First BanCorp Q1 net interest income falls on loan repricing

First Bancorp

22/04/2026 12:17

Overview

Puerto Rico bank's Q1 net income and EPS rose yr/yr, driven by strong revenue generation

Net interest income fell slightly from Q4, mainly due to fewer days and loan repricing

Company repurchased $50 mln in common stock and declared $31.5 mln in dividends

Outlook

First BanCorp says loan pipelines remain healthy, supporting confidence in achieving full-year loan growth targets

Company cites resilient labor market and stable economic backdrop as supportive factors for current outlook

First BanCorp says it is closely monitoring energy costs and geopolitical risks for potential impact on results

Result Drivers

NET INTEREST INCOME DRIVERS - Net interest income fell due to two fewer days in the qtr and lower yields from repricing of variable-rate commercial loans, partly offset by lower deposit costs and redeployment into higher-yielding assets

NON-INTEREST INCOME - Non-interest income rose mainly due to $3.6 mln in seasonal contingent insurance commissions

CREDIT QUALITY IMPROVEMENT - Provision for credit losses fell due to improved macroeconomic projections and lower consumer loan delinquencies

Company press release: ID:nBwxpqB0a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.57
Q1 Net Income
$88.80 mln
Q1 Net Interest Income
$220.96 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for First BanCorp is $24.25, about 0.9% above its April 21 closing price of $24.04

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)