First Bancorp. reported second-quarter 2026 net income of $96.1 million, up from $88.8 million in the first quarter and $80.2 million a year earlier. Diluted earnings per share rose to $0.62 from $0.57 in the prior quarter and $0.50 in the second quarter of 2025.
Net interest income increased to $229.1 million from $221.0 million in the first quarter and $215.9 million a year ago. Net interest margin widened to 4.87% from 4.75% in the first quarter and 4.56% in the year-earlier period.
Income before taxes climbed to $120.2 million from $114.3 million in the first quarter and $102.9 million in the second quarter of 2025. Provision for credit losses was $17.3 million, essentially unchanged from the prior quarter and down from $20.6 million a year earlier.
Non-interest income fell to $35.7 million from $37.7 million in the first quarter, but was above the $31.0 million posted in the second quarter of 2025. Non-interest expense held at $127.3 million, compared with $127.1 million in the first quarter and $123.3 million a year earlier.
For the first half, net income reached $184.9 million, up from $157.2 million in the first half of 2025. Diluted EPS for the six months rose to $1.19 from $0.97.
Loans increased by $168.8 million during the quarter to $13.3 billion, driven by commercial and industrial growth in Puerto Rico. Total loan originations were $1.7 billion, up $469.5 million from the prior quarter, led by commercial and construction lending.
Deposits also moved higher. Government deposits rose $167.7 million to $3.0 billion, brokered CDs increased $87.7 million to $594.8 million, and core deposits rose $18.3 million to $13.2 billion.
Asset quality improved on one measure: annualized net charge-offs fell to 0.49% of average loans from 0.65% in the first quarter. The allowance for credit losses coverage ratio eased to 1.85% from 1.87%. Non-performing loans increased $6.8 million to $94.6 million, while loans 30 to 89 days past due rose $32.9 million to $143.4 million.
Liquidity totaled 19.60% of assets, down from 20.14% in the first quarter. Cash and cash equivalents were $561.3 million, up from $550.9 million.
Capital remained strong, with common stock repurchases of $50.0 million and dividends of $31.0 million. The CET1 ratio was 16.96%, unchanged from the prior quarter, while total capital was 18.21% and leverage ratio 11.72%. Return on average assets improved to 2.02% from 1.89% in the first quarter and 1.69% a year earlier. Return on average equity rose to 19.49% from 17.92% and 17.79%, respectively. The market has reacted to these announcements by moving the company's shares 0.63% to a price of $27.815. If you want to know more, read the company's complete 8-K report here.
