A Brief History of First BanCorp. (FBP)

Founding and Early Years

First BanCorp was founded in 1948 as a result of the merger between several small banks in Puerto Rico. It was established under the name First Bank of Puerto Rico.

Initial Public Offering

In 1999, First BanCorp was listed on the New York Stock Exchange under the ticker symbol FBP. The initial public offering was an important step in expanding its capital base.

Growth and Expansion

By 2002, First BanCorp had seen significant growth with total assets reaching approximately $3.5 billion. The company pursued various acquisitions to strengthen its market position.

Financial Crisis and Recovery

The global financial crisis of 2008 impacted First BanCorp significantly. The company's non-performing assets peaked at $1.4 billion in 2010, leading to a need for restructuring and recapitalization.

Recent Financial Performance

As of 2022, First BanCorp reported total assets of approximately $16.3 billion. For the fiscal year ended December 31, 2022, the net income was around $150 million, representing a year-over-year increase of 20%.

Stock Performance

As of October 2023, the stock price of First BanCorp stands at approximately $17.50 per share. The company has a market capitalization of about $2.2 billion.

Financial Highlights

Community Involvement

First BanCorp is actively involved in community initiatives, investing more than $3 million in various local programs in 2022, focusing on education and economic development.

Current Operations

First BanCorp operates approximately 50 branches in Puerto Rico and provides a range of services, including commercial banking, mortgage lending, and wealth management.

Future Outlook

The bank is focusing on digital banking innovations and expanding its portfolio to include more sustainable financing options. Analysts forecast an annual growth rate of 5-7% in the next five years.

A Who Owns First BanCorp. (FBP)

Shareholder Composition

As of the latest available data, First BanCorp. (FBP) has a diverse ownership structure comprising institutional investors, retail investors, and insider ownership.

Top Institutional Shareholders

Key institutional shareholders play a significant role in the ownership of First BanCorp. The percentage of shares held by the top institutions as of the last filing is as follows:

Executive Team and Insider Holdings

The executive team and board members also hold a portion of First BanCorp.'s shares, contributing to insider ownership.

Recent Stock Performance

First BanCorp.'s stock (FBP) has shown fluctuations in its market performance. Key financial metrics are as follows:

Recent Developments

Recent developments, including acquisitions or investments, may influence ownership dynamics and investor sentiment.

• Acquisition of assets from a regional bank, valued at approximately $100 million.
• Strategic partnership with tech firms to enhance digital banking services.
• Increased share buyback program announced, aiming to repurchase $50 million worth of shares.

First BanCorp. (FBP) Mission Statement

Corporate Overview

First BanCorp. is a financial holding company based in San Juan, Puerto Rico. It operates through its wholly-owned bank subsidiary, FirstBank Puerto Rico, providing various banking services.

Mission Statement

The mission statement of First BanCorp. emphasizes the commitment to deliver exceptional customer service, enhance shareholder value, and contribute positively to the communities served. The core focus is on providing personalized banking solutions while maintaining financial integrity.

Core Values

• Integrity: Adherence to ethical standards and practices.
• Customer Commitment: Prioritizing customer needs and satisfaction.
• Teamwork: Collaborating effectively to achieve common goals.
• Innovation: Embracing change and technological advancements.

Financial Overview

As of September 30, 2023, First BanCorp. reported the following key financial statistics:

Strategic Goals

• Enhance digital banking capabilities to improve customer experience.
• Expand lending portfolio focusing on small to medium-sized enterprises.
• Increase community involvement through financial literacy programs.
• Maintain strong capital ratios to ensure financial stability.

Recent Initiatives

First BanCorp. has undertaken several initiatives to align with its mission:

• Launched a new mobile banking app with enhanced features in Q3 2023.
• Initiated a community grant program totaling $1.5 million to support local nonprofits.
• Implemented a customer referral program that increased new accounts by 20% year-over-year.

Community Engagement

First BanCorp. plays a vital role in the community through various outreach programs, including:

• Financial education workshops for underserved populations.
• Partnership with local schools to promote saving and investment knowledge.
• Support for disaster relief efforts, contributing over $500,000 annually.

Key Performance Indicators

To measure the success of its mission, First BanCorp. tracks several performance indicators:

How First BanCorp. (FBP) Works

Business Overview

First BanCorp. (FBP) operates primarily as a bank holding company, providing a variety of financial services through its subsidiary, FirstBank Puerto Rico. The company focuses on offering traditional banking services, which include commercial and individual loans, deposits, and various other financial products.

Financial Performance

As of the latest quarterly report for Q2 2023, First BanCorp. reported:

Loan Portfolio

The loan portfolio of First BanCorp. consists of various segments, categorized as follows:

Geographic Presence

First BanCorp. operates primarily in Puerto Rico and the Virgin Islands, with a network of branches and ATM services that cater to a diverse clientele. The breakdown of branch locations is as follows:

Capital Position

First BanCorp. maintains a strong capital position, which is crucial for regulatory compliance and financial stability. The capital ratios as of Q2 2023 are:

Dividend Policy

First BanCorp. has a history of returning value to its shareholders through dividends. The latest dividends declared are:

Regulatory Environment

First BanCorp. operates under the oversight of various regulatory bodies, including:

• Federal Reserve
• Office of the Comptroller of the Currency (OCC)
• Federal Deposit Insurance Corporation (FDIC)
• Puerto Rico Office of Financial Institutions

Risk Management

Risk management at First BanCorp. involves a comprehensive framework designed to identify, assess, and mitigate risks, which includes:

• Credit Risk Management
• Market Risk Management
• Operational Risk Management
• Liquidity Risk Management

Recent Developments

In 2023, First BanCorp. has engaged in strategic initiatives to enhance its market position, notably:

• Expansion of digital banking services
• Investment in fintech collaborations
• Focus on sustainable finance offerings

How First BanCorp. (FBP) Makes Money

Overview of Revenue Streams

First BanCorp. primarily generates revenue through the following key streams:

• Net Interest Income
• Non-Interest Income
• Fees and Commissions
• Investment Securities

Net Interest Income

Net interest income is derived from the difference between interest earned on loans and interest paid on deposits. For the fiscal year 2022, First BanCorp. reported a net interest income of approximately $335 million.

The average yield on loans was approximately 5.25%, while the average cost of deposits stood at around 0.30%.

Non-Interest Income

First BanCorp. also earns from various non-interest income sources, including mortgage banking, investment services, and service fees. In 2022, non-interest income totaled about $85 million.

Fees and Commissions

Fees and commissions contribute significantly to First BanCorp.'s income. For 2022, service charges on deposits reached $25 million, while loan fees amounted to around $10 million.

Investment Securities

First BanCorp. invests in various securities to generate additional income. The portfolio yield on investment securities was estimated at 2.50%, contributing to total investment income of approximately $40 million in 2022.

Loan Portfolio

The bank’s loan portfolio is a critical factor in its income generation. As of December 2022, the gross loans amounted to approximately $6 billion.

Deposit Base

A strong deposit base is crucial for funding loans. As of year-end 2022, First BanCorp. reported total deposits of approximately $7.5 billion.

Expense Management

Effective expense management is essential for profitability. For fiscal year 2022, First BanCorp. had total operating expenses of approximately $210 million.

Financial Performance Metrics

Financial performance metrics play a crucial role in understanding the profitability and efficiency of First BanCorp. As per the latest data:

Outlook and Future Growth

Future growth is anticipated through an expansion of the loan portfolio, particularly in the commercial lending sector, which is projected to grow by approximately 8% annually through 2025.