First Bancorp

First Bancorp reported better-than-expected revenue for the second quarter of 2026, with sales rising 30.5% year on year to $127.3 million. The regional banking company's GAAP profit of $1.22 per share beat analysts' consensus estimates by 6.3%. Net interest income came in at $111.3 million, exceeding estimates by 1.3%, while the net interest margin of 3.7% was in line with expectations. Tangible book value per share reached $29.84, reflecting 17% year-on-year growth and matching analyst forecasts. The stock remained flat at $62.60 immediately after the announcement.

First BanCorp reported second-quarter 2026 net income of $96 million, or $0.62 per share, a 24% increase year-over-year. Pre-tax pre-provision income reached an all-time high of $138 million, up 11% from a year ago, while return on average assets hit 2%, marking the 18th consecutive quarter above 1.5%. Total loans grew to $13.3 billion, a 5% increase on a linked-quarter annualized basis, driven by $1.7 billion in total loan originations, which rose 21% year-over-year. Total deposits increased by $274 million during the quarter, and net interest income rose 3.7% quarter-over-quarter to $229.1 million, with net interest margin expanding 12 basis points to 4.7%. The company completed $50 million in share buybacks and paid a $0.20 per share dividend, maintaining a CET1 ratio of 17%, while non-performing assets increased by $5.1 million and net charge-offs declined to $60 million, or 49 basis points of average loans.

First BanCorp, the bank holding company for FirstBank Puerto Rico, announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share on its outstanding common stock. The dividend is payable on September 11, 2026 to shareholders of record at the close of business on August 27, 2026. First BanCorp's shares trade on the New York Stock Exchange under the symbol FBP.

First Bancorp has agreed to acquire First Carolina Bancshares in a transaction valued at $166 million. The purchase price is based on First Bancorp's share price of $64.22 on 13 July 2026, with payment to First Carolina shareholders comprising around 1.96 million First Bancorp common shares and $40 million in cash. The boards of both companies approved the merger agreement unanimously, and the deal is slated to complete in the fourth quarter of 2026 or in the opening months of the first quarter of 2027, subject to standard closing requirements including approval from First Carolina shareholders and regulators. Carolina Bank, a privately owned community lender based in Florence, South Carolina, has about $831 million in assets and operates 14 branches across six counties in the state. On a pro forma basis, First Bank would be placed among the 10 largest institutions by deposit market share in both North Carolina and South Carolina, according to FDIC deposit figures dated 30 June 2025.

StockStory identifies Vulcan Materials and First BanCorp as two unpopular stocks deserving investor attention while recommending avoiding Bank of Hawaii. Vulcan Materials, trading at $294.83, posted 10.6% annual revenue growth over five years and expanded its operating margin by 5.5 percentage points. First BanCorp, priced at $24.94, boasts a best-in-class net interest margin of 4.6% and annual earnings per share growth of 23.6%. Bank of Hawaii, at $77.30, carries a consensus price target of $86.67 but shows weak net interest margin of 2.4% and annual EPS growth of just 2.4%.

Regional bank stocks reported mixed third-quarter results, with revenues for the 97 companies tracked coming in line with analyst consensus estimates. First Bancorp posted revenue of $117.9 million, up 21.1% year on year and exceeding expectations by 3.6%, while UMB Financial delivered the biggest beat among peers with revenue of $744.8 million, up 29.3% and topping estimates by 5.4%. BankUnited was the weakest performer, with revenue of $273.8 million missing estimates by 5.1%. Commerce Bancshares reported revenue of $478.1 million, up 11.1% and meeting expectations, and Hilltop Holdings posted revenue of $301.3 million, up 5.4% and in line with estimates. Share prices of the group have held steady, rising 3.6% on average since the latest earnings results.