FIRST BANCORP /PR/

Overview

First BanCorp. is a financial holding company whose principal business is banking through FirstBank Puerto Rico, alongside its insurance-agency subsidiary. FirstBank provides commercial and consumer banking, mortgage banking, auto financing, trust, insurance-agency, and other financial services.[1]+3 Its regional footprint includes Puerto Rico, Florida and other parts of the United States, and the U.S. and British Virgin Islands.[5]+3 FirstBank describes its purpose as meeting customer needs through personalized service and innovative financial solutions intended to simplify people’s lives.[9]

The bank traces its origins to 1948, and First BanCorp. was incorporated as a holding company in 1998.[9] Investor-relations materials report $19.1 billion in assets as of December 2025, while the company’s About Us page lists 3,075 employees.[10][9] For the year ended December 31, 2025, net interest income was $868.940 million.[11] [1]+10

Products & services

FirstBank offers personal deposit products including Cuenta UNO, Cuenta TODO, Cuenta Perfecta, Preferente and Platinum checking accounts, plus Easy Savings, FirstTeen, FirstOne and Christmas Club savings accounts. Its personal banking products also include credit cards, mortgages, auto and personal loans, investments and insurance. Named cards include Beyond Ultimate Visa, which earns 2 points per dollar and advertises an introductory 0% APR offer subject to terms, and Beyond One Visa.[12]+3

Lending services include mortgage financing for home purchases and refinancing, and vehicle financing for new or used cars through loans or leases. Digital banking capabilities include account management, transfers, bill payment, mobile check deposit, alerts and e-statements. Business services include digital account reporting, payroll and supplier payments, wires, treasury and cash management, as well as merchant payment solutions such as POS, mobile POS, semi-integrated terminals and e-commerce. The reviewed 2026 company materials do not provide revenue or performance percentages by individual product or service.[16]+8 [22]+12

Geographic presence

FirstBank’s operating footprint includes Puerto Rico, Florida, and the Eastern Caribbean, with operations in the U.S. Virgin Islands and British Virgin Islands. Its 2025 Form 10-K reports 73 branches: 57 in Puerto Rico, eight in Florida, and eight across the U.S. and British Virgin Islands combined; the filing does not break out the latter eight by island.[25][26]

At December 31, 2025, the company reported 2,854 employees in Puerto Rico, 206 in Florida, and 158 in the Virgin Islands—approximately 88.7%, 6.4%, and 4.9% of its reported employees, respectively. The filing does not separate the Virgin Islands figures between the U.S. and British Virgin Islands. Regional revenue allocations are not specified in the cited sources.[25] [25][26]

Business segments

FIRST BANCORP /PR/ reports six operating segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. Its segments are organized primarily around lines of business.[27]+16

Their reported focus areas include residential mortgage origination, sale, servicing and related hedging; consumer banking and deposit-taking; commercial lending; management of the investment portfolio and treasury functions, including centralized funding; and banking operations in the United States and the U.S. and British Virgin Islands.[44]+14 Approximate 2025 contributions were Mortgage Banking 8.6%, Consumer (Retail) Banking 67.9%, Commercial and Corporate Banking 18.2%, Treasury and Investments −11.2%, United States Operations 9.1%, and Virgin Islands Operations 7.5%. These are calculated as each segment’s net interest income or loss plus non-interest income, divided by the consolidated total of those items ($1,000,818 thousand); they are not percentages reported by the company.[59]+28 [27]+45

Company history

First Federal Savings and Loan Association was established in Puerto Rico on October 29, 1948, with $200,000 in capital. It opened its first branch in St. Thomas in 1962, marking its expansion beyond Puerto Rico, and converted from a savings-and-loan association to a commercial bank in 1983. The institution adopted the name FirstBank Puerto Rico in 1994; in 1998, it reorganized under First BanCorp. as its holding company.[73][9]

FirstBank expanded through acquisitions, including Chase Manhattan Bank’s U.S. Virgin Islands operations in 2002 and Ponce General Corporation in 2005, which brought UniBank and its Florida subsidiaries into the company; the Florida operation became FirstBank Florida in 2006. It acquired Virgin Islands Community Bank in 2008 and 10 Doral Bank branches in Puerto Rico in 2015.[9]+2

In 2020, First BanCorp. completed its acquisition of Banco Santander Puerto Rico, a transaction agreed in 2019; FirstBank’s company history records that integration was completed in 2021.[75][9] [73]+3

Sources

• FIRST BANCORP /PR/ — Full financial report (2025 Y)
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• www.1firstbank.com[9]
• fbpinvestor.com[10]
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• www.1firstbank.com[12]
• www.1firstbank.com[13]
• www.1firstbank.com[14]
• www.1firstbank.com[15]
• www.1firstbank.com[16]
• autos.1firstbank.com[17]
• www.1firstbank.com[18]
• www.1firstbank.com[19]
• www.1firstbank.com[20]
• www.1firstbank.com[21]
• FIRST BANCORP /PR/ — Full financial report (2026 Q 2)[22]
• FIRST BANCORP /PR/ — Transcript (2026 Q 2)[23][24]
• www.sec.gov[25]
• www.1firstbank.com[26]
• www.1firstbank.com[73]
• fbpinvestor.com[74]
• www.fbpinvestor.com[75]