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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $962M | - | $345M | $438M | 17.5% | 6.3% | 15.4% |
| 2024 | $905M | - | $299M | $394M | 17.9% | 0.9% | -1.4% |
| 2023 | $897M | - | $303M | $340M | 20.2% | 1.2% | -0.7% |
| 2022 | $887M | - | $305M | $420M | 23.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 886.57 | 897.17 | 905.08 | 961.67 |
| Operating Revenue | - | 886.57 | 897.17 | 905.08 | 961.67 |
| Selling General And Administration | - | 228.88 | 257.64 | 262.76 | 269.17 |
| Interest Income | - | 862.61 | 1,023.49 | 1,095.15 | 1,123.16 |
| Interest Expense | - | 67.32 | 226.38 | 287.67 | 254.22 |
| Net Interest Income | - | 795.29 | 797.11 | 807.48 | 868.94 |
| Pretax Income | - | 447.58 | 397.44 | 391.21 | 416.73 |
| Tax Provision | - | 142.51 | 94.57 | 92.48 | 71.87 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.15 | 2.92 | 1.79 | 0.27 |
| Net Income Continuous Operations | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Net Income From Continuing And Discontinued Operation | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Net Income From Continuing Operation Net Minority Interest | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Net Income | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Net Income Common Stockholders | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Net Income Including Noncontrolling Interests | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Normalized Income | - | 300.47 | 293.52 | 292.94 | 343.59 |
| Diluted NI Availto Com Stockholders | - | 305.07 | 302.86 | 298.72 | 344.87 |
| Basic Average Shares | - | 190.80 | 176.50 | 164.55 | 159.96 |
| Diluted Average Shares | - | 191.97 | 184.85 | 165.27 | 160.74 |
| Reconciled Depreciation | - | 31.10 | 28.24 | 25 | 20.75 |
| Total Unusual Items | - | 6.75 | 12.26 | 7.58 | 1.54 |
| Total Unusual Items Excluding Goodwill | - | 6.75 | 12.26 | 7.58 | 1.54 |
| Preferred Stock Dividends | 2.45 | - | - | - | - |
| Special Income Charges | - | 0.92 | 5.12 | 0.10 | 0.02 |
| Other Special Charges | - | -0.92 | -3.51 | -0.10 | -0.02 |
| Restructuring And Mergern Acquisition | 26.44 | 0 | 0 | - | - |
| Gain On Sale Of Security | - | 0.20 | 6.09 | 1.43 | -0.06 |
| Depreciation Amortization Depletion Income Statement | - | 8.82 | 7.74 | 6.42 | 3.51 |
| Depreciation And Amortization In Income Statement | - | 8.82 | 7.74 | 6.42 | 3.51 |
| General And Administrative Expense | - | 210.65 | 238.01 | 245.11 | 252.57 |
| Other Gand A | 11.22 | 1.50 | - | - | - |
| Salaries And Wages | - | 204.50 | 223.14 | 235.29 | 244.90 |
| Insurance And Claims | - | 6.15 | 14.87 | 9.82 | 7.67 |
| Selling And Marketing Expense | - | 18.23 | 19.63 | 17.64 | 16.60 |
| Otherunder Preferred Stock Dividend | 1.23 | - | - | - | - |
| Amortization | - | 8.82 | 7.74 | 6.42 | 3.51 |
| Amortization Of Intangibles Income Statement | - | 8.82 | 7.74 | 6.42 | 3.51 |
| Occupancy And Equipment | - | 88.28 | 85.91 | 88.43 | 88.91 |
| Professional Expense And Contract Services Expense | - | 47.85 | 45.84 | 49.46 | 48.11 |
| Other Non Interest Expense | - | 37.67 | 40.72 | 45.56 | 49.47 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First BanCorp.this co. | FBP | $3.8B | 10.90↓ discount | 1.91 | 17.5% | - |
| Cathay General Bancorp | CATY | $3.9B | 12.38 | 1.33 | 10.8% | - |
| Independent Bank Corp. | INDB | $3.8B | 18.52 | 1.07 | 5.8% | - |
| Cohen & Steers, Inc. | CNS | $3.8B | 24.67 | 6.73 | 27.3% | 17.84 |
| Renasant Corporation | RNST | $3.7B | 20.64 |
| - |
| - |
| - |
| - |
| 0.96 |
| 4.7% |
| - |
| WSFS Financial Corporation | WSFS | $3.7B | 12.89 | 1.35 | 10.5% | - |
| BancFirst Corporation | BANF | $3.7B | 15.37 | 1.99 | 13.0% | - |
| Bread Financial Holdings, Inc. | BFH | $3.7B | 7.11 | 1.11 | 15.6% | 4.25 |
| CVB Financial Corp. | CVBF | $3.6B | 17.23 | 1.57 | 9.1% | - |
| Peer Median | - | 16.30 | 1.34 | 10.6% | 11.05 | |