First BanCorp CCO Sells Second Block Cheaper
Nayda Rivera, FirstBank Puerto Rico's EVP and Chief Credit Officer, sold 20,000 shares across two August transactions for combined proceeds of approximately $577,772, with the second 10,000-share bloc
First BanCorp EVP Sells Again at Lower Price
NEW YORK, August 30 —
First BanCorp. (FBP) posted all-time record pretax preprovision income in Q2 2026, yet its EVP and Chief Credit Officer kept selling, and sold her second block cheaper than her first, accelerating out of a retreating stock rather than waiting for a recovery.
- Rivera sold 20,000 shares across two August transactions for combined proceeds of ~$577,772, second block at $28.19, $1.40 below the first.
- Q2 2026 pretax preprovision income hit $138 million, an all-time record, up 11% year over year; net income rose 24%.
- Early-stage delinquencies rose $32.9 million quarter over quarter, with $20.7 million concentrated in auto and finance leases.
Selling Into the Slide
Nayda Rivera, FirstBank Puerto Rico's EVP, CCO and Chief of Staff, sold 10,000 shares at $29.59 on August 17, then returned nine days later to sell another 10,000 at $28.19, $1.40 lower. The sequence matters: a single scheduled disposition would draw little scrutiny, but selling a second identical block at a worse price signals urgency over opportunism. Rivera sits at the intersection of credit oversight and operations for a bank that runs mortgage, consumer, commercial, treasury, U.S., and Virgin Islands segments. She is among the first to see what the loan tape looks like before it reaches the earnings call.
The Record the Numbers Advertise
To be precise about what Rivera is selling into: the underlying business looks genuinely strong. FirstBank Puerto Rico delivered a 2.02% return on average assets in Q2 2026, the 18th consecutive quarter above 1.5%, and has beaten analyst EPS estimates in each of the last four quarters by margins ranging from 7.9% to 28.8%. Total loans reached $13.3 billion, growing 5% on an annualized linked-quarter basis, and management guided 3-to-5 basis points of NIM expansion per quarter through year-end. A 17% CET1 ratio and $1.7 billion in loan originations, up 21% year over year, round out a picture of a well-capitalized regional bank performing on most fronts. The reported numbers do not explain the selling pattern.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| FBP | $4.3B | 11.0x | +27.3% |
| OFG | $2.2B | 10.2x | +17.9% |
| BPOP | $10.8B | 9.8x | +35.5% |
| FCF | $2.1B | 10.6x | +17.9% |
| FFBC | $3.4B | 9.4x | +24.9% |
| FNB | $6.6B | 9.8x | +12.3% |
What the Credit Officer May See First
The detail that complicates the bullish read is the auto book. Early-stage delinquencies rose $32.9 million quarter over quarter, with $20.7 million of that increase concentrated in auto and finance leases, a portfolio category directly exposed to CEO Alemán-Bermudez's own disclosure that tariffs contributed to a 3% year-over-year drop in June industry auto sales. Net charge-offs improved sequentially to 49 basis points from 65, which softens the concern, but delinquencies are a leading indicator and charge-offs are a lagging one. If auto stress spreads into the next quarterly print, the number to watch is whether charge-offs retrace toward that 65-basis-point level. At $28.01 against a consensus target of $31.71, the stock prices in a recovery; insider behavior suggests at least one person close to the credit book is not yet a buyer. Run the free First BanCorp. deep-dive at First BanCorp.'s latest numbers.
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Frequently Asked Questions
Why is First BanCorp insider selling notable right now?
Nayda Rivera sold 10,000 shares at $29.59 on August 17, then returned nine days later to sell another 10,000 at $28.19, a price $1.40 lower. Selling a second identical block at a worse price signals urgency over opportunism. Rivera sits at the intersection of credit oversight and operations and is among the first to see what the loan tape looks like before it reaches the earnings call.
What was First BanCorp's Q2 2026 financial performance?
First BanCorp posted pretax preprovision income of $138 million in Q2 2026, an all-time record and an 11% year-over-year increase, with net income rising 24%. The bank delivered a 2.02% return on average assets, the 18th consecutive quarter above 1.5%, and total loans reached $13.3 billion, growing 5% on an annualized linked-quarter basis. The bank has beaten analyst EPS estimates in each of the last four quarters by margins ranging from 7.9% to 28.8%.
What are First BanCorp's auto delinquency trends?
Early-stage delinquencies rose $32.9 million quarter over quarter in Q2 2026, with $20.7 million of that increase concentrated in auto and finance leases. CEO Alemán-Bermudez disclosed that tariffs contributed to a 3% year-over-year drop in June industry auto sales. Net charge-offs improved sequentially to 49 basis points from 65, though delinquencies are a leading indicator and charge-offs are a lagging one.
What is First BanCorp's capital and origination position?
First BanCorp reported a 17% CET1 ratio and $1.7 billion in loan originations in Q2 2026, with originations up 21% year over year. Management guided 3 to 5 basis points of net interest margin expansion per quarter through year-end. The combination of capital strength and loan growth presents a picture of a well-capitalized regional bank, which makes the insider selling pattern harder to explain from the headline numbers alone.
What is the consensus price target for First BanCorp stock?
The consensus analyst price target for First BanCorp is $31.71, against a stock price of $28.01 at the time of publication. At that level the stock prices in a recovery. The insider selling pattern suggests at least one person close to the credit book is not yet a buyer.
First BanCorp's EVP, CCO and Chief of Staff Nayda Rivera sold another 10,000 shares on August 26 at $28.19 — nine days after selling an identical block at $29.59 — bringing her two-week total to 20,000 shares worth roughly $578,000. The second sale came at a lower price than the first, even as the bank had just reported all-time record pretax preprovision income.