First Bancorp

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%.

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

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

• Retail banking services
• Commercial banking products
• Mortgage lending
• Digital banking platform
• Insurance services

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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
2. Non-Interest Income: Fee income from banking services including account fees, transaction fees, credit card fees, and other banking service charges
3. 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

Core 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

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability1 record

Feature3 records

Partnerships

One partnership is on record.

• IslandwideminorGTM or Marketing PartnerExclusive 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

Direct 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

• Xx.com/firstbankpr
• YouTubeyoutube.com/user/FirstBankpr
• Facebookfacebook.com/firstbank
• LinkedInlinkedin.com/company/firstbankpr
• Instagraminstagram.com/firstbank_pr

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Bancorp