$FBP

FIRST BANCORP /PR/

CIK:0001057706|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans	$ 244,902	$ 242,573	$ 486,423	$ 483,905
Investment securities	37,839	23,720	70,537	47,248
Money market investments and interest-bearing cash accounts	4,969	11,897	10,599	24,102
Total interest and dividend income	287,710	278,190	567,559	555,255
Interest expense:
Deposits	56,193	58,638	112,124	117,135
Short-term borrowings	254	0	312	76
Long-term borrowings	2,132	3,693	5,036	9,788
Total interest expense	58,579	62,331	117,472	126,999
Net interest income	229,131	215,859	450,087	428,256
Provision for credit losses - expense (benefit):
Loans and finance leases	15,958	20,381	33,128	45,218
Unfunded loan commitments	1,479	287	1,586	224
Debt securities	(104)	(81)	(108)	(45)
Provision for credit losses - expense	17,333	20,587	34,606	45,397
Net interest income after provision for credit losses	211,798	195,272	415,481	382,859
Non-interest income:
Service charges and fees on deposit accounts	9,885	9,756	19,817	19,396
Mortgage banking activities	3,727	3,401	7,770	6,578
Insurance commission income	3,114	2,538	9,058	8,343
Card and processing income	12,512	11,880	24,270	23,355
Other non-interest income	6,494	3,375	12,502	9,012
Total non-interest income	35,732	30,950	73,417	66,684
Non-interest expenses:
Employees' compensation and benefits	63,439	60,058	128,738	122,195
Occupancy and equipment	22,108	22,297	44,171	44,927
Business promotion	4,435	3,495	7,990	6,773
Professional service fees	13,116	11,609	26,028	23,095
Taxes, other than income taxes	6,071	5,712	12,255	11,590
FDIC deposit insurance	2,167	2,235	4,225	4,471
Net gain on OREO operations	(842)	(591)	(1,779)	(1,720)
Credit and debit card processing expenses	8,514	7,747	15,841	12,857
Communications	2,234	2,208	4,522	4,453
Other non-interest expenses	6,082	8,567	12,438	17,718
Total non-interest expenses	127,324	123,337	254,429	246,359
Income before income taxes	120,206	102,885	234,469	203,184
Income tax expense	24,052	22,705	49,537	45,945
Net income	96,154	80,180	184,932	157,239
Net income attributable to common stockholders	$ 96,154	$ 80,180	$ 184,932	$ 157,239
Net income per common share:
Basic	$ 0.63	$ 0.50	$ 1.20	$ 0.97
Diluted	$ 0.62	$ 0.50	$ 1.19	$ 0.97

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 184,932	$ 157,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,281	8,809
Amortization of intangible assets	436	2,432
Provision for credit losses	34,606	45,397
Deferred income tax expense	6,971	1,584
Stock-based compensation	6,424	5,878
Unrealized gain on derivative instruments	(389)	(240)
Net gain on disposals or sales, and impairments of premises and equipment and other assets	(657)	0
Net gain on sales of loans and loans held for sale valuation adjustments	(3,337)	(2,230)
Net accretion of discounts, premiums, and deferred loan fees and costs	(1,546)	(353)
Originations and purchases of loans held for sale	(81,260)	(85,836)
Sales and repayments of loans held for sale	86,319	93,508
Amortization of broker placement fees	372	329
Net (accretion) amortization of premiums and discounts on investment securities	(10,321)	1,630
Increase in accrued interest receivable	(4,205)	(2,605)
Decrease in accrued interest payable	(1,874)	(3,055)
Increase in other assets	(4,585)	(11,670)
Decrease in other liabilities	(6,863)	(7,151)
Net cash provided by operating activities	213,304	203,666
Cash flows from investing activities:
Net disbursements on loans held for investment	(189,758)	(194,164)
Proceeds from sales of loans held for investment	0	2,475
Proceeds from sales of repossessed assets	25,292	27,417
Purchases of available-for-sale debt securities	(1,552,658)	(404,332)
Proceeds from principal repayments and maturities of available-for-sale debt securities	1,419,012	580,359
Proceeds from principal repayments of held-to-maturity debt securities	33,535	10,767
Additions to premises and equipment	(10,208)	(4,093)
Proceeds from sales of premises and equipment and other assets	823	0
Net redemptions of equity securities	1,162	6,901
Net cash (used in) provided by investing activities	(272,800)	25,330
Cash flows from financing activities:
Net increase (decrease) in deposits	220,227	(299,298)
Repayments of long-term borrowings	(90,000)	(239,850)
Repurchase of outstanding common stock	(104,940)	(53,534)
Dividends paid on common stock	(63,064)	(59,019)
Net cash used in financing activities	(37,777)	(651,701)
Net decrease in cash and cash equivalents	(97,273)	(422,705)
Cash and cash equivalents at beginning of year	658,599	1,159,415
Cash and cash equivalents at end of period	561,326	736,710
Cash and cash equivalents include:
Cash and due from banks	559,626	735,384
Money market investments	1,700	1,326
Cash and Cash Equivalents, at Carrying Value, Total	$ 561,326	$ 736,710

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 559,626	$ 657,149
Money market investments:
Time deposit with another financial institution	1,000	750
Other short-term investments	700	700
Total money market investments	1,700	1,450
Available-for-sale debt securities, at fair value (amortized cost of $5,043,559 as of June 30, 2026 and $4,901,982 as of December 31, 2025; ACL of $885 as of June 30, 2026 and $763 as of December 31, 2025)	4,681,588	4,554,032
Held-to-maturity debt securities, at amortized cost, net of ACL of $479 as of June 30, 2026 and $733 as of December 31, 2025 (fair value of $228,667 as of June 30, 2026 and $262,055 as of December 31, 2025)	233,645	264,563
Equity securities	43,552	44,753
Total investment securities	4,958,785	4,863,348
Loans held for investment, net of ACL of $245,039 as of June 30, 2026 and $249,037 as of December 31, 2025	13,012,184	12,876,319
Mortgage loans held for sale, at lower of cost or fair value	15,474	16,697
Total loans, net	13,027,658	12,893,016
Accrued interest receivable on loans and investments	70,663	71,351
Premises and equipment, net	128,680	126,920
Other real estate owned (OREO)	6,939	7,522
Deferred tax asset, net	142,041	149,012
Goodwill	38,611	38,611
Other intangible assets	3,022	3,458
Other assets	303,510	321,055
Total assets	19,241,235	19,132,892
LIABILITIES
Non-interest-bearing deposits	5,548,697	5,549,416
Interest-bearing deposits	11,320,832	11,120,727
Total deposits	16,869,529	16,670,143
Long-term borrowings	200,000	290,000
Accounts payable and other liabilities	194,873	205,884
Total liabilities	17,264,402	17,166,027
Commitments and contingencies (See Note 18)
STOCKHOLDERS' EQUITY
Common stock, $0.10 par value, 2,000,000,000 shares authorized; 223,663,116 shares issued; 152,674,406 shares outstanding as of June 30, 2026 and 156,618,996 shares outstanding as of December 31, 2025	22,366	22,366
Additional paid-in capital	955,527	963,543
Retained earnings, includes legal surplus reserve of $262,534 as of each of June 30, 2026 and December 31, 2025	2,390,394	2,268,011
Treasury stock (at cost), 70,988,710 shares as of June 30, 2026 and 67,044,120 shares as of December 31, 2025	(1,023,005)	(932,505)
Accumulated other comprehensive loss, net of tax of $7,986 as of each of June 30, 2026 and December 31, 2025	(368,449)	(354,550)
Total stockholders' equity	1,976,833	1,966,865
Total liabilities and stockholders' equity	$ 19,241,235	$ 19,132,892