First Bancorp
First BanCorp (NYSE: FBP) is a publicly traded bank holding company headquartered in San Juan, Puerto Rico, operating FirstBank Puerto Rico — the island's second-largest bank — serving retail, commercial, mortgage, insurance, and high-net-worth clients across Puerto Rico, Florida, and the U.S. Virgin Islands.
- Company typePublic
- Founded1948
- HeadquartersSan Juan, Puerto Rico
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What First Bancorp does
First BanCorp is a publicly traded bank holding company (NYSE: FBP) headquartered in San Juan, Puerto Rico, operating through its wholly owned subsidiary FirstBank Puerto Rico — the second-largest bank on the island. Founded in 1948, the company serves retail consumers, small to mid-sized businesses, mortgage borrowers, and high-net-worth clients across Puerto Rico, Florida, and the U.S. Virgin Islands through a diversified portfolio of deposit products (checking, savings, CDs, IRAs), credit products (personal loans, auto loans, mortgages, credit cards including the Beyond Business Mastercard), commercial banking services, insurance products via FirstBank Insurance Agency, and premium Platinum Banking services. The company employs 1,001-5,000 people and operates a multi-channel distribution model combining a physical branch network with digital banking platforms (Tu Banca Digital for retail, Business Digital Banking for commercial) and online loan origination.
Revenue is generated primarily through net interest income from the spread between interest earned on loans and interest paid on deposits, with a Q1 2026 net interest margin of 4.75% (up 23bps YoY). Secondary revenue streams include non-interest income from banking service fees, credit card fees, and transaction fees, plus insurance commission income from FirstBank Insurance Agency. Q1 2026 revenue totaled $258.6 million (+4% YoY), with net income of $88.8 million (+21% YoY) and record-low non-performing assets of $108.8 million. The company maintains a CET1 capital ratio of 16.9% and has delivered ROAA above 1.5% for 17 consecutive quarters, signaling sustained profitability.
The go-to-market motion is a traditional bank distribution model combining physical branches with self-serve digital platforms, serving both consumer and business customers in three geographic markets. Recent strategic emphasis has been placed on aggressive capital return (a new $200 million share repurchase program plus existing $38 million plan, with a 92% net payout ratio in Q1 2026), geographic diversification into Florida, technology modernization (including AI and cloud migration investments), and leadership transition planning (CFO succession effective July 1, 2026). The company trades at a P/E of 11.42 and PEG of 0.50, with a 27.5% YTD return in 2026 significantly outperforming the Finance sector average of 3.2%.
First Bancorp firmographics
Firmographics- Name
- First Bancorp
- Legal name
- First BanCorp
- Website
- https://firstbankpr.com
- Company type
- Public
- Founded year
- 1948
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- First BanCorp (NYSE: FBP) is a publicly traded bank holding company headquartered in San Juan, Puerto Rico, operating FirstBank Puerto Rico — the island's second-largest bank — serving retail, commercial, mortgage, insurance, and high-net-worth clients across Puerto Rico, Florida, and the U.S. Virgin Islands.
- Ownership category
- akta.pro rank
First Bancorp industry classification
Industry- Product category
- Retail and Commercial Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
- akta.pro secondary industries
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Credit Cards & Revolving Credit (FSABAAAC), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)
Keywords
Where First Bancorp is headquartered
LocationHeadquarters
- HQ city
- San Juan
- HQ country
- Puerto Rico
- HQ region
- Latin America
Offices4 records
Markets served
First Bancorp business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: Primary revenue driver from spread between interest earned on loans and interest paid on deposits; net interest margin expanded to 4.75% in Q1 2026
- Non-Interest Income: Fee income from banking services including account fees, transaction fees, credit card fees, and other banking service charges
- Insurance Services: Revenue from FirstBank Insurance Agency providing travel insurance and other insurance products to banking customers
Go-to-market motion1 record
Distribution channels5 records
Marketing channels7 records
First Bancorp product offering
Product offeringCore offering
First BanCorp, through its subsidiary FirstBank Puerto Rico, provides retail and commercial banking services including deposit accounts (checking, savings, CDs, IRAs), consumer lending (personal, auto, mortgages), commercial credit, credit cards, and digital banking. The bank also offers insurance products via FirstBank Insurance Agency and premium banking services under the Platinum Banking brand. Operations span Puerto Rico, Florida, and the U.S. Virgin Islands, with the bank being the second-largest in Puerto Rico.
Product overview
First BanCorp operates FirstBank Puerto Rico as a bank holding company offering a comprehensive suite of retail and commercial banking products. The portfolio includes core deposit products (checking, savings, CDs, IRA accounts), credit products (personal loans, auto loans, mortgages, credit cards), and business banking services. Digital banking is delivered through the Tu Banca Digital platform for retail customers and Business Digital Banking for commercial clients. The company also offers insurance products through FirstBank Insurance Agency and premium services under the Platinum Banking brand. Operations span Puerto Rico, Florida, and the U.S. Virgin Islands.
Differentiator
Problem solved
Functional benefit
Brands
- FirstBank: Primary banking brand offering personal banking, business banking, credit cards, loans, mortgages, and digital banking services
- FirstBank Insurance Agency
- Platinum Banking
- Tu Banca Digital
- Beyond Business Mastercard
Products and services
- Checking Accounts (Cuentas de Cheque)
Quantifiable outcome
- Net interest margin expansion to 4.75% in Q1 2026, up 23 basis points year-over-year
- +3 more outcomes
Companies that use First Bancorp
Customer profileSegments5 records
Ideal customer profiles3 records
First Bancorp technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability1 record
Feature3 records
First Bancorp partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- IslandwideminorExclusive partnership with Islandwide shipping service providing discounts on rapid shipping services throughout Puerto Rico for FirstBank commercial and retail credit card holders. This partnership offers added value to cardholders by reducing shipping costs for businesses and consumers.
Scale indicators13 records
Recent moves7 records
Expansion highlights5 records
First Bancorp competitors and assessment
Company assessmentDirect peers
- Popular, Inc. Largest bank holding company in Puerto Rico (NYSE: BPOP), offering retail, commercial, and mortgage banking across PR, the U.S. mainland, and the Caribbean. Direct competitor to FirstBank in nearly every product line and geography.
- OFG Bancorp: Puerto Rico-based bank holding company (NYSE: OFG) operating Oriental Bank, with similar retail and commercial banking offerings, digital channels, and U.S. mainland expansion. Closest head-to-head competitor for PR deposit and loan share.
Broad incumbents
- Banco Santander Puerto Rico: Subsidiary of global banking group Santander, offering full-service retail and commercial banking in Puerto Rico. Competes in the same consumer and SMB segments as First BanCorp with the backing of a much larger parent.
- Citibank Puerto Rico: U.S. national bank's Puerto Rico operation, providing retail, wealth, and commercial banking to consumer and institutional clients. A large established competitor with materially broader product set.
- JPMorgan Chase (Puerto Rico operations): Global banking franchise with presence in Puerto Rico serving consumer, commercial, and wealth clients. Acts as a benchmark for deposit pricing and a persistent competitive threat in middle-market and consumer segments.
- BBVA Puerto Rico: Subsidiary of global bank BBVA offering retail and commercial banking in Puerto Rico. Competes for consumer deposits, mortgages, and SMB clients alongside FirstBank and other incumbents.
Regional players
- BankUnited: Florida-headquartered regional bank (NYSE: BKU) with a similar Caribbean and Florida footprint. Comparable on commercial banking, deposit franchise, and rate-sensitive spread economics, providing a useful mainland reference point.
- Webster Financial: Northeast U.S. regional bank (NYSE: WBS) with commercial and consumer banking plus HSA banking. Comparable scale, multi-state expansion strategy, and digital-banking investment profile.
Emerging players
- Western Alliance Bancorporation: Growth-oriented regional bank (NYSE: WAL) with strong commercial banking focus, deposit franchise expansion, and technology investment. Comparable on trajectory of margin expansion and capital deployment.
- Pinnacle Financial Partners: Mid-sized U.S. regional bank (Nasdaq: PNFP) focused on commercial and small-business banking with above-peer ROAA. Useful peer for benchmarking First BanCorp's commercial-bank growth model and profitability.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
First Bancorp social profiles
Digital presenceFirst Bancorp compliance and trust
Trust signalCompliance1 record
First Bancorp financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Bancorp leadership team
Management profileNumber of profiles
Profiles2 records
First Bancorp subsidiaries and ownership
Company hierarchySubsidiaries2 records
First Bancorp funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Bancorp M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Bancorp
What does First Bancorp do?
First BanCorp, through its subsidiary FirstBank Puerto Rico, provides retail and commercial banking services including deposit accounts (checking, savings, CDs, IRAs), consumer lending (personal, auto, mortgages), commercial credit, credit cards, and digital banking. The bank also offers insurance products via FirstBank Insurance Agency and premium banking services under the Platinum Banking brand. Operations span Puerto Rico, Florida, and the U.S. Virgin Islands, with the bank being the second-largest in Puerto Rico.
Is First Bancorp a public or private company?
First Bancorp is a public company. It is classified as public and is currently operating.
When was First Bancorp founded?
First Bancorp was founded in 1948. It employs 1,001 to 5,000 people.
Where is First Bancorp based?
First Bancorp is headquartered in San Juan, Puerto Rico, in the Latin America region.
How does First Bancorp make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are non-Interest Income and insurance Services.
Who are First Bancorp's main competitors?
Direct peers on record are Popular, Inc. and OFG Bancorp. Broad incumbents are Banco Santander Puerto Rico, Citibank Puerto Rico, JPMorgan Chase (Puerto Rico operations) and BBVA Puerto Rico. Regional players are BankUnited and Webster Financial. Emerging players are Western Alliance Bancorporation and Pinnacle Financial Partners.
Does First Bancorp have an API?
No public API is recorded for First Bancorp.
What industry is First Bancorp in?
First Bancorp's product category is Retail and Commercial Banking. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 52211 and its SIC code is 6022.