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First Bancorp Puerto Rico
(NYSE:FBP)
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Rating:81Outperform
Price Target:
$32.00
▲(11.03% Upside)
Action:Reiterated
Date:07/22/26
FBP scores well primarily due to strong financial performance and a constructive earnings outlook (profitability, improving leverage/capital strength, and guided NIM expansion with solid loan growth). Technicals also support the score with a strong uptrend and positive momentum, while valuation is reasonable with a moderate P/E and supportive dividend yield. The main offsets are uneven growth/cash-flow datapoints in the financials and credit/funding watch items discussed on the call.
Positive Factors
Strong core profitability
Record pretax, pre-provision income indicates durable core revenue generation and margin strength. High PTPPI provides a recurring earnings cushion to absorb credit volatility, fund investments and shareholder returns, and supports sustained profitability even if loan growth moderates.
Negative Factors
Early delinquency uptick
Step-up in early delinquencies—driven largely by auto and finance lease—raises medium-term credit risk. If trends persist, provisions and net charge-offs could rise, pressuring earnings and requiring higher allowance levels over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong core profitability
Record pretax, pre-provision income indicates durable core revenue generation and margin strength. High PTPPI provides a recurring earnings cushion to absorb credit volatility, fund investments and shareholder returns, and supports sustained profitability even if loan growth moderates.
Read all positive factors
First Bancorp Puerto Rico (FBP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.40B
Dividend Yield2.63%
Average Volume (3M)1.49M
Price to Earnings (P/E)12.1
Beta (1Y)0.90
Revenue Growth2.45%
EPS Growth26.38%
CountryUS
Employees3,218
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.26
Shares Outstanding152,674,410
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$30.14Price Target Upside4.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.35
Revenue Forecast (FY)$1.09B
First Bancorp Puerto Rico Business Overview & Revenue Model
Company Description
First BanCorp., operating as the holding company for FirstBank Puerto Rico, delivers a broad spectrum of financial services to retail, commercial, and institutional clients. The company's operations are structured into six key segments: Commercial...
How the Company Makes Money
FBP primarily earns money through (1) net interest income and (2) non-interest income. Net interest income is generated by taking deposits and other funding sources and deploying those funds into interest-earning assets—mainly consumer loans (e.g....
First Bancorp Puerto Rico Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call highlighted multiple strong operating and financial trends: record pretax pre-provision income, meaningful NIM expansion, robust loan originations (up 21% YoY) and accelerating loan growth, improved net charge-offs, solid capital (CET1 17%), and continued shareholder returns via buybacks and dividends. There are manageable credit and revenue seasonality items to monitor — notably an uptick in early delinquency in the auto/finance lease portfolio, modest NPA inflows tied to a single C&I relationship, and a quarter-over-quarter decline in non-interest income due to seasonality. Deposit growth was positive but skewed toward government balances, and some deposit product costs rose. Overall, the positives (profitability, margin expansion, loan growth, capital strength) outweigh the limited and largely explainable headwinds.Positive Updates
Strong Net Income and EPS Growth
Net income of $96.1 million (reported $0.63 diluted EPS) for Q2 2026, up 24% year-over-year and approximately 9% quarter-over-quarter (from $88 million prior quarter). Excluding one-time fee acceleration items, adjusted net income ~ $93 million (~$0.60 per diluted share).
Negative Updates
Increase in Early Delinquency (Auto & Finance Lease)
Early-stage delinquency rose by approximately $32.9 million QoQ, driven mainly by a $20.7 million increase in the auto and finance lease portfolio. Management views much of this as seasonal/normalized versus the unusually low Q1 levels, but it requires monitoring.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Income and EPS Growth
Net income of $96.1 million (reported $0.63 diluted EPS) for Q2 2026, up 24% year-over-year and approximately 9% quarter-over-quarter (from $88 million prior quarter). Excluding one-time fee acceleration items, adjusted net income ~ $93 million (~$0.60 per diluted share).
Read all positive updates
Company Guidance
Management reiterated 2026 targets and expectations: they maintained loan growth guidance of 3–5% for the year (after $1.7B of originations this quarter and $13.3B total loans), and expect net interest margin to expand 3–5 basis points per quarter for the remainder of 2026 off a ~4.80% adjusted base (GAAP NIM this quarter 4.87%), assuming no further rate hikes; quarterly expense run‑rate (ex‑OREO) is guided to $128–$130M with an efficiency ratio nearer the low end of a 50–52% range, CET1 capital remains strong at ~17% (tangible common equity 10.08%, book value/share $12.68, intangible BV/share $2.36), they completed $50M of buybacks and paid $0.20/share in dividends while targeting roughly 100% payout of earnings, and they highlighted ~$400M of securities repricing in H2 (~1.92% yield), ~$100M in 2027 (~1.73%) and about $1.2B of repricing over the next 18 months.First Bancorp Puerto Rico Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.25B | 1.26B | 1.19B | 1.12B | 953.89M | 882.02M |
| Gross Profit | 918.60M | 916.38M | 843.72M | 830.16M | 858.16M | 882.53M |
| EBITDA | 450.03M | 437.49M | 416.20M | 425.67M | 478.69M | 464.19M |
| Net Income | 356.58M | 344.87M | 298.72M | 302.86M | 305.07M | 281.02M |
Balance Sheet | ||||||
| Total Assets | 19.09B | 19.13B | 19.29B | 18.91B | 18.63B | 20.79B |
| Cash, Cash Equivalents and Short-Term Investments | 549.20M | 657.15M | 5.72B | 5.89B | 6.00B | 8.68B |
| Total Debt | 290.00M | 364.37M | 561.70M | 661.70M | 933.89M | 683.76M |
| Total Liabilities | 17.12B | 17.17B | 17.62B | 17.41B | 17.31B | 18.68B |
| Stockholders Equity | 1.97B | 1.97B | 1.67B | 1.50B | 1.33B | 2.10B |
Cash Flow | ||||||
| Free Cash Flow | 442.88M | 434.03M | 394.14M | 340.36M | 420.03M | 386.37M |
| Operating Cash Flow | 457.60M | 445.07M | 404.15M | 362.96M | 440.49M | 399.72M |
| Investing Cash Flow | -622.34M | -166.90M | 136.23M | -78.45M | -681.46M | -1.26B |
| Financing Cash Flow | -612.64M | -778.98M | -44.13M | -101.85M | -1.82B | 1.91B |
First Bancorp Puerto Rico Technical Analysis
Positive
28.82
Price Trends
26.08
Positive
24.20
Positive
22.43
Positive
Market Momentum
0.86
Negative
75.91
Negative
95.54
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 28.82 is above the 20-day moving average (MA) of 27.70, above the 50-day MA of 26.08, and above the 200-day MA of 22.43, indicating a bullish trend. The MACD of 0.86 indicates Negative momentum. The RSI at 75.91 is Negative, neither overbought nor oversold. The STOCH value of 95.54 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $4.40B | 12.10 | 19.03% | 2.64% | 2.45% | 26.38% | |
78 Outperform | $4.23B | 12.27 | 11.71% | 2.30% | 1.22% | 23.49% | |
75 Outperform | $4.07B | 15.13 | 7.66% | 2.89% | 34.13% | 25.12% | |
75 Outperform | $2.22B | 10.53 | 15.92% | 2.48% | 4.56% | 19.51% | |
75 Outperform | $5.34B | 13.05 | 10.56% | 2.36% | 56.03% | ― | |
73 Outperform | $4.65B | 11.64 | 11.15% | 3.05% | 0.31% | 22.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FBP
First Bancorp Puerto Rico
28.93
9.30
47.35%
CATY
Cathay General Bancorp
63.19
19.59
44.91%
FULT
Fulton Financial
24.33
7.34
43.24%
INDB
Independent Bank
83.83
23.75
39.53%
OFG
OFG Bancorp
52.86
12.32
30.39%
EBC
Eastern Bankshares
22.96
8.36
57.24%
First Bancorp Puerto Rico Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
First BanCorp Puerto Rico Approves 2026 Omnibus Incentive Plan
Positive
May 12, 2026
At its Annual Meeting of Stockholders held on May 6, 2026, First BanCorp shareholders approved the First BanCorp 2026 Omnibus Incentive Plan, authorizing up to 5,000,000 new shares for stock options, stock appreciation rights, restricted stock, re...
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.