First BanCorp. Rating Report

Company Profile

Headquartered in San Juan, Puerto Rico, First BanCorp. (NASDAQ: FBP) (“the company” or “the firm”), is a ~$19.3 billion-asset BHC founded in 1948. Through its primary operating subsidiary, FirstBank Puerto Rico (FirstBank), the company provides full-service commercial and consumer lending and deposit services in Puerto Rico (57 branches), the U.S. (8 branches in Florida), the U.S. Virgin Islands and the British Virgin Islands (collectively, the Virgin Islands; 8 branches). FBP is the 2nd largest BHC headquartered in Puerto Rico and commands a proportional share of loans and deposits on the island.
FBP’s loan portfolio is relatively balanced by loan type though primarily focused on the island of Puerto Rico (~80%). Around 20%-25% of the loan portfolio is made up of residential mortgages, predominantly secured by homes in Puerto Rico. Another 25%-30% relates to consumer loans, the majority of which are auto loans on the island, but also made up of finance…

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