First BanCorp posts flat Q3 profit, net interest income dips
FBP•First BanCorp reported Q3 net income of $96.10 million and EPS of $0.63, both flat sequentially, while net interest income fell slightly to $227.53 million. The company announced a $350 million stock buyback and a 25% dividend increase.
1. Quarterly results
First BanCorp reported Q3 net income of $96.10 million and EPS of $0.63, unchanged sequentially. Net interest income declined slightly to $227.53 million, as lower purchase discount income and higher deposit costs partly offset growth in commercial and construction loans and reinvestment in higher-yielding assets.
2. Capital allocation
The company announced a $350 million stock buyback and a 25% dividend increase. It said it remains focused on capital allocation to support organic growth and franchise opportunities, while prioritizing excess capital deployment and preserving flexibility.
