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First BanCorp.

FBP

First BanCorp. • NYSE
$19.77 ▼ -0.40% (-0.08)
Market Cap $3.19 B
52w High $22.61
52w Low $16.40
Dividend Yield 0.72%
P/E 9.64
Volume 426.24K
Outstanding Shares 161.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $304.536M ▲ $115.972M ▼ $100.526M ▲ 33.01% ▲ $0.63 ▲ $111.401M ▲
Q2-2025 $302.065M ▼ $116.181M ▼ $80.18M ▲ 26.544% ▲ $0.5 ▲ $108.421M ▲
Q1-2025 $308.782M ▲ $119.041M ▲ $77.059M ▲ 24.956% ▼ $0.47 ▲ $106.004M ▲
Q4-2024 $291.74M ▼ $104.024M ▼ $75.701M ▲ 25.948% ▲ $0.46 ▲ $101.907M ▼
Q3-2024 $301.605M $117.179M $73.727M 24.445% $0.45 $102.508M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.007B ▲ $19.321B ▲ $17.403B ▲ $1.918B ▲
Q2-2025 $1.971B ▼ $18.898B ▼ $17.052B ▼ $1.845B ▲
Q1-2025 $2.349B ▼ $19.107B ▼ $17.328B ▼ $1.779B ▲
Q4-2024 $5.725B ▲ $19.293B ▲ $17.624B ▲ $1.669B ▼
Q3-2024 $5.58B $18.859B $17.158B $1.701B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $80.18M ▲ $95.447M ▼ $-368.224M ▼ $-318.788M ▲ $-591.565M ▼ $92.839M ▼
Q1-2025 $77.059M ▲ $108.219M ▲ $393.554M ▲ $-332.913M ▼ $168.86M ▼ $106.734M ▲
Q4-2024 $75.701M ▲ $96.801M ▼ $-77.56M ▼ $454.803M ▲ $474.044M ▲ $95.18M ▼
Q3-2024 $73.727M ▼ $117.96M ▲ $202.446M ▲ $-221.317M ▼ $99.089M ▲ $115.43M ▲
Q2-2024 $75.838M $71.143M $-28.331M $-141.049M $-98.237M $69.426M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Commercial and Corporate Segment
Commercial and Corporate Segment
 $20.00M ▲$0 ▼$50.00M ▲$40.00M ▼
Consumer Retail Banking Segment
Consumer Retail Banking Segment
 $170.00M ▲$0 ▼$170.00M ▲$170.00M ▲
Mortgage Banking
Mortgage Banking
 $20.00M ▲$50.00M ▲$20.00M ▼$20.00M ▲
Treasury and Investments Segment
Treasury and Investments Segment
 $0 ▲$0 ▲$-30.00M ▼$-30.00M ▲
United States Operations Segment
United States Operations Segment
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Virgin Islands Operations Segment
Virgin Islands Operations Segment
 $10.00M ▲$60.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have generally trended upward over the past five years, with only modest bumps along the way. Earnings grew strongly from 2020 and have stayed at a solid level, suggesting the bank is managing its costs and loan book reasonably well. Profit margins are healthy for a regional bank, and earnings per share have risen steadily, which points to better efficiency and possibly a smaller share count. The only soft spot is that operating profit was slightly higher a couple of years ago than it is now, so recent growth is more about steady resilience than explosive expansion.

Balance Sheet

Balance Sheet The balance sheet looks stable, with total assets moving within a relatively narrow band over the period. Cash levels dipped after a very liquid year in 2021 but have since recovered to a more comfortable level than in 2022, though still below that prior peak. Debt has come down from earlier years, which reduces financial risk and interest costs. Equity has declined from its highest point in 2020 but is building back gradually, showing that retained earnings are strengthening capital again. Overall, the bank appears conservatively funded, but the long-term trend in capital and asset quality still matters given its regional exposure.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and closely tracks reported profits, which is a good sign that earnings are backed by real cash, not just accounting. Free cash flow is strong because the bank’s need for capital spending is modest, and that has been true for several years. This pattern gives management flexibility to support dividends, buybacks, or growth initiatives. The lack of big swings in cash flow also suggests the business model is relatively steady, even through shifting interest-rate environments.

Competitive Edge

Competitive Edge First BanCorp holds a leading position in Puerto Rico, supported by a long history, strong brand recognition, and a wide branch and ATM network. Its reach across Puerto Rico, the U.S. and British Virgin Islands, and Florida gives it some geographic diversification, though it is still heavily tied to the Puerto Rican economy. The bank’s multi-segment model—commercial, consumer, mortgage, treasury, and U.S. operations—helps spread risk across customer types. Its local expertise, integration with popular local payment systems, and tailored offerings to small and mid-sized businesses strengthen its moat. Key risks are concentration in one primary region, exposure to local economic shocks and natural disasters, and competition from larger mainland banks and digital-first players.

Innovation and R&D

Innovation and R&D While not a traditional R&D-heavy company, First BanCorp is clearly investing in technology. The partnership with nCino to modernize commercial lending is a meaningful step toward faster, more data-driven loan processes. On the business side, the “FirstBank for Business” platform and app bring lending, deposits, and cash management into a single digital experience, which is attractive for smaller firms that want simplicity. On the consumer side, its digital banking and mobile app are competitive and aligned with industry standards, with room to add more advanced, personalized features. The main opportunities lie in deepening digital tools, using data and analytics more effectively, and expanding partnerships with local fintech and payment platforms. The main risks are execution challenges, cyber and operational risk, and the need to keep up with rapid changes in banking technology.

Summary

First BanCorp shows the profile of a mature regional bank with solid profitability, steady cash generation, and a generally conservative balance sheet. Earnings have improved meaningfully since 2020 and remain at a firm level, while leverage has eased and liquidity is acceptable. The franchise enjoys a strong, longstanding position in Puerto Rico, supported by both physical branches and increasingly capable digital platforms, particularly for business customers. Innovation efforts are focused on practical technology upgrades—especially in commercial lending and digital banking—rather than speculative projects, which fits a regional bank’s profile. The main things to keep in mind are its geographic concentration in a small and sometimes volatile economy, its sensitivity to interest rates and credit quality, and the need to successfully execute its digital and growth strategy while maintaining risk discipline.

NEWS

October 23, 2025 · 7:00 AM UTC

First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025

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October 22, 2025 · 4:30 PM UTC

First BanCorp Announces Capital Actions

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September 23, 2025 · 5:18 PM UTC

First Bancorp to Announce 3Q 2025 Results on October 23, 2025

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