First Bancorp (Puerto Rico)

First BanCorp, incorporated in Puerto Rico in 1948, owns FirstBank, a commercial bank. It offers checking and savings accounts, consumer and business loans, mortgages, auto financing and insurance through its own agency. It serves individuals and businesses in Puerto Rico, southern Florida and the US and British Virgin Islands, plus government clients on the island. As of December 31, 2025, it had $19.1 billion in assets, $13.1 billion in loans and $16.7 billion in deposits.

Like most banks, it makes the bulk of its money from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays on deposits and borrowings. Net interest income came to $869 million in fiscal 2025, against $132 million of noninterest income, such as fees and insurance commissions. Its mortgage unit also makes, services and sells home loans, including sales to Fannie Mae and Freddie Mac.

Puerto Rico supplied 83.9% of fiscal 2025 revenue, the US mainland 12.8% and the Virgin Islands 3.3%. By segment, Consumer (Retail) Banking, built on the island's branch network, brought in 54.1%. Commercial and Corporate Banking added 14.5%, United States Operations 7.2%, Mortgage Banking 6.8% and Virgin Islands Operations 6.0%. FirstBank had 57 branches in Puerto Rico, 8 in Florida, 8 in the Virgin Islands and 25 Money Express small-loan offices.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $264.9M, up 7.3% from a year earlier, and net income was $96.2M (+19.9%).
• For fiscal 2025, revenue was $1.26B (+2.4% year over year; +9.3% a year from FY2020 to FY2025) with a 27.5% net margin.

• Over FY2021–FY2025: $953.6M in buybacks and $473.6M in dividends.
• Regular dividend per share increased 8 years in a row.
• Regular dividends per share grew +29.2% a year over 5 years (FY2020–FY2025).
• Dividends took 33.5% of earnings in the latest fiscal year.
• Shares outstanding changed -26.8% from Aug 4, 2021 to Aug 3, 2026.

Rank among 1514 US companies

Market value at each year end

First Bancorp (Puerto Rico)’s market value went from $1.44B at the end of 2016 to $4.07B on Oct 28, 2026, about 2.8 times as much; since the end of 2025 it is up 24%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($1.5M).

Large shareholders (13G filings)

ETFs with the most weight in FBP

1. Heavy dependence on Puerto Rico's economy. Puerto Rico supplied 83.9% of revenue in fiscal 2025, and 57 of its branches are on the island. A local slowdown could weaken loan demand, deposits and borrowers' ability to repay all at once.
2. Borrowers who can't repay their loans. Much of its commercial lending is secured by real estate and personal guarantees. If property values or borrowers' finances weaken, losses rise. It set aside $86 million for credit losses in fiscal 2025.
3. Interest rate swings can squeeze profits. Loans and deposits reprice at different times. Long stretches of low rates tend to shrink the gap between what the bank earns and pays, while high rates can cut loan demand and raise deposit costs.
4. Competition for deposits raises funding costs. If rivals pay more to win deposits, First BanCorp may lean more on pricier funding, such as deposits raised through brokers and Federal Home Loan Bank advances. That would squeeze its margin.
5. Bond portfolio losses can dent capital. When rates rise, the bank's fixed-rate securities lose value. Paper losses shrink shareholders' equity, and losses locked in by a sale cut regulatory capital, the cushion regulators require banks to hold.
6. Banking scares can drain deposits. The 2023 collapse of large US regional banks drove deposit outflows at some lenders and raised regulatory costs, including a special charge from the FDIC, the federal deposit insurer. Similar turmoil could recur.

• Oct 22, 2026 Quarterly results released
• Jul 22, 2026 Acquisition or sale of assets completed
• May 12, 2026 Executive or board change; Shareholder vote results
• Apr 22, 2026 Quarterly results released
• Feb 9, 2026 Executive or board change
• Jan 27, 2026 Quarterly results released

First BanCorp had raised its dividend for 8 straight years through fiscal 2025. Dividends rose from $0.20 a share in fiscal 2020 to $0.72 in fiscal 2025, about 29% a year, and that $0.72 was 33.5% of earnings. The yield was 2.92% as of October 28, 2026. Buybacks were larger: about $954 million from fiscal 2021 to 2025, against $474 million in dividends. The share count fell 26.8% between August 2021 and August 2026.

Downturns have often hit hard. The stock fell 70% in the 2008 financial crisis and had not regained that peak as of October 28, 2026. Its worst-ever decline was 99.4%. It dropped 59.5% in the 2020 COVID crash and recovered in about 9 months. In the 2022 bear market it fell 26.6% and recovered in about 5 months, and it was 7.6% higher by the time the broader market bottomed. A single stock, especially a regional bank, carries more risk than a diversified fund.