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First BanCorp (FBP) Company Profile

Updated Jun 2, 2020
First BanCorp has the following business profile:
Company's Full Name:First BanCorp.
Short Name:First BanCorp
Trading Ticker Symbol:FBP
Primary Exchange:NYSE
Headquarter City/Country:Puerto Rico
Primary Industry Sector:Finance
Seconday Sub-sector:Major Banks
Main Business Areas: Finance, Major Banks, Financial Services, Regional US Banks, Bank
Dividend Payments:Dividend History
ETFs Holding:List of ETFs holding First BanCorp stock

Market and Trading Information for First BanCorp

The following details were available for trading and market data about the stock of First BanCorp as of writing:
Current Share Price:$5.5
Previous Year's Closing Price:$10.59
Percentage Price Change (YTD):-48.06%
Market Cap:$1.2 billion
52-week Price Range:$3.5 - $11.24
Dividend Per Share:$0.16
EPS (TTM):0.57
Price-Earnings (Trailing):9.65
Price-Earnings (Forward):6.71

Company Profile and Business Description for First BanCorp

First BanCorp., incorporated on March 17, 1998, is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). The Company provides a range of financial services for retail, commercial and institutional clients. The Company operates through six segments: Commercial and Corporate Banking; Consumer (Retail) Banking; Mortgage Banking; Treasury and Investments; United States Operations, and Virgin Islands Operations. The Bank is a Puerto Rico-chartered commercial bank, and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency.

As of December 31, 2016, FirstBank had six subsidiaries with operations in Puerto Rico: First Federal Finance Corp. (d/b/a Money Express La Financiera), a finance company specializing in the origination of small loans with 28 offices in Puerto Rico; First Management of Puerto Rico, a domestic corporation, which holds tax-exempt assets; FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary engaged in municipal securities underwriting and selling for local Puerto Rico municipal bond issuers and other investment banking activities, such as advisory services, capital raising efforts on behalf of clients and assistance with financial transaction structuring; FirstBank Overseas Corporation, an international banking entity organized under the International Banking Entity Act of Puerto Rico, and two other companies that hold and operate certain particular other real estate owned properties. As of December 31, 2016, the Company's net loans amounted to $8.7 billion, total available-for-sale investment securities portfolio amounted to $1.9 billion, total held-to-maturity investment securities portfolio amounted to $156.2 million, and total deposits amounted to $8.8 billion.

Commercial and Corporate Banking

The Commercial and Corporate Banking segment consists of the Company's lending and other services for large customers represented by specialized and middle-market clients and the public sector. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans, and floor plan financings, as well as other products, such as cash management and business management services. A substantial portion of the commercial and corporate banking portfolio is secured by the underlying value of the real estate collateral and the personal guarantees of the borrowers. This segment also includes the Company's broker-dealer activities.

Consumer (Retail) Banking

The Consumer (Retail) Banking segment consists of the Company's consumer lending and deposit-taking activities conducted mainly through FirstBank's branch network in Puerto Rico. Loans to consumers include auto, boat and personal loans, credit cards, and lines of credit. Deposit products include interest bearing and non-interest bearing checking and savings accounts, Individual Retirement Accounts (IRA) and retail certificates of deposit (CDs). Retail deposits gathered through each branch of FirstBank's retail network serve as one of the funding sources for the lending and investment activities.

Mortgage Banking

These operations consist of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities. Originations are sourced through different channels, such as FirstBank branches and purchases from mortgage bankers, and in association with new project developers. The Mortgage Banking segment focuses on originating residential real estate loans, some of which conform to Federal Housing Administration (FHA), Veterans Administration (VA) and Rural Development (RD) standards. The Mortgage Banking segment also acquires and sells mortgages in the secondary markets. The Company's residential mortgage loan portfolio consists of fixed-rate, fully amortizing and full documentation loans.

Treasury and Investments

The Treasury and Investments segment is responsible for the Company's treasury and investment management functions. The treasury function, which includes funding and liquidity management, lends funds to the Commercial and Corporate Banking, Mortgage Banking, and the Consumer (Retail) Banking segments to finance their respective lending activities and borrows from those segments. Funds not gathered by the different business units are obtained by the Treasury function through wholesale channels, such as brokered deposits, advances from the Federal Home Loan Bank (FHLB), and repurchase agreements with investment securities, among others.

United States Operations

The United States Operations segment consists of all banking activities conducted by FirstBank on the United States mainland. FirstBank provides a range of banking services to individual and corporate customers primarily in southern Florida through 11 branches, as of December 31, 2016. The United States Operations segment offers an array of both consumer and commercial banking products and services. Consumer banking products include checking, savings and money market accounts, retail CDs, Internet banking services, residential mortgages, home equity loans, lines of credit, and automobile loans. Retail deposits, as well as FHLB advances and brokered CDs assigned to this operation, serve as funding sources for its lending activities. Deposits gathered through FirstBank's branches in the United States also serve as one of the funding sources for lending and investment activities in Puerto Rico.

The commercial banking services include checking, savings and money market accounts, retail CDs, Internet banking services, cash management services, remote data capture, and automated clearing house (ACH), transactions. Loan products include the traditional commercial and industrial and commercial real estate products, such as lines of credit, term loans and construction loans.

Virgin Islands Operations

The Virgin Islands Operations segment consists of all banking activities conducted by FirstBank in the United States Virgin Islands (USVI) and British Virgin Islands (BVI), including retail and commercial banking services, with a total of 11 branches serving the islands in the USVI of St. Thomas, St. Croix, and St. John, and the island of Tortola in the BVI, as of December 31, 2016. Loans to consumers include auto, boat, lines of credit, and personal and residential mortgage loans. Deposit products include interest bearing and non-interest bearing checking and savings accounts, IRAs, and retail CDs. Retail deposits gathered through each branch serve as the funding sources for its own lending activities.

1519 Ave. Ponce de Leon

ETFs Holding First BanCorp Stock

As of March 2020, the following exchange-traded funds (ETF) hold the First BanCorp stocks in their respective portfolios. Below is a random list of only 10 ETFs in no particular order that have First BanCorp stock holding. There are a total of 72 ETFs in Fknol.com records which are holding First BanCorp stock in their portfolio. See Full List.

TickerNameShort DescriptionExpense
Ratio
No. of
Holdings
Dividend
Frequency
ESGVVanguard ESG US Stock ETFThe Vanguard ESG U.S. Stock ETF tracks a market-cap-weighted index of US companies screened for environmental, social, and corporate governance (ESG) criteria. ...Full Details0.12%988
Full List
Quarterly
FNCLFidelity MSCI Financials Index ETFThe Fidelity MSCI Financials ETF tracks a market-cap-weighted index of stocks in the broad US financials sector. ...Full Details0.08%377
Full List
Quarterly
FNDBSchwab Fundamental US Broad Market Index ETFThe Schwab Fundamental U.S. Broad Market Index ETF tracks a fundamentally selected and weighted Russell Index based on sales, cash flow and dividends/buybacks. ...Full Details0.25%1481
Full List
Quarterly
IEFNiShares Evolved US Financials ETFThe iShares Evolved U.S. Financials ETF is an actively managed, market-cap-weighted fund of large-, mid-, and small-cap US stocks in the financial sector, according to an alternative classification system defined by machine learning algorithms. ...Full Details0.18%254
Full List
Annually
ITOTiShares Core S&P Total US Stock Market ETFThe iShares Core S&P Total U.S. Stock Market ETF tracks a market cap-weighted index of all common equities listed on the NYSE and the NASDAQ. ...Full Details0.03%3090
Full List
Quarterly
IWViShares Russell 3000 ETFThe iShares Russell 3000 ETF tracks a cap-weighted index that measures the investable US equities market, covering the entire market-cap spectrum, including micro-caps. ...Full Details0.2%3002
Full List
Quarterly
MMTMSPDR S&P 1500 Momentum Tilt ETFThe SPDR S&P 1500 Momentum Tilt ETF tracks a tiered index that weights securities from the S&P 1500 according to a combination of their market capitalization and their price momentum over the previous 12 months. ...Full Details0.12%1240
Full List
Quarterly
SCHBSchwab US Broad Market ETFThe Schwab U.S. Broad Market ETF tracks a cap-weighted index of the largest 2,500 stocks in the US. ...Full Details0.03%2365
Full List
Quarterly
SPTMSPDR Portfolio Total Stock Market ETFThe SPDR Portfolio Total Stock Market ETF tracks a propritary index designed to provide exposure to broad US equities, covering the entire market-cap spectrum. ...Full Details0.03%2369
Full List
Quarterly
VFHVanguard Financials ETFThe Vanguard Financials ETF tracks the performance of the MSCI US Investable Market Financials 25/50 Index, which includes the financial stocks of the top 98% of US market by capitalization. ...Full Details0.1%408
Full List
Quarterly

See Full List of ETFs holding First BanCorp stock in their respective portfolios.

Peer / Competitor Companies of Major Banks Sector

Along with First BanCorp., the following other peer (competitor) companies also exist within the same Major Banks - Finance sector whose company profile and dividend history is as follows:

▶ 1st Source (SRCE): 1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance to individual....See Detailed Company Profile,  Dividend History

▶ ACNB (ACNB): ACNB Corporation, incorporated on November 9, 1982, is a financial holding company. The Companys banking operations are conducted through its operating subsidiary, ACNB Bank (the Bank), and offers a range ....See Detailed Company Profile,  Dividend History

▶ Allegiance Bancshares (ABTX): Allegiance Bancshares, Inc., incorporated on April 30, 2008, is a bank holding company. Through its subsidiary, Allegiance Bank (the Bank), the Company provides a range of commercial banking services primarily ....See Detailed Company Profile,  Dividend History

▶ American National Bankshares (AMNB): American National Bankshares Inc. operates as the bank holding company for American National Bank and Trust Company that provides financial products and services. The company operates through two segm....See Detailed Company Profile,  Dividend History

▶ American River Bankshares (AMRB): American River Bankshares operates as the holding company for American River Bank that provides commercial banking products and services to small and middle-market businesses, and individuals in Calif....See Detailed Company Profile,  Dividend History

▶ Ameris Bancorp (ABCB): Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. The company....See Detailed Company Profile,  Dividend History

▶ AmeriServ Financial (ASRV): AmeriServ Financial Inc. operates as the bank holding company for AmeriServ Financial Bank that provides various consumer, mortgage, and commercial financial products. It offers retail banking service....See Detailed Company Profile,  Dividend History

▶ Ames National (ATLO): Ames National Corporation, incorporated on January 15, 1975, is a bank holding company. The Company operates through banking segment. The Company owns five banking subsidiaries consisting of two national banks ....See Detailed Company Profile,  Dividend History

▶ ANZ Bank ADR (ANZBY): Australia and New Zealand Banking Group Limited provides various banking and financial products and services. The company's Australia division offers retail products and services to consumers through the branch....See Detailed Company Profile,  Dividend History

▶ Arrow Financial (AROW): Arrow Financial Corporation (Arrow), incorporated on March 21, 1983, is a bank holding company. The Companys banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and ....See Detailed Company Profile,  Dividend History

▶ Associated Banc-Corp (ASB): Associated Banc-Corp, incorporated on October 20, 1964, is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a ....See Detailed Company Profile,  Dividend History

▶ Atlantic Capital Bancshares (ACBI): Atlantic Capital Bancshares, Inc. operates as the holding company for Atlantic Capital Bank, N.A. that provides commercial banking products and services in the United States. The company offers NOW, m....See Detailed Company Profile,  Dividend History

▶ Auburn National Bancorporation (AUBN): Auburn National Bancorporation, Inc., incorporated on April 12, 1990, is a bank holding company. The Company operates through its subsidiary AuburnBank (the Bank), which is a commercial bank located in ....See Detailed Company Profile,  Dividend History

▶ Banc of California (BANC): Banc of California, Inc. operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits cons....See Detailed Company Profile,  Dividend History

▶ BancFirst (BANF): BancFirst Corporation, incorporated on July 12, 1984, is a financial holding company. The Company conducts its operating activities through its principal subsidiary, BancFirst (the Bank), a state-chartered bank. The Company ....See Detailed Company Profile,  Dividend History

▶ Banco Bradesco Sa (BBD): Banco Bradesco S.A. provides banking and financial products and services to individuals, enterprises, and corporations and institutions. It operates through two segments, Banking; and Insurance, Pensi....See Detailed Company Profile,  Dividend History

▶ Banco Bradesco Sa (BBDO): Banco Bradesco S.A. provides banking and financial products and services to individuals, enterprises, and corporations and institutions. It operates through two segments, Banking; and Insurance, Pension Plans a....See Detailed Company Profile,  Dividend History

▶ Bancorp of New Jersey (BKJ): Bancorp of New Jersey, Inc. operates as a bank holding company of Bank of New Jersey that provides banking services to individuals, businesses, non-profit organizations, and governmental units. The co....See Detailed Company Profile,  Dividend History

▶ BancorpSouth (BXS): BancorpSouth, Inc., incorporated on February 17, 1982, is a financial holding company. The Company, through its principal bank subsidiary, BancorpSouth Bank (the Bank), conducts commercial banking and financial services operations ....See Detailed Company Profile,  Dividend History

▶ Bank of America (BAC): Bank of America Corporation, incorporated on July 31, 1998, is a bank holding company (BHC) and a financial holding company. The Company is a financial institution, serving individual consumers, small- ....See Detailed Company Profile,  Dividend History  and Recent Candlestick Patterns.

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