First BanCorp (FBP): Geopolitical Risk — Puerto Rican Banking and the 2026 Mexico “Tsunami” Tariffs
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First BanCorp (FBP) faces geopolitical risks tied to regional trade dynamics, particularly with Mexico's "Tsunami" tariffs set to take effect on January 1, 2026. These tariffs could indirectly affect the bank's commercial clients in South Florida and the Virgin Islands due to increased costs in maritime logistics. Despite a strong financial position, including record revenue and low non-performing assets, FBP's loan growth is slowing, and it remains vulnerable to public sector deposit fluctuations and external economic factors. Opportunities for expansion exist, but threats from tariff impacts and interest rate volatility loom.
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