First Bancorp Puerto Rico (FBP)
NYSE:FBP
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First Bancorp Puerto Rico
(NYSE:FBP)
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Rating:79Outperform
Price Target:
$28.00
▲(20.53% Upside)
Action:ReiteratedDate:04/22/26
The score is driven primarily by strong financial performance (solid profitability, improved leverage, and high cash conversion) and a supportive earnings outlook (NIM tailwinds, continued capital returns, and improving credit trends). Valuation is favorable with a low P/E, while technicals are positive but appear overextended, tempering the score due to elevated pullback risk.
Positive Factors
High and stable profitability
Sustained mid-to-high twenties net margins and strong operating margin reflect durable core profitability for a regional bank. That level of earnings power supports internal reinvestment, dividend and buyback capacity, and provides a cushion against cyclical revenue or credit shocks over the medium term.
Negative Factors
Flat balance sheet growth
A stagnant asset base limits the bank's ability to grow interest‑earning assets organically, forcing reliance on margin expansion, efficiency gains or capital returns to drive EPS. Over months, constrained balance sheet expansion can cap sustainable revenue and franchise scale advantages.
Read all positive and negative factors
Positive Factors
Negative Factors
High and stable profitability
Sustained mid-to-high twenties net margins and strong operating margin reflect durable core profitability for a regional bank. That level of earnings power supports internal reinvestment, dividend and buyback capacity, and provides a cushion against cyclical revenue or credit shocks over the medium term.
Read all positive factors
First Bancorp Puerto Rico (FBP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.71B
Dividend Yield3.38%
Average Volume (3M)1.49M
Price to Earnings (P/E)9.3
Beta (1Y)0.90
Revenue Growth1.43%
EPS Growth22.08%
CountryUS
Employees3,113
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.57
Shares Outstanding155,716,370
10 Day Avg. Volume1,322,961
30 Day Avg. Volume1,488,170
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)1.69
Price to Sales (P/S)2.64
P/FCF Ratio7.64
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue2.79
Enterprise Value/Gross Profit3.86
Enterprise Value/Ebitda7.97
Forecast
1Y Price Target
$26.00Price Target Upside11.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.2
Revenue Forecast (FY)$1.07B
First Bancorp Puerto Rico Business Overview & Revenue Model
Company Description
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides various financial services for retail, commercial, and institutional clients. The company operates through six segments: Commercial and Corporate Banking, Mo...
How the Company Makes Money
First BanCorp generates revenue primarily through its banking operations. The largest earnings driver is typically net interest income: the spread between interest earned on interest-earning assets (such as commercial loans, consumer loans, and ot...
First Bancorp Puerto Rico Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call communicated multiple clear positives: record adjusted pre-tax pre-provision income, expanded NIM, strong ROA and capital ratios, meaningful share repurchases/dividends, and notable improvements in delinquency and nonperforming assets. Offsetting items included modest loan contraction driven by softer consumer/auto demand, a slightly lower allowance for credit losses with added qualitative reserve for geopolitical risk, a small uptick in net charge-offs, and continued near-term expense pressure from cloud/AI and outsourced tech investments. On balance, the strength in core operating performance, capital returns, credit trends, and cited margin tailwinds outweigh the headwinds.Positive Updates
Strong Profitability and EPS Growth
Net income of $88.8M (reported as ~$89M) and diluted EPS of $0.57, up ~21% year-over-year, driven by higher core operating results and stable tax rate dynamics.
Negative Updates
Slight Loan Contraction and Consumer Softness
Total loans declined slightly to $13.1B (seasonal and lower consumer/auto demand); management noted auto industry sales down ~19% vs. Q3 last year (adjusted to ~10% on another basis), contributing to slower consumer loan originations.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Profitability and EPS Growth
Net income of $88.8M (reported as ~$89M) and diluted EPS of $0.57, up ~21% year-over-year, driven by higher core operating results and stable tax rate dynamics.
Read all positive updates
Company Guidance
The company reiterated guidance to deliver 3%–5% loan growth for 2026, with net interest margin expected to expand roughly 2–3 basis points per quarter (Q1 NIM was 4.75%, +7 bps) as maturing securities (~$600M at ~1.65% average) are reinvested into instruments roughly 280 bps higher; quarterly net interest income was $221M and adjusted pretax, pre-provision income reached a record $131M. Expense guidance remains a quarterly operating base of $128M–$130M (ex‑OREO) with an estimated full‑year efficiency ratio of about 50%–52% (Q1 efficiency 49.1%); the bank expects to continue returning capital (net payout was ~92% this quarter and management targets delivering close to 100% of earnings via buybacks/dividends). Key capital and credit metrics underpinning the guidance include CET1 of 16.9%, tangible common equity ratio ~10.11% and tangible book value per share $12.45, allowance for credit losses $245M (1.87% of loans) with a higher qualitative reserve for geopolitical risk, Q1 net income $88.8M ($0.57/sh), ROA ~1.89%, core deposits up 4.9% LQA, early delinquencies down 24% QoQ, nonperforming assets down $5.3M, and net charge‑offs of 65 bps of average loans.First Bancorp Puerto Rico Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.26B | 1.19B | 1.12B | 953.89M | 882.02M |
| Gross Profit | 916.38M | 843.72M | 830.16M | 858.16M | 882.53M |
| EBITDA | 416.73M | 416.20M | 425.67M | 478.69M | 464.19M |
| Net Income | 344.87M | 298.72M | 302.86M | 305.07M | 281.02M |
Balance Sheet | |||||
| Total Assets | 19.13B | 19.29B | 18.91B | 18.63B | 20.79B |
| Cash, Cash Equivalents and Short-Term Investments | 657.15M | 5.72B | 5.89B | 6.00B | 8.68B |
| Total Debt | 364.37M | 561.70M | 661.70M | 933.89M | 683.76M |
| Total Liabilities | 17.17B | 17.62B | 17.41B | 17.31B | 18.68B |
| Stockholders Equity | 1.97B | 1.67B | 1.50B | 1.33B | 2.10B |
Cash Flow | |||||
| Free Cash Flow | 434.03M | 394.14M | 340.36M | 420.03M | 386.37M |
| Operating Cash Flow | 445.07M | 404.15M | 362.96M | 440.49M | 399.72M |
| Investing Cash Flow | -166.90M | 136.23M | -78.45M | -681.46M | -1.26B |
| Financing Cash Flow | -778.98M | -44.13M | -101.85M | -1.82B | 1.91B |
First Bancorp Puerto Rico Technical Analysis
Positive
23.23
Price Trends
21.68
Positive
21.29
Positive
21.03
Positive
Market Momentum
0.49
Negative
69.61
Neutral
83.75
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBP, the sentiment is Positive. The current price of 23.23 is above the 20-day moving average (MA) of 21.87, above the 50-day MA of 21.68, and above the 200-day MA of 21.03, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 69.61 is Neutral, neither overbought nor oversold. The STOCH value of 83.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FBP.
First Bancorp Puerto Rico Risk Analysis
First Bancorp Puerto Rico disclosed 64 risk factors in its most recent earnings report. First Bancorp Puerto Rico reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Bancorp Puerto Rico Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.71B | 9.34 | 18.37% | 3.38% | 1.43% | 22.08% | |
79 Outperform | $3.67B | 9.62 | 11.37% | 2.72% | 0.41% | 22.52% | |
76 Outperform | $4.12B | 9.64 | 11.45% | 3.52% | -0.22% | 23.07% | |
70 Outperform | $1.93B | 8.02 | 15.62% | 2.73% | 4.29% | 15.77% | |
68 Neutral | $3.74B | 11.52 | 7.01% | 3.05% | 27.41% | 13.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $4.65B | 16.63 | 9.21% | 2.72% | 62.59% | ― |
* Financial Sector Average
FBP
First Bancorp Puerto Rico
24.28
5.14
26.87%
CATY
Cathay General Bancorp
56.03
15.18
37.16%
FULT
Fulton Financial
21.59
5.32
32.73%
INDB
Independent Bank
77.99
20.20
34.95%
OFG
OFG Bancorp
45.96
6.29
15.85%
EBC
Eastern Bankshares
20.23
5.73
39.47%
First Bancorp Puerto Rico Corporate Events
Executive/Board Changes
First BanCorp Puerto Rico Announces CFO Retirement, Successor
Neutral
Feb 9, 2026
On February 9, 2026, First BanCorp. announced that longtime Executive Vice President and Chief Financial Officer Orlando Berges will retire effective June 30, 2026, after joining the corporation in May 2009 and playing a key role in recapitalizing...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.