First BanCorp (Puerto Rico) (FBP)
NYSEFinancialsBanks - RegionalSnapshot 2026-09-09
$27.78-1.07%
Close 2026-09-09 · 1-day change
NYSEFinancialsBanks - RegionalSnapshot 2026-09-09
Broken: Recent financial performance freshly dropped to the bottom half of its industry.
First BanCorp grows net income steadily, with EPS rising from $0.47 to $0.57 year over year. Operating income increased from $100.3 million to $114.3 million, showing good expense control. Dividends rose from $0.18 to $0.20 per share, rewarding shareholders. The company trades cheaply with a P/E of 11.7 and has low risk.
Revenue is expected to decline about 8% next year, which could pressure profits. The bank operates in a competitive regional market that may limit growth. Dividend increases may stall if earnings weaken.
The market prices in about -8% revenue growth and a fair value near $25.5, slightly below the Street median of $27. Our view is more cautious on revenue but aligned on earnings and dividends.
Breaks if: dividend per share falls below $0.18 in any future quarter
Maintain and increase dividend per share to return value to shareholders.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a stable financial institution with a focus on increasing net and operating income. The current thesis state has weakened due to recent performance dropping within its industry, leading to a more cautious view.
The market currently prices FBP with a low fragility tier, indicating that it is not seen as highly vulnerable. There is a slight expectations gap, suggesting that the market anticipates modest growth compared to peers, which are priced at a premium.
Management has consistently prioritized increasing net income, operating income, and dividends, and they are on track to achieve these goals. However, the recent change in risk from low to moderate and the trend of earnings surprises declining suggest caution in the near term.
The thesis hinges on the performance of sector bellwethers like HDB, IBN, and PNC. If these companies continue to perform well, it could support FBP's growth. Conversely, if they start to miss earnings or guide lower, it could negatively impact FBP.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. Recent financial performance dropped from the top half to the bottom half of its industry. This change indicates a weakened reason to own the stock. The latest earnings beat does not offset this decline in standing.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 4 of last 4 quarters. Dividend per share increased from $0.18 in 2025-Q3 to $0.20 in 2026-Q2. Management has consistently declared dividends reflecting a commitment to shareholder returns, and the trajectory is delivering.
“Dividend per share declared at $0.20 in Q2 2026.”
“Dividend per share declared at $0.20 in Q1 2026.”
“Dividend per share declared at $0.18 in Q3 2025.”
“Dividend per share declared at $0.18 in Q1 2025.”
Breaks if: net income falls below $77 million in any future quarter
Continue to grow net income through strong financial and operating performance across the franchise.
Stated as a priority in 4 of last 4 quarters. Net income grew from $80.2 million in 2025-Q2 to $96.1 million in 2026-Q2, with diluted EPS rising from $0.50 to $0.62. Management consistently emphasized strong financial and operating performance, and the trajectory is delivering.
“Net income of $96.1 million, or $0.62 per diluted share, for Q2 2026.”
“Net income of $88.8 million, or $0.57 per diluted share, for Q1 2026.”
“Net income of $100.5 million, or $0.63 per diluted share, for Q3 2025.”
“Net income of $77.1 million, or $0.47 per diluted share, for Q1 2025.”
Breaks if: operating income falls below $100 million in any future quarter
Focus on improving operating income through revenue growth and disciplined expense management.
Stated as a priority in 4 of last 4 quarters. Operating income rose from $100.3 million in 2025-Q1 to $120.2 million in 2026-Q2. Management highlighted revenue growth and expense discipline, and the financials show delivering progress on this priority.
“Income before income taxes of $120.2 million in Q2 2026.”
“Income before income taxes of $114.3 million in Q1 2026.”
“Income before income taxes of $106.2 million in Q3 2025.”
“Income before income taxes of $100.3 million in Q1 2025.”
Breaks if: revenue declines more than -8% YoY next year
Continue to grow net income through strong financial and operating performance across the franchise.
Stated as a priority in 4 of last 4 quarters. Net income grew from $80.2 million in 2025-Q2 to $96.1 million in 2026-Q2, with diluted EPS rising from $0.50 to $0.62. Management consistently emphasized strong financial and operating performance, and the trajectory is delivering.
“Net income of $96.1 million, or $0.62 per diluted share, for Q2 2026.”
“Net income of $88.8 million, or $0.57 per diluted share, for Q1 2026.”
“Net income of $100.5 million, or $0.63 per diluted share, for Q3 2025.”
“Net income of $77.1 million, or $0.47 per diluted share, for Q1 2025.”
Over the next 1 to 3 years, FBP's performance will depend on both its management execution and broader sector trends. Not investment advice.