end-of-year expectations Efficiency ratio ~50% - 52% 49.1% Ahead
50.1% in 3Q26 Net Interest Income / Margin Baseline 2026:
~4.80% 4.78% On track 20 bps NIM expansion YTD; volatile rate
environment impacting funding costs Capital return ~100% of annual
earnings 86% On track $150M buybacks and $92.9M dividends
YTD Capital strength Above well-capitalized and internal
targets CET1 16.9% On track TCE ratio 9.55% (non-GAAP) due
to AOCL impact Asset quality Safeguard while growing NCO 0.55%;
NPA 0.59% On track Proactively monitoring inflationary
pressures on consumers Strategic priorities: selectively grow
share in core segments, achieve operating leverage, and deploy AI
to automate routine tasks and improve customer experience
6
Results of Operations
3Q 2026 | DISCUSSION OF RESULTS Net income flat vs.
2Q26; lower provision expense and taxes offset higher expenses
and lower income NET INCOME BRIDGE · 2Q26 → 3Q26 ($MM)
$96.1 -$1.6 $2.7 -$3.1 -$2.9 $4.9 $96.1 2Q26 Net Income Net Interest
Income Provision Non-Interest Income Non-Interest Expnese
Inocme Taxes 3Q26 Net Income NON-GAAP RECONCILIATION
· EXCLUDING AOCL IMPACT⁽¹⁾ TCE Ratio Tangible
BV / Shares ROACE 9.55% - 11.76% $12.15 - $15.34 19.46% -
16.30% AOCL Impact +21.21 pts AOCL impact +$3.19 AOCL
impact -3.16 pts INCOME STATEMENT AND SELECTED
FINANCIAL DATA $000s, except per share data 3Q 2026
2Q 2026 Variance 3Q 2025 Interest income $290,845 $287,710
3,135 $282,743 Interest expense 63,318 58,579 4,739 64,827 Net
interest income 227,527 229,131 (1,604) 217,916 Provision for
credit losses 14,633 17,333 (2,700) 17,593 Total non-interest
income 32,590 35,732 (3,142) 30,794 Personnel expense 64,286 63,439
847 59,761 Occupancy and equipment expense 22,299 22,108
191 22,185 Professional service fees 11,435 13,116 (1,681) 11,903
FDIC deposit insurance 2,156 2,167 (11) 2,236 Net (gain) loss on OREO
operations (766) (842) 76 1,033 Other non-interest expenses 30,812
27,336 3,476 27,776 Total non-interest expenses 130,222
127,324 2,898 124,894 Pre-tax income 115,262 120,206 (4,944)
106,223 Income tax expense 19,147 24,052 (4,905) 5,697 Net
income $96,115 $96,154 $(39) $100,526 SELECTED FINANCIAL DATA
Adj. pre-tax, pre-provision income⁽¹⁾ $129,895 $137,539 $(7,644)
$121,458 Fully diluted EPS $0.63 $0.62 $0.01 $0.63 Tangible book
value per share $12.15 $12.68 ($0.53) $11.79 Common stock
price, end of period $26.34
$26.07 $0.27 $22.05 Dividend payout ratio 31.44% 31.92% -0.48% 28.52%
Net interest margin (GAAP) 4.73% 4.87% -0.14% 4.57% Efficiency
ratio 50.06% 48.07% 1.99% 50.22% ROAA 1.98% 2.02% -0.04%
2.10% Non-GAAP financial measures; see calculation and management’
s
rationale on 8
3Q 2026 | NET INTEREST INCOME AND MARGIN Strong net interest
margin; higher rate environment impacting funding costs NET INTEREST
INCOME AND MARGIN ($MM)(1) $217.9 $222.8 $221.0 $229.1
$225.7 $227.5 4.57% 4.68% 4.75% 4.87% 4.80% 4.73% 3Q25 4Q25
1Q26 2Q26 2Q26 (Adj.) 3Q26 Net interest income ($) Net Interest
Margin (GAAP %) EVOLUTION OF LOAN YIELDS AND
COST OF FUNDS(1)(2) 7.62% 7.55% 7.49% 7.51% 7.46% 7.42%
6.11% 6.09% 6.07% 6.12% 6.07% 5.95% 1.51% 1.46% 1.42%
1.39% 1.39% 1.47% 3Q25 4Q25 1Q26 2Q26 2Q26 (Adj.)
3Q26 Loan Yields Cost of Fu nds NET INTEREST MARGIN
BRIDGE 0.20% 4.58% 4.78% 0.07% 4.80% -0.07% 0.09% 0.02%
4.73% "Full Year 2025 NIM" "YTD 3Q26 NIM" 21Q26 NIM
"One- Timer" "2Q26 (Adj.)" "Change in CoF" "Change in Debt
Secs." 3Q26 NIM Key highlights Net interest income decreased
by $1.6 million to $227.5 million primarily reflecting the following: $3.4 million
in interest income recognized during 2Q26 from purchase discount
and deferred fees accelerations due to certain refinancings and
an increase of $4.8 million in deposit costs Partially offset by
higher commercial and construction loan balances, reinvestment of
maturing debt securities in higher-yielding assets, and $1.3 million
related to an additional day in the quarter Year
-to-date 3Q26 net interest margin up 20 bps vs. full year 2025 (1)2Q26 net
interest income, margin, and loan yields adjusted for one-time
impact of purchase discount and deferred fee acceleration
due to refinancings. (2)Average cost of funds include cost of
all interest-bearing deposits, non-interest-bearing deposits, and wholesale
funding 9
3Q 2026 | NON-INTEREST INCOME AND EXPENSES Other income
up 6% YoY; expenses grew to $130 million;
efficiency ratio below 52% target NON-INTEREST INCOME
($MM) $30.8 $34.4 $37.7 $35.7 $32.6 $17.7 $20.3 $23.7 $22.1
$19.1 $3.3 $4.2 $4.0 $3.7 $3.7 $9.8 $9.9 $9.9 $9.9 $9.8 3Q25
4Q25 1Q26 2Q26 3Q26 Other Mortgage Banking Service Charges
on Deposits NON-INTEREST EXPENSES ($MM) $124.9 $126.9
$127.1 $127.3 $130.2 $1.9 $0.2 -$0.2 $0.4 $0.1 $59.8 $63.2
$65.3 $63.4 $64.3 $63.2 $63.5 $62.0 $63.5 $65.8 3Q25 4Q25
1Q26 2Q26 3Q26 Credit Related Payroll Related Other
Operating Expneses Key highlights Non-interest income of $32.6 million
compared to $35.7 million in 2Q26; decrease mainly reflected:
$1.9 million in lower realized gains on purchased income tax credits and
a $0.6 million gain from the sale of a fixed asset in the
Florida region in the previous quarter Non-interest expenses
amounted to $130.2 million compared to $127.3 million in 2Q26;
increase mainly driven by: An additional $2.8 million contingency reserve
for interest and penalties associated with escrowed rent in connection
with an adverse ruling involving a commercial OREO property
in the U.S. Virgin Islands 10
3Q 2026 | ASSET QUALITY Stable credit performance; low NPA
levels and stable ACL coverage NPA / TOTAL ASSETS
Repossessed Assets and Other Non-Performing Loans NPAs/Assets
$119.4 $114.1 $108.8 $113.9 $114.1 $23.2 $21.5 $21.1
$19.4 $17.9 0.62% 0.60% 0.57% 0.59% 0.59% $96.3 $92.6 $87.7
$94.6 $96.2 3Q25 4Q25 1Q26 2Q26 3Q26 NPA – DISTRIBUTION
BY TYPE Repossessed Assets and Other Consumer Residential
Construction Commercial $119.4 $114.1 $108.8 $113.9 $114.1
$23.2 $21.5 $21.1 $19.4 $17.9 $20.7 $21.4 $19.7 $17.6 $18.6 $28.9
$29.2 $28.1 $23.4 $23.9 $5.6 $5.5 $5.4 $5.5 $5.5 $41.1 $36.4
$34.5 $48.1 $48.2 3Q25 4Q25 1Q26 2Q26 3Q26 NCO / AVG.
LOANS 0.62% 0.63% 65.00% 49.00% 55.00% 3Q25 4Q25
1Q26 2Q26 3Q26 ACL / LOANS HFI 1.89% 1.90% 1.87% 1.85%
1.81% 3Q25 4Q25 1Q26 2Q26 3Q26 Key highlights Non-performing
assets increased by $0.2 million to $114.1 million,
driven by a $1.6 million increase in nonaccrual loans, primarily
in auto loans, partially offset by a $1.3 million decrease
in the OREO portfolio balance Net-charge offs increased to 0.55% compared
to 0.49%, primarily reflecting a $2.0 million increase in consumer
loans and finance leases net charge-offs, mainly in the auto loan portfolio
Loans in early delinquency (30-89 days past due) – increased
by $12.1 million to $155.5 million, which included an $8.3 million
matured construction loan that was fully repaid in October and
a $6.8 million increase in consumer loans and finance leases,
mainly auto loans ACL to loans held for investment decreased to 1.81%
of which 2 bps was related to a reduction in ACL for residential
mortgage 11
3Q 2026 | CAPITAL AND RETURNS Strong capital levels and consistent
shareholders’ distributions CAPITAL RATIOS (%)
17.9 16.7 11.5 9.7 18 16.8 11.6 10.1 18.2 16.9 11.7 10.1 18.2
17 11.7 10.1 18.2 16.9 11.7 9.6 3Q25 4Q25 1Q26 2Q26
3Q26 Total Risk-Based Capital Tier-1 Common Leverage
Tangible Common CAPITAL RETURNED AND NET
PAYOUT RATIO (% OF EARNINGS) 78% 90%
92% 84% 84% $78.7 $78.3 $81.5 $81.0 $80.4 $50.0 $50.0 $50.0
$50.0 $50.0 $28.7 $28.3 $31.5 $31.0 $30.4 3Q25 4Q25 1Q26 2Q26
3Q26 Repurchases Dividends TANGIBLE BOOK VALUE
PER SHARE $11.79 $12.29 $12.45 $12.68 $12.15 3Q25
4Q25 1Q26 2Q26 3Q26 Key highlights Total equity amounted
to $1.9 billion,
a decrease of $101.3 million from prior quarter driven by a
$119.4 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 Repurchased $50.0 million
in common stock and declared $30.4 million in common stock
dividends; net payout ratio of approximately 84% of 3Q26 earnings
Capital ratios significantly above “well-capitalized” levels with CET1
at 16.9% 12
3Q 2026 Financial Results Appendix and Non-GAAP Financial Measures
3Q 2026 | BALANCE SHEET HIGHLIGHTS LOAN PORTFOLIO
- $MM Loans HFS $13,061 $13,142 $13,104 $13,273 $13,381
Commercial $13 $17 $13 $16 $17 Cosumer $6,163 $6,243 $6,322
$6,464 $6,564 Construction $3,736 $3,709 $3,659 $3,661 $3,638
residential $260 $266 $195 $205 $218 residnetial $2,889 $2,908
$2,915 $2,927 $2,944 3Q25 4Q25 1Q26 2Q26 3Q26 TOTAL
DEPOSITS - $MM (EXCLUDING BROKERED CDS) $16,233
$16,077 $16,089 $16,275 $16,318 Public Funds $3,438 $3,016 $2,869
$3,037 $2,960 CDs & IRAs $3,055 $3,122 $3,179 $3,241 $3,494
Commerical $4,879 $5,019 $5,060 $5,074 $4,995 Retail $4,861
$4,920 $4,981 $49,232 $4,869 3Q25 4Q25 1Q26 2Q26 3Q26 PUBLIC
FUNDS DISTRIBUTION - $MM $2,960 $2,551 -86% PR $409 Other
-14% 3Q25 Public Corp/Agencies Municipalities US Govt. $1,933 $566
$52 76% 22% 2% LOAN ORIGINATIONS - $MM(1)
$1,371 $1,391 $1,248 $1,718 $1,479 Consumer $267 $261 $253 $290
$272 Credit Cards $104 $104 $95 $103 $101 Residnetial $132
$128 $116 $134 $136 Construction $35 $29 $14 $36 $23 Commercial
$833 $869 $770 $1,155 $947 3Q25 4Q25 1Q26 2Q26 3Q26 COMPOSITION
OF DEPOSIT PORTFOLIO VS. AVAILABLE
LIQUIDITY - $MM(2) $16,275 $16,318 $5,549 $5,466 -34%
-33% NIB $10,726 $10,852 IB -66% -67% 2Q26 3Q26 $8,529
$4,829 $2,930 52% 30% 18% Insured Uninsured Public Funds
$6,191 $463 Cash & Equivalents $2,121 Free Liquid Securities $1,108
FHLB Availability $8,529 $2,499 Fed Line Uninsured Deposits
Available Liquidity (1)Loan Originations include refinancings
and renewals, as well as credit card utilization activity (2)Uninsured
deposits exclude public funds which are fully collateralized 14
3Q 2026 | APPENDIX: NON-GAAP RECONCILIATION
Tangible common equity (“TCE”) and tangible book value per
share (“TBVPS”) In thousands,
except ratios and per share information 3Q26 2Q26 1Q26 4Q25
3Q25 Total common equity (GAAP) $1,875,484 $1,976,833
$1,967,239 $1,966,865 $1,918,045 Goodwill (38,611) (38,611)
(38,611) (38,611) (38,611) Other intangible assets (2,804)
(3,022) (3,240) (3,458) (3,676) Tangible common equity
$1,834,069 $1,935,200 $1,925,388 $1,924,796 $1,875,758 Total
assets (GAAP) $19,250,334 $19,241,235 $19,086,105 $19,132,892
$19,321,335 Goodwill (38,611) (38,611) (38,611) (38,611)
(38,611) Other intangible assets (2,804) (3,022) (3,240) (3,458)
(3,676) Tangible assets $19,208,919 $19,199,602 $19,044,254
$19,090,823 $19,279,048 Common shares outstanding 150,921
152,674 154,694 156,619 159,135 TCE ratio 9.55% 10.08% 10.11%
10.08% 9.73% TBVPS $12.15 $12.68 $12.45 $12.29 $11.79 Basis
of presentation 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. TCE and TBVPS
TCE 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 TCE ratio and TBVPS 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. Neither measure should be considered
in isolation or as a substitute for stockholders’ equity, total assets,
or any other measure calculated in accordance with GAAP.
15
3Q 2026 | APPENDIX: NON-GAAP RECONCILIATION
Adjusted pre-tax, pre-provision income $ in thousands 3Q26 2Q26
1Q26 4Q25 3Q25 Income before income taxes $115,262 $120,206
$114,263 $107,327 $106,223 Add: Provision for credit losses
14,633 17,333 17,273 22,971 17,593 Less: FDIC special
assessment reversal - - (92) (1,099) - Less: Employee retention credit
- - - - (2,358) Adjusted PTPP income $129,895 $137,539
$131,444 $129,199 $121,458 Change from prior period ($) $(7,644)
$6,095 $2,245 $7,741 $(2,014) Change from prior period (%)
-5.6% 4.6% 1.7% 6.4% -1.6% Adjusted PTPP income ($M) $129.9
$137.5 $131.4 $129.2 $121.5 3Q26 2Q26 1Q26 4Q25 3Q25 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 provision for credi
t
losses expense, as well as certain items that management believes are
not reflective of core operating performance. 16
3Q 2026 | APPENDIX: NON-GAAP RECONCILIATION
Adjusted TCE ratio, TBVPS and ROACE excluding AOCL As
of September 30, 2026, and 3Q26 averages; $ in thousands,
except per share As of September 2026 TCE $1,834,069 Add: AOCL
on AFS debt securities 480,464 Adjusted TCE $2,314,533
Tangible assets $19,208,919 Add: AOCL on AFS debt securities
480,464 Adjusted tangible assets $19,689,383 Adjusted TCE
ratio 11.76% Common shares outstanding 150,921 Adjusted TBVPS
$15.34 3Q26 (average) Average common equity $1,959,928
Add: avg. AOCL on AFS debt securities 379,234 Adjusted average
common equity $2,339,162 Net income $96,115 Adjusted ROACE 16.30%
Reported
à
AOCL impact
à
Adjsuted TCE ratio 9.55% → +2.21% → 11.76% TBVPS
$12.15 → +$3.19 → $15.34 ROACE 19.46% → -3.16% →
16.30% Definitions Adjusted TCE ratio: total common equity less goodwill
and other intangibles, after exclusion of net unrealized losses
on AFS debt securities recognized in AOCL, divided by total assets
less goodwill and other intangibles, after the same exclusion. Adjusted
TBVPS: adjusted TCE divided by common shares outstanding.
Adjusted ROACE: net income divided by average total common
equity after exclusion of average net unrealized losses on AFS debt
securities recognized in AOCL.+
17
Thank You Questions and Answers Earnings Presentation |
October 22, 2026 18
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