First BanCorp. (FBP)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business is demonstrably excellent, the valuation already reflects it, and the open questions can be checked quarter by quarter against specific numbers. Anyone watching should track three things: does early delinquency stay above $143.4 million, or was the second-quarter 2026 jump an outlier? Does the unrealized-loss position in equity fall back below $368.4 million? And does adjusted earnings power of $325.3 million hold up in 2026 without tax one-offs? Then the island itself: how much federal funding does Puerto Rico receive in the fiscal year that began July 1, 2026? On the capital side the buyback machine speaks for itself — 84 percent of quarterly earnings most recently went back to shareholders. The decision is yours.
symbol.quality_note
An in-house screen looks for beaten-down stocks whose business is measurably turning, and on the morning of July 25, 2026 it returned a bank that has been posting records for years. By that evening the stock had dropped out of the list again, because the mandatory Altman Z-score barely applies to bank balance sheets. First BanCorp of Puerto Rico earned $344.9 million in 2025 and another $96.2 million in the second quarter of 2026, at a 2.02 percent return on average assets. Yet the stock still sits roughly 91 percent below its split-adjusted December 2004 high, because a near-death experience, a half-billion-dollar loss and a 1-for-15 reverse split sit in between. We read the filings to the U.S. securities regulator, the SEC, and ask what is left of the turnaround, what it cost and which risks the island still carries. Not investment advice — just the question of what a price chart hides about a bank.
Read the analysis
Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at FBP since then.
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Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 28.90 $ — 96% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
ThreatenedBeide Geschäftsberichte nennen künstliche Intelligenz in den Risikofaktoren als konkrete Wettbewerbsgefahr für margenstarke Bankleistungen (Finanzberatung, Zahlungsverkehr, Vermögensverwaltung); eine eigene KI-Umsatzquelle weist First BanCorp nicht aus.
View the full file — quotes, sources, reviewed filings
„Advances in artificial intelligence, digital platforms, and automated advisory tools are enabling non-bank competitors to offer services traditionally provided by banks, including personal financial guidance, payments, and wealth management, often at lower cost and with greater speed or convenience."
Fortschritte bei künstlicher Intelligenz, digitalen Plattformen und automatisierten Beratungswerkzeugen versetzen Wettbewerber außerhalb des Bankensektors in die Lage, Leistungen anzubieten, die traditionell von Banken erbracht wurden — darunter persönliche Finanzberatung, Zahlungsverkehr und Vermögensverwaltung —, oft zu geringeren Kosten und mit größerer Geschwindigkeit oder Bequemlichkeit.
„companies which claim to offer applications and services based on artificial intelligence are beginning to compete much more directly with traditional financial services companies in areas involving personal advice, including high-margin services such as financial planning and wealth management."
Unternehmen, die nach eigenen Angaben Anwendungen und Dienste auf Basis künstlicher Intelligenz anbieten, beginnen, deutlich direkter mit klassischen Finanzdienstleistern in Bereichen der persönlichen Beratung zu konkurrieren — einschließlich margenstarker Leistungen wie Finanzplanung und Vermögensverwaltung.
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-07 · 10-Q 2025-05-09 · 10-K 2026-02-27 · 10-K 2025-02-28
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 7.3% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 6
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.40 | 2.36 – 2.42 | 1,095 | 18.4% | 6 |
| 12/31/2027 | 2.52 | 2.36 – 2.65 | 1,135 | 5.1% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.60 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.45 | -2.20 | 302 | 2.20 | 24.40 | 118 | 115 |
| 2024: Q4 | 0.46 | 0.00 | 292 | 6.30 | 25.90 | 97 | 95 |
| 2026: Q2 | 0.62 | 24.00 | 324 | 7.40 | 29.70 | – | – |
| 2025: Q1 | 0.47 | 6.80 | 309 | 3.20 | 25.00 | 108 | 107 |
| 2025: Q2 | 0.50 | 8.70 | 302 | 0.60 | 26.50 | 95 | 93 |
| 2025: Q3 | 0.63 | 40.00 | 305 | 1.00 | 33.00 | 138 | 135 |
| 2025: Q4 | 0.55 | 19.60 | 320 | 9.80 | 27.20 | 110 | 106 |
| 2026: Q1 | 0.57 | 21.30 | 319 | 3.10 | 27.90 | 115 | 110 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 639 | 130 | 93 | 0.43 | 199 | 1,786 | 11,922 |
| 2017 | 621 | 62 | 67 | 0.31 | 236 | 1,869 | 12,261 |
| 2018 | 669 | 191 | 202 | 0.93 | 288 | 2,045 | 12,244 |
| 2019 | 731 | 239 | 167 | 0.77 | 294 | 2,228 | 12,611 |
| 2020 | 770 | 116 | 102 | 0.47 | 298 | 2,275 | 18,793 |
| 2021 | 882 | 428 | 281 | 1.33 | 400 | 2,102 | 20,785 |
| 2022 | 954 | 448 | 305 | 1.59 | 440 | 1,326 | 18,634 |
| 2023 | 1,124 | 397 | 303 | 1.71 | 363 | 1,498 | 18,910 |
| 2024 | 1,193 | 391 | 299 | 1.81 | 404 | 1,669 | 19,293 |
| 2025 | 1,257 | 417 | 345 | 2.15 | 445 | 1,967 | 19,133 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
In the second quarter of 2026 First BanCorp delivered a 2.02 percent return on average assets, a 19.49 percent return on equity and a 48.07 percent efficiency ratio — its 18th consecutive quarter above a 1.5 percent return on assets. The net interest margin rose for five straight quarters to 4.87 percent, and 2025 net income of $344.9 million was a company record.
Common equity tier 1 at 16.96 percent and total capital at 18.21 percent as of June 30, 2026, plus available liquidity of 19.60 percent of total assets. The second quarter of 2026 saw $50.0 million of buybacks at an average price of $25.08 and $31.0 million of dividends — 84 percent of quarterly earnings; shares outstanding fell from 161.5 million to 152.7 million within a year.
The 2025 annual report lists Puerto Rico concentration as its own risk factor: 2,854 of 3,218 employees and 57 of 73 branches sit there, alongside $297.8 million of direct exposure to the government and municipalities (December 31, 2025). The island budget has been under PROMESA supervision since 2016 and assumes roughly $1.2 billion less federal funding in fiscal 2026.
Credit quality is good (non-performing assets at 0.59 percent of total assets, a 0.49 percent charge-off ratio as of June 30, 2026), but equity of $1,976.8 million contains $368.4 million of unrealized securities losses — 18.6 percent, and larger rather than smaller after the first half of 2026. Early delinquency rose by $32.9 million to $143.4 million in the second quarter of 2026, mostly in auto loans.
Of the record $344.9 million earned in 2025, $325.3 million remains after the company's own adjustments; $16.6 million alone came from releasing a valuation allowance on crisis-era loss carryforwards, triggered by Puerto Rico's Act 65-2025. On an adjusted basis 2025 earnings grew 8.6 percent rather than 15.4 percent.
At the quarter-end close of $26.07 (June 30, 2026) the stock trades at roughly two times book value of $12.95 per share and about twelve times 2025 earnings. For a bank earning 19.5 percent on equity that is defensible but offers no margin of safety; the average analyst target price was $30.71 (data as of July 25, 2026).
First BanCorp is the scar trap in its purest form: the price chart sits roughly 91 percent below its split-adjusted December 2004 high and therefore tells the story of the 2009-2013 near-death and the 1-for-15 reverse split of January 7, 2011 — not of today's business. That business is as good as it has ever been: $96.2 million of quarterly net income, a 2.02 percent return on average assets, 16.96 percent common equity tier 1 and 84 percent of earnings returned to shareholders in the second quarter of 2026. Whoever buys today is therefore no longer buying a turnaround but a highly profitable island bank at roughly two times book — with a Puerto Rico concentration, a $368.4 million unrealized-loss hole in equity and about $20 million of one-time items inside the record year 2025. Not investment advice.
- First BanCorp reached our research list through our in-house stock screen "turnaround candidates": on the morning of July 25, 2026 at rank 11 of 62 U.S. hits with a turnaround check of 7 out of 8 points. By the evening of the same day the stock had dropped out of that screen, and the U.S. selection has shown 60 hits since. The deciding factor was neither the turnaround check, which still stands unchanged at 7 out of 8, nor the mandatory pillar of being at least 50 percent below the all-time high — at 92.21 percent below it, the stock still clears that one by a wide margin. It is the mandatory pillar "survival": it requires an Altman Z-score of at least 1.1, and the data set reports 0.50 for First BanCorp. The screens are recomputed daily; a ranking is a dated snapshot, not a property of the company. The stock remains a member of the lists "Jim Slater: Zulu Principle" and "US Dividend Rockets" (as of July 25, 2026).
- An important note on the screen: the classic Altman Z-score used by the filter to gauge distance from insolvency was developed in 1968 for manufacturing companies and is not meaningful for bank balance sheets — capital ratios are what matter (16.96 percent common equity tier 1, 18.21 percent total capital as of June 30, 2026). Conversely, this stock clears the mandatory pillar of being at least 50 percent below its all-time high not because the business is weak, but because the split-adjusted high dates from December 2004 and the 1-for-15 reverse split of January 7, 2011 still shapes the adjusted chart. How little that distance says about the present is shown by the same data date from the other side: at the closing price of July 24, 2026 ($28.82) the stock traded just 0.14 percent below its 52-week high.
- All figures are dated and evergreen: annual figures from the 10-K for 2025, quarterly figures from the 10-Q as of March 31, 2026 and the earnings release on Form 8-K of July 22, 2026 (quarter ended June 30, 2026); valuation and analyst data as of July 25, 2026. The $26.07 price cited is the closing price documented in the quarterly release for June 30, 2026, not a daily quote.
- Risk of confusion: First BanCorp. of Puerto Rico (NYSE: FBP) is neither First Bancorp of North Carolina (Nasdaq: FBNC) nor the former First BanCorp of Maine. The authoritative identifier is SEC CIK 0001057706, registered as "FIRST BANCORP /PR/".
About the Company
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides financial products and services to consumers and commercial customers. It operates through six segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; hedging activities; purchase of mortgage loans from branch and mortgage bankers; and origination of residential real estate loans. The Consumer (Retail) Banking segment is involved in consumer lending, commercial lending to small businesses, commercial transaction banking, and deposit-taking activities. The Commercial and Corporate Banking segment offers lending and other services, including commercial lending and commercial deposit-taking activities. The Treasury and Investments segment manages funding; and obtains funds through brokered deposits, advances from the FHLB, and repurchase agreements involving investment securities, among other funding sources. The United States Operations segment provides checking, savings, and money market accounts; retail CDs; internet banking services; residential mortgages; home equity loans and lines of credit; retail deposits; cash management services; remote data capture; automated clearing house transactions; and traditional commercial and industrial, and commercial real estate products, such as lines of credit, term loans, and construction loans. The Virgin Islands Operations segment focuses on consumer and commercial lending, and deposit-taking activities. The company also offers automobile financing and insurance agency services. First BanCorp. was founded in 1948 and is headquartered in San Juan, Puerto Rico.
| Employees | 3,218 |
|---|---|
| Headquarters | San Juan, PR |
| Address | 1519 Ponce de Leon Avenue, 00908 San Juan, United States |
| Phone | 787 729 8200 |
| Website | 1firstbank.com |
| IPO Date | 25. Feb 1992 |
| ISIN | US3186721029 |
| Stock Split | 1:15 on 01/07/2011 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Aurelio Aleman-Bermudez | President, CEO & Director | 1959 |
| Juan Carlos Pavia | Executive VP & COO | 1980 |
| Nayda Rivera-Batista CPA | Executive VP, Corporate Chief of Staff & Chief Consumer Officer | 1973 |
| Orlando Berges-González CPA | Advisor | 1958 |
| Lilian Diaz-Bento | Executive VP & Business Group Director | 1967 |
| Said Ortiz CPA | Executive VP & CFO | – |
| Ramon Rodriguez C.F.A. | Senior Vice President of Corporate Strategy / Investor Relations | – |
| Sara Alvarez-Cabrero | Executive VP, General Counsel & Secretary of the Board | 1975 |
| Carmen Pagan | Senior VP, Compliance Director & Senior VP of Division Director | – |
| Ginoris Lopez-Lay | Executive VP & Strategic Management Director | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.