First BanCorp. (FBP) Stock

First BanCorp. (FBP) is a Financials stock trading at $28.23 (as of 2026-08-20), with a market capitalization of $4.31B and a trailing P/E of 11.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

First BanCorp. is a bank holding company for FirstBank Puerto Rico, providing financial services to retail, commercial, and institutional customers through segments including Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, and U.S. and Virgin Islands operations.

Understand First BanCorp.: how it makes money

First BanCorp. runs a bank for Puerto Rico, providing loans and other banking services to retail, commercial, and institutional customers, and it earns money through its lending and related financial services while managing credit losses on its loan portfolio.

First BanCorp.'s profit model is driven by loan activity (originations and loan reanimation), with profitability then pressured or supported by credit costs reflected in the provision for credit losses and net charge-offs, as delinquency and non-performing assets change over time.

Business quality (Solid): Operating margin is high (44.2%), and the quarter includes improving delinquency and non-performing asset trends, but credit loss metrics (including net charge-offs relative to average loans) remain a key risk to monitor.

Valuation: At 11× earnings, FBP trades 11% below the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Loan activity and recovery: Loan Originations were USD_B 1.2 and Loan Reanimation was USD_B 1.4, indicating renewed performance and progress in bringing loans back to performing status.
Asset quality improvement signals: Reduction in Non-Performing Assets was 7.0 percent and Early-Stage Delinquency Decrease Percentage was 24.0 percent (Early-Stage Delinquency Decrease in Dollars was USD_B 0.03).
Digital engagement in banking: Deposit Transactions Captured Through Digital and Self-Service Channels was 40.0 percent and Interactive Customers Annual Rise was 8.0 percent.

Bear case

Credit loss intensity remains elevated by ratio metrics: Net Charge-Offs as a Percent of Average Loans was 78.0 and Net Charge-Offs Basis Points of Average Loans was 60.0, which can pressure earnings when they do not improve.
Non-performing asset level is still material: Non-Performing Assets were USD_B 0.15, and Matured Past Due Assets Percentage was 67.0.
Funding mix headwind: Core Deposits Decrease Excluding Government and Brokered Deposits was -2.0 percent, which can affect funding stability and costs.

Valuation — source: SEC EDGAR (first-party)
Price	$28.23
Market Cap	$4.31B
P/E Ratio	11.9
EV / EBITDA	8.7
Price / Book	2.18
Price / Sales	3.33
FCF Yield	10.2%
DCF Value (model)	$48.65
DCF Upside vs Price	72.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.26B
Net Margin	27.5%
Revenue Growth (YoY)	7.3%
EPS Growth (YoY)	26.0%
FCF Growth (YoY)	-6.1%

Valuation vs Sector & Industry
Stock P/E	11.9
Sector P/E (Financials)	15.1
Industry P/E (Banking)	12.9
vs Sector	-21.1%
vs Industry	-7.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($489.04M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Financials
Industry	Banking
CEO	Aurelio Aleman-Bermudez
Employees	3,113
Country	US
IPO Date	1987-01-13

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.