First BanCorp Denies Lawsuit Allegations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 29 2026
0mins
First BanCorp said it is aware that a lawsuit has been filed against it in the United States District Court for the Southern District of New York alleging claims relating to banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands. It added, "The Corporation and FirstBank categorically deny the claims alleged in the complaint and intend to vigorously defend against them. First BanCorp and FirstBank are committed to maintaining the highest standards of compliance, governance, and ethical conduct. As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering compliance program designed to meet its legal and regulatory obligations, and, as a matter of ongoing practice, works cooperatively with its regulators and, where appropriate, with law enforcement authorities in support of the integrity and potential misuse of the banking system. The Corporation is reviewing the complaint and will respond through the appropriate legal channels. Given that litigation is pending, FirstBank will not be providing further comment at this time."
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Analyst Views on FBP
Wall Street analysts forecast FBP stock price to fall
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 26.500
Low
24.00
Averages
24.25
High
24.50
Current: 26.500
Low
24.00
Averages
24.25
High
24.50
About FBP
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.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
First BanCorp Faces Lawsuit Allegations
- Lawsuit Allegations: First BanCorp is facing a lawsuit in the Southern District of New York regarding banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands, with the company categorically denying all claims and planning to vigorously defend itself.
- Compliance Commitment: As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering compliance program to meet its legal and regulatory obligations, ensuring the legality and ethical standards of its operations.
- Legal Response: First BanCorp is reviewing the complaint and will respond through appropriate legal channels, although FirstBank will not provide further comments at this time due to the ongoing litigation.
- Company Background: First BanCorp is the parent company of FirstBank Puerto Rico, which operates in Puerto Rico, the U.S. and British Virgin Islands, and Florida, with its common stock traded on the New York Stock Exchange under the symbol 'FBP'.
See More
First BanCorp Announces Q2 2026 Earnings Release Schedule
- Earnings Release Schedule: First BanCorp is set to report its financial results for Q2 2026 before the market opens on July 22, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call and live webcast at 10:00 AM Eastern Time on July 22, 2026, aimed at providing investors with an in-depth analysis of the financial results and facilitating interaction with analysts.
- Access Methods: Investors can access the webcast through the company's investor relations website, with a recommendation to log in at least 15 minutes early to ensure software installation, demonstrating the company's focus on user experience.
- Replay Services: The telephone replay will be available until August 21, 2026, and the webcast will be archived on the company's website until July 22, 2027, ensuring that investors who cannot participate live can still access critical information.
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Fidelity Bank Reports Significant Earnings Growth in 2025
- Significant Revenue Growth: Fidelity Bank reported a 45.6% increase in total revenue for 2025, reaching NGN 1.52 trillion, primarily driven by a 36.6% rise in interest income and a remarkable 138.3% surge in noninterest revenue, showcasing its strong market performance and profitability.
- Improved Net Interest Margin: The net interest margin improved from 12% in 2024 to 12.3%, reflecting effective asset-liability management, while net interest income rose by 32% year-on-year, laying a solid foundation for future profit growth.
- Capital Enhancement: The successful private placement raised NGN 227 billion, elevating regulatory capital above the NGN 500 billion threshold, solidifying its status as a Tier 1 bank and boosting market confidence.
- Expansion Plans: Fidelity Bank plans to establish 2 to 5 new subsidiaries in Africa over the next two years, indicating a strategic focus on growth and diversification aimed at further expanding its market share.
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First BanCorp Stock Rating Upgraded by Analysts
- Rating Upgrade: Raymond James upgraded First BanCorp's stock rating from 'Outperform' to 'Strong Buy' and raised its price target to $27, reflecting analysts' optimistic outlook on the company's future performance.
- Target Price Increases: Both BofA Securities and Truist Financial also raised their price targets to $26 while maintaining 'Buy' ratings, indicating increased market confidence in First BanCorp, which could drive further stock price appreciation.
- Earnings Beat: Truist analysts noted that First BanCorp's recent first-quarter earnings beat expectations was a key factor in their rating upgrade, suggesting the company is consistently improving its financial performance and bolstering investor confidence.
- Stock Performance: Although the stock price cooled to $24.17 after an initial surge, it still represents a 2.6% increase from the previous close and a 15.6% rise since the beginning of the year, demonstrating the company's stability and growth potential in the market.
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Analysis of Stocks Near Market Highs
- Golar LNG Performance Concerns: Golar LNG's annual sales have declined by 2.7% over the past five years, indicating unfavorable market trends, and with a share price of $57.36 and a forward P/E of 71.9, investor confidence in its long-term profitability appears shaky.
- Nabors Industries Financial Strain: Despite a one-month return of 19.2%, Nabors Industries has a gross margin of only 39%, which is below its competitors, limiting its investment capacity in exploration and production, while a mere 2.3% free cash flow margin over the last five years indicates significant funding pressures.
- First BanCorp Strong Performance: First BanCorp boasts a robust loan portfolio with a net interest margin of 4.6%, and its efficiency ratio has improved by 11 percentage points over the past five years, showcasing its competitive edge, with a current share price of $23.37 and a forward P/B of 1.8.
- Market Trend Caution: While some stocks exhibit short-term momentum, investors should exercise caution as short-term trends may lead to losses, particularly given the fundamental risks associated with Golar LNG and Nabors Industries.
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First BanCorp Upgraded to Strong Buy Following Q1 Results
- Earnings Beat: First BanCorp reported a Q1 non-GAAP EPS of $0.57, exceeding expectations by $0.06, with revenue of $258.65 million, reflecting a solid financial performance with a 4.2% year-over-year growth.
- Robust Loan Growth: Despite softer consumer demand, loan originations grew by 6% year-over-year, and business activity in Puerto Rico remains strong due to reconstruction efforts, onshoring, and expanded U.S. military operations, indicating sustained market demand.
- Strong Profitability: The bank reported a return on assets (ROA) of 1.9% and a return on tangible common equity (ROTCE) of 18.7%, with expectations for continued earnings growth driven by loan growth, asset/liability repricing, and share repurchases.
- Price Target Increase: Analysts raised the price target from $26.00 to $27.00, reflecting confidence in the company's future performance, with the average Wall Street analyst rating on the stock standing at Buy.
See More
First BanCorp Faces Lawsuit Allegations
- Lawsuit Allegations: First BanCorp is facing a lawsuit in the Southern District of New York regarding banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands, with the company categorically denying all claims and planning to vigorously defend itself.
- Compliance Commitment: As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering compliance program to meet its legal and regulatory obligations, ensuring the legality and ethical standards of its operations.
- Legal Response: First BanCorp is reviewing the complaint and will respond through appropriate legal channels, although FirstBank will not provide further comments at this time due to the ongoing litigation.
- Company Background: First BanCorp is the parent company of FirstBank Puerto Rico, which operates in Puerto Rico, the U.S. and British Virgin Islands, and Florida, with its common stock traded on the New York Stock Exchange under the symbol 'FBP'.
See More
First BanCorp Announces Q2 2026 Earnings Release Schedule
- Earnings Release Schedule: First BanCorp is set to report its financial results for Q2 2026 before the market opens on July 22, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call and live webcast at 10:00 AM Eastern Time on July 22, 2026, aimed at providing investors with an in-depth analysis of the financial results and facilitating interaction with analysts.
- Access Methods: Investors can access the webcast through the company's investor relations website, with a recommendation to log in at least 15 minutes early to ensure software installation, demonstrating the company's focus on user experience.
- Replay Services: The telephone replay will be available until August 21, 2026, and the webcast will be archived on the company's website until July 22, 2027, ensuring that investors who cannot participate live can still access critical information.
See More
Fidelity Bank Reports Significant Earnings Growth in 2025
- Significant Revenue Growth: Fidelity Bank reported a 45.6% increase in total revenue for 2025, reaching NGN 1.52 trillion, primarily driven by a 36.6% rise in interest income and a remarkable 138.3% surge in noninterest revenue, showcasing its strong market performance and profitability.
- Improved Net Interest Margin: The net interest margin improved from 12% in 2024 to 12.3%, reflecting effective asset-liability management, while net interest income rose by 32% year-on-year, laying a solid foundation for future profit growth.
- Capital Enhancement: The successful private placement raised NGN 227 billion, elevating regulatory capital above the NGN 500 billion threshold, solidifying its status as a Tier 1 bank and boosting market confidence.
- Expansion Plans: Fidelity Bank plans to establish 2 to 5 new subsidiaries in Africa over the next two years, indicating a strategic focus on growth and diversification aimed at further expanding its market share.
See More
First BanCorp Stock Rating Upgraded by Analysts
- Rating Upgrade: Raymond James upgraded First BanCorp's stock rating from 'Outperform' to 'Strong Buy' and raised its price target to $27, reflecting analysts' optimistic outlook on the company's future performance.
- Target Price Increases: Both BofA Securities and Truist Financial also raised their price targets to $26 while maintaining 'Buy' ratings, indicating increased market confidence in First BanCorp, which could drive further stock price appreciation.
- Earnings Beat: Truist analysts noted that First BanCorp's recent first-quarter earnings beat expectations was a key factor in their rating upgrade, suggesting the company is consistently improving its financial performance and bolstering investor confidence.
- Stock Performance: Although the stock price cooled to $24.17 after an initial surge, it still represents a 2.6% increase from the previous close and a 15.6% rise since the beginning of the year, demonstrating the company's stability and growth potential in the market.
See More
Analysis of Stocks Near Market Highs
- Golar LNG Performance Concerns: Golar LNG's annual sales have declined by 2.7% over the past five years, indicating unfavorable market trends, and with a share price of $57.36 and a forward P/E of 71.9, investor confidence in its long-term profitability appears shaky.
- Nabors Industries Financial Strain: Despite a one-month return of 19.2%, Nabors Industries has a gross margin of only 39%, which is below its competitors, limiting its investment capacity in exploration and production, while a mere 2.3% free cash flow margin over the last five years indicates significant funding pressures.
- First BanCorp Strong Performance: First BanCorp boasts a robust loan portfolio with a net interest margin of 4.6%, and its efficiency ratio has improved by 11 percentage points over the past five years, showcasing its competitive edge, with a current share price of $23.37 and a forward P/B of 1.8.
- Market Trend Caution: While some stocks exhibit short-term momentum, investors should exercise caution as short-term trends may lead to losses, particularly given the fundamental risks associated with Golar LNG and Nabors Industries.
See More
First BanCorp Upgraded to Strong Buy Following Q1 Results
- Earnings Beat: First BanCorp reported a Q1 non-GAAP EPS of $0.57, exceeding expectations by $0.06, with revenue of $258.65 million, reflecting a solid financial performance with a 4.2% year-over-year growth.
- Robust Loan Growth: Despite softer consumer demand, loan originations grew by 6% year-over-year, and business activity in Puerto Rico remains strong due to reconstruction efforts, onshoring, and expanded U.S. military operations, indicating sustained market demand.
- Strong Profitability: The bank reported a return on assets (ROA) of 1.9% and a return on tangible common equity (ROTCE) of 18.7%, with expectations for continued earnings growth driven by loan growth, asset/liability repricing, and share repurchases.
- Price Target Increase: Analysts raised the price target from $26.00 to $27.00, reflecting confidence in the company's future performance, with the average Wall Street analyst rating on the stock standing at Buy.
See More
