First BanCorp.
- Open
- 27.40
- Day high
- 27.62
- Day low
- 27.34
- Prev close
- 27.44
- Volume
- 1.7M
- Mkt cap
- $4.2B
- P/E (TTM)
- 12.1
- EPS (TTM)
- $2.26
- P/B
- 2.2
- P/S
- 3.4
- Yield
- 2.77%
- Per share
- $0.76
- ▼Insiders net selling -$195K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
First BanCorp. (FBP) is a Financial Services company listed on NYSE. The stock is up 26% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
First BanCorp. (FBP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FBP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.52 | $0.57 | +9.6% | $259M | -0.0% |
| Jan 27, 2026 | $0.52 | $0.55 | +5.8% | $258M | +0.2% |
| Oct 23, 2025 | $0.49 | $0.51 | +4.8% | $240M | -6.2% |
| Jul 22, 2025 | $0.47 | $0.50 | +6.4% | $31M | -88.0% |
| Apr 24, 2025 | $0.43 | $0.47 | +10.0% | $244M | +0.5% |
| Jan 23, 2025 | $0.41 | $0.46 | +12.2% | $221M | -8.3% |
| Oct 23, 2024 | $0.41 | $0.45 | +9.8% | $229M | -4.0% |
| Jul 23, 2024 | $0.41 | $0.46 | +12.2% | $228M | +12.5% |
| Jan 24, 2024 | $0.36 | $0.49 | +36.1% | $206M | -0.2% |
| Oct 20, 2023 | $0.38 | $0.46 | +21.1% | $232M | +13.0% |
| Jul 27, 2023 | $0.35 | $0.38 | +8.6% | $229M | +13.7% |
| Jan 27, 2023 | $0.40 | $0.40 | +0.0% | $243M | +0.7% |
FBP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Berges Gonzalez Orlandoofficer: EVP and CFO | Tax | 4,760 | $26.07 |
| Jul 2, 2026 | Berges Gonzalez Orlandoofficer: EVP and CFO | Tax | 2,518 | $26.07 |
| Jul 2, 2026 | Berges Gonzalez Orlandoofficer: EVP and CFO | Tax | 4,523 | $26.07 |
| Jun 8, 2026 | Diaz-Bento Lilianofficer: EVP | Sell | 8,000 | $24.33 |
| Mar 23, 2026 | Ortiz Saidofficer: Chief Accounting Officer | Tax | 1,436 | $20.57 |
| Mar 23, 2026 | Berges Gonzalez Orlandoofficer: EVP and CFO | Grant | 13,980 | $20.59 |
| Mar 23, 2026 | Alvarez-Cabrero Saraofficer: EVP, General Counsel | Grant | 9,781 | $20.59 |
| Mar 23, 2026 | Pavia Juan Carlosofficer: EVP, Chief Operating Officer | Tax | 1,474 | $20.57 |
| Mar 23, 2026 | Ortiz Saidofficer: Chief Accounting Officer | Grant | 9,471 | $20.59 |
| Mar 23, 2026 | Lacasa Jose Mariaofficer: EVP | Tax | 1,596 | $20.57 |
| Mar 23, 2026 | ALEMAN AURELIOdirector, officer: President and CEO | Grant | 58,318 | $20.59 |
| Mar 23, 2026 | Lacasa Jose Mariaofficer: EVP | Grant | 10,693 | $20.59 |
| Mar 23, 2026 | Pavia Juan Carlosofficer: EVP, Chief Operating Officer | Grant | 11,583 | $20.59 |
| Mar 23, 2026 | McDonald Michaelofficer: EVP | Tax | 794 | $20.57 |
| Mar 23, 2026 | Alvarez-Cabrero Saraofficer: EVP, General Counsel | Tax | 1,694 | $20.57 |
Source: FBP SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full FBP insider & 13F page →First BanCorp. company profile
Overview
First BanCorp. (NASDAQ:FBP) is a Puerto Rico-based bank holding company founded in 1948 and headquartered in San Juan. The company operates primarily through its subsidiary FirstBank Puerto Rico, serving retail, commercial, and institutional clients across Puerto Rico, the U.S. Virgin Islands, British Virgin Islands, and Florida. With 83 branches across these markets and nearly eight decades of operation, First BanCorp has established itself as a leading regional financial institution in the Caribbean banking sector, benefiting from Puerto Rico's economic recovery and federal disaster relief funding in recent years.
Business
First BanCorp operates as a traditional regional bank providing comprehensive financial services through six distinct business segments. The bank's core operations center around commercial and corporate banking, which offers commercial loans including commercial real estate, construction financing, and floor plan financing for businesses, along with cash management and business services. This segment represents a significant portion of the bank's loan portfolio growth and revenue generation. The mortgage banking segment focuses on originating, selling, and servicing residential mortgage loans while also acquiring and selling mortgages in secondary markets and purchasing mortgage loans from other local financial institutions. The consumer retail banking division provides traditional retail banking products including auto loans, boat financing, credit cards, personal loans, lines of credit, and various deposit products such as checking accounts, savings accounts, individual retirement accounts, and certificates of deposit. This segment also offers finance leasing and insurance agency services. The bank's treasury and investments segment manages funding and liquidity across the organization, while the United States operations provide banking services in Florida, including deposit products, commercial lending, and digital banking services. The Virgin Islands operations handle consumer and commercial lending along with deposit-taking activities in the U.S. Virgin Islands and British Virgin Islands markets. Based on recent financial reports, the commercial and consumer segments appear to drive the majority of loan growth and revenue, with commercial lending showing particularly strong performance in recent quarters.
Revenue model
First BanCorp generates revenue primarily through traditional banking activities, earning money from the net interest margin - the difference between interest earned on loans and investments versus interest paid on deposits and borrowed funds. The bank's customers include individual consumers seeking personal banking services, small and medium businesses requiring commercial lending and cash management, and larger corporations needing construction financing and treasury services. Recent earnings show net interest income around $200 million quarterly, representing the bank's primary revenue source. The bank also generates non-interest income through mortgage banking activities (origination and servicing fees), service charges on deposit accounts, and various banking fees. The company's profitability is significantly influenced by interest rate environments, as rising rates generally improve net interest margins while falling rates compress them. Credit quality represents another critical factor, with economic conditions in Puerto Rico directly impacting loan performance - the bank benefits from Puerto Rico's economic stability and federal disaster relief funding, which supports borrower capacity. Deposit costs and competition for funding affect margins, particularly during periods of monetary policy changes. The bank's efficiency ratio of approximately 52% indicates moderate operational leverage, meaning expense management directly impacts profitability. Regulatory capital requirements influence the bank's ability to grow and return capital to shareholders, while Puerto Rico's economic performance, tourism levels, and federal funding flows represent key external factors affecting loan demand and credit quality.
Competitive moat
First BanCorp's competitive moat is moderate but geographically concentrated, primarily derived from its dominant market position in Puerto Rico and established presence in the U.S. Virgin Islands. The bank benefits from regulatory barriers to entry in banking, local market knowledge accumulated over 75 years, and established customer relationships across multiple generations in these island markets. The geographic isolation of Puerto Rico creates natural barriers for mainland U.S. banks to establish significant physical presence, while the bank's bilingual capabilities and understanding of local regulations, culture, and economic dynamics provide competitive advantages. However, the moat faces several limitations. The bank's geographic concentration creates both opportunity and risk - while it dominates local markets, it's heavily exposed to Puerto Rico's economic performance and natural disaster risks. Digital banking trends are reducing the importance of physical branch networks, potentially allowing larger mainland banks or fintech companies to compete more effectively for deposits and certain lending products. The bank's limited scale compared to major U.S. regional banks constrains its ability to invest in technology and compete on pricing for larger commercial relationships. Potential disruption could come from larger U.S. banks expanding digital services into Puerto Rico, fintech companies offering competitive consumer lending and payment services, or cryptocurrency adoption reducing demand for traditional banking services. The bank's moat is strongest in commercial relationships requiring local market expertise and regulatory knowledge, but weakest in standardized consumer products where technology and scale advantages matter more.
Risks & safety
First BanCorp demonstrates a strong margin of safety with robust capital position and conservative risk management, though geographic concentration creates some vulnerability. • Capital and Liquidity: Strong regulatory capital ratios with CET1 ratio of 15.8%, well above regulatory minimums. Cash and short-term investments of $1.16 billion provide substantial liquidity buffer. No significant solvency risk given strong capital base. • Debt and Leverage: Debt-to-equity ratio of 0.34 indicates conservative leverage. The bank has been actively redeeming trust preferred debentures to reduce debt burden. • Valuation Metrics: Trading at P/E ratio of 10.0x and price-to-book ratio of 1.82x, representing reasonable valuations for a regional bank. Return on equity of 18% indicates strong profitability relative to book value. • Credit Quality: Non-performing assets at historically low 63 basis points of total assets. Net charge-offs remain manageable with improving credit trends. • Other Considerations: Geographic concentration in Puerto Rico creates hurricane and economic risk. However, federal disaster relief funding and improving economic conditions provide support. Strong free cash flow generation of $394 million annually supports dividend sustainability.
Recent development
Over the past few years, First BanCorp has pursued several key strategic initiatives focused on digital transformation and operational efficiency. The bank launched the nCino digital commercial lending platform to streamline commercial loan origination and improve customer experience, representing a significant technology upgrade from legacy systems. The company has been migrating its core banking systems to a cloud-based environment in partnership with cloud banking technology providers, modernizing its infrastructure for improved scalability and efficiency. The bank has maintained a disciplined capital allocation strategy, consistently returning approximately 100% of earnings to shareholders through a combination of dividends and share repurchases. Management increased the quarterly dividend by 13% to $0.18 per share in 2024 and authorized $250 million for stock repurchases or debt redemptions. The bank has been actively redeeming trust preferred debentures to reduce debt costs and improve capital efficiency. Balance sheet management has focused on optimizing the loan portfolio mix, with strong growth in commercial and construction lending while allowing the residential mortgage portfolio to contract. The bank achieved mid-single-digit loan growth consistently across recent quarters, primarily driven by commercial relationships and auto lending. Management has also been proactively managing deposit costs and composition, focusing on core customer deposits while reducing reliance on brokered deposits. The bank's efficiency ratio improved to historic lows around 48-52%, reflecting successful expense management and operational improvements.
FBP company profile · for informational purposes only — not investment advice.
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