First BanCorp. New (FBP) Stock Price & How to Invest

First BanCorp (NYSE: FBP), founded in 1948 and headquartered in San Juan, is the parent of FirstBank, a full-service commercial and consumer bank that is the second-largest deposit franchise in Puerto Rico behind Banco Popular. It also operates in the U.S. Virgin Islands, the British Virgin Islands, and Florida, and runs subsidiaries including Money Express (consumer lending) and First Leasing. As of early 2026 the company reported roughly $19 billion in total assets, about $13 billion in loans held for investment, and about $16.6 billion in deposits, spread across commercial, retail, mortgage, and treasury segments.

The investment picture centers on a bank earning outsized profitability metrics for its size, with a net interest margin near 4.75% and return on assets close to 1.89% in Q1 2026, funded by a low-cost core deposit base. Management returns most of its earnings to shareholders through a growing dividend and aggressive share repurchases, and the stock trades at a low double-digit earnings multiple. The counterweight is concentration: FBP's fortunes are tied heavily to the Puerto Rico economy, its demographics, and federal disaster and stimulus flows, which makes it more cyclical and event-sensitive than a mainland regional bank of similar size.

FBP's core risk is geographic concentration: the bulk of its loans, deposits, and revenue are tied to the Puerto Rico economy, which has faced population decline, fiscal stress, and vulnerability to hurricanes and other natural disasters. A material portion of past growth has been supported by federal disaster-relief and stimulus funds, and the fading of those flows could pressure deposits and loan demand. As a rate-sensitive bank, its net interest margin can compress if funding costs rise faster than asset yields or if the rate environment shifts. Broader risks include potential credit deterioration in a downturn, competitive pressure from Banco Popular and OFG Bancorp, and the general regulatory and capital requirements that apply to all banks.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see First BanCorp. New's investor relations page or your broker.

• Revenue (TTM, net interest income + fees): ~$930M
• Net income (TTM): ~$355M
• EPS (TTM, diluted): ~$2.25
• Market cap: ~$4.1B
• P/E ratio: ~11.8x
• Dividend yield: ~2.9%

FBP traded near $26 per share in mid-2026 following a Q1 2026 in which it earned $88.8 million, or $0.57 per diluted share, up 21% year over year. The low double-digit P/E is roughly in line with or slightly below many regional bank peers, and the valuation reflects both the bank's high profitability and the concentration discount applied to a single-economy franchise. Figures are approximate and drawn from public filings and market data.

There are three common ways to get FBP exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so FBP sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where FBP fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

FBP is a well-run, highly profitable Puerto Rico regional bank whose appeal rests on strong margins and capital returns balanced against single-economy concentration.

Whether FBP is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FBP a buy?, and where the stock could go from here in the FBP stock forecast.

For income investors, whether FBP pays a dividend and how the payout looks is covered in does FBP pay a dividend?