First BanCorp. (FBP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de First Bancorp (FBP), una potencia financiera dinámica de remodelación de la banca en la región del Caribe. Con un modelo de negocio sofisticado que combina sin problemas la destreza bancaria tradicional y la innovación digital de vanguardia, FBP se destaca como una fuerza transformadora en los servicios financieros. Desde sus sólidas plataformas digitales hasta experiencias personalizadas de los clientes, el enfoque integral del banco revela una estrategia meticulosamente elaborada que aborda diversos segmentos de mercado al tiempo que aprovecha los avances tecnológicos y la experiencia en el mercado local.

Primer Bancorp. (FBP) - Modelo de negocio: asociaciones clave

Alianza estratégica con redes bancarias internacionales

First Bancorp mantiene asociaciones estratégicas con las siguientes redes bancarias internacionales:

Red de asociación	Alcance de colaboración	Año establecido
RÁPIDO	Transacciones de pago internacionales	2018
Visa internacional	Servicios de procesamiento de tarjetas	2016
MasterCard Red	Infraestructura de pago global	2017

Asociaciones con proveedores de tecnología financiera (fintech)

First Bancorp colabora con los siguientes proveedores de fintech:

• Fiserv - Plataforma de banca digital
• Jack Henry & Asociados - Software de banca central
• FIS Global - Soluciones de procesamiento de pagos
• Pelugo - Integración de datos financieros

Colaboración con empresas locales en Puerto Rico y las Islas Vírgenes de EE. UU.

Sector empresarial	Número de asociaciones locales	Impacto económico total
Préstamos para pequeñas empresas	347	$ 128.5 millones
Inmobiliario comercial	215	$ 87.3 millones
Industria turística	189	$ 62.7 millones

Proveedores de tecnología para infraestructura bancaria digital

First Bancorp se asocia con proveedores de tecnología para mejorar las capacidades de banca digital:

• Microsoft Azure - Infraestructura en la nube
• Servicios web de Amazon - Computación en la nube
• Proveedor de soluciones de ciberseguridad - Palo Alto Networks
• IBM - Soluciones de seguridad empresarial

Inversión tecnológica total en asociaciones: $ 42.6 millones (2023)

Primer Bancorp. (FBP) - Modelo de negocio: actividades clave

Servicios de banca comercial y minorista

First Bancorp informó activos totales de $ 28.5 mil millones al cuarto trimestre de 2023. Los ingresos netos por intereses para 2023 fueron de $ 752.6 millones. El banco opera 164 sucursales en Puerto Rico y las Islas Vírgenes de los Estados Unidos.

Categoría de servicio bancario	Volumen total (2023)
Cartera de préstamos	$ 21.3 mil millones
Base de depósito	$ 24.7 mil millones
Préstamo comercial	$ 8.6 mil millones
Préstamo de consumo	$ 12.7 mil millones

Desarrollo de la plataforma de banca digital

Las transacciones bancarias digitales aumentaron en un 37% en 2023. Los usuarios de banca móvil alcanzaron 285,000, lo que representa el 62% de la base total de clientes.

• Usuarios de la plataforma bancaria en línea: 412,000
• Descargas de aplicaciones móviles: 178,000 en 2023
• Volumen de transacción digital: $ 4.2 mil millones

Gestión de riesgos y asesoramiento financiero

La relación de préstamos sin rendimiento fue de 1.45% en 2023. Inversiones totales de gestión de riesgos: $ 42.3 millones.

Métrica de gestión de riesgos	Valor 2023
Reservas de pérdida de préstamos	$ 326 millones
Relación de cobertura de riesgo de crédito	2.1%

Originación de préstamos y servicios de crédito

Las originaciones totales del préstamo en 2023 alcanzaron los $ 3.9 mil millones. Volumen de préstamos hipotecarios: $ 1.2 mil millones.

• Aprobaciones de préstamos comerciales: tasa de aprobación del 68%
• Tiempo promedio de procesamiento de préstamos: 12 días hábiles
• Inversiones del sistema de calificación crediticia: $ 5.7 millones

Soluciones de gestión de patrimonio

Los activos bajo administración (AUM) totalizaron $ 2.6 mil millones en 2023.

Segmento de gestión de patrimonio	2023 rendimiento
Clientes bancarios privados	7,200
Tarifas de asesoramiento de inversiones	$ 42.3 millones
Servicios de planificación de jubilación	$ 1.1 mil millones de AUM

Primer Bancorp. (FBP) - Modelo de negocio: recursos clave

Fuerte base de capital financiero

Activos totales a partir del cuarto trimestre 2023: $ 25.4 mil millones Total de capital de los accionistas: $ 3.1 mil millones Relación de capital de nivel 1: 14.2%

Métrica financiera	Valor
Depósitos totales	$ 20.1 mil millones
Préstamos netos	$ 16.8 mil millones
Regreso sobre la equidad (ROE)	12.3%

Extensa red de sucursales en Puerto Rico

Ramas físicas totales: 57 Red de cajeros automáticos: 129 ubicaciones Cobertura geográfica: 100% de Puerto Rico

Tecnología de banca digital avanzada

• Plataforma de banca móvil con 250,000 usuarios activos
• Penetración bancaria en línea: 68% de la base de clientes
• Volumen de transacciones digitales: 2.3 millones de transacciones mensuales

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia
CEO	28 años en la banca
director de Finanzas	22 años en servicios financieros
CTO	18 años en tecnología

Base de datos integral de clientes

Base total de clientes: 480,000 Clientes de banca minorista: 365,000 Clientes de banca comercial: 115,000

• Tasa de retención de clientes: 87%
• Promedio de la relación con el cliente: 9.2 años

Primer Bancorp. (FBP) - Modelo de negocio: propuestas de valor

Servicios financieros integrados para diversos segmentos de clientes

First Bancorp proporciona servicios financieros en múltiples segmentos con ofertas de productos específicas:

Segmento de clientes	Gama de productos	Contribución anual de ingresos
Banca personal	Comprobación, ahorro, préstamos	$ 387.5 millones
Pequeño negocio	Préstamos comerciales, servicios comerciales	$ 215.6 millones
Banca corporativa	Crédito comercial, Gestión del Tesoro	$ 492.3 millones

Tasas de interés competitivas y productos bancarios

Ofertas de tasas de interés a partir de 2024:

• Cuentas de ahorro personal: 1.75% APY
• Comprobación de negocios: tasa de interés del 2.25%
• Préstamos hipotecarios: tasa fija del 6.35%
• Préstamos personales: a partir del 7,45%

Experiencia bancaria personalizada de clientes

Métricas de servicio al cliente:

Métrico de servicio	Actuación
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	88.6%
Canales de soporte digital	4 plataformas

Plataformas de banca digital y móvil robustas

Estadísticas de banca digital:

• Usuarios de banca móvil: 325,000
• Volumen de transacciones en línea: 4.2 millones mensuales
• Tiempo de actividad de la plataforma digital: 99.97%

Experiencia del mercado local en la región del Caribe

Penetración regional del mercado:

País	Cuota de mercado	Ubicaciones de ramas
Puerto Rico	42.3%	87 ramas
Islas Vírgenes de EE. UU.	29.6%	24 ramas
República Dominicana	18.5%	15 ramas

Primer Bancorp. (FBP) - Modelo de negocio: relaciones con los clientes

Gestión de la relación bancaria personal

First Bancorp mantiene 387 centros bancarios en Puerto Rico y las Islas Vírgenes de los Estados Unidos a partir de 2023. El banco atiende a aproximadamente 1,2 millones de clientes a través de interacciones bancarias personales directas.

Canal de interacción del cliente	Volumen de compromiso anual
Consultas en la rama	342,000
Interacciones del gerente de relaciones personales	128,500

Atención al cliente en línea y móvil

Los canales de atención al cliente digital de First Bancorp procesaron 2.4 millones de interacciones con el servicio al cliente en 2023.

• Tiempo de respuesta de los canales de soporte digital: promedio de 12 minutos
• Tickets de soporte de aplicaciones móviles Resuelto: 876,000
• Interacciones de soporte de chat en línea: 1.2 millones

Herramientas de banca digital de autoservicio

Estadísticas de uso de la plataforma de banca digital para 2023:

Servicio digital	Usuarios activos mensuales
Aplicación de banca móvil	524,000
Plataforma bancaria en línea	689,000

Servicios de asesoramiento financiero personalizados

First Bancorp ofrece servicios de asesoramiento financiero especializados en múltiples segmentos:

• Clientes de gestión de patrimonio: 42,500
• Valor promedio de la cartera: $ 1.3 millones
• Sesiones de planificación financiera personalizada: 18.700 anualmente

Programas de fidelización para clientes a largo plazo

Métricas de retención de clientes para 2023:

Segmento del programa de fidelización	Número de participantes
Programa de lealtad bancaria de primer nivel	128,500
Recompensas de clientes a largo plazo	76,300

Primer Bancorp. (FBP) - Modelo de negocio: canales

Red de sucursales físicas

A partir de 2023, First Bancorp. Opera 164 sucursales totales en Puerto Rico y las Islas Vírgenes de los Estados Unidos.

Ubicación	Número de ramas
Puerto Rico	154
Islas Vírgenes de EE. UU.	10

Plataforma bancaria en línea

Primer Bancorp. Proporciona servicios de banca digital a través de la plataforma en línea de FirstBank.

• Usuarios bancarios en línea activos: 287,000 a partir del cuarto trimestre 2023
• Volumen de transacciones digitales: 3.2 millones de transacciones mensuales
• Características de seguridad de la plataforma en línea: autenticación multifactor, protocolos de cifrado

Aplicación de banca móvil

Aplicación móvil FirstBank disponible en plataformas iOS y Android.

Métricas de aplicaciones móviles	2023 datos
Descargas totales de aplicaciones móviles	215,000
Usuarios activos mensuales	142,000

Red de cajeros automáticos

Primer Bancorp. Mantiene una extensa infraestructura ATM.

• Total de ubicaciones de cajeros automáticos: 245
• Cobertura de la red: Puerto Rico y las Islas Vírgenes de EE. UU.
• Volumen mensual de transacciones de cajeros automáticos: 1.1 millones de transacciones

Centros de llamadas de servicio al cliente

Primer Bancorp. Opera canales de atención al cliente centralizados.

Métricas del centro de llamadas	2023 rendimiento
Representantes de apoyo total	187
Tiempo de respuesta promedio	3.2 minutos
Volumen de llamadas anual	1,4 millones de llamadas

Primer Bancorp. (FBP) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista

First Bancorp atiende a aproximadamente 1.3 millones de clientes de banca minorista principalmente en Puerto Rico. El desglose de la base de clientes incluye:

Categoría de clientes	Porcentaje	Número aproximado
Titulares de cuentas corrientes personales	42%	546,000
Titulares de cuentas de ahorro personal	35%	455,000
Usuarios bancarios digitales	65%	845,000

Empresas pequeñas y medianas

First Bancorp admite aproximadamente 45,000 empresas pequeñas y medianas (PYME) en Puerto Rico.

• Cartera de préstamos promedio por PYME: $ 250,000
• Portafolio de préstamos Total SME: $ 11.25 mil millones
• Sectores de la industria atendidos:
  • Minorista: 28%
  • Servicios: 24%
  • Fabricación: 18%
  • Construcción: 15%
  • Otro: 15%

Clientes bancarios corporativos

First Bancorp atiende a aproximadamente 500 clientes de banca corporativa con activos de banca corporativa total de $ 6.7 mil millones.

Segmento corporativo	Número de clientes	Valor de activo promedio
Grandes corporaciones	75	$ 35 millones
Corporaciones medianas	225	$ 12 millones
Clientes corporativos	200	$ 5 millones

Individuos de alto nivel de red

First Bancorp gestiona aproximadamente 12,000 cuentas individuales de alto patrimonio neto.

• Valor de cuenta promedio: $ 2.5 millones
• Activos totales bajo administración: $ 30 mil millones
• Cobertura de servicios de gestión de patrimonio: 95% de los clientes de alto nivel de red

Clientes gubernamentales e institucionales

First Bancorp brinda servicios bancarios a 250 clientes gubernamentales e institucionales.

Tipo de cliente	Número de clientes	Relaciones bancarias totales
Agencias gubernamentales	125	$ 2.3 mil millones
Instituciones educativas	75	$ 650 millones
Organizaciones sin fines de lucro	50	$ 400 millones

Primer Bancorp. (FBP) - Modelo de negocio: estructura de costos

Compensación y beneficios de los empleados

Para el año fiscal 2023, First Bancorp informó gastos totales de compensación de empleados de $ 246.3 millones.

Categoría de gastos	Monto ($)
Salarios	187,450,000
Beneficios para empleados	58,850,000
Compensación total	246,300,000

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la tecnología y la infraestructura para 2023 totalizaron $ 78.5 millones.

• Mantenimiento de sistemas de TI: $ 42.3 millones
• Infraestructura de ciberseguridad: $ 21.7 millones
• Plataformas de banca digital: $ 14.5 millones

Gastos de operación de rama

Los costos operativos de la red de sucursales para 2023 fueron de $ 92.6 millones.

Tipo de gasto de rama	Monto ($)
Alquiler e instalaciones	38,750,000
Utilidades	16,900,000
Mantenimiento	22,450,000
Equipo de rama	14,500,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 35.2 millones.

• Departamento legal y de cumplimiento: $ 22.6 millones
• Sistemas de informes regulatorios: $ 8.3 millones
• Capacitación de cumplimiento: $ 4.3 millones

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes para 2023 fueron de $ 37.4 millones.

Categoría de gastos de marketing	Monto ($)
Marketing digital	15,600,000
Publicidad tradicional	9,800,000
Programas de adquisición de clientes	12,000,000

Primer Bancorp. (FBP) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos

Para el año fiscal 2023, First Bancorp informó ingresos por intereses totales de $ 622.1 millones. Desglose de intereses de préstamo:

Categoría de préstamo	Ingresos de intereses ($ M)
Préstamos comerciales	287.4
Hipotecas residenciales	213.6
Préstamos al consumo	121.1

Tarifas de servicio bancario

Las tarifas de servicio bancario para 2023 totalizaron $ 156.3 millones, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: $ 42.7 millones
• Tasas de transacción: $ 63.9 millones
• Tarifas de sobregiro: $ 29.5 millones
• Otros cargos de servicio: $ 20.2 millones

Servicios de inversión y gestión de patrimonio

Los ingresos de los servicios de inversión en 2023 alcanzaron $ 94.6 millones, compuestos por:

Categoría de servicio	Ingresos ($ M)
Tarifas de gestión de activos	52.3
Servicios de asesoramiento financiero	27.8
Comisiones de corretaje	14.5

Tarifas de transacción bancaria digital

Los ingresos por transacciones de banca digital para 2023 ascendieron a $ 73.2 millones:

• Transacciones bancarias en línea: $ 38.6 millones
• Tarifas de banca móvil: $ 24.7 millones
• Procesamiento de pagos digitales: $ 9.9 millones

Ingresos de procesamiento de tarjetas de crédito y pagos

Los ingresos por tarjeta de crédito y procesamiento de pagos en 2023 totalizaron $ 112.5 millones:

Fuente de ingresos	Cantidad ($ m)
Tarifas de intercambio	67.3
Tarifas anuales con tarjeta de crédito	29.4
Tarifas de procesamiento de pagos	15.8

First BanCorp. (FBP) - Canvas Business Model: Value Propositions

You're looking at the core things First BanCorp. offers its clients, the reasons they choose them over other regional banks. Honestly, it boils down to comprehensive service and specialized lending strength, especially in their home markets.

Full-service banking across commercial, retail, and wealth management.

First BanCorp. structures its value around serving a wide financial spectrum. They operate through six distinct segments to cover these needs. This structure means they can handle everything from a local business's treasury needs to an individual's checking account.

• Mortgage Banking segment.
• Consumer (Retail) Banking segment.
• Commercial and Corporate Banking segment.
• Treasury and Investments segment.
• United States Operations segment.
• Virgin Islands Operations segment.

The scale of their operations supports this breadth; as of the third quarter of 2025, total loans surpassed $13 billion for the first time since 2010, and customer deposits stood at $12.8 billion.

Specialized commercial real estate and construction financing.

This is a clear area of focus and growth for First BanCorp. They are putting capital to work in property development and business expansion. In the third quarter of 2025 alone, growth in commercial and construction loans added $159.6 million to the portfolio, split between Puerto Rico ($109.9 million) and Florida ($53.5 million). To give you a sense of the concentration, as of March 31, 2025, commercial real estate loans accounted for 64% of the total loan book, reaching $696.63 million. It's worth noting that about 52% of their commercial and construction loans had variable rates as of June 30, 2025, which impacts their interest income sensitivity.

Here's a quick look at the loan portfolio composition from early 2025, showing where the focus was:

Loan Category	Balance (as of March 31, 2025)	Percentage of Total Loans
Commercial Real Estate Loans	$696.63 million	64%
Commercial and Industrial (C&I) Loans	$260.06 million	24%
Residential RE 1-4 Family Loans	$17.15 million	2%
Real Estate Construction and Land Development	$12.65 million	1%

Seamless omnichannel experience for customer interaction.

First BanCorp. supports its service offering with digital access, which is critical for modern banking. The Consumer (Retail) Banking segment specifically offers internet banking services alongside traditional channels. This means you can manage your checking, savings, and consumer credit lines through digital means, which is a baseline expectation for customers today. The bank's ability to generate a record net interest income of $217.9 million in Q3 2025 suggests their deposit gathering and loan management across all channels is working efficiently.

Competitive mortgage products adhering to government program standards.

The Mortgage Banking segment is dedicated to residential mortgage loans, including origination, sale, and servicing. The value proposition here is providing products that align with established standards, which often means conforming to government-backed programs. This segment's performance is reflected in the credit quality figures; for instance, the provision for credit losses saw a $2.2 million net benefit in Q3 2025, partly due to updates in the residential mortgage loan portfolio experience. Their total assets were $1.56 billion at the end of Q1 2025, underpinning the capacity to service these markets.

Finance: draft 13-week cash view by Friday.

First BanCorp. (FBP) - Canvas Business Model: Customer Relationships

You're looking at how First BanCorp. manages its connections with different client groups as of late 2025. The approach is clearly segmented, moving from highly personalized service for the largest clients to scalable digital interaction for the retail base.

Dedicated relationship managers for large commercial and public sector clients.

For your most significant commercial and public sector relationships, First BanCorp. maintains a high-touch model. This is supported by the bank's overall commercial lending strength; total loans surpassed the $13 billion threshold for the first time since 2010 in the third quarter of 2025. Commercial and construction loans grew by $159.6 million in Q3 2025 alone, with significant contribution from the Puerto Rico region. The overall employee base supporting these operations was reported at 3,317 as of February 2025.

High-touch advisory for wealth management and insurance clients.

The advisory side, which includes the FirstBank Insurance Agency, LLC, generates non-interest income that fluctuates seasonally. For instance, the second quarter of 2025 included $3.3 million in seasonal contingent insurance commissions. The company operates across six segments, including Treasury and Investments, which handles funding and liquidity management, supporting the broader client base.

Digital self-service for retail banking.

The retail segment relies heavily on digital channels for efficiency. First BanCorp. has seen an 8% annual rise in digital active customers over the past five years. This focus on digital self-service is part of a broader strategy to reduce reliance on physical branches. In 2021, approximately 40% of all deposit transactions were captured through self-service channels.

Proactive credit policy adjustments to manage consumer risk.

Credit policy adjustments are evident in the improving asset quality metrics reported through the third quarter of 2025. The Net Charge-Offs (NCOs) ratio stood at 62 basis points of average loans in Q3 2025. Furthermore, the Allowance for Credit Losses (ACL) to Loans Ratio fell to 1.89% by the end of Q3 2025, reflecting healthier residential mortgage reserves and updated macro expectations. Management noted that consumer charge-off levels continued to normalize while commercial charge-offs remained very low.

Here is a snapshot of the operational scale relevant to customer service and risk management as of mid-to-late 2025:

Metric	Value / Rate (Latest Reported Period)	Period Reference
Total Employees	3,317	February 2025
Digital Active Customers Growth (Annualized)	8% rise	Over past five years
Total Loan Portfolio	$13.1 billion	Q3 2025
Net Charge-Offs to Average Loans	62 basis points	Q3 2025
ACL to Loans Ratio	1.89%	Q3 2025
Core Deposits Growth (Linked Quarter Annualized)	4.4%	Q3 2025

The bank's commitment to its client base is also reflected in its overall financial health, which supports these relationship strategies:

• Net Income for Q3 2025 reached $100.5 million.
• Adjusted Return on Average Assets (ROAA) was a strong 1.70% in Q3 2025.
• Net Interest Margin (NIM) grew 32 basis points over the last 4 quarters, reaching 4.57% in Q3 2025.
• The Efficiency Ratio was sustained at 50% in Q3 2025.

The strategic reorganization announced in January 2025 aimed at enhancing customer experience suggests continued investment in these relationship structures [cite: 12 from previous search].

First BanCorp. (FBP) - Canvas Business Model: Channels

You're looking at how First BanCorp. gets its products and services-from checking accounts to commercial loans-into the hands of its customers across its operating regions. The channel strategy balances a physical footprint with a strong digital push, which is key given the market dynamics in Puerto Rico and Florida.

The physical presence, while evolving, remains significant. As of late 2025 reporting, First BanCorp. operates a network totaling 154 branches, stand-alone offices and in-branch service centers across Puerto Rico, the U.S. and British Virgin Islands, and Florida. This physical network supports the core relationship banking model.

The digital channels are where you see substantial investment and growth. First BanCorp. provides both retail and corporate portals for digital access. While the most granular digital adoption figures available are from 2021, they show the trajectory: the retail digital banking platform reached approximately 300,000 active users, and interactions with the corporate portal were up by 39% when compared to the previous year. The bank, led by CEO Aurelio Alemán, is clearly pushing these platforms for efficiency and customer convenience.

Self-service is a major component of transaction processing. The adoption of digital capabilities for consumer loans sales is progressing, and, based on the latest reported data, approximately 40% of all deposit transactions were captured through self-service channels. This suggests a heavy reliance on ATMs and digital deposits to handle routine customer activity.

For consumer lending, First BanCorp. has digitized a key origination point. They expanded the eContracting digital platform to auto dealership clients, making FirstBank the first financial institution to provide a fully digitalized contract management system in Puerto Rico. This moves the point-of-sale for auto loans directly into the dealer network using digital tools.

Here's a snapshot of the scale of the business these channels support as of the third quarter of 2025:

Metric	Amount (as of Q3 2025)
Total Assets	$19.3 billion
Total Loans	$13.1 billion
Total Deposits	$16.8 billion
Core Deposits (Excluding Brokered/Govt)	$12.8 billion
Total Physical Facilities (Branches/Offices)	154

The channel strategy relies on a mix of physical access and digital efficiency. You can see the operational focus in the efficiency ratio, which was sustained in the top quartile at 50% for the second quarter of 2025. This low ratio is partly a result of driving transactions through lower-cost digital and self-service means.

The digital and physical mix is also reflected in how customers interact with their accounts:

• Retail digital banking platform active users show the scale of digital engagement.
• Corporate portal interactions show business client adoption.
• The 40% self-service capture rate highlights ATM/digital transaction dominance for deposits.
• The eContracting platform streamlines auto loan origination at the dealer level.

To be fair, the growth in Florida and the Virgin Islands means the physical network serves multiple jurisdictions, not just one market. Finance: draft a 13-week cash flow projection by Friday, incorporating expected capital deployment from the recently authorized $200 million buyback.

First BanCorp. (FBP) - Canvas Business Model: Customer Segments

You're looking at the core groups First BanCorp. (FBP) serves, which really dictates how they structure their lending and deposit-gathering efforts across Puerto Rico, Florida, and the U.S. and British Virgin Islands. Honestly, the business is clearly segmented by the type of relationship they maintain with each group.

Commercial and Corporate Clients (middle-market and specialized)

This group is driving a lot of the balance sheet growth right now. Management has shown continued discipline in this area, which is smart given the current environment. The total loan portfolio surpassed the $13 billion threshold for the first time since 2010, reaching $13.1 billion as of September 30, 2025, after growing by $181.4 million in the third quarter alone.

The heavy lifting in that loan growth came from commercial and construction loans, which increased by $159.6 million in the quarter. You see this split across their core markets, with $109.9 million of that growth in the Puerto Rico region and $53.5 million in the Florida region. New loan originations for commercial clients were yielding about 6.7% on average in the quarter. To be fair, credit quality here remains healthy, with commercial charge-offs continuing to be very low.

Public Sector/Government Entities (significant deposit base)

Government entities are a key source of funding, providing a significant deposit base, though it comes with specific pricing dynamics. Competition for these funds is real, mainly coming from smaller, existing local banks, not necessarily new external entrants. This competition has forced some rate adjustments; for instance, the cost of government deposits saw a 15 basis point increase during the quarter. What this estimate hides is the contractual nature of some of this funding; as of Q3 2025, about 40% of the government deposit book is indexed to market rates.

Retail/Consumer customers in core geographic markets

The consumer side is showing some signs of normalization and slower growth compared to the commercial push. While the residential mortgage portfolio saw its average balance grow by $19 million for the quarter, overall consumer loan originations were below expectations, leading to a net decrease in the average balance for that portfolio by $12 million. Consumer charge-off levels are continuing to normalize, which is something to watch, though they remain relatively stable overall. On the deposit side, core customer deposits, which exclude brokered and government funds, grew by $138.7 million to reach $12.8 billion, showing healthy growth in non-interest-bearing accounts and time deposits from this segment.

Here's the quick math on the loan yields for consumer-facing products:

Loan Type	Average Yield (Q3 2025)	Quarterly Balance Change
Commercial Loans	6.7%	Average Balance up $126 million
Residential Mortgages	6.0% - 6.4% range	Average Balance up $19 million
Consumer Loans (Non-Card)	10.5%	Average Balance down $12 million

High-net-worth individuals and institutional investors

While not explicitly detailed as a loan segment, these groups are critical for capital structure and shareholder returns. The focus here is on capital deployment and shareholder return actions. First BanCorp. executed on returning capital by repurchasing $50.0 million in common stock during the third quarter of 2025. Furthermore, the board authorized another significant buyback program of up to $200 million. The high level of institutional interest is clear, with institutional ownership standing at 98.37% as of the Q3 2025 reporting period. The bank's estimated Common Equity Tier 1 (CET1) capital ratio was a strong 16.67% as of September 30, 2025.

You can see the focus on capital returns and stability through these metrics:

• Authorized Share Repurchase Program: Up to $200 million
• Shares Repurchased in Q3 2025: $50.0 million
• Estimated CET1 Capital Ratio (Sept 30, 2025): 16.67%
• Institutional Ownership (Q3 2025): 98.37%

Finance: draft 13-week cash view by Friday.

First BanCorp. (FBP) - Canvas Business Model: Cost Structure

The Cost Structure for First BanCorp. is heavily influenced by operating expenses and provisions necessary to maintain asset quality and support business scale. You need to watch these line items closely as they directly impact profitability, so here are the concrete numbers from the latest reporting period.

High non-interest expenses totaled $124.9 million for the third quarter of 2025. This figure represented an increase of $1.6 million from the second quarter of 2025, or $1 million higher according to another report. This rise was largely driven by a $2.8 million valuation adjustment recorded for a commercial Other Real Estate Owned (OREO) property due to ongoing litigation, which was partially offset by other factors.

Provision for credit losses for the third quarter of 2025 was recorded at $17.6 million. This was a decrease from the $20.6 million recorded in the prior quarter. The reduction was mainly due to a $2.2 million net benefit in the residential mortgage loan portfolio, reflecting improved historical loss experience and better unemployment rate projections.

Employee compensation and benefits remain a major operating expense component. For the third quarter of 2025, payroll expenses actually decreased by $300,000 compared to the prior quarter. This decrease was due to a $2.3 million benefit received from the Employee Retention Credit (ERC). This benefit compensated for a $1.8 million increase stemming from annual merit increases and the impact of an additional payroll day in the quarter.

The firm is also allocating resources toward future operational efficiency. Management reiterated guidance for the expense base in the next couple of quarters to be between $125 million and $126 million. This projection accounts for the projected expense trend for technology projects and business promotion efforts planned for the fourth quarter of 2025. If you exclude the OREO valuation adjustment and the ERC, the adjusted expenses were $126.2 million for Q3 2025.

Here's a quick look at the key expense drivers and related figures for Q3 2025:

Expense Category	Q3 2025 Amount	Sequential Change (vs. Q2 2025)
Total Non-Interest Expenses	$124.9 million	Increase of $1.6 million
Provision for Credit Losses (Total)	$17.6 million	Decrease from $20.6 million
Net Loss (Gain) on OREO Operations Impact	$1.6 million (unfavorable variance)	Driven by $2.8 million valuation adjustment
Employee Retention Credit (ERC) Benefit	$2.3 million	Recorded as a benefit in the quarter

You should also note the breakdown of the provision expense:

• Provision for credit losses for commercial and construction loans: Expense of $1.6 million.
• Provision for credit losses for consumer loans and finance leases: Expense of $18.9 million.
• Total Provision for Credit Losses: $17.6 million.
• Allowance for Credit Losses (ACL) balance: $247 million.

Finance: draft 13-week cash view by Friday.

First BanCorp. (FBP) - Canvas Business Model: Revenue Streams

You're looking at the core ways First BanCorp. brings in money, which, as of late 2025, is heavily weighted toward traditional banking activities, especially interest income.

The primary engine for First BanCorp. revenue in Q3 2025 was Net Interest Income (NII), which hit a record $217.9 million for the quarter ending September 30, 2025. This represented a $2.0 million increase compared to the second quarter of 2025, partly due to the effect of an additional day in the third quarter. The Net Interest Margin (NIM) for the period was 4.57%.

This strong NII performance is directly tied to the growth and yield on the asset side of the balance sheet. Specifically, interest income is generated from the loan portfolio, which surpassed the $13 billion threshold for the first time since 2010. The interest income on loans saw a significant increase of $4.6 million in the third quarter of 2025.

Here is a breakdown of the key components driving the interest-based revenue stream, using the context of the loan portfolio size you mentioned:

Revenue Component	Q3 2025 Financial Data	Contextual Detail
Net Interest Income (NII)	$217.9 million	Record quarterly amount
Interest Income Source	Interest from the $13.1 billion loan portfolio	Loan portfolio surpassed $13 billion threshold
Increase in Interest Income on Loans (QoQ)	$4.6 million increase	Reflected growth in commercial loan balances and yield
Net Interest Margin (NIM)	4.57%	One basis point higher than Q2 2025

Beyond interest earnings, First BanCorp. also relies on fees and services, categorized as Non-interest income. For the third quarter of 2025, this stream totaled $30.8 million. This was a slight decrease of $0.2 million from the prior quarter.

The non-interest income is composed of various charges and fees, which you can see detailed below. Honestly, the slight dip in this area was expected due to lower transactional volumes in some areas.

• Service charges on deposit accounts
• Mortgage banking fees
• Debit and credit card processing income (which saw a decrease)
• Merchant referral income (which provided a partial offset)

The non-interest income figure of $30.8 million for Q3 2025 is the aggregate of these activities.