First BanCorp., the parent company of FirstBank Puerto Rico (NYSE: FBP), reported net income of $96.1 million for the third quarter of 2026, matching the prior quarter as loan balances and core deposits grew. Diluted earnings were 63 cents per share for the quarter ended September 30, versus $96.2 million (62 cents) in the second quarter and $100.5 million (63 cents) in the third quarter of 2025.
President and CEO Aurelio Alemán cited stable credit metrics and a focus on profitability and responsible growth. Return on average assets was 1.98% and return on average equity 19.46%. Total loans rose $108.3 million to $13.4 billion, led by commercial and industrial lending.
Originations reached $1.5 billion, down $238.5 million. Core deposits grew $120.4 million to $13.4 billion, while government deposits fell $76.7 million to $3 billion. Net interest income was $227.5 million (down from $229.1 million) and net interest margin narrowed to 4.73% from 4.87%.
The provision for credit losses fell to $14.6 million from $17.3 million. Non-interest income declined to $32.6 million; non-interest expenses rose to $130.2 million, including a $2.8 million contingency reserve. Non-performing assets were $114.1 million, and net charge-offs rose to 0.55% from 0.49%, mainly auto loans.
The total capital ratio was 18.16% and the common equity Tier 1 ratio 16.91%. The company repurchased $50 million in stock and declared $30.4 million in dividends. The board approved a new $350 million buyback and a 25% dividend increase.
Global Finance named it best digital banking app in Puerto Rico. Nine-month net income was $281 million, up from $257.8 million.