First BanCorp’s first quarter results showcased resilience in core banking operations, with management pointing to strong non-GAAP profitability and continued credit stability despite a softer loan environment. CEO Aurelio Alemán-Bermúdez credited healthy commercial pipelines and robust core deposit growth as key contributors, while noting that seasonally weaker consumer lending and ongoing market uncertainties limited broader loan expansion. Alemán-Bermúdez emphasized, “Driving core client deposit growth is a key priority for us, and we’re very encouraged by the execution during the quarter.”
Is now the time to buy FBP? Find out in our full research report (it’s free for active Edge members).
First BanCorp (FBP) Q1 CY2026 Highlights:
- Revenue: $258.6 million vs analyst estimates of $256.3 million (4.2% year-on-year growth, 0.9% beat)
- Adjusted EPS: $0.57 vs analyst estimates of $0.51 (11% beat)
- Adjusted Operating Income: $114.2 million vs analyst estimates of $133.8 million (44.2% margin, 14.7% miss)
- Market Capitalization: $3.72 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From First BanCorp’s Q1 Earnings Call
- Brett Rabatin (StoneX): Asked how First BanCorp plans to achieve its 3% to 5% loan growth guidance amid soft consumer demand. CEO Aurelio Alemán-Bermúdez cited commercial and mortgage lending pipelines as key drivers, while acknowledging continued contraction in the consumer portfolio.
- Arren Cyganovich (Truist Securities): Inquired about credit quality outlook and whether early-stage delinquency improvements could reduce credit losses. CFO Orlando Berges-González said stability is expected, with improvements reflecting changes to credit policies made in recent years.
- Kelly Motta (KBW): Questioned the company’s appetite for acquisitions in Florida given high capital levels. CEO Alemán-Bermúdez stressed that M&A remains an option if opportunities meet return thresholds, but the company is not aggressively pursuing deals.
- Stephen Moss (Raymond James): Sought clarity on deposit costs and the impact of deposit mix on NIM. CFO Berges-González detailed that continued growth in core deposits, especially lower-cost segments, could further support margin expansion.
- Robert Rutschow (Wells Fargo): Asked about the sustainability and segmentation of tech spending and its impact on efficiency. Management indicated tech investments will remain high for another 18 to 24 months, with a focus on cloud migration and outsourced services.
Catalysts in Upcoming Quarters
Our analyst team is closely monitoring (1) the pace and composition of core deposit growth, (2) progress in migrating technology infrastructure to the cloud while leveraging AI for operational efficiency, and (3) the balance between commercial loan growth and consumer loan runoff. Execution on branch expansion and any developments in potential Florida acquisitions will also be key to evaluating First BanCorp’s trajectory.
First BanCorp currently trades at $24.19, in line with $24.04 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
The Best Stocks for High-Quality Investors
ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively.
Find out which 5 stocks it's flagging for this month — FREE. Get Our Top 5 Growth Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
