FIRST BANCORP /PR/ — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
First BanCorp reported Q3 2026 net income of $96.1M ($0.63 diluted EPS), flat vs. Q2 2026 but down $4.4M YoY. Total loans grew to $13.4B (+3.3% annualized QoQ, +2.4% YoY), driven by commercial and industrial growth. Core deposits (ex-brokered) increased $120.4M. Board approved a new $350M stock repurchase program and 25% dividend increase. Company repurchased $50M stock and declared $30.4M dividends in Q3. NPA ratio stable at 0.59%; CET1 ratio 16.91%.
Why this rating
Steady earnings and moderate loan/deposit growth in line with guidance. Capital actions ($350M buyback, dividend increase) and strong capital ratios are positive. However, NIM compression (-14 bps QoQ), rising deposit costs, and modest YoY earnings decline are headwinds. Events are routine bank operations relative to $3.2B market cap.
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