FBP

EX-99.1

2 exhibit991.htm

EXHIBIT 99.1

exhibit991

Exhibit 99.1

FIRST BANCORP.

ANNOUNCES EARNINGS FOR THE QUARTER

ENDED MARCH 31, 2026

SAN JUAN, Puerto

Rico – April

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 $88.8 million, or $0.57

per diluted share, for the

first quarter of 2026, compared to

$87.1 million, or

$0.55 per diluted share, for the fourth quarter of 2025, and

$77.1 million, or $0.47 per diluted share, for the first

quarter of 2025.

Aurelio

Alemán,

President

and

Chief

Executive

Officer

of

First

BanCorp,

commented:

“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%.

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.

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. Credit

performance

was

strong,

with

stable

charge‑offs, record‑low

levels of

non‑performing assets,

and very

encouraging

early‑stage delinquency trends, which declined 24% from the

prior quarter.

Supported by a resilient labor market and

stable economic backdrop, we remain

focused on serving

our customers across

a range of

environments while closely

monitoring

key

risks,

including

energy

costs

and

their

potential

impact

on

consumers.

Our

thoughtful

and

consistent

approach

to

capital

deployment

resulted in a net

payout ratio of 92% during the

quarter achieved through share

buybacks

and

dividends.

Our

disciplined

approach

to

capital

allocation,

responsible growth, and ongoing execution of our omnichannel strategy continue

to

position

First

BanCorp

to

deliver

sustainable

long‑term

value

for

all

our

stakeholders.”

(In thousands)

Q1 '26

Q4 '25

Q1 '25

Financial Highlights

Net interest income

$

220,956

$

222,768

$

212,397

Provision for credit losses

17,273

22,971

24,810

Non-interest income

37,685

34,400

35,734

Non-interest expenses

127,105

126,870

123,022

Income before income taxes

114,263

107,327

100,299

Income tax expense

25,485

20,226

23,240

Net income

$

88,778

$

87,101

$

77,059

Selected Financial Data

Net interest margin

4.75%

4.68%

4.52%

Efficiency ratio

49.14%

49.33%

49.58%

Diluted earnings per share

$

0.57

$

0.55

$

0.47

Book value per share

$

12.72

$

12.56

$

10.91

Tangible book value per share

(1)

$

12.45

$

12.29

$

10.64

Return on average equity

17.92%

17.84%

17.90%

Return on average assets

1.89%

1.81%

1.64%

Results for the First Quarter of 2026 compared to the Fourth Quarter

of 2025

Profitability

Net income –

$88.8 million, or $0.57

per diluted share compared to

$87.1 million, or $0.55

per diluted share. Net

income for the fourth quarter

of

2025

included

a

reversal

of

$1.1

million

($0.7

million

after-tax)

related

to

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

special

assessment.

Income before income taxes

–

$114.3 million compared to $107.3 million.

Adjusted pre-tax, pre-provision income (Non-GAAP)

(1)

–

$131.4 million compared to $129.2 million.

Net interest income –

$221.0 million compared to $222.8 million. The decrease includes a reduction of $2.7 million

associated with the effect of

two less days

in the first

quarter of 2026,

$2.2 million associated

to the downward

repricing of variable-rate commercial

loans and cash

held at

the

Federal

Reserve

Bank

(“FED”), partially

offset

by

the

continued deployment

of

cash

flows

from lower-yielding

investment securities

to

higher-yielding assets and a decrease in the cost of interest-bearing deposits.

Net interest margin increased to 4.75%, compared to 4.68%.

Provision for credit losses –

$17.3 million compared to $23.0 million.

The provision reflects an improved projection on certain macroeconomic

variables

and

improvements

in

delinquency

in

the

consumer

loan

portfolios,

partially

offset

by

higher

qualitative

reserves

associated

with

geopolitical uncertainty driven by, among other things, higher oil prices as a result of

the conflict in the Middle East.

Non-interest

income

–

$37.7

million compared

to

$34.4

m

fbpPRQ42025

false 0001057706 false false false false

NYSE

false

0001057706

2026-01-27

2026-01-27

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): January 27, 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 January 27, 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 December 31, 2025. 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 December 31, 2025 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As announced in a press release dated December 23, 2025, the call may be accessed via a live Internet webcast at 10:00 a.m. Eastern time on Tuesday, January 27, 2026, through the Corporation’s investor relations website: www.fbpinvestor.com or through the dial-in telephone number 833-470-1428 or 646-844-6383. The participant access code is 822609.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit

Description of Exhibit 99.1 Press Release dated January 27, 2026 - First BanCorp Announces Earnings for the quarter ended December 31, 2025 99.2 First BanCorp Conference Call Presentation – Financial Results for the quarter ended December 31, 2025 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 January 27, 2026 - First BanCorp Announces Earnings for the quarter ended December 31, 2025 99.2 First BanCorp Conference Call Presentation – Financial Results for the quarter ended December 31, 2025 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: January 27, 2026

First BanCorp.

By: /s/ Orlando Berges

Name: Orlando Berges

Title: EVP and Chief Financial Officer

false000105770600010577062025-10-232025-10-23

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 23, 2025

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))

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. ☐

Item 2.02

Results of Operations and Financial Condition.

On October 23, 2025, 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, 2025. 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, 2025 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As announced in a press release dated September 23, 2025, the call may be accessed via a live Internet webcast at 10:00 a.m. Eastern time on Thursday, October 23, 2025, through the Corporation’s investor relations website: www.fbpinvestor.com or through the dial-in telephone number 833-470-1428 or 646-844-6383. The participant access code is 304501.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits

Exhibit

Description of Exhibit

99.1

Press Release dated October 23, 2025 - First BanCorp Announces Earnings for the quarter ended September 30, 2025

99.2

First BanCorp Conference Call Presentation – Financial Results for the quarter ended September 30, 2025

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.

2

Exhibit Index

Exhibit

Description of Exhibit

99.1

Press Release dated October 23, 2025 - First BanCorp Announces Earnings for the quarter ended September 30, 2025

99.2

First BanCorp Conference Call Presentation – Financial Results for the quarter ended September 30, 2025

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.

3

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 23, 2025

First BanCorp.

By:

/s/ Orlando Berges

Name:

Orlando Berges

Title:

EVP and Chief Financial Officer

4