Company Overview

First BanCorp. (FBP) is a publicly traded financial holding company and one of the largest banking institutions headquartered in Puerto Rico, operating primarily through its principal subsidiary, FirstBank Puerto Rico. The company provides a broad range of commercial banking, consumer banking, and wealth management services. Its core activities place it within the banking and financial services industry, with a focus on traditional deposit-taking, lending, and related financial products.

The company’s primary revenue drivers include interest income from commercial and consumer loans, fees from deposit and treasury services, mortgage banking activities, and wealth management services. First BanCorp serves individuals, small and mid-sized businesses, corporations, and public sector entities. Its strategic advantage lies in its strong market position in Puerto Rico, a long-established branch network, and deep customer relationships that provide scale and local market knowledge. Founded in 1948, the company has evolved from a local Puerto Rican bank into a diversified regional financial institution with operations extending to the mainland United States and select international markets.

Business Operations

First BanCorp operates through distinct but integrated business segments, primarily Commercial Banking, Consumer Banking, Mortgage Banking, and Wealth Management and Trust Services. These segments generate revenue through net interest income on loans and securities, service charges on deposit accounts, lending-related fees, and advisory and asset management fees. The company’s core banking operations are conducted through FirstBank Puerto Rico, which represents the majority of consolidated assets and earnings.

Domestic operations include extensive retail and commercial banking activities in Puerto Rico and Florida, supported by digital banking platforms and centralized risk and credit management systems. Internationally, the company operates through FirstBank Virgin Islands, serving retail and commercial clients in the U.S. Virgin Islands. The company controls key banking infrastructure, loan portfolios, and customer deposit bases, and operates regulated banking subsidiaries subject to U.S. federal and local banking oversight.

Strategic Position & Investments

First BanCorp’s strategic direction emphasizes disciplined loan growth, balance sheet strength, and prudent risk management while maintaining a strong capital position. Growth initiatives have focused on expanding commercial lending, improving digital banking capabilities, and deepening relationships with small and mid-sized businesses. The company has also invested in technology modernization to enhance customer experience and operational efficiency.

Rather than pursuing large transformational acquisitions, First BanCorp has historically emphasized organic growth and selective portfolio optimization. Its notable subsidiaries include FirstBank Puerto Rico, FirstBank Florida, and FirstBank Virgin Islands, each aligned with its regional banking strategy. The company is involved in emerging areas such as enhanced digital banking services and data-driven credit underwriting, though its core focus remains traditional banking rather than speculative financial technologies.

Geographic Footprint

First BanCorp’s headquarters are located in Puerto Rico, which remains its largest and most significant market. The company maintains a dominant presence across the island through an extensive branch and ATM network serving both urban and rural communities. This strong local footprint provides scale advantages and brand recognition within the Puerto Rican banking sector.

Beyond Puerto Rico, the company operates in Florida, targeting commercial and consumer clients, and in the U.S. Virgin Islands, where it holds a leading market position. Collectively, these operations give First BanCorp a concentrated but influential presence across the Caribbean and the Southeastern United States, with cross-regional lending, treasury, and wealth management capabilities.

Leadership & Governance

First BanCorp is led by an executive team with extensive experience in banking, risk management, and financial services. Leadership emphasizes conservative credit practices, regulatory compliance, and long-term value creation for shareholders, while maintaining a strong commitment to the communities it serves.

Key executives include:

• Aurelio Alemán – President and Chief Executive Officer
• Michael McDonald – Executive Vice President and Chief Financial Officer
• Ana E. Delgado – Executive Vice President and Chief Risk Officer
• Jorge L. Irizarry – Executive Vice President and Chief Operating Officer
• Enrique S. Grullón – Executive Vice President and Head of Commercial Banking

The company’s governance framework is aligned with U.S. banking regulations and public company standards, with oversight provided by an independent board of directors and multiple board-level committees focused on audit, risk, and compensation.