Stock Analysis Report

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Executive Summary

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. More Details

Snowflake Analysis

Flawless balance sheet with high growth potential.

Similar Companies

Share Price & News

How has First BanCorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: FBP is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: FBP's weekly volatility has decreased from 11% to 6% over the past year.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: FBP exceeded the US Banks industry which returned 35.5% over the past year.

Return vs Market: FBP exceeded the US Market which returned 36.2% over the past year.

Shareholder returns

7 Day6.1%4.5%-0.4%
30 Day15.2%12.3%-2.9%
90 Day28.4%26.1%5.0%
1 Year58.3%53.7%40.3%35.5%39.1%36.2%
3 Year82.7%73.4%13.1%3.4%48.4%39.0%
5 Year289.7%269.8%100.7%75.2%116.5%92.4%

Long-Term Price Volatility Vs. Market

How volatile is First BanCorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is First BanCorp undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: FBP ($11.13) is trading above our estimate of fair value ($8.63)

Significantly Below Fair Value: FBP is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: FBP is poor value based on its PE Ratio (24.2x) compared to the US Banks industry average (13.1x).

PE vs Market: FBP is poor value based on its PE Ratio (24.2x) compared to the US market (21.5x).

Price to Earnings Growth Ratio

PEG Ratio: FBP is good value based on its PEG Ratio (0.6x)

Price to Book Ratio

PB vs Industry: FBP's PB Ratio (1.1x) is in line with the US Banks industry average.

Next Steps

Future Growth

How is First BanCorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FBP's forecast earnings growth (39% per year) is above the savings rate (2%).

Earnings vs Market: FBP's earnings (39% per year) are forecast to grow faster than the US market (19.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FBP's revenue (22.1% per year) is forecast to grow faster than the US market (10% per year).

High Growth Revenue: FBP's revenue (22.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FBP's Return on Equity is forecast to be low in 3 years time (10.7%).

Next Steps

Past Performance

How has First BanCorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FBP has high quality earnings.

Growing Profit Margin: FBP's current net profit margins (18.6%) are lower than last year (26.9%).

Past Earnings Growth Analysis

Earnings Trend: FBP's earnings have grown by 19.9% per year over the past 5 years.

Accelerating Growth: FBP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FBP had negative earnings growth (-39.4%) over the past year, making it difficult to compare to the Banks industry average (0.5%).

Return on Equity

High ROE: FBP's Return on Equity (4.5%) is considered low.

Next Steps

Financial Health

How is First BanCorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: FBP's Assets to Equity ratio (8.3x) is low.

Allowance for Bad Loans: FBP has a sufficient allowance for bad loans (188%).

Low Risk Liabilities: 93% of FBP's liabilities are made up of primarily low risk sources of funding.

Loan Level: FBP has an appropriate level of Loans to Assets ratio (61%).

Low Risk Deposits: FBP's Loans to Deposits ratio (74%) is appropriate.

Level of Bad Loans: FBP has an appropriate level of bad loans (1.7%).

Next Steps


What is First BanCorp current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FBP's dividend (1.8%) is higher than the bottom 25% of dividend payers in the US market (1.31%).

High Dividend: FBP's dividend (1.8%) is low compared to the top 25% of dividend payers in the US market (3.64%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FBP has been paying a dividend for less than 10 years.

Growing Dividend: FBP's dividend payments have increased, but the company has only paid a dividend for 2 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.6%), FBP's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: FBP is not forecast to pay a dividend in 3 years.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Aurelio Alemán-Bermudez (61 yo)





Mr. Aurelio Alemán-Bermudez has been the Chief Executive Officer and President of First BanCorp. since September 28, 2009. Mr. Alemán currently serves as Chairman of the Board of Directors and CEO of the C...

CEO Compensation Analysis

Compensation vs Market: Aurelio's total compensation ($USD3.38M) is below average for companies of similar size in the US market ($USD4.96M).

Compensation vs Earnings: Aurelio's compensation has been consistent with company performance over the past year.

Leadership Team

Aurelio Alemán-Bermudez
$ 13.3m
Orlando Berges-González
Executive VP11.58yrsUS$1.29m0.18%
$ 4.4m
Donald Kafka
Executive VP & COO6.17yrsUS$1.18m0.098%
$ 2.4m
Nayda Rivera-Batista
Executive VP & Chief Risk Officer18.67yrsUS$1.15m0.13%
$ 3.2m
Calixto García-Vélez
Executive VP & Florida Region Executive12yrsUS$1.14m0.085%
$ 2.0m
John Pelling
Investor Relations Officer & Capital Planning Officer7.75yrsno datano data
Lawrence Odell
Executive VP15.08yrsUS$967.96k0.098%
$ 2.4m
Cassan Pancham
Executive VP & Business Group Executive18.42yrsUS$1.11m0.15%
$ 3.6m
Ginoris López-Lay
Executive VP & Strategic Management Director11yrsno data0.084%
$ 2.0m
Jon Swatsburg
Executive Vice President of Youth Servicesno datano datano data
Thomas McDonald
Executive VP & Business Group Director8.5yrsUS$712.34k0.086%
$ 2.1m
Carlos Pietrantoni
Executive VP & Consumer Lending Business Executive7.92yrsno data0.10%
$ 2.5m


Average Tenure


Average Age

Experienced Management: FBP's management team is seasoned and experienced (11.5 years average tenure).

Board Members

Aurelio Alemán-Bermudez
$ 13.3m
Roberto Herencia
Independent Chairman9.42yrsUS$1.05m0.38%
$ 9.2m
Robert Gormley
Independent Director8.42yrsUS$150.17k0.036%
$ 870.6k
Félix Villamil
Director0.42yrno data0.0028%
$ 68.6k
Juan Reboyras
Independent Director6.58yrsUS$145.17k0.030%
$ 728.4k
José Menéndez-Cortada
Independent Director16.92yrsUS$125.17k0.048%
$ 1.2m
John Heffern
Independent Director3.42yrsUS$130.17k0.029%
$ 707.6k
Tracey Dedrick
Independent Director2.17yrsUS$163.50k0.0087%
$ 210.5k
Luz Crespo
Independent Director6.08yrsUS$120.17k0.028%
$ 684.4k
Daniel Frye
Independent Director2.58yrsUS$123.50k0.0096%
$ 231.5k


Average Tenure


Average Age

Experienced Board: FBP's board of directors are considered experienced (6.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

First BanCorp.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: First BanCorp.
  • Ticker: FBP
  • Exchange: NYSE
  • Founded: 1948
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$2.414b
  • Shares outstanding: 216.91m
  • Website: https://www.1firstbank.com

Number of Employees


  • First BanCorp.
  • First Federal Building
  • 1519 Ponce de León Avenue
  • Santurce
  • Puerto Rico
  • 00908-0146
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FBPNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1987
OLWNDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1987
FBPR.MOTCPK (Pink Sheets LLC)PFD PERP C 7.40%USUSDJul 2001
FBPR.NOTCPK (Pink Sheets LLC)PFD D 7.25%USUSDMar 2002


First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/07 23:12
End of Day Share Price2021/03/05 00:00
Annual Earnings2020/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.