FBPNYSEState Commercial BanksUS GAAP · USD

First BanCorp. New

First BanCorp. is a Puerto Rico-based financial holding company that owns FirstBank Puerto Rico and FirstBank Insurance Agency. It provides commercial and consumer banking, mortgage banking, auto financing, insurance agency services, and related financial products across Puerto Rico, Florida, the U.S. Virgin Islands, and the British Virgin Islands.

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Revenue1,001m USD
+6.7 %y/y
Net income345m USD
+15.4 %y/y
Free cash flow438m USD
+11.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02505007501,0001,250m USD2020: 804 m USD20202021: 851 m USD20212022: 918 m USD20222023: 930 m USD20232024: 938 m USD20242025: 1,001 m USD20251,001
RevenueOperating profit (EBIT)
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Business

Share of revenue
Consumer (Retail) Banking28 %

Deposit accounts, cards, personal loans, home equity, and retail lending products for individuals.

Commercial and Corporate Banking30 %

Business deposits, cash management, C&I lending, commercial real estate, and municipal lending.

Mortgage Banking18 %

Residential mortgage originations, servicing-related activity, and mortgage loan purchases.

Auto Financing and Consumer Lending12 %

Auto loans, finance leases, and other consumer credit products originated through branches and dealers.

Treasury and Investments10 %

Investment securities, liquidity management, funding, and interest-rate risk management activities.

Insurance Agency Services2 %

Insurance brokerage and agency services offered through FirstBank Insurance Agency.

Customers

The company serves retail consumers, small and mid-sized businesses, and larger commercial borrowers, with a strong base in Puerto Rico and a meaningful presence in Florida and the Caribbean. Its lending mix shows demand from households for mortgages, cards, auto loans, and personal credit, while businesses and municipalities buy cash management, C&I, commercial mortgage, and credit facilities.

Retail consumers

Households buy checking, savings, CDs, mortgages, home equity, credit cards, and personal loans for everyday banking and borrowing.

Commercial and corporate borrowers

Businesses and corporates buy C&I loans, cash management, ACH, remote deposit capture, and deposit services to fund operations.

Commercial real estate borrowers

Property owners and developers buy commercial mortgage financing, especially in retail, office, and hotel properties.

Auto finance customers and dealers

Consumers and dealer channels originate auto loans and finance leases through branch and dedicated sales relationships.

Municipal and public-sector clients

Municipalities and related borrowers use credit facilities and term lending, particularly in Puerto Rico.

Strategy

First BanCorp. is focused on maintaining a diversified banking franchise across retail, commercial, mortgage, auto, and insurance activities while preserving strong liquidity and capital. Management also emphasizes disciplined capital deployment, balance-sheet management, and risk controls to support lending growth in its core markets and withstand competitive and regulatory pressure.

Expand core lending in Puerto Rico and FloridaMedium term

Loan growth drives net interest income and deepens customer relationships in the company’s main markets.

Maintain robust liquidity and funding flexibilityShort term

The bank relies on deposits and wholesale funding sources to support lending and absorb deposit volatility.

Optimize capital deploymentShort term

Dividends, buybacks, and debt redemptions support shareholder returns while keeping capital within regulatory targets.

Manage asset quality and concentration riskMedium term

Commercial real estate and regional concentration can create outsized credit losses in a downturn.

Geography

Puerto Rico is the core market and the company’s principal service area, with the largest share of branches, lending, and deposits concentrated there. It also operates in southern Florida through eight branches, and maintains banking presence in the U.S. Virgin Islands and British Virgin Islands, which adds diversification but also exposes the company to multiple regulatory regimes and local economic cycles.

Risks

The company is exposed to credit risk, interest-rate risk, liquidity risk, and regulatory risk typical of a regional bank, but its Puerto Rico concentration makes local economic conditions especially important. Commercial real estate, consumer lending, and deposit competition can pressure earnings, while cyber and technology risks are increasingly material as more customers use digital channels.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Puerto Rico market concentration1Commercial real estate credit losses2Interest-rate and margin compression3Liquidity and funding pressure4Cybersecurity and digital disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Puerto Rico market concentrationImpact: HighLikelihood: High

    A large share of lending and deposits comes from one primary market, increasing sensitivity to local economic stress.

    Exposure: Core franchise and loan book

  2. Commercial real estate credit lossesImpact: HighLikelihood: High

    The loan book includes meaningful exposure to retail, office, and hotel properties, which are cyclical and valuation-sensitive.

    Exposure: Commercial mortgage portfolio

  3. Interest-rate and margin compressionImpact: HighLikelihood: High

    Asset and liability repricing can move at different speeds, affecting net interest income and deposit behavior.

    Exposure: Net interest margin

  4. Liquidity and funding pressureImpact: HighLikelihood: Medium

    The bank depends on deposits and wholesale funding sources such as FHLB advances and brokered deposits.

    Exposure: Funding base

  5. Cybersecurity and digital disruptionImpact: HighLikelihood: Medium

    Expanded online and mobile access increases exposure to phishing, ransomware, and service outages.

    Exposure: Technology infrastructure and customer data

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Accounting

Judgemental items
Allowance for credit losses

Management estimates expected losses on loans and commitments, which directly affects provision expense and earnings.

Impact: Key driver of quarterly volatility

Fair value of debt securities

Available-for-sale and held-to-maturity portfolios require valuation and impairment judgments that affect OCI and disclosures.

Impact: Can influence capital and book value

Deferred tax asset valuation allowance

A reversal or increase in valuation allowance can materially change reported net income, as seen in the 2025 special item.

Impact: Potential one-time earnings swing

Loan origination and purchase accounting

Mortgage and auto loan activity involves recognition timing, premiums/discounts, and servicing-related accounting.

Impact: Affects interest income and margins

Capital deployment accounting

Dividends, buybacks, and TruPS redemptions change equity and can affect regulatory capital planning.

Impact: Impacts capital ratios and shareholder returns

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Last updated: 24/09/2026

First BanCorp. New (FBP) Revenue, Earnings & Financials 2025 – Clarifo