First Bancorp reported first‑quarter 2026 results with earnings per share of $0.57, beating consensus estimates of $0.51–$0.52 and marking a 21% year‑over‑year increase from the $0.47 EPS reported in Q1 2025. Net income reached $88.8 million, while revenue totaled $258.6 million, a 4% year‑over‑year rise from $248.1 million in Q1 2025 but falling short of the $258.7 million consensus forecast.
The earnings beat was driven by a record adjusted pre‑tax, pre‑provision income of $131.4 million and an expanded net interest margin of 4.75%, up from 4.52% in the prior quarter. Strict cost control and disciplined expense management allowed the company to maintain profitability even as revenue slipped slightly below expectations. The 21% increase in EPS reflects both higher income and efficient capital usage, with a return on average assets of 1.89%—the 17th consecutive quarter above 1.5%.
Revenue missed expectations by roughly $0.1 million, a small but notable shortfall relative to the $258.74 million consensus. The miss is attributed to competitive pricing pressures and modest headwinds in certain legacy segments, though overall demand remained strong. The 4% year‑over‑year growth indicates resilience, and the company’s core deposits grew by $158.5 million while loans declined by $38.2 million, underscoring a solid deposit base and manageable loan portfolio.
Management highlighted the strength of the quarter, noting that "Underlying revenue trends remained very strong during the quarter, with pre‑tax, pre‑provision income reaching an all‑time high of $131 million, up 2% from the prior quarter and 5% from a year ago." CEO Aurelio Alemán also said, "We began the year with another quarter of strong operating results, delivering consistent performance across our franchise. Earnings per share increased 21% year‑over‑year, reflecting strong revenue generation and disciplined expense management, which translated into a return on average assets of 1.89%—our 17th consecutive quarter posting a ROAA above 1.5%." He added, "Core customer deposits continued to grow, reinforcing the strength of our relationship‑driven franchise while allowing us to proactively manage funding costs. Loan pipelines remain healthy and continue to support our confidence in achieving our established loan growth targets for the full year."
The company reiterated its full‑year 2026 guidance, projecting earnings per share of $2.20 and revenue of $1.0529 billion. These targets reflect confidence in continued margin expansion and a stable loan pipeline, while acknowledging the modest revenue miss in the first quarter. The guidance signals that management expects the company to maintain its profitability trajectory and capitalize on its strong deposit base and disciplined cost structure.
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