Intrinsic value of First BanCorp (Puerto Rico) - FBP

Previous Close

$8.78

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$8.78

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as FBP.

We calculate the intrinsic value of FBP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  418
  428
  439
  451
  465
  480
  496
  514
  533
  553
  575
  599
  623
  650
  678
  708
  739
  772
  807
  845
  884
  925
  969
  1,014
  1,063
  1,114
  1,167
  1,223
  1,283
  1,345
Variable operating expenses, $m
  61
  62
  63
  64
  66
  68
  69
  71
  73
  76
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  142
  148
Fixed operating expenses, $m
  296
  303
  310
  316
  323
  330
  338
  345
  353
  361
  368
  377
  385
  393
  402
  411
  420
  429
  438
  448
  458
  468
  478
  489
  500
  511
  522
  533
  545
  557
Total operating expenses, $m
  357
  365
  373
  380
  389
  398
  407
  416
  426
  437
  432
  443
  454
  465
  477
  489
  502
  514
  527
  541
  556
  570
  585
  601
  617
  634
  651
  668
  687
  705
Operating income, $m
  61
  63
  66
  70
  76
  82
  89
  97
  107
  117
  143
  156
  170
  185
  201
  219
  238
  258
  280
  303
  328
  355
  383
  414
  446
  480
  516
  555
  596
  639
EBITDA, $m
  1,323
  1,354
  1,390
  1,431
  1,477
  1,528
  1,584
  1,645
  1,712
  1,783
  1,860
  1,942
  2,030
  2,124
  2,224
  2,330
  2,443
  2,563
  2,689
  2,823
  2,965
  3,115
  3,273
  3,440
  3,617
  3,802
  3,999
  4,205
  4,423
  4,652
Interest expense (income), $m
  128
  581
  544
  555
  566
  580
  595
  611
  628
  648
  668
  690
  714
  739
  766
  794
  825
  857
  891
  927
  965
  1,005
  1,047
  1,092
  1,139
  1,188
  1,240
  1,295
  1,353
  1,414
  1,478
Earnings before tax, $m
  -520
  -481
  -488
  -496
  -504
  -513
  -522
  -531
  -541
  -551
  -547
  -558
  -569
  -581
  -593
  -606
  -619
  -633
  -647
  -661
  -677
  -692
  -708
  -725
  -742
  -760
  -779
  -798
  -818
  -838
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -520
  -481
  -488
  -496
  -504
  -513
  -522
  -531
  -541
  -551
  -547
  -558
  -569
  -581
  -593
  -606
  -619
  -633
  -647
  -661
  -677
  -692
  -708
  -725
  -742
  -760
  -779
  -798
  -818
  -838

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,293
  9,507
  9,751
  10,026
  10,330
  10,663
  11,026
  11,419
  11,843
  12,297
  12,784
  13,302
  13,855
  14,442
  15,065
  15,725
  16,424
  17,163
  17,944
  18,768
  19,638
  20,556
  21,523
  22,542
  23,615
  24,745
  25,934
  27,186
  28,502
  29,887
Adjusted assets (=assets-cash), $m
  9,293
  9,507
  9,751
  10,026
  10,330
  10,663
  11,026
  11,419
  11,843
  12,297
  12,784
  13,302
  13,855
  14,442
  15,065
  15,725
  16,424
  17,163
  17,944
  18,768
  19,638
  20,556
  21,523
  22,542
  23,615
  24,745
  25,934
  27,186
  28,502
  29,887
Revenue / Adjusted assets
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
Average production assets, $m
  12,478
  12,765
  13,093
  13,462
  13,870
  14,318
  14,805
  15,333
  15,902
  16,512
  17,165
  17,861
  18,603
  19,391
  20,228
  21,114
  22,053
  23,045
  24,093
  25,201
  26,369
  27,600
  28,899
  30,267
  31,708
  33,225
  34,822
  36,502
  38,270
  40,130
Working capital, $m
  -10,608
  -10,852
  -11,131
  -11,444
  -11,791
  -12,172
  -12,586
  -13,035
  -13,518
  -14,037
  -14,592
  -15,184
  -15,815
  -16,485
  -17,196
  -17,950
  -18,748
  -19,591
  -20,482
  -21,424
  -22,417
  -23,464
  -24,568
  -25,731
  -26,956
  -28,245
  -29,603
  -31,032
  -32,534
  -34,115
Total debt, $m
  10,078
  10,270
  10,490
  10,737
  11,010
  11,311
  11,637
  11,991
  12,372
  12,781
  13,219
  13,686
  14,183
  14,712
  15,272
  15,866
  16,495
  17,160
  17,863
  18,605
  19,388
  20,214
  21,084
  22,001
  22,967
  23,984
  25,054
  26,181
  27,366
  28,612
Total liabilities, $m
  8,364
  8,556
  8,776
  9,023
  9,297
  9,597
  9,924
  10,277
  10,659
  11,068
  11,505
  11,972
  12,469
  12,998
  13,558
  14,153
  14,782
  15,447
  16,150
  16,892
  17,675
  18,500
  19,371
  20,288
  21,253
  22,270
  23,341
  24,467
  25,652
  26,898
Total equity, $m
  929
  951
  975
  1,003
  1,033
  1,066
  1,103
  1,142
  1,184
  1,230
  1,278
  1,330
  1,385
  1,444
  1,506
  1,573
  1,642
  1,716
  1,794
  1,877
  1,964
  2,056
  2,152
  2,254
  2,361
  2,474
  2,593
  2,719
  2,850
  2,989
Total liabilities and equity, $m
  9,293
  9,507
  9,751
  10,026
  10,330
  10,663
  11,027
  11,419
  11,843
  12,298
  12,783
  13,302
  13,854
  14,442
  15,064
  15,726
  16,424
  17,163
  17,944
  18,769
  19,639
  20,556
  21,523
  22,542
  23,614
  24,744
  25,934
  27,186
  28,502
  29,887
Debt-to-equity ratio
  10.840
  10.800
  10.760
  10.710
  10.660
  10.610
  10.550
  10.500
  10.450
  10.390
  10.340
  10.290
  10.240
  10.190
  10.140
  10.090
  10.040
  10.000
  9.960
  9.910
  9.870
  9.830
  9.800
  9.760
  9.730
  9.690
  9.660
  9.630
  9.600
  9.570
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -520
  -481
  -488
  -496
  -504
  -513
  -522
  -531
  -541
  -551
  -547
  -558
  -569
  -581
  -593
  -606
  -619
  -633
  -647
  -661
  -677
  -692
  -708
  -725
  -742
  -760
  -779
  -798
  -818
  -838
Depreciation, amort., depletion, $m
  1,262
  1,291
  1,324
  1,361
  1,402
  1,446
  1,495
  1,548
  1,605
  1,666
  1,716
  1,786
  1,860
  1,939
  2,023
  2,111
  2,205
  2,304
  2,409
  2,520
  2,637
  2,760
  2,890
  3,027
  3,171
  3,323
  3,482
  3,650
  3,827
  4,013
Funds from operations, $m
  743
  810
  836
  865
  897
  934
  973
  1,017
  1,064
  1,115
  1,170
  1,228
  1,291
  1,358
  1,430
  1,505
  1,586
  1,672
  1,763
  1,859
  1,960
  2,068
  2,182
  2,302
  2,428
  2,562
  2,703
  2,852
  3,009
  3,175
Change in working capital, $m
  -208
  -244
  -279
  -313
  -347
  -381
  -415
  -449
  -483
  -519
  -555
  -592
  -631
  -670
  -711
  -754
  -798
  -844
  -891
  -941
  -993
  -1,047
  -1,104
  -1,163
  -1,225
  -1,290
  -1,358
  -1,429
  -1,503
  -1,581
Cash from operations, $m
  951
  1,054
  1,114
  1,178
  1,244
  1,314
  1,388
  1,466
  1,547
  1,634
  1,725
  1,821
  1,922
  2,028
  2,141
  2,259
  2,384
  2,515
  2,654
  2,800
  2,953
  3,115
  3,285
  3,465
  3,653
  3,852
  4,061
  4,281
  4,512
  4,755
Maintenance CAPEX, $m
  -1,222
  -1,248
  -1,277
  -1,309
  -1,346
  -1,387
  -1,432
  -1,481
  -1,533
  -1,590
  -1,651
  -1,716
  -1,786
  -1,860
  -1,939
  -2,023
  -2,111
  -2,205
  -2,304
  -2,409
  -2,520
  -2,637
  -2,760
  -2,890
  -3,027
  -3,171
  -3,323
  -3,482
  -3,650
  -3,827
New CAPEX, $m
  -254
  -287
  -328
  -368
  -408
  -448
  -488
  -528
  -569
  -610
  -653
  -697
  -742
  -788
  -836
  -886
  -938
  -992
  -1,048
  -1,107
  -1,168
  -1,232
  -1,298
  -1,368
  -1,441
  -1,517
  -1,597
  -1,680
  -1,768
  -1,859
Cash from investing activities, $m
  -1,476
  -1,535
  -1,605
  -1,677
  -1,754
  -1,835
  -1,920
  -2,009
  -2,102
  -2,200
  -2,304
  -2,413
  -2,528
  -2,648
  -2,775
  -2,909
  -3,049
  -3,197
  -3,352
  -3,516
  -3,688
  -3,869
  -4,058
  -4,258
  -4,468
  -4,688
  -4,920
  -5,162
  -5,418
  -5,686
Free cash flow, $m
  -526
  -481
  -490
  -500
  -510
  -520
  -531
  -543
  -555
  -567
  -579
  -593
  -606
  -620
  -635
  -650
  -666
  -682
  -699
  -717
  -735
  -754
  -773
  -793
  -814
  -836
  -858
  -882
  -906
  -931
Issuance/(repayment) of debt, $m
  -679
  192
  220
  247
  274
  300
  327
  354
  381
  409
  438
  467
  497
  528
  561
  594
  629
  665
  703
  742
  783
  826
  870
  917
  966
  1,017
  1,070
  1,126
  1,185
  1,246
Issuance/(repurchase) of shares, $m
  1,470
  502
  513
  524
  535
  546
  558
  570
  583
  596
  595
  610
  624
  640
  656
  672
  689
  707
  725
  744
  764
  784
  805
  827
  850
  873
  898
  923
  950
  977
Cash from financing (excl. dividends), $m  
  791
  694
  733
  771
  809
  846
  885
  924
  964
  1,005
  1,033
  1,077
  1,121
  1,168
  1,217
  1,266
  1,318
  1,372
  1,428
  1,486
  1,547
  1,610
  1,675
  1,744
  1,816
  1,890
  1,968
  2,049
  2,135
  2,223
Total cash flow (excl. dividends), $m
  264
  214
  243
  271
  298
  326
  353
  381
  410
  439
  454
  484
  515
  548
  581
  616
  652
  690
  729
  769
  812
  856
  902
  951
  1,001
  1,054
  1,110
  1,168
  1,228
  1,292
Retained Cash Flow (-), $m
  -1,470
  -502
  -513
  -524
  -535
  -546
  -558
  -570
  -583
  -596
  -595
  -610
  -624
  -640
  -656
  -672
  -689
  -707
  -725
  -744
  -764
  -784
  -805
  -827
  -850
  -873
  -898
  -923
  -950
  -977
Prev. year cash balance distribution, $m
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash available for distribution, $m
  -1,184
  -288
  -270
  -253
  -236
  -220
  -205
  -189
  -173
  -158
  -142
  -126
  -109
  -92
  -74
  -56
  -37
  -17
  4
  25
  48
  72
  97
  124
  152
  181
  212
  245
  279
  315
Discount rate, %
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
  -1,029
  -215
  -170
  -133
  -102
  -77
  -56
  -40
  -28
  -19
  -13
  -8
  -5
  -3
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  32.5
  21.1
  13.7
  8.9
  5.9
  3.8
  2.5
  1.7
  1.1
  0.8
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.

FINANCIAL RATIOS  of  First BanCorp (Puerto Rico) (FBP)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 0
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 28.9%
Total Debt to Equity 28.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. -90.9%
Payout Ratio 0%

FBP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FBP stock intrinsic value calculation we used $410 million for the last fiscal year's total revenue generated by First BanCorp (Puerto Rico). The default revenue input number comes from 2017 income statement of First BanCorp (Puerto Rico). You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FBP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.1%, whose default value for FBP is calculated based on our internal credit rating of First BanCorp (Puerto Rico), is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of First BanCorp (Puerto Rico).
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FBP stock the variable cost ratio is equal to 14.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $290 million in the base year in the intrinsic value calculation for FBP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for First BanCorp (Puerto Rico).

Corporate tax rate of 27% is the nominal tax rate for First BanCorp (Puerto Rico). In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FBP stock is equal to 1.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FBP are equal to 2983.8%.

Life of production assets of 10 years is the average useful life of capital assets used in First BanCorp (Puerto Rico) operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FBP is equal to -2536.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for First BanCorp (Puerto Rico) - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 216 million for First BanCorp (Puerto Rico) is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of First BanCorp (Puerto Rico) at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy First Bancorp (NASDAQ:FBNC)?   [Aug-16-18 11:44AM  Simply Wall St.]
▶ First Bancorp to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ First Bancorp: 2Q Earnings Snapshot   [Jul-24-18 05:02PM  Associated Press]
▶ First BanCorp to Announce 2Q 2018 Results on July 25, 2018   [Jul-03-18 04:29PM  Business Wire]
▶ First Bancorp to Host Earnings Call   [Apr-27-18 09:00AM  ACCESSWIRE]
▶ Is First BanCorp (NYSE:FBP) Undervalued?   [08:26AM  Simply Wall St.]
▶ First Bancorp: 1Q Earnings Snapshot   [Apr-24-18 04:53PM  Associated Press]
▶ First BanCorp to Announce 1Q 2018 Results on April 27, 2018   [Apr-16-18 05:00PM  Business Wire]
▶ What You Should Know About First Bancorps (NYSE:FBP) Risks   [Jan-29-18 10:02AM  Simply Wall St.]
▶ First Bancorp to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ Is It The Right Time To Buy First Bancorp (FBP)?   [Nov-20-17 03:15PM  Simply Wall St.]
▶ First Bancorp to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ First BanCorp. Announces Termination of Written Agreement   [Oct-05-17 01:15PM  Business Wire]
▶ First BanCorp. Announces Sale of PREPA Loan   [Mar-13-17 09:00AM  Business Wire]
▶ 9 Bank Stocks Top Investors Love   [Feb-08-17 01:00PM  TheStreet.com]
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