Primeiro Bancorp. (FBP): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico do First Bancorp (FBP), uma potência financeira dinâmica que remodela o setor bancário na região do Caribe. Com um modelo de negócios sofisticado que combina perfeitamente com proezas bancárias tradicionais e inovação digital de ponta, o FBP se destaca como uma força transformadora nos serviços financeiros. De suas plataformas digitais robustas a experiências personalizadas dos clientes, a abordagem abrangente do banco revela uma estratégia meticulosamente criada que aborda diversos segmentos de mercado, alavancando os avanços tecnológicos e a experiência do mercado local.

Primeiro Bancorp. (FBP) - Modelo de negócios: Parcerias -chave

Aliança estratégica com redes bancárias internacionais

O First Bancorp mantém parcerias estratégicas com as seguintes redes bancárias internacionais:

Rede de parceiros	Escopo de colaboração	Ano estabelecido
Swift	Transações de pagamento internacionais	2018
Visa International	Serviços de processamento de cartões	2016
Rede MasterCard	Infraestrutura de pagamento global	2017

Parcerias com provedores de tecnologia financeira (fintech)

O primeiro Bancorp colabora com os seguintes provedores de fintech:

• Fiserv - plataforma bancária digital
• Jack Henry & Associados - Core Banking Software
• FIS Global - Soluções de Processamento de Pagamentos
• Plaid - Integração de dados financeiros

Colaboração com empresas locais em Porto Rico e Ilhas Virgens Americanas

Setor de negócios	Número de parcerias locais	Impacto econômico total
Empréstimos para pequenas empresas	347	US $ 128,5 milhões
Imóveis comerciais	215	US $ 87,3 milhões
Indústria do turismo	189	US $ 62,7 milhões

Fornecedores de tecnologia para infraestrutura bancária digital

A Bancorp faz parceria com os fornecedores de tecnologia para aprimorar os recursos bancários digitais:

• Microsoft Azure - Infraestrutura em nuvem
• Amazon Web Services - Computação em nuvem
• Provedor de soluções de segurança cibernética - Palo Alto Networks
• IBM - Enterprise Security Solutions

Total Technology Investment em parcerias: US $ 42,6 milhões (2023)

Primeiro Bancorp. (FBP) - Modelo de negócios: atividades -chave

Serviços bancários comerciais e de varejo

A First Bancorp registrou ativos totais de US $ 28,5 bilhões a partir do quarto trimestre de 2023. A receita líquida de juros de 2023 foi de US $ 752,6 milhões. O Banco opera 164 agências em Porto Rico e nas Ilhas Virgens dos EUA.

Categoria de serviço bancário	Volume total (2023)
Portfólio de empréstimos	US $ 21,3 bilhões
Base de depósito	US $ 24,7 bilhões
Empréstimos comerciais	US $ 8,6 bilhões
Empréstimos ao consumidor	US $ 12,7 bilhões

Desenvolvimento da plataforma bancária digital

As transações bancárias digitais aumentaram 37% em 2023. Os usuários de bancos móveis atingiram 285.000, representando 62% da base total de clientes.

• Usuários da plataforma bancária online: 412.000
• Downloads de aplicativos móveis: 178.000 em 2023
• Volume de transação digital: US $ 4,2 bilhões

Gerenciamento de riscos e consultoria financeira

A taxa de empréstimos sem desempenho foi de 1,45% em 2023. Investimentos totais de gerenciamento de riscos: US $ 42,3 milhões.

Métrica de gerenciamento de riscos	2023 valor
Reservas de perda de empréstimos	US $ 326 milhões
Taxa de cobertura de risco de crédito	2.1%

Serviços de Origem e Crédito empréstimos

As origens totais de empréstimos em 2023 atingiram US $ 3,9 bilhões. Volume de empréstimos hipotecários: US $ 1,2 bilhão.

• Aprovações de empréstimos comerciais: taxa de aprovação de 68%
• Tempo médio de processamento de empréstimo: 12 dias úteis
• Investimentos do sistema de pontuação de crédito: US $ 5,7 milhões

Soluções de gerenciamento de patrimônio

Os ativos sob gestão (AUM) totalizaram US $ 2,6 bilhões em 2023.

Segmento de gerenciamento de patrimônio	2023 desempenho
Clientes bancários privados	7,200
Taxas de consultoria de investimento	US $ 42,3 milhões
Serviços de planejamento de aposentadoria	US $ 1,1 bilhão AUM

Primeiro Bancorp. (FBP) - Modelo de negócios: Recursos -chave

Forte base de capital financeiro

Total de ativos a partir do quarto trimestre 2023: US $ 25,4 bilhões Total dos acionistas do patrimônio: US $ 3,1 bilhões Tier 1 Capital Ratio: 14,2%

Métrica financeira	Valor
Total de depósitos	US $ 20,1 bilhões
Empréstimos líquidos	US $ 16,8 bilhões
Retorno sobre o patrimônio (ROE)	12.3%

Extensa rede de filiais em Porto Rico

Filiais físicos totais: 57 Rede ATM: 129 locais Cobertura geográfica: 100% de Porto Rico

Tecnologia Bancária Digital Avançada

• Plataforma bancária móvel com 250.000 usuários ativos
• Penetração bancária online: 68% da base de clientes
• Volume de transação digital: 2,3 milhões de transações mensais

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência
CEO	28 anos em bancos
Diretor Financeiro	22 anos em serviços financeiros
CTO	18 anos em tecnologia

Banco de dados abrangente do cliente

Base total de clientes: 480.000 Clientes bancários de varejo: 365.000 Clientes bancários comerciais: 115.000

• Taxa de retenção de clientes: 87%
• Possui de relacionamento médio do cliente: 9,2 anos

Primeiro Bancorp. (FBP) - Modelo de negócios: proposições de valor

Serviços financeiros integrados para diversos segmentos de clientes

O First Bancorp fornece serviços financeiros em vários segmentos com ofertas específicas de produtos:

Segmento de clientes	Gama de produtos	Contribuição anual da receita
Bancos pessoais	Verificação, economia, empréstimos	US $ 387,5 milhões
Pequenas empresas	Empréstimos comerciais, serviços comerciais	US $ 215,6 milhões
Banco corporativo	Crédito comercial, gestão do tesouro	US $ 492,3 milhões

Taxas de juros competitivas e produtos bancários

Ofertas de taxa de juros em 2024:

• Contas de poupança pessoal: 1,75% APY
• Verificação de negócios: taxa de juros de 2,25%
• Empréstimos hipotecários: 6,35% de taxa fixa
• Empréstimos pessoais: a partir de 7,45%

Experiência bancária de cliente personalizada

Métricas de atendimento ao cliente:

Métrica de serviço	Desempenho
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	88.6%
Canais de suporte digital	4 plataformas

Plataformas bancárias digitais e móveis robustas

Estatísticas bancárias digitais:

• Usuários bancários móveis: 325.000
• Volume de transações online: 4,2 milhões mensais
• Tempo de atividade da plataforma digital: 99,97%

Experiência no mercado local na região do Caribe

Penetração do mercado regional:

País	Quota de mercado	Locais da filial
Porto Rico	42.3%	87 ramos
Ilhas Virgens dos EUA	29.6%	24 ramos
República Dominicana	18.5%	15 ramos

Primeiro Bancorp. (FBP) - Modelo de negócios: relacionamentos com o cliente

Gerenciamento de relacionamento bancário pessoal

O First Bancorp mantém 387 centros bancários em Porto Rico e nas Ilhas Virgens dos Estados Unidos a partir de 2023. O banco atende a aproximadamente 1,2 milhão de clientes por meio de interações bancárias pessoais diretas.

Canal de interação do cliente	Volume anual de engajamento
Consultas no ramo	342,000
Interações do gerente de relacionamento pessoal	128,500

Suporte ao cliente online e móvel

Os canais de suporte ao cliente digital do First Bancorp processaram 2,4 milhões de interações de atendimento ao cliente em 2023.

• Canais de suporte digital Tempo de resposta: média 12 minutos
• Tickets de suporte a aplicativos móveis resolvidos: 876.000
• Interações de suporte de bate -papo online: 1,2 milhão

Ferramentas bancárias digitais de autoatendimento

Estatísticas de uso da plataforma bancária digital para 2023:

Serviço digital	Usuários ativos mensais
Aplicativo bancário móvel	524,000
Plataforma bancária online	689,000

Serviços de consultoria financeira personalizada

O First Bancorp fornece serviços especializados de consultoria financeira em vários segmentos:

• Clientes de gerenciamento de patrimônio: 42.500
• Valor médio da portfólio: US $ 1,3 milhão
• Sessões de planejamento financeiro personalizado: 18.700 anualmente

Programas de fidelidade para clientes de longo prazo

Métricas de retenção de clientes para 2023:

Segmento de programa de fidelidade	Número de participantes
Premier Banking Lealty Program	128,500
Recompensas de clientes de longo prazo	76,300

Primeiro Bancorp. (FBP) - Modelo de negócios: canais

Rede de ramificação física

A partir de 2023, First Bancorp. Opera 164 filiais totais em Porto Rico e nas Ilhas Virgens dos EUA.

Localização	Número de ramificações
Porto Rico	154
Ilhas Virgens dos EUA	10

Plataforma bancária online

Primeiro Bancorp. Fornece serviços bancários digitais através da plataforma on -line do FirstBank.

• Usuários bancários on -line ativos: 287.000 a partir do quarto trimestre 2023
• Volume de transação digital: 3,2 milhões de transações mensais
• Recursos de segurança da plataforma on-line: autenticação de vários fatores, protocolos de criptografia

Aplicativo bancário móvel

FirstBank Mobile App disponível em plataformas iOS e Android.

Métricas de aplicativos móveis	2023 dados
Downloads de aplicativos móveis totais	215,000
Usuários ativos mensais	142,000

Rede ATM

Primeiro Bancorp. mantém uma extensa infraestrutura de caixas eletrônicos.

• Total de ATM Localizações: 245
• Cobertura de rede: Porto Rico e Ilhas Virgens Americanas
• Volume mensal de transação ATM: 1,1 milhão de transações

Centros de atendimento ao cliente

Primeiro Bancorp. opera canais centralizados de suporte ao cliente.

Métricas de call center	2023 desempenho
Representantes de suporte total	187
Tempo médio de resposta	3,2 minutos
Volume anual de chamada	1,4 milhão de chamadas

Primeiro Bancorp. (FBP) - Modelo de negócios: segmentos de clientes

Clientes bancários de varejo

O First Bancorp atende a aproximadamente 1,3 milhão de clientes bancários de varejo principalmente em Porto Rico. A quebra da base de clientes inclui:

Categoria de cliente	Percentagem	Número aproximado
Titulares de contas de corrente pessoal	42%	546,000
Titulares de contas de poupança pessoal	35%	455,000
Usuários bancários digitais	65%	845,000

Pequenas e médias empresas

O First Bancorp suporta aproximadamente 45.000 pequenas e médias empresas (PMEs) em Porto Rico.

• Portfólio de empréstimos médios por PME: $ 250.000
• Portfólio total de empréstimos para PME: US $ 11,25 bilhões
• Os setores da indústria serviram:
  • Varejo: 28%
  • Serviços: 24%
  • Fabricação: 18%
  • Construção: 15%
  • Outro: 15%

Clientes bancários corporativos

O First Bancorp atende a aproximadamente 500 clientes bancários corporativos com ativos bancários corporativos totais de US $ 6,7 bilhões.

Segmento corporativo	Número de clientes	Valor médio do ativo
Grandes corporações	75	US $ 35 milhões
Corporações de tamanho médio	225	US $ 12 milhões
Clientes corporativos	200	US $ 5 milhões

Indivíduos de alta rede

O First Bancorp gerencia aproximadamente 12.000 contas individuais de alto patrimônio líquido.

• Valor médio da conta: US $ 2,5 milhões
• Total de ativos sob gestão: US $ 30 bilhões
• Cobertura de serviços de gerenciamento de patrimônio: 95% dos clientes de alto patrimônio líquido

Clientes governamentais e institucionais

A First Bancorp fornece serviços bancários a 250 clientes governamentais e institucionais.

Tipo de cliente	Número de clientes	Total de relacionamentos bancários
Agências governamentais	125	US $ 2,3 bilhões
Instituições educacionais	75	US $ 650 milhões
Organizações sem fins lucrativos	50	US $ 400 milhões

Primeiro Bancorp. (FBP) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Para o ano fiscal de 2023, o First Bancorp registrou despesas totais de remuneração de funcionários de US $ 246,3 milhões.

Categoria de despesa	Valor ($)
Salários	187,450,000
Benefícios dos funcionários	58,850,000
Compensação total	246,300,000

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de tecnologia e infraestrutura para 2023 totalizaram US $ 78,5 milhões.

• Manutenção de sistemas de TI: US $ 42,3 milhões
• Infraestrutura de segurança cibernética: US $ 21,7 milhões
• Plataformas bancárias digitais: US $ 14,5 milhões

Despesas de operação de ramificação

Os custos operacionais da rede de filiais para 2023 foram de US $ 92,6 milhões.

Tipo de despesa de ramificação	Valor ($)
Aluguel e instalações	38,750,000
Utilitários	16,900,000
Manutenção	22,450,000
Equipamento de ramificação	14,500,000

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 35,2 milhões.

• Departamento Legal e de Conformidade: US $ 22,6 milhões
• Sistemas de relatórios regulatórios: US $ 8,3 milhões
• Treinamento de conformidade: US $ 4,3 milhões

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes para 2023 foram de US $ 37,4 milhões.

Categoria de despesa de marketing	Valor ($)
Marketing digital	15,600,000
Publicidade tradicional	9,800,000
Programas de aquisição de clientes	12,000,000

Primeiro Bancorp. (FBP) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos

Para o ano fiscal de 2023, a First Bancorp registrou receita total de juros de US $ 622,1 milhões. Redução de juros de empréstimo:

Categoria de empréstimo	Receita de juros ($ m)
Empréstimos comerciais	287.4
Hipotecas residenciais	213.6
Empréstimos ao consumidor	121.1

Taxas de serviço bancário

As taxas de serviço bancário para 2023 totalizaram US $ 156,3 milhões, com a seguinte distribuição:

• Taxas de manutenção de conta: US $ 42,7 milhões
• Taxas de transação: US $ 63,9 milhões
• Taxas de cheque especial: US $ 29,5 milhões
• Outros cobranças de serviço: US $ 20,2 milhões

Serviços de investimento e gerenciamento de patrimônio

A receita dos serviços de investimento em 2023 atingiu US $ 94,6 milhões, composta por:

Categoria de serviço	Receita ($ m)
Taxas de gerenciamento de ativos	52.3
Serviços de Consultoria Financeira	27.8
Comissões de corretagem	14.5

Taxas de transação bancária digital

As receitas de transações bancárias digitais para 2023 totalizaram US $ 73,2 milhões:

• Transações bancárias online: US $ 38,6 milhões
• Taxas bancárias móveis: US $ 24,7 milhões
• Processamento de pagamento digital: US $ 9,9 milhões

Cartão de crédito e receita de processamento de pagamento

O cartão de crédito e as receitas de processamento de pagamentos em 2023 totalizaram US $ 112,5 milhões:

Fonte de receita	Valor ($ m)
Taxas de intercâmbio	67.3
Taxas anuais de cartão de crédito	29.4
Taxas de processamento de pagamento	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.