First BanCorp

Financial Services banks holding company insurance investment

First BanCorp is a publicly owned financial holding company. The Corporation provides a wide range of financial services for retail, commercial and institutional clients. First BanCorp has six reportable segments: Commercial and Corporate Banking; Consumer (Retail) Banking; Mortgage Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. The Commercial and Corporate Banking segment consists of the Corporation’s lending and other services for large customers represented by specialized and middle-market clients and the public sector. Mortgage Banking operations consist of the origination, sale, and servicing of a variety of residential mortgage loan products and related hedging activities. The Treasury and Investments segment is responsible for the Corporation’s treasury and investment management functions. The United States Operations segment consists of all banking activities conducted by FirstBank on the United States mainland. The Virgin Islands Operations segment consists of all banking activities conducted by FirstBank in the USVI and BVI, including retail and commercial banking services.

Market capitalization(2018-05-25)

$1.7 B

Total Loans(Q2, 2017)

$8.7 B

Type

Public

San Juan, PR

Founded

1948

Size (employees)

2,701 (est)

Website

1firstbank.com

First BanCorp was founded in 1948 and is headquartered in San Juan, PR

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First BanCorp Office Locations

First BanCorp has offices in Pinecrest, Miami, Deerfield Beach, Charlotte Amalie West St. Thomas and in 9 other locations

San Juan, PR (HQ)

1519 Ponce de Leon Avenue

Deerfield Beach, US

1898 W Hillsboro Blvd

Doral, US

108 3905 NW 107th Ave

Hialeah, US

1325 W 49th St

Margate, US

7220 W Atlantic Blvd

Miami, US

848 Brickell Ave

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First BanCorp Financials and Metrics

First BanCorp Financials

First BanCorp's revenue was reported to be $673.25 m in FY, 2016 which is a 2% decrease from the previous period.

Summary

USD
Revenue (Q1, 2018)	172.2 m
Gross profit (Q1, 2018)	147.5 m
Gross profit margin (Q1, 2018), %	85.6%
Net income (Q1, 2018)	33.1 m
EBIT (Q1, 2018)	124.7 m
Market capitalization (25-May-2018)	1.7 b
Closing share price (25-May-2018)	7.9
Cash (31-Mar-2018)	743.4 m
EV	1.7 b

First BanCorp's current market capitalization is $1.7 b.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	695.3 m	686.9 m	673.2 m
Revenue growth, %		(1%)	(2%)
Cost of goods sold				96.9 m
General and administrative expense				56.7 m

Quarterly

USD	Q1, 2018
Revenue	172.2 m
Cost of goods sold	24.7 m
Gross profit	147.5 m
Gross profit Margin, %	86%

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2017
Cash	706 m
PP&E	141.9 m
Total Assets	12.3 b
Accounts Payable	9 b

Quarterly

USD	Q1, 2018
Cash	743.4 m
PP&E	143.1 m
Total Assets	12.2 b
Accounts Payable	9.1 b

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Cash Flow

Annual

USD	FY, 2017
Net Income	67 m
Depreciation and Amortization	16.4 m
Cash From Operating Activities	236 m
Cash From Investing Activities	(73.3 m)

Quarterly

USD	Q1, 2018
Net Income	33.1 m
Depreciation and Amortization	3.9 m
Cash From Operating Activities	95.4 m
Cash From Investing Activities	111.8 m

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Ratios

USD	Y, 2018
EV/EBIT	13.4 x
EV/CFO	17.6 x
Financial Leverage	6.5 x

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First BanCorp Operating Metrics

First BanCorp's Total Loans was reported to be $8.7b in Q2, 2017.

	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017
Bank Branches	76				72				70
Non-performing Loans	$523.90 m	$563.54 m	$463.57 m	$472.64 m	$442.77 m	$574.94 m	$598.19 m	$566.71 m	$560.09 m	$477.57 m	$411.41 m
Total Loans	$8.88 b	$9.26 b	$9 b	$9.07 b	$8.87 b	$8.89 b	$8.64 b	$8.65 b	$8.68 b	$8.62 b	$8.69 b