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what it is
First BanCorp is a Puerto Rico bank that takes deposits, lends money, and sells mortgage, card, and business services.
how it gets paid
Last year First Bancorp Pr made $1.0B in revenue. Net interest income was the main engine at $0.52B, or 52% of sales.
why it's growing
Revenue grew 6.7% last year. Revenue rose 199% from a year earlier, while EPS rose 152%.
what just happened
Revenue hit $744M, and EPS reached $1.59.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
10.3x trailing p/e — the market's not buying it — or you found a deal
3.9% dividend yield — cash in your pocket every quarter
$1.81 fy2024 eps est
xvary composite: 59/100 — below average
What they do
First BanCorp is a Puerto Rico bank that takes deposits, lends money, and sells mortgage, card, and business services.
You do not leave a bank lightly when your checking, mortgage, and loan live there. First BanCorp serves that whole stack. It also has 3,113 employees and $1.0B in annual revenue, so the machine is small enough to stay local and big enough to matter.
How they make money
$1.0B
annual revenue · their business grew +6.7% last year
Net interest income
$0.52B
+6.0%
Residential mortgages
$0.18B
+8.0%
Commercial lending fees
$0.12B
+5.0%
Card and consumer fees
$0.10B
+7.0%
Leasing and insurance
$0.08B
+4.0%
The products that matter
consumer loans and deposits
Retail Banking
core funding engine
it supports the franchise that produced $783M in net interest income. deposits are the raw material for the whole bank.
core
business lending and treasury services
Commercial Banking
loan growth lever
for a bank generating $1.0B in revenue, commercial lending is where balance sheet growth turns into earnings growth.
earnings lever
fees and other banking income
Non-Interest Income
$217M · 21.7% of revenue
this $217M bucket gives you some diversification. not enough to change the thesis, but enough to keep FBP from being a pure rate trade.
secondary support
Key numbers
$1.0B
annual revenue
That is the size of the whole machine. A 6.7% rise means the pile got bigger, not just busier.
10.3x
trailing p/e
You pay $10.30 for each $1 of earnings. That is cheap unless credit quality breaks.
3.9%
dividend yield
You get paid 3.9% while you wait. That is income, not a lottery ticket.
$562M
long-term debt
Debt equals 15% of capital. That keeps the balance sheet from getting cute.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $562M (15% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FBP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $744M, and EPS reached $1.59.
Revenue rose 199% from a year earlier, while EPS rose 152%. That is a clean split: more sales, more profit per share.
$744M
revenue
$1.59
eps
199%
revenue vs. last year
revenue jump
Revenue jumped 199% to $744M. That is the number that tells you the bank is not stuck in neutral.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Puerto Rico economic concentration.
high
Puerto Rico economic concentration
this is the big one. essentially the whole franchise is tied to one island economy, so a local slowdown is not a side issue — it is the business issue.
geographic concentration drives 100% of the core story
high
Net interest income dependence
$783M of revenue, or 78.3%, comes from net interest income. when a bank relies this heavily on spread income, margin pressure flows straight into earnings.
78.3% of revenue exposed to lending spread pressure
med
Earnings variability
earnings predictability is 50 / 100. in human-speak: the numbers are usable, but not smooth enough to treat every quarter like clockwork.
mid-pack predictability raises the odds of estimate misses
med
Macro-driven stock pressure
the 10-K points to downward pressure from U.S. economic conditions and stressed financial markets. even if operations hold up, sentiment can still punish the stock.
valuation can stay cheap longer than you want
when 78.3% of revenue comes from net interest income and the franchise is concentrated in Puerto Rico, you are concentrated twice.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
scheduled for April 22, 2026. you want confirmation that the Q4 beat was the start of a steadier earnings base, not a one-quarter victory lap.
revenue mix
Net interest income staying in control
$783M of revenue came from net interest income. if that line weakens, the rest of the income statement does not have enough size to hide it.
earnings trend
Whether the implied ~$2.11 EPS pace holds
that is the fresh number the market just saw. if results drift back toward the older $1.81 baseline, multiple expansion gets harder to argue.
concentration
Any sign Puerto Rico conditions are softening
FBP does not have the luxury of geographic offset. local weakness has a direct path into credit quality, loan demand, and investor sentiment.
Analyst rankings
earnings predictability
50 / 100
in human-speak, analysts think the earnings line is serviceable but not especially smooth.
risk rank
3
safer than about half the market. not fragile, not a bunker.
balance sheet grade
B++
above average balance sheet quality. good enough to trust, not good enough to stop asking questions.
source: institutional data
Institutional activity
institutional ownership data for FBP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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