First BanCorp. (FBP) - Net Assets
Based on the latest financial reports, First BanCorp. (FBP) has net assets worth $1.97 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($19.09 Billion) and total liabilities ($17.12 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check First BanCorp. tangible book value ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.97 Billion |
| % of Total Assets | 10.31% |
| Annual Growth Rate | 10.26% |
| 5-Year Change | -6.42% |
| 10-Year Change | 10.11% |
| Growth Volatility | 18.14 |
First BanCorp. - Net Assets Trend (1990–2025)
This chart illustrates how First BanCorp.'s net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of First BanCorp. to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for First BanCorp. (1990–2025)
The table below shows the annual net assets of First BanCorp. from 1990 to 2025. For live valuation and market cap data, see FBP stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.97 Billion | +17.83% |
| 2024-12-31 | $1.67 Billion | +11.46% |
| 2023-12-31 | $1.50 Billion | +12.98% |
| 2022-12-31 | $1.33 Billion | -36.93% |
| 2021-12-31 | $2.10 Billion | -7.62% |
| 2020-12-31 | $2.28 Billion | +2.11% |
| 2019-12-31 | $2.23 Billion | +8.97% |
| 2018-12-31 | $2.04 Billion | +9.40% |
| 2017-12-31 | $1.87 Billion | +4.64% |
| 2016-12-31 | $1.79 Billion | +5.44% |
| 2015-12-31 | $1.69 Billion | +1.34% |
| 2014-12-31 | $1.67 Billion | +37.49% |
| 2013-12-31 | $1.22 Billion | -18.13% |
| 2012-12-31 | $1.49 Billion | +2.83% |
| 2011-12-31 | $1.44 Billion | +25.40% |
| 2010-12-31 | $1.15 Billion | -27.98% |
| 2009-12-31 | $1.60 Billion | +3.29% |
| 2008-12-31 | $1.55 Billion | +8.90% |
| 2007-12-31 | $1.42 Billion | +18.68% |
| 2006-12-31 | $1.20 Billion | +0.00% |
| 2005-12-31 | $1.20 Billion | -2.05% |
| 2004-12-31 | $1.22 Billion | +12.24% |
| 2003-12-31 | $1.09 Billion | +36.46% |
| 2002-12-31 | $798.42 Million | +32.43% |
| 2001-12-31 | $602.92 Million | +38.77% |
| 2000-12-31 | $434.46 Million | +47.32% |
| 1999-12-31 | $294.90 Million | +9.06% |
| 1998-12-31 | $270.40 Million | +14.38% |
| 1997-12-31 | $236.40 Million | +23.70% |
| 1996-12-31 | $191.10 Million | +11.62% |
| 1995-12-31 | $171.20 Million | +42.67% |
| 1994-12-31 | $120.00 Million | +29.31% |
| 1993-12-31 | $92.80 Million | +4.74% |
| 1992-12-31 | $88.60 Million | +19.57% |
| 1991-12-31 | $74.10 Million | +15.06% |
| 1990-12-31 | $64.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to First BanCorp.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 227641100000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $2.27 Billion | 115.31% |
| Common Stock | $22.37 Million | 1.14% |
| Other Comprehensive Income | $-354.55 Million | -18.03% |
| Other Components | $31.04 Million | 1.58% |
| Total Equity | $1.97 Billion | 100.00% |
First BanCorp. Competitors by Market Cap
The table below lists competitors of First BanCorp. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Downer Edi Ltd
AU:DOW
|
$3.83 Billion |
|
Mr D I Y Group M Bhd
KLSE:5296
|
$3.83 Billion |
|
Godrej Industries Limited
NSE:GODREJIND
|
$3.83 Billion |
|
Adaro Minerals Indonesia Tbk PT
JK:ADMR
|
$3.83 Billion |
|
Catalyst Pharmaceuticals Inc
NASDAQ:CPRX
|
$3.83 Billion |
|
UCO Bank
NSE:UCOBANK
|
$3.82 Billion |
|
Proya Cosmetics Co Ltd Class A
SHG:603605
|
$3.82 Billion |
|
Global Power Synergy PCL
BK:GPSC
|
$3.82 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First BanCorp.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,669,236,000 to 1,966,865,000, a change of 297,629,000 (17.8%).
- Net income of 344,866,000 contributed positively to equity growth.
- Dividend payments of 115,520,000 reduced retained earnings.
- Share repurchases of 153,672,000 reduced equity.
- Other comprehensive income decreased equity by 18,172,000.
- Other factors increased equity by 240,127,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $344.87 Million | +17.53% |
| Dividends Paid | $115.52 Million | -5.87% |
| Share Repurchases | $153.67 Million | -7.81% |
| Other Comprehensive Income | $-18.17 Million | -0.92% |
| Other Changes | $240.13 Million | +12.21% |
| Total Change | $- | 17.83% |
Book Value vs Market Value Analysis
This analysis compares First BanCorp.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.04x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.21x to 2.04x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1990-12-31 | $11.29 | $24.93 | x |
| 1991-12-31 | $12.99 | $24.93 | x |
| 1992-12-31 | $15.53 | $24.93 | x |
| 1993-12-31 | $15.43 | $24.93 | x |
| 1994-12-31 | $19.95 | $24.93 | x |
| 1995-12-31 | $27.55 | $24.93 | x |
| 1996-12-31 | $31.62 | $24.93 | x |
| 1997-12-31 | $39.68 | $24.93 | x |
| 1998-12-31 | $45.41 | $24.93 | x |
| 1999-12-31 | $47.03 | $24.93 | x |
| 2000-12-31 | $26.69 | $24.93 | x |
| 2001-12-31 | $91.94 | $24.93 | x |
| 2002-12-31 | $149.88 | $24.93 | x |
| 2003-12-31 | $158.60 | $24.93 | x |
| 2004-12-31 | $218.02 | $24.93 | x |
| 2005-12-31 | $217.56 | $24.93 | x |
| 2006-12-31 | $217.55 | $24.93 | x |
| 2007-12-31 | $245.49 | $24.93 | x |
| 2008-12-31 | $250.67 | $24.93 | x |
| 2009-12-31 | $259.29 | $24.93 | x |
| 2010-12-31 | $93.54 | $24.93 | x |
| 2011-12-31 | $16.11 | $24.93 | x |
| 2012-12-31 | $7.21 | $24.93 | x |
| 2013-12-31 | $5.92 | $24.93 | x |
| 2014-12-31 | $7.94 | $24.93 | x |
| 2015-12-31 | $7.95 | $24.93 | x |
| 2016-12-31 | $8.28 | $24.93 | x |
| 2017-12-31 | $8.65 | $24.93 | x |
| 2018-12-31 | $9.44 | $24.93 | x |
| 2019-12-31 | $10.26 | $24.93 | x |
| 2020-12-31 | $10.45 | $24.93 | x |
| 2021-12-31 | $9.95 | $24.93 | x |
| 2022-12-31 | $6.91 | $24.93 | x |
| 2023-12-31 | $8.45 | $24.93 | x |
| 2024-12-31 | $10.10 | $24.93 | x |
| 2025-12-31 | $12.24 | $24.93 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First BanCorp. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.53%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 27.45%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 9.73x
- Recent ROE (17.53%) is above the historical average (9.20%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1990 | -27.48% | -8.78% | 0.11x | 29.63x | $-24.14 Million |
| 1991 | 13.63% | 5.30% | 0.10x | 25.62x | $2.69 Million |
| 1992 | 16.25% | 8.34% | 0.09x | 21.32x | $5.54 Million |
| 1993 | 31.03% | 16.32% | 0.09x | 20.62x | $19.52 Million |
| 1994 | 25.50% | 15.42% | 0.09x | 18.12x | $18.60 Million |
| 1995 | 28.68% | 19.12% | 0.11x | 14.21x | $31.98 Million |
| 1996 | 19.68% | 13.14% | 0.10x | 14.77x | $18.49 Million |
| 1997 | 20.09% | 14.61% | 0.10x | 14.08x | $23.86 Million |
| 1998 | 19.16% | 13.65% | 0.09x | 14.86x | $24.76 Million |
| 1999 | 21.05% | 15.44% | 0.09x | 16.01x | $32.58 Million |
| 2000 | 15.48% | 13.10% | 0.09x | 13.63x | $23.83 Million |
| 2001 | 14.26% | 15.11% | 0.07x | 13.60x | $25.71 Million |
| 2002 | 13.52% | 18.04% | 0.06x | 12.08x | $28.11 Million |
| 2003 | 11.00% | 18.27% | 0.05x | 11.63x | $10.94 Million |
| 2004 | 14.72% | 23.64% | 0.05x | 12.97x | $56.89 Million |
| 2005 | 9.57% | 23.13% | 0.02x | 16.63x | $-5.18 Million |
| 2006 | 9.57% | 10.14% | 0.06x | 16.63x | $-5.18 Million |
| 2007 | 4.79% | 5.49% | 0.07x | 12.09x | $-74.03 Million |
| 2008 | 7.10% | 9.15% | 0.06x | 12.59x | $-44.87 Million |
| 2009 | -17.21% | -24.13% | 0.06x | 12.27x | $-435.09 Million |
| 2010 | -49.56% | -58.81% | 0.06x | 14.83x | $-630.10 Million |
| 2011 | -5.69% | -11.82% | 0.05x | 9.09x | $-226.65 Million |
| 2012 | 2.01% | 4.78% | 0.05x | 8.82x | $-118.72 Million |
| 2013 | -13.53% | -26.98% | 0.05x | 10.41x | $-286.07 Million |
| 2014 | 23.47% | 63.08% | 0.05x | 7.61x | $225.11 Million |
| 2015 | 1.26% | 3.50% | 0.05x | 7.42x | $-148.12 Million |
| 2016 | 5.22% | 14.60% | 0.05x | 6.67x | $-85.40 Million |
| 2017 | 3.58% | 10.79% | 0.05x | 6.56x | $-119.95 Million |
| 2018 | 9.86% | 30.15% | 0.05x | 5.99x | $-2.86 Million |
| 2019 | 7.51% | 22.91% | 0.06x | 5.66x | $-55.43 Million |
| 2020 | 4.50% | 13.28% | 0.04x | 8.26x | $-125.24 Million |
| 2021 | 13.37% | 31.86% | 0.04x | 9.89x | $70.85 Million |
| 2022 | 23.01% | 31.98% | 0.05x | 14.06x | $172.52 Million |
| 2023 | 20.22% | 26.96% | 0.06x | 12.63x | $153.10 Million |
| 2024 | 17.90% | 25.04% | 0.06x | 11.56x | $131.80 Million |
| 2025 | 17.53% | 27.45% | 0.07x | 9.73x | $148.18 Million |
Industry Comparison
This section compares First BanCorp.'s net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $389,399,400
- Average return on equity (ROE) among peers: 10.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First BanCorp. (FBP) | $1.97 Billion | -27.48% | 8.70x | $3.83 Billion |
| Ameris Bancorp (ABCB) | $514.76 Million | 7.94% | 9.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $68.20 Million | 10.85% | 9.15x | $5.79 Billion |
| ACNB Corporation (ACNB) | $51.46 Million | 12.55% | 7.93x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $137.13 Million |
| Alerus Financial Corp (ALRS) | $127.25 Million | 8.42% | 8.09x | $736.27 Million |
| Amalgamated Bank (AMAL) | $508.95 Million | 16.01% | 14.41x | $1.27 Billion |
| Amerant Bancorp Inc. (AMTB) | $1.00 Billion | 3.23% | 8.67x | $974.56 Million |
| Arrow Financial Corporation (AROW) | $431.85 Million | 10.18% | 9.29x | $622.98 Million |
| Associated Banc-Corp (ASB) | $968.70 Million | 17.34% | 12.55x | $5.45 Billion |
| AmeriServ Financial Inc (ASRV) | $141.70 Million | 14.89% | 15.78x | $62.43 Million |
About First BanCorp.
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides financial products and services to consumers and commercial customers. It operates through six segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. The Mortgage Banking segment engages in … Read more