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First BanCorp is a bank holding company that runs FirstBank, a full-service bank serving customers in Puerto Rico, Florida, and the U.S. Virgin Islands.
First BanCorp is a bank — specifically, the parent company of FirstBank, a full-service commercial bank whose main home is Puerto Rico. It takes deposits from people and businesses, then lends that money out as mortgages, car loans, credit-card balances, and business loans. The gap between what it pays depositors and what it charges borrowers is the core of how it makes money.
The bank's home turf matters a lot. Puerto Rico is a small, island economy, and FirstBank is one of the biggest banks there, which gives it a wide branch network and deep relationships few mainland competitors can match. It also operates in Florida and the U.S. Virgin Islands, mostly serving Puerto Rican customers who have moved to the mainland or do business across both places. Like most banks, First BanCorp earns money in two main ways. It collects net interest income — the spread between interest earned on loans and interest paid on deposits. It also earns fees from services like credit cards, insurance, and investment products. The bank leans more on lending than on fees, so its profits rise when loan demand is strong and rates are favorable, and they get squeezed when funding costs climb faster than loan income. First BanCorp is a conservatively run institution that has worked hard to clean up its balance sheet since the 2008 financial crisis, when Puerto Rico's economy struggled badly. It pays a dividend and has bought back shares, returning capital to shareholders. The main risks are its heavy concentration in Puerto Rico — hurricanes, economic swings, and the island's debt troubles all hit home — plus competition from bigger mainland banks moving in.
Saved answer · last researched 20 Oct 2026
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