Premier bancorp. (FBP): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de First Bancorp (FBP), une puissance financière dynamique remodelant les services bancaires dans la région des Caraïbes. Avec un modèle commercial sophistiqué qui mélange de manière transparente les prouesses bancaires traditionnelles et l'innovation numérique de pointe, FBP se distingue comme une force transformatrice dans les services financiers. De ses solides plateformes numériques aux expériences client personnalisées, l'approche complète de la banque révèle une stratégie méticuleusement étirée qui aborde divers segments de marché tout en tirant parti des progrès technologiques et de l'expertise locale du marché.

Premier bancorp. (FBP) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les réseaux bancaires internationaux

First Bancorp maintient des partenariats stratégiques avec les réseaux bancaires internationaux suivants:

Réseau de partenaires	Portée de collaboration	Année établie
RAPIDE	Transactions de paiement international	2018
Visa International	Services de traitement des cartes	2016
MasterCard Network	Infrastructure de paiement mondial	2017

Partenariats avec les fournisseurs de technologies financières (FINTech)

First Bancorp collabore avec les fournisseurs de fintech suivants:

• Fiserv - plate-forme bancaire numérique
• Jack Henry & Associés - Core Banking Software
• FIS Global - Solutions de traitement des paiements
• Plaid - Intégration des données financières

Collaboration avec des entreprises locales à Porto Rico et aux îles Vierges américaines

Secteur des affaires	Nombre de partenariats locaux	Impact économique total
Prêts aux petites entreprises	347	128,5 millions de dollars
Immobilier commercial	215	87,3 millions de dollars
Industrie du tourisme	189	62,7 millions de dollars

Vendeurs technologiques pour l'infrastructure bancaire numérique

First Bancorp s'associe à des fournisseurs de technologie pour améliorer les capacités bancaires numériques:

• Microsoft Azure - Infrastructure cloud
• Amazon Web Services - Cloud Computing
• Fournisseur de solutions de cybersécurité - Palo Alto Networks
• IBM - Solutions de sécurité d'entreprise

Investissement technologique total dans les partenariats: 42,6 millions de dollars (2023)

Premier bancorp. (FBP) - Modèle d'entreprise: activités clés

Services bancaires commerciaux et de détail

First Bancorp a déclaré que les actifs totaux de 28,5 milliards de dollars au T2 2023. Le revenu des intérêts nets pour 2023 était de 752,6 millions de dollars. La banque exploite 164 succursales à travers Porto Rico et les îles Vierges américaines.

Catégorie de service bancaire	Volume total (2023)
Portefeuille de prêts	21,3 milliards de dollars
Base de dépôt	24,7 milliards de dollars
Prêts commerciaux	8,6 milliards de dollars
Prêts à la consommation	12,7 milliards de dollars

Développement de la plate-forme bancaire numérique

Les transactions bancaires numériques ont augmenté de 37% en 2023. Les utilisateurs de la banque mobile ont atteint 285 000, ce qui représente 62% de la clientèle totale.

• Utilisateurs de la plate-forme bancaire en ligne: 412 000
• Téléchargements d'applications mobiles: 178 000 en 2023
• Volume de transaction numérique: 4,2 milliards de dollars

Gestion des risques et avis financier

Le ratio des prêts non performants était de 1,45% en 2023. Investissements totaux de gestion des risques: 42,3 millions de dollars.

Métrique de gestion des risques	Valeur 2023
Réserves de perte de prêt	326 millions de dollars
Ratio de couverture des risques de crédit	2.1%

Services de création de prêt et de crédit

Les origines totales du prêt en 2023 ont atteint 3,9 milliards de dollars. Volume de prêt hypothécaire: 1,2 milliard de dollars.

• Approbations de prêts commerciaux: taux d'approbation de 68%
• Temps de traitement des prêts moyens: 12 jours ouvrables
• Investissements du système de notation de crédit: 5,7 millions de dollars

Solutions de gestion de patrimoine

Les actifs sous gestion (AUM) ont totalisé 2,6 milliards de dollars en 2023.

Segment de gestion de la patrimoine	Performance de 2023
Clients bancaires privés	7,200
Frais de conseil en investissement	42,3 millions de dollars
Services de planification de la retraite	1,1 milliard de dollars AUM

Premier bancorp. (FBP) - Modèle d'entreprise: Ressources clés

Solide base de capital financier

Total des actifs auprès du quatrième trimestre 2023: 25,4 milliards de dollars Total des capitaux propres des actionnaires: 3,1 milliards de dollars Ratio de capital de niveau 1: 14,2%

Métrique financière	Valeur
Dépôts totaux	20,1 milliards de dollars
Prêts nets	16,8 milliards de dollars
Retour sur l'équité (ROE)	12.3%

Réseau de succursale étendue à Porto Rico

Branches physiques totales: 57 Réseau ATM: 129 emplacements Couverture géographique: 100% de Porto Rico

Technologie des banques numériques avancées

• Plateforme de banque mobile avec 250 000 utilisateurs actifs
• Pénétration des services bancaires en ligne: 68% de la clientèle
• Volume de transactions numériques: 2,3 millions de transactions mensuelles

Équipe de gestion expérimentée

Poste de direction	Années d'expérience
PDG	28 ans dans la banque
Directeur financier	22 ans dans les services financiers
CTO	18 ans de technologie

Base de données client complète

Base de clientèle totale: 480 000 Clients bancaires au détail: 365 000 Clients bancaires commerciaux: 115 000

• Taux de rétention de la clientèle: 87%
• Tenure moyenne de la relation client: 9,2 ans

Premier bancorp. (FBP) - Modèle d'entreprise: propositions de valeur

Services financiers intégrés pour divers segments de clients

First Bancorp fournit des services financiers sur plusieurs segments avec des offres de produits spécifiques:

Segment de clientèle	Gamme de produits	Contribution annuelle des revenus
Banque personnelle	Vérification, économies, prêts	387,5 millions de dollars
Petite entreprise	Prêts commerciaux, services marchands	215,6 millions de dollars
Banque commerciale	Crédit commercial, gestion du trésor	492,3 millions de dollars

Taux d'intérêt concurrentiels et produits bancaires

Offres de taux d'intérêt à partir de 2024:

• Comptes d'épargne personnels: 1,75% apy
• Vérification des entreprises: taux d'intérêt de 2,25%
• Prêts hypothécaires: 6,35% de taux fixe
• Prêts personnels: à partir de 7,45%

Expérience en banque client personnalisée

Métriques du service client:

Métrique de service	Performance
Temps de réponse moyen	12 minutes
Taux de satisfaction client	88.6%
Canaux de support numériques	4 plateformes

Plateformes bancaires numériques et mobiles robustes

Statistiques de la banque numérique:

• Utilisateurs de la banque mobile: 325 000
• Volume de transaction en ligne: 4,2 millions par mois
• Temps de disponibilité de la plate-forme numérique: 99,97%

Expertise du marché local dans la région des Caraïbes

Pénétration régionale du marché:

Pays	Part de marché	Succursales
Porto Rico	42.3%	87 branches
Îles Vierges américaines	29.6%	24 branches
République dominicaine	18.5%	15 branches

Premier bancorp. (FBP) - Modèle d'entreprise: relations clients

Gestion des relations bancaires personnelles

First Bancorp maintient 387 centres bancaires à Porto Rico et aux îles Virgines américaines en 2023. La banque dessert environ 1,2 million de clients grâce à des interactions directes des services bancaires personnels.

Canal d'interaction client	Volume annuel d'engagement
Consultations en branche	342,000
Interactions de gestionnaire de relations personnelles	128,500

Support client en ligne et mobile

Les canaux de support client numérique de First Bancorp ont traité 2,4 millions d'interactions de service client en 2023.

• Canaux de support numériques Temps de réponse: moyenne 12 minutes
• Billets de support d'application mobile résolus: 876 000
• Interactions de support de chat en ligne: 1,2 million

Outils bancaires numériques en libre-service

Statistiques d'utilisation de la plate-forme bancaire numérique pour 2023:

Service numérique	Utilisateurs actifs mensuels
Application bancaire mobile	524,000
Plateforme bancaire en ligne	689,000

Services de conseil financier personnalisés

First Bancorp fournit des services de conseil financier spécialisés sur plusieurs segments:

• Clients de gestion de patrimoine: 42 500
• Valeur moyenne du portefeuille: 1,3 million de dollars
• Sessions de planification financière personnalisées: 18 700 par an

Programmes de fidélité pour les clients à long terme

Mesures de rétention de la clientèle pour 2023:

Segment du programme de fidélité	Nombre de participants
Programme de fidélité bancaire de premier plan	128,500
Récompenses des clients à long terme	76,300

Premier bancorp. (FBP) - Modèle commercial: canaux

Réseau de succursale physique

En 2023, First Bancorp. exploite 164 succursales totales à Porto Rico et aux îles Vierges américaines.

Emplacement	Nombre de branches
Porto Rico	154
Îles Vierges américaines	10

Plateforme bancaire en ligne

Premier bancorp. Fournit des services bancaires numériques via la plate-forme en ligne FirstBank.

• Utilisateurs bancaires en ligne actifs: 287 000 au quatrième trimestre 2023
• Volume des transactions numériques: 3,2 millions de transactions mensuelles
• Caractéristiques de sécurité de la plate-forme en ligne: authentification multi-facteurs, protocoles de chiffrement

Application bancaire mobile

Application mobile FirstBank disponible sur les plates-formes iOS et Android.

Métriques d'application mobile	2023 données
Téléchargements totaux d'applications mobiles	215,000
Utilisateurs actifs mensuels	142,000

Réseau ATM

Premier bancorp. Maintient une vaste infrastructure ATM.

• Emplacements totaux ATM: 245
• Couverture du réseau: Porto Rico et îles Vierges américaines
• Volume mensuel des transactions ATM: 1,1 million de transactions

Centres d'appels de service client

Premier bancorp. exploite des canaux de support client centralisés.

Métriques du centre d'appel	Performance de 2023
Représentants du soutien total	187
Temps de réponse moyen	3,2 minutes
Volume d'appel annuel	1,4 million d'appels

Premier bancorp. (FBP) - Modèle d'entreprise: segments de clients

Clients bancaires au détail

First Bancorp dessert environ 1,3 million de clients bancaires au détail principalement à Porto Rico. La ventilation de la clientèle comprend:

Catégorie client	Pourcentage	Numéro approximatif
Tapisseurs de compte courant personnel	42%	546,000
Contiseurs de compte d'épargne personnelle	35%	455,000
Utilisateurs de la banque numérique	65%	845,000

Petites et moyennes entreprises

First Bancorp prend en charge environ 45 000 petites et moyennes entreprises (PME) à Porto Rico.

• Portefeuille de prêts moyens par PME: 250 000 $
• Portfolio total de prêts aux PME: 11,25 milliards de dollars
• Secteurs industriels servis:
  • Retail: 28%
  • Services: 24%
  • Fabrication: 18%
  • Construction: 15%
  • Autre: 15%

Clients commerciaux

First Bancorp dessert environ 500 clients de la banque d'entreprise avec un actif total de la banque d'entreprise de 6,7 milliards de dollars.

Segment de l'entreprise	Nombre de clients	Valeur de l'actif moyen
Grandes entreprises	75	35 millions de dollars
Sociétés de taille moyenne	225	12 millions de dollars
Clients des entreprises	200	5 millions de dollars

Individus à haute nette

First Bancorp gère environ 12 000 comptes individuels à forte valeur élevée.

• Valeur moyenne du compte: 2,5 millions de dollars
• Total des actifs sous gestion: 30 milliards de dollars
• Couverture des services de gestion de patrimoine: 95% des clients à haute teneur

Clients gouvernementaux et institutionnels

First Bancorp fournit des services bancaires à 250 clients gouvernementaux et institutionnels.

Type de client	Nombre de clients	Relations bancaires totales
Agences gouvernementales	125	2,3 milliards de dollars
Établissements d'enseignement	75	650 millions de dollars
Organisations à but non lucratif	50	400 millions de dollars

Premier bancorp. (FBP) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, First Bancorp a déclaré des frais totaux de rémunération des employés de 246,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires	187,450,000
Avantages sociaux	58,850,000
Compensation totale	246,300,000

Maintenance des infrastructures technologiques

Les coûts de maintenance de technologie et d'infrastructure pour 2023 ont totalisé 78,5 millions de dollars.

• Maintenance des systèmes informatiques: 42,3 millions de dollars
• Infrastructure de cybersécurité: 21,7 millions de dollars
• Plateformes bancaires numériques: 14,5 millions de dollars

Dépenses de fonctionnement de la succursale

Les coûts opérationnels du réseau de succursales pour 2023 étaient de 92,6 millions de dollars.

Type de dépenses de branche	Montant ($)
Loyer et installations	38,750,000
Services publics	16,900,000
Entretien	22,450,000
Équipement de succursale	14,500,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 35,2 millions de dollars.

• Département juridique et de conformité: 22,6 millions de dollars
• Systèmes de rapports réglementaires: 8,3 millions de dollars
• Formation en conformité: 4,3 millions de dollars

Frais de marketing et d'acquisition des clients

Les coûts de marketing et d'acquisition des clients pour 2023 étaient de 37,4 millions de dollars.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	15,600,000
Publicité traditionnelle	9,800,000
Programmes d'acquisition de clients	12,000,000

Premier bancorp. (FBP) - Modèle d'entreprise: Strots de revenus

Intérêt des prêts

Pour l'exercice 2023, First Bancorp a déclaré un revenu total d'intérêts de 622,1 millions de dollars. Répartition des intérêts du prêt:

Catégorie de prêt	Revenu des intérêts ($ m)
Prêts commerciaux	287.4
Hypothèques résidentielles	213.6
Prêts à la consommation	121.1

Frais de service bancaire

Les frais de service bancaire pour 2023 ont totalisé 156,3 millions de dollars, avec la distribution suivante:

• Frais de maintenance du compte: 42,7 millions de dollars
• Frais de transaction: 63,9 millions de dollars
• Frais de découvert: 29,5 millions de dollars
• Autres frais de service: 20,2 millions de dollars

Services d'investissement et de gestion de la patrimoine

Les revenus des services d'investissement en 2023 ont atteint 94,6 millions de dollars, composé de:

Catégorie de service	Revenus ($ m)
Frais de gestion des actifs	52.3
Services de conseil financier	27.8
Commissions de courtage	14.5

Frais de transaction bancaire numérique

Les revenus des transactions bancaires numériques pour 2023 s'élevaient à 73,2 millions de dollars:

• Transactions bancaires en ligne: 38,6 millions de dollars
• Frais de banque mobile: 24,7 millions de dollars
• Traitement des paiements numériques: 9,9 millions de dollars

Revenus de traitement de carte de crédit et de paiement

Les revenus de traitement des cartes de crédit et des paiements en 2023 ont totalisé 112,5 millions de dollars:

Source de revenus	Montant ($ m)
Frais d'échange	67.3
Frais de carte de crédit annuels	29.4
Frais de traitement des paiements	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.