First BanCorp. (FBP) 10-Year Financial Performance & Capital Metrics

FBP • • Banking & Credit

Financial ServicesRegional BanksInternational & Latin American BankingLatin American Retail Banking

AboutFirst 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, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans and floor plan financings; and other products, such as cash management and business management services. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; acquisition and sale of mortgages in the secondary markets; and purchase of mortgage loans from other local banks and mortgage bankers. The Consumer (Retail) Banking segment provides auto, boat, credit card, and personal loans; lines of credit; deposit products comprising interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, and retail certificates of deposit (CDs); and finance leasing and insurance agency services. The Treasury and Investments segment offers funding and liquidity management services. The United States Operations segment provides checking, savings, and money market accounts, as well as retail CDs; traditional commercial and industrial, and commercial real estate loans; and internet banking, cash management, remote deposit capture, and automated clearing house, and transactions services. The Virgin Islands Operations segment is involved in consumer, commercial lending, and deposit-taking activities. The company operates 64 branches in Puerto Rico, 8 branches in the U.S. Virgin Islands and British Virgin Islands, and 11 branches in the state of Florida. First BanCorp. was founded in 1948 and is headquartered in San Juan, Puerto Rico.Show more

Net Interest Income $807M +1.3%
Total Revenue $1.19B +6.2%
Net Income $299M -1.4%
Return on Equity 18.87% -12.1%
Net Interest Margin 4.19% -0.7%
Efficiency Ratio 37.94% -1.5%
ROA 1.56% -3.1%
Equity / Assets 8.65% +9.2%
Book Value per Share 10.10 +19.5%
Tangible BV/Share 9.82 +20.4%
Debt/Equity 0.34 -23.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 4.2%
✓Efficient operations: 37.9% efficiency ratio
✓Good 3Y average ROE of 19.4%
✓Healthy dividend yield of 3.0%
✓Share count reduced 6.7% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.73%

5Y10.3%

3Y10.58%

TTM-

Profit (Net Income) CAGR

10Y-2.69%

5Y12.28%

3Y2.06%

TTM-1.33%

EPS CAGR

10Y-0.33%

5Y18.95%

3Y11.38%

TTM3.3%

ROCE

10Y Avg10.12%

5Y Avg15.43%

3Y Avg19.1%

Latest16.38%

Peer Comparison

Latin American Retail Banking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FBPFirst BanCorp.	3.39B	21.44	11.85	6.16%	25.04%	16.62%	11.64%	0.34
OFGOFG Bancorp	1.84B	41.92	9.91	13%	24.09%	14.59%	11.44%	0.34
BSBRBanco Santander (Brasil) S.A.	46.17B	6.18	7.10	6.31%	10.36%	7.84%		1.13
BAPCredicorp Ltd.	25.3B	318.78	4.61	6.4%	20.38%	17.35%	53.01%	1.07
IFSIntercorp Financial Services Inc.	5.01B	45.00	3.95	0.75%	14.68%	16.41%		1.08
INTRInter & Co, Inc.	2.63B	8.15	3.94	27.12%	9.34%	12.37%	100%	1.31
BBDBanco Bradesco S.A.	18.54B	3.51	2.15	-2%	6.91%	12.1%		4.08
ITUBItaú Unibanco Holding S.A.	40.24B	7.44	1.97	6.27%	12.61%	19.74%		4.09

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	502.27M	484.12M	491.55M	525.38M	567.08M	600.32M	729.93M	795.29M	797.11M	807.48M
NII Growth %	-0.03%	-0.04%	0.02%	0.07%	0.08%	0.06%	0.22%	0.09%	0%	0.01%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	605.57M	585.29M	588.42M	624.97M	675.9M	692.98M	794.71M	862.61M	1.02B	1.1B
Interest Expense	103.3M	101.17M	96.87M	99.58M	108.82M	92.66M	64.78M	67.32M	226.38M	287.67M
Loan Loss Provision	172.31M	87.91M	143.33M	58.99M	39.81M	170.99M	-65.29M	28.41M	67.01M	61.37M
Non-Interest Income+	2.08M	53.37M	32.22M	43.64M	54.67M	77.16M	87.31M	91.28M	100.06M	97.61M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	607.65M	638.67M	620.64M	668.61M	730.57M	770.14M	882.02M	953.89M	1.12B	1.19B
Revenue Growth %	-0.02%	0.05%	-0.03%	0.08%	0.09%	0.05%	0.15%	0.08%	0.18%	0.06%
Non-Interest Expense	304.32M	319.33M	318.46M	319.39M	342.57M	390.17M	454.71M	410.57M	432.72M	452.51M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	27.72M	130.26M	61.98M	190.64M	239.37M	116.32M	427.82M	447.58M	397.44M	391.21M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.7%	3.7%	-0.52%	2.08%	0.26%	-0.51%	2.68%	0.05%	-0.11%	-0.02%
Pretax Income+	27.72M	130.26M	61.98M	190.64M	239.37M	116.32M	427.82M	447.58M	397.44M	391.21M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.42M	37.03M	-4.97M	-10.97M	72M	14.05M	146.79M	142.51M	94.57M	92.48M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	21.3M	93.23M	66.96M	201.61M	167.38M	102.27M	281.02M	305.07M	302.86M	298.72M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.95%	3.38%	-0.28%	2.01%	-0.17%	-0.39%	1.75%	0.09%	-0.01%	-0.01%
Net Income (Continuing)	21.3M	93.23M	66.96M	201.61M	167.38M	102.27M	281.02M	305.07M	302.86M	298.72M
EPS (Diluted)+	0.10	0.43	0.30	0.92	0.76	0.46	1.31	1.59	1.71	1.81
EPS Growth %	-0.95%	3.3%	-0.3%	2.07%	-0.17%	-0.39%	1.85%	0.21%	0.08%	0.06%
EPS (Basic)	0.10	0.44	0.30	0.92	0.76	0.46	1.32	1.60	1.72	1.82
Diluted Shares Outstanding	212.97M	215.79M	216.12M	216.68M	217.13M	217.67M	211.3M	191.97M	177.18M	165.27M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	535.99M	292.39M	709.11M	578.91M	546.69M	1.43B	2.54B	478.78M	662.23M	1.16B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	10.18B	10.25B	10.14B	10.33B	11.15B	16.03B	17.16B	17.31B	17.56B	17.45B
Investments Growth %	0.03%	0.01%	-0.01%	0.02%	0.08%	0.44%	0.07%	0.01%	0.01%	-0.01%
Long-Term Investments	8.87B	8.7B	8.59B	8.56B	9.06B	11.66B	11.03B	11.79B	12.33B	12.89B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	28.1M	28.1M	28.1M	28.1M	28.1M	38.63M	38.61M	38.61M	38.61M	38.61M
Intangible Assets	22.48M	44.86M	39.51M	38.09M	7.57M	40.89M	29.93M	21.12M	13.38M	6.97M
PP&E (Net)	161.02M	150.83M	141.9M	147.81M	149.99M	158.21M	146.42M	142.94M	142.02M	133.44M
Other Assets	1.42B	953.5M	664.75M	485.2M	409.63M	697.59M	596.17M	418.38M	261.88M	294.06M
Total Current Assets	2.12B	2.12B	2.57B	2.73B	2.69B	5.87B	8.74B	6.07B	5.97B	5.8B
Total Non-Current Assets	10.45B	9.8B	9.69B	9.51B	9.92B	12.92B	12.05B	12.57B	12.94B	13.5B
Total Assets+	12.57B	11.92B	12.26B	12.24B	12.61B	18.79B	20.79B	18.63B	18.91B	19.29B
Asset Growth %	-0.01%	-0.05%	0.03%	-0%	0.03%	0.49%	0.11%	-0.1%	0.01%	0.02%
Return on Assets (ROA)	0%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%
Accounts Payable	159.27M	118.82M	145.91M	129.91M	180.61M	276.75M	214.85M	231.58M	0	0
Total Debt+	1.48B	1.56B	1.22B	1.07B	854.15M	923.76M	683.76M	933.89M	661.7M	561.7M
Net Debt	945.51M	1.26B	514.53M	495.32M	307.46M	-509.8M	-1.86B	455.12M	-525K	-597.01M
Long-Term Debt	681.49M	886.19M	923.63M	924.15M	754.15M	623.76M	383.76M	383.76M	661.7M	561.7M
Short-Term Debt	800M	670M	300M	150.09M	100M	300M	300M	550.13M	0	0
Other Liabilities	-100M	-370M	0	0	0	0	0	0	194.25M	190.69M
Total Current Liabilities	10.3B	9.62B	9.47B	9.27B	9.63B	15.89B	18.3B	16.93B	16.56B	16.87B
Total Non-Current Liabilities	581.49M	516.19M	923.63M	924.15M	754.15M	623.76M	383.76M	383.76M	855.96M	752.39M
Total Liabilities	10.88B	10.14B	10.39B	10.2B	10.38B	16.52B	18.68B	17.31B	17.41B	17.62B
Total Equity+	1.69B	1.79B	1.87B	2.04B	2.23B	2.28B	2.1B	1.33B	1.5B	1.67B
Equity Growth %	0.01%	0.05%	0.05%	0.09%	0.09%	0.02%	-0.08%	-0.37%	0.13%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.01%	0.05%	0.04%	0.1%	0.08%	0.05%	0.13%	0.18%	0.21%	0.19%
Book Value per Share	7.95	8.28	8.65	9.44	10.26	10.45	9.95	6.91	8.45	10.10
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	21.61M	21.87M	22.04M	22.18M	22.21M	22.3M	22.37M	22.37M	22.37M	22.37M
Additional Paid-in Capital	926.35M	931.86M	936.77M	939.67M	941.65M	946.48M	972.55M	970.72M	965.71M	964.96M
Retained Earnings	737.92M	830.93M	895.21M	1.09B	1.22B	1.22B	1.43B	1.48B	1.65B	1.81B
Accumulated OCI	-27.75M	-34.39M	-20.61M	-40.41M	6.76M	55.45M	-84M	-636.29M	-439.59M	-336.38M
Treasury Stock	-96K	-125K	-410K	-455K	-474K	-480K	-236.44M	-506.98M	-697.41M	-790.35M
Preferred Stock	36.1M	36.1M	36.1M	36.1M	36.1M	36.1M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	261.89M	199.43M	235.96M	288.32M	294.28M	297.74M	399.72M	440.49M	362.96M	404.15M
Operating CF Growth %	-0.01%	-0.24%	0.18%	0.22%	0.02%	0.01%	0.34%	0.1%	-0.18%	0.11%
Net Income	21.3M	93.23M	66.96M	201.61M	167.38M	102.27M	281.02M	305.07M	302.86M	298.72M
Depreciation & Amortization	26.2M	22.55M	20.83M	18.62M	20.68M	25.98M	36.37M	31.11M	28.24M	25M
Deferred Taxes	80K	23.88M	-13.15M	-25.04M	55.01M	-4.37M	118.32M	54.22M	6.11M	14.13M
Other Non-Cash Items	173.81M	76.6M	157.94M	72.77M	20.23M	161.21M	-58.22M	36.32M	62.88M	57.33M
Working Capital Changes	34.46M	-23.69M	-3.26M	14.27M	27.04M	7.53M	16.76M	8.37M	-44.92M	266K
Cash from Investing+	438.98M	83.19M	-73.26M	-223.26M	-342.97M	-1.24B	-1.26B	-681.46M	-78.45M	136.23M
Purchase of Investments	-255.12M	-630.46M	-265.54M	-510.88M	-765.43M	-3.82B	-3.45B	-825.75M	-5.46M	-268.55M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	217.66M	0	0	0	0	406.63M	-3.38M	0	0	0
Other Investing	187.41M	107.12M	-60.24M	-133.32M	-196.16M	-292.6M	737.8M	-494.21M	-691.67M	-620.65M
Cash from Financing+	-744.52M	-735.4M	254M	-195.26M	106.58M	1.79B	1.91B	-1.82B	-101.85M	-44.13M
Dividends Paid	0	-223K	-2.68M	-9.19M	-33.03M	-46.09M	-67.47M	-87.82M	-99.67M	-105.58M
Share Repurchases	-1.17M	-1.13M	-2.5M	-2.83M	-1.96M	-206K	-252.63M	-277.77M	-203.24M	-102.39M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Other Financing	-873.35M	-942.02M	220.1M	-36.89M	361.66M	1.97B	2.47B	-1.71B	470.98M	260.84M
Net Change in Cash+	-43.65M	-452.77M	416.71M	-130.19M	57.9M	849.73M	1.05B	-2.06B	182.66M	496.25M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	796.11M	752.46M	299.69M	716.39M	586.2M	644.1M	1.49B	2.54B	480.5M	663.16M
Cash at End	752.46M	299.69M	716.39M	586.2M	644.1M	1.49B	2.54B	480.5M	663.16M	1.16B
Interest Paid	0	0	0	0	0	0	0	65.99M	207.83M	281.73M
Income Taxes Paid	0	0	0	0	0	0	0	51.8M	109.51M	93.23M
Free Cash Flow+	249.44M	189.06M	226.55M	267.81M	271.81M	281.67M	386.37M	420.03M	340.36M	394.14M
FCF Growth %	0.03%	-0.24%	0.2%	0.18%	0.01%	0.04%	0.37%	0.09%	-0.19%	0.16%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.27%	5.36%	3.66%	10.3%	7.83%	4.54%	12.84%	17.8%	21.46%	18.87%
Return on Assets (ROA)	0.17%	0.76%	0.55%	1.65%	1.35%	0.65%	1.42%	1.55%	1.61%	1.56%
Net Interest Margin	3.99%	4.06%	4.01%	4.29%	4.5%	3.19%	3.51%	4.27%	4.22%	4.19%
Efficiency Ratio	50.08%	50%	51.31%	47.77%	46.89%	50.66%	51.55%	43.04%	38.51%	37.94%
Equity / Assets	13.47%	14.98%	15.24%	16.7%	17.67%	12.11%	10.11%	7.11%	7.92%	8.65%
Book Value / Share	7.95	8.28	8.65	9.44	10.26	10.45	9.95	6.91	8.45	10.1
NII Growth	-3.05%	-3.61%	1.54%	6.88%	7.94%	5.86%	21.59%	8.95%	0.23%	1.3%
Dividend Payout	-	-	-	3.23%	18.14%	42.45%	23.14%	28.79%	32.91%	35.34%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Consumer (Retail) Banking	-	-	-	-	-	-	-	-	-	647.06M
Consumer (Retail) Banking Growth	-	-	-	-	-	-	-	-	-	-
Commercial and Corporate	-	-	-	-	-	-	-	-	-	164.67M
Commercial and Corporate Growth	-	-	-	-	-	-	-	-	-	-
Mortgage Banking	-	-	-	-	-	-	-	-	90.11M	85.96M
Mortgage Banking Growth	-	-	-	-	-	-	-	-	-	-4.60%
United States Operations	-	-	-	-	-	-	-	-	86.12M	81.58M
United States Operations Growth	-	-	-	-	-	-	-	-	-	-5.28%
Virgin Islands Operations	-	-	-	-	-	-	-	-	30.84M	70.63M
Virgin Islands Operations Growth	-	-	-	-	-	-	-	-	-	129.02%
Treasury and Investments	-	-	-	-	-	-	-	-	-	-111.7M
Treasury and Investments Growth	-	-	-	-	-	-	-	-	-	-
Consumer Retail Banking	-	-	-	-	-	-	-	-	658.68M	-
Consumer Retail Banking Growth	-	-	-	-	-	-	-	-	-	-
Commercial And Corporate	-	-	-	-	-	-	-	-	75.94M	-
Commercial And Corporate Growth	-	-	-	-	-	-	-	-	-	-
Treasury And Investments	-	-	-	-	-	-	-	-	-11.88M	-
Treasury And Investments Growth	-	-	-	-	-	-	-	-	-	-
Investments Product Line	-	-	-	2.4M	3M	-	-	3.2M	-	-
Investments Product Line Growth	-	-	-	-	25.00%	-	-	-	-	-
Credit Card, Merchant Discount	-	-	-	-	5.63M	5.84M	8.46M	-	-	-
Credit Card, Merchant Discount Growth	-	-	-	-	-	3.71%	44.83%	-	-	-
Deposit Account	-	-	-	21.68M	-	-	-	-	-	-
Deposit Account Growth	-	-	-	-	-	-	-	-	-	-
P R	575.02M	568.18M	536.07M	-	-	-	-	-	-	-
P R Growth	-	-1.19%	-5.65%	-	-	-	-	-	-	-
U S	61.88M	60.61M	72.42M	-	-	-	-	-	-	-
U S Growth	-	-2.06%	19.50%	-	-	-	-	-	-	-
V I	50M	44.46M	42.32M	-	-	-	-	-	-	-
V I Growth	-	-11.08%	-4.82%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
PUERTO RICO	-	-	-	581.27M	628.49M	678.37M	795.17M	855.44M	981.33M	1.04B
PUERTO RICO Growth	-	-	-	-	8.12%	7.94%	17.22%	7.58%	14.72%	5.65%
US	-	-	-	-	-	-	-	-	-	150.23M
US Growth	-	-	-	-	-	-	-	-	-	-
V I	50M	44.46M	42.32M	39.02M	37.77M	37.04M	34.55M	32.62M	35.66M	38.89M
V I Growth	-	-11.08%	-4.82%	-7.80%	-3.20%	-1.93%	-6.72%	-5.57%	9.32%	9.05%
U S	61.88M	60.61M	72.42M	86.99M	100.21M	88.8M	86.16M	97.64M	139.19M	-
U S Growth	-	-2.06%	19.50%	20.11%	15.20%	-11.39%	-2.98%	13.33%	42.55%	-
P R	575.02M	568.18M	536.07M	-	-	-	-	-	-	-
P R Growth	-	-1.19%	-5.65%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

First BanCorp. (FBP) has a price-to-earnings (P/E) ratio of 11.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

First BanCorp. (FBP) grew revenue by 6.2% over the past year. This is steady growth.

Yes, First BanCorp. (FBP) is profitable, generating $306.7M in net income for fiscal year 2024 (25.0% net margin).

Dividend & Returns

Yes, First BanCorp. (FBP) pays a dividend with a yield of 2.98%. This makes it attractive for income-focused investors.

First BanCorp. (FBP) has a return on equity (ROE) of 18.9%. This is reasonable for most industries.

Industry Metrics

First BanCorp. (FBP) has a net interest margin (NIM) of 4.2%. This indicates healthy earnings from lending activities.

First BanCorp. (FBP) has an efficiency ratio of 37.9%. This is excellent, indicating strong cost control.

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