First BanCorp
First BanCorp
06/18/2026 | Press release | Distributed by Public on 06/18/2026 15:13
Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.20549
FORM
11-K
(Mark One)
ANNUAL REPORT PURSUANT TOSECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF1934
For the fiscal year ended
December 31, 2025
Or
TRANSITION REPORT PURSUANT TOSECTION 15 (d) OF THE SECURITIES EXCHANGEACT OF 1934
For the transition period from ______ to ______
Commission file number 001-14793
A.
Full title of the Plan and address of the Plan, if differentfrom that of the issuer named below:
THE FIRSTBANK 401(K) RETIREMENT PLAN FOR RESIDENTSOF THE U.S. VIRGIN ISLANDS AND
THE UNITED STATESOF AMERICA
B.
Name of issuer of the securities held pursuant to the plan andthe address of its principal executive office:
FIRST BANCORP.
1519 Ponce de León Avenue, Stop 23
San Juan, Puerto Rico 00908
1
The FirstBank401(k) Retirement Planfor Residentsof theU.S. VirginIslands andthe United Statesof
America
Financial Statements and Supplemental Schedule
December 31, 2025 and 2024
Index
Page
Report of Independent Registered Public Accounting Firm
1
Financial Statements:
Statements of Net Assets Available for Benefitsas of December 31, 2025 and 2024
3
Statement of Changes in Net Assets Availablefor Benefits for the year ended December 31,
4
2025
Notes to the Financial Statements
5
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets (Held atEnd of Year)- December 31, 2025
11
Signatures
13
Exhibits:
23.1 Consent of Crowe LLP
1
Other schedules required by Section 2520.103-10 of the Departmentof Labor's Rules and Regulations for Reporting
and Disclosure under ERISA have been omitted becausethey are not applicable.
1
REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM
Plan Participants and Plan Administrator of The FirstBank
401(k) Retirement Plan for Residents of the U.S. VirginIslands and the United States of America
San Juan, Puerto Rico
Opinion on the Financial Statements
WehaveauditedtheaccompanyingstatementsofnetassetsavailableforbenefitsofTheFirstBank401(k)Retirement
Plan for Residentsof the U.S.Virgin Islandsand the UnitedStates of America(the "Plan")as of December31, 2025 and
2024, therelated statementof changesin netassetsavailable forbenefits forthe yearended December31,2025, and
therelatednotes(collectivelyreferredtoasthe"financialstatements").Inouropinion,thefinancialstatementspresent
fairly, inall material respects, the net assetsavailable for benefits of thePlan as of December 31,2025 and 2024, and the
changesinnetassetsavailableforbenefitsfortheyearendedDecember31,2025,inconformitywithaccounting
principles generally accepted in the United States of America.
Basis for Opinion
These financial statementsare the responsibility ofthe Plan's management.Our responsibility is toexpress an opinion on
the Plan'sfinancial statementsbased onour audits.We area publicaccounting firmregistered withthe PublicCompany
AccountingOversightBoard(UnitedStates)("PCAOB")andarerequiredtobeindependentwithrespecttothePlanin
accordance with theU.S. federal securitieslaws andthe applicablerules andregulations ofthe Securitiesand Exchange
Commission and the PCAOB.
WeconductedourauditsinaccordancewiththestandardsofthePCAOB.Thosestandardsrequirethatweplanand
performtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterial
misstatement, whetherdue toerror orfraud. ThePlan isnot required tohave, norwere we engagedto perform,an audit
of its internalcontrol overfinancial reporting.As part ofour audits,we are requiredto obtain anunderstanding ofinternal
control over financialreporting but notfor the purposeof expressing anopinion on theeffectiveness ofthe Plan'sinternal
control over financial reporting.Accordingly, weexpress no such opinion.
Ourauditsincludedperformingprocedurestoassesstherisksofmaterialmisstatementofthefinancialstatements,
whetherduetoerrororfraud,andperformingproceduresthatrespondtothoserisks.Suchproceduresincluded
examining, ona testbasis, evidenceregarding theamounts anddisclosuresin thefinancial statements.Our auditsalso
included evaluating theaccounting principlesused and significantestimates madeby management, aswell as evaluating
the overall presentation of the financial statements. Webelieve that our audits provide a reasonable basis forour opinion.
Supplemental Information
The supplementalSchedule H,Line 4(i)- Scheduleof Assets(Held atEnd ofYear)as ofDecember 31,2025 hasbeen
subjectedtoauditproceduresperformedinconjunctionwiththeauditofTheFirstBank401(k)RetirementPlanfor
Residents of the U.S. VirginIslands and the United States ofAmerica financial statements.The supplemental schedule is
theresponsibilityofthePlan'smanagement.Ourauditproceduresincludeddeterminingwhethertheinformation
presentedinthesupplementalschedulereconcilestothefinancialstatementsortheunderlyingaccountingandother
records, as applicable,and performingprocedures totest the completenessand accuracyof the informationpresented in
thesupplementalschedule.Informingouropiniononthesupplementalschedule,weevaluatedwhetherthe
supplementalschedule,includingits formandcontent,is presentedin conformitywith theDepartmentofLabor's Rules
andRegulationsforReportingandDisclosureundertheEmployeeRetirementIncomeSecurityActof1974.Inour
opinion,thesupplementalscheduleisfairlystatedinallmaterialrespectsinrelationtothefinancialstatementsasa
whole.
2
/s/ Crowe LLP
License Number LLP-224
Expires December 1, 2027
We have served as the Plan's auditor since 2018.
Chicago, Illinois
June 18,2026
Stamp No. DLLP224-
111
of the Puerto Rico
Society of Certified Public Accountants
was affixed to the record copy of this report.
3
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Statements of Net Assets Available forBenefits
December 31, 2025 and 2024
As of December 31,
2025
2024
Assets
Investments:
Investments, at fair value (Note 3)
$
27,751,436
$
25,010,983
Receivables:
Contributions receivable from participants
-
43,460
Contributions receivable from employer
252,656
219,099
Notes receivable from participants
751,982
765,464
Totalreceivables
1,004,638
1,028,023
Non-interest-bearing cash and cash equivalents
106,153
88,575
Net assets available for benefits
$
28,862,227
$
26,127,581
The accompanying notes are an integral part of these financialstatements.
4
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Statement of Changes in Net Assets Availablefor Benefits
Year Ended December 31,2025
Year ended
December 31,
2025
Additions to assets attributed to:
Investment income:
Net appreciation in fair value in investments
$
3,062,443
Dividends and interest income
694,886
Totalinvestment income
3,757,329
Interest income on notes receivable from participants
70,934
Contributions:
Participants
1,527,957
Employer
520,487
Rollovers from other qualified plans
325,890
Totalcontributions
2,374,334
Totaladditions
6,202,597
Deductions from assets attributed to:
Benefits and withdrawals paid to participants, including rolloverdistributions
3,434,466
Administrative expenses
33,485
Totaldeductions
3,467,951
Net increase in assets available for benefits
2,734,646
Net assets available for benefits:
Beginning of the year
26,127,581
End of year
$
28,862,227
The accompanying notes are an integral part of these financialstatements.
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
5
1. Description of the Plan
Reporting Entity
The accompanying financialstatements include theassets of TheFirstBank 401(k) RetirementPlan for Residentsof the
U.S. Virgin Islandsand the UnitedStates of America(the "Plan") sponsoredby FirstBank PuertoRico (the "Bank")for its
U.S. Virgin Islandsand United Statesof America employees.The following descriptionof the Planprovides only general
information. Participants should refer to the Plan agreementfor a complete description of the Plan's provisions.
General
The Plan is a definedcontribution plan, which became effectiveon May 15, 1977.Effective September 1, 1991, thePlan
was furtheramended tobecome asavings planunder theprovisions ofthe U.S.Internal RevenueCode.The Planis
subject to the provisions of the Employee RetirementIncome Security Act of 1974, as amended (ERISA).
Eligibility
EffectiveMarch1,2025,eligibleemployeesoftheBank'sU.S.VirginIslandsandUnitedStatesofAmericabecame
eligible to participatein the Plan'smatching, qualified matching,and qualified non-elective contributioncomponents upon
completion of
three months
of service. Prior to this date, such employees were requiredto complete one year of service to
be eligible to participate.
Eligibleemployeeswhofailtoinitiateelectivedeferralcontributionsuponcompleting
three months
ofserviceare
automatically enrolledin the Plan,unless they electto waive participationin the Planby completing suchwaiver at least
30 days
beforetheenrollmentdate.Iftheemployeedoesnotcompletesuchwaiverwithinthementionedperiod,the
employeewillbeautomaticallyenrolledinthePlan.EffectiveMarch1,2025,theautomaticenrollmentinitialpre-tax
contribution is equivalent to
3
% of his/her period eligible compensation and will increase by
1
% per year up to a maximum
of
6
% of the compensation as ofthe first day of eachsubsequent Plan Year. Prior tosuch date, the automatic enrollment
initial pre-tax contributionwas equivalent to
2
% of eligiblecompensation per payperiod with anincrease of
1
% per year
uptoamaximumof
5
%asofthebeginningofeachsubsequentPlanYear.Suchcontributionswillbeinvestedina
predetermined fund until subsequent election is made bythe participant.
Contributions
Participantsarepermittedtocontributeuptoanamountnottoexceedthemaximumdeferralamountspecifiedbythe
Internal Revenue Service ("IRS") of $
23,500
for the tax year ended December 31, 2025. Nonetheless, the participant may
makevoluntarycontributionstothePlanonanafter-tax basis,orbymeansofRothcontributions,nottoexceedthe
maximum annual limit allowed bylaw. On November 13, 2025, theIRS announced an increase inthe contribution limit to
$
24,500
effective in 2026. The Bankcontributes a matching contribution of
fifty
cents for every dollar upto the first
6
% of
theparticipant'seligiblecompensationthataparticipantcontributestothePlanonapre-taxbasis,orthroughRoth
contributionsonanafter-taxbasis.TheBank'smatchingcontributionof
fifty
centsforeverydollaroftheemployee's
contributioniscomprisedof:(i)
twenty-five
centsforeverydollaroftheemployee'scontributionupto
6
%ofthe
employee's eligiblecompensation tobe paidto thePlan asof eachbi-weekly payroll;and, (ii)an additional
twenty-five
cents for every dollar of the employee's contribution upto
6
% of the employee's eligible compensation to be depositedas
a lump sum subsequent to the Plan Year. These are called 401(k) Matching Contributions and 401(k) Additional Matching
Contributions,respectively.
Investment of participants' and employer's contributions aredirected by participants into various investment options, which
include severalmutual fundsand thecommon stockof FirstBanCorp., theBank's parentcompany. ThePlan allowsfor
rollover contributions from other qualified plans.
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
6
Participants withan ageof 50or olderare permittedto makean additional$
7,500
pre-tax contributionfor thetax year
ended December 31, 2025after contributing the Plan limitof their pre-tax annual compensation.On November 13, 2025,
the IRS announcedan increase inthe additional pre-taxcontribution for participantswith an ageof 50 orolder to $
8,000
effective in2026. Additionally,pursuant tothe SECURE2.0 Act,participants whoattain ages60 through63 duringthe
taxableyearmaybeeligibletomakeenhanced"supercatch-up" contributionsinlieuofthestandardage50catch-up
contribution.ThePlanadoptedthisprovisioneffectiveJanuary1,2025.Accordingly,eligibleparticipantsmaymake
enhanced catch-up contributions of $
11,250
for the tax years ended December 31, 2025and 2026.
Participant Accounts
Each participant'saccount iscredited withthe participant'scontributions andallocations ofthe Bank'scontributions and
Plan earnings.Allocations arebased onthe participant'scontributions inthe caseof matchingcontributions, oraccount
balances in each investment option in the case of plan earnings. The benefit to which a participant is entitled is the benefit
that canbe providedfrom theparticipant's vestedaccount. Certainadministrative expensesdirectly associatedwith the
Plan are paid using the Plan assets andthen the expenses are allocated among all participantsaccounts.
Vesting
Participantsareimmediatelyvestedintheircontributionsandthe401(k)MatchingContributionsplusactualearnings
thereon.The401(k)AdditionalMatchingContributionissubjecttothecompletionofatleastthreeyearsofservicefor
vesting.
Notes receivable from Participants
The Plan allows participants andtheir beneficiaries to borrow fromtheir accounts a minimum of$1,000 up to amaximum
equal to the lesser of50% of the participant's vestedaccount balance or $50,000. Amaximum of one loan outstandingis
permitted at any time. Interestrates on loans are generallycalculated based on the primerate plus
2
% as of the datethe
loan is granted. As of December 31, 2025 and 2024, the loans had interest rates ranging from
5.25
% to
10.50
%. Principal
and interest are paid to the Plan ratably through biweekly payroll deductions. The loans have a term of repayment of up to
five years
. ThePlan Administratormay fixthe termfor repaymentof ahome loanfor aperiod exceeding
five years
. A
home loan is aloan used to acquire adwelling unit which, within areasonable time, the participantwill use as aprincipal
residence. Loan transactionsare considered transfersbetween the investmentfunds and theParticipants Loan account.
These transactions are secured by the balance inthe participant's account.
Payment of Benefits
PlanparticipantsarepermittedtomakewithdrawalsfromthePlan,subjecttoprovisionsinthePlanagreement.
Participants may receive a distributionfrom the Plan prior totermination of employment upon attainmentof age 59 ½. On
termination ofservice dueto death,disability orretirement alldistributions fromthe Plancan bemade ina singlelump-
sum cash payment, installments over a period of not more than the participant's assumed life expectancy, or the assumed
life expectanciesof theparticipant andhis orher beneficiary,or partialwithdrawals ofat least$
1,000
. Ifthe valueof the
vested account is more than $
7,000
, the participant may elect to defer any benefit payable under the Plan until a specified
futuredate.However,ifthevalueoftheaccountbalancedoesnotexceed$
7,000
,thedistributionwillbemadetothe
participant,regardlessofwhethertheparticipantconsentstoreceiveit.ThePlanallowsforparticipantstoreceive
hardship distributions.
In thecase ofparticipant terminationbecause ofdeath, allamounts creditedto suchparticipant's accountshall become
fully vestedand theentire amountis paidto theperson orpersons legallyentitledthereto. Inaddition, aparticipant will
fullyvestinhisorheraccountbalance(including401(k)AdditionalMatchingContributions)uponpermanentandtotal
disability.
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
7
Plan Expenses and Administration
BankandparticipantcontributionswereheldbyCharlesSchwabTrustBank("CharlesSchwab")ascustodianand
managedbyMillimanUSA,Inc.asplanrecordkeeper,bothappointedbytheBoardofDirectorsoftheBank.The
custodian invests cash received,interest and dividendincome and makesdistributions to participants.The Bank's parent
companycommonstockinthePlanisheldbyStateStreetBankandTrustCompany("StateStreet"),whichprovides
Charles Schwab with custody, fund accounting, fund administrationand transfer agency services.
Generally, recordkeeper's fees are paid by the Bankunless there are forfeitures available to offset suchexpenses. For the
year endedDecember 31,2025, theBank paidon behalfof thePlan $
47,958
in administrativefees andother services
renderedbytheplanrecordkeeperand$
10,080
forinvestmentadvisoryandretirementplanconsultingtothird-party
consultants.AdministrativeexpensesincurredbythePlan,primarilycustodian'sfeesandrecordkeeper'sfees,are
reflected in the Plan's financial statements.
Forfeitures
Forfeited balances ofterminated participants' non-vestedaccounts are usedto reduce futureBank contributions orused
to cover administrative expenses of the Plan. Refer toNote 7 for further detail.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting policies generally accepted in
the United States of America. A description ofthe significant accounting policies of the Plan follows.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principlesin the United States of
Americarequiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofnetassets
available forbenefits, andchanges therein,and disclosureof contingentassets andliabilities. Actualresults coulddiffer
from those estimates.
Contributions
EmployeecontributionsarerecordedintheperiodinwhichtheBankmakespayrolldeductionsfromtheparticipants'
compensation.TheBank'sMatchingContributionarerecordedoneachbi-weeklypayroll.TheAdditionalMatching
Contribution, anytrue upmatching contribution,and anyother employercontribution whichare depositedsubsequent to
the PlanYear, arerecorded aspart ofthe employercontribution receivablein thestatements ofnet assetsavailable for
benefits.
Rollover Distributions
Terminated employees or retirees may elect to transfer their savingsto other plans qualified by the U.S. Internal Revenue
Code.
Investments Valuation andIncome Recognition
The Plan's investments in mutual funds, money marketfunds, the Schwab Personal Choice Retirement Account ("PCRA")
and common stock of First BanCorp. are stated at fair value. The PCRA is a self-directed brokerage account, which offers
participantsadditionalinvestmentchoicesbeyondthetraditionalPlan'sinvestmentoptions.SeeNote3forfurther
information regardingvaluation ofthe Plan'sinvestments. ThePlan presentsin thestatement ofchanges innet assets
available for benefits the net appreciation in thefair value of its investments which consists of therealized gains or losses
on investments bought and sold as wellas the unrealized appreciation on those investments heldduring the year.
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
8
Purchases andsales ofsecurities arerecorded ona trade-datebasis. Interestincome isrecorded onthe accrualbasis
anddividendsarerecordedontheex-dividenddate.ManagementfeesandoperatingexpenseschargedtothePlan
related to investments in mutual funds are deductedfrom income earned on a daily basis and arenot separately reflected.
Consequently,suchmanagementfeesandoperatingexpensesarereflectedasnetappreciationintheaggregatefair
value of such investments.
Notes receivable from participants
Notes receivable from participants represent participant loans thatare measured at their unpaid principal balance plusany
accrued but unpaid interest. The outstanding loan amount is reduced with payroll retentions made by the employer. Loans
bear interest at the ratedetermined by the Plan administratorat the time the loanis granted. Any terminated employeeis
required to repay their remaining balance oroffset against their account balance upon distribution.
Payment of Benefits
Benefit payments to participants are recorded upon distribution.
3.
Fair Value Measurements
ASC Topic 820,"Fair Value Measurement,"defines fair valueas the exchangeprice that wouldbe received foran asset
orpaidtotransferaliability(anexitprice)intheprincipalormostadvantageousmarketfortheassetorliabilityinan
orderly transactionbetween marketparticipants onthe measurementdate. Thisguidance alsoestablishes athree-level
hierarchyformeasuringfairvaluebasedontheobservabilityofinputs:(i)Level1inputsarequotedpricesinactive
marketsforidenticalassetsandliabilities;(ii)Level2inputsareobservableinputsotherthanLevel1prices,suchas
quoted prices for similar assets or liabilities in activemarkets, as well as inputs that are observable forthe asset or liability
(other than quoted prices); and (iii) Level 3inputs are significant unobservable inputs, requiring significant judgmentdue to
limitedor no marketactivity.
As of December 31, 2025and 2024, the Plan's investmentsmeasured at fair value consisted ofthe following instruments
and classifications within the fair value hierarchy:
As of December 31, 2025
Fair Value MeasurementsUsing
Level 1
Level 2
Level 3
Assets at Fair
Value
Investments in mutual funds and money market
funds
$
26,084,654
$
-
$
-
$
26,084,654
Investment in First BanCorp.
1,320,517
-
-
1,320,517
PCRA
288,440
57,825
-
346,265
Total investmentsat fair value
$
27,693,611
$
57,825
$
-
$
27,751,436
As of December 31, 2024
Fair Value MeasurementsUsing
Level 1
Level 2
Level 3
Assets at Fair
Value
Investments in mutual funds and money market
funds
$
23,047,504
$
-
$
-
$
23,047,504
Investment in First BanCorp.
1,018,946
-
-
1,018,946
PCRA
869,626
74,907
-
944,533
Total investmentsat fair value
$
24,936,076
$
74,907
$
-
$
25,010,983
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
9
Following is adescription of thePlan's valuationmethodologies usedfor assets measuredat fair value.There have been
no changes in the methodologies used at December 31, 2025and 2024.
MutualFundsandmoneymarketfunds:
Theseopen-endedfundsarevaluedatthedailyclosingpriceas
reported bythe funds,which representsthe netasset valueof sharesheld bythe Planat thereportingdate. The
net asset value is a quoted market price available in anactive market.
Investment in First BanCorp.:
Investment in First BanCorp. consists of common stockof First BanCorp. and is valued
based on the closing price per the stockexchange on which they are traded.
Self-directed brokerage accounts:
Investments held in a PCRAinclude exchange-traded funds and other short-term
assets,whicharevaluedusingquotedmarketpricesatperiodendand,assuch,areclassifiedasLevel1.These
investmentsalsoincludecorporateobligationsandlong-term timedeposits,whicharevaluedbasedonthepresent
valueoffuturecashflowsdiscountedbasedonthecurrentinterestrateatthereportingdateand,assuch,are
classified as Level 2.
4.
Party-In-InterestTransactions
Parties-in-interest are definedunder the provisionsof ERISA asany fiduciary ofthe Plan, anyparty rendering service
to thePlan, anyemployer (orany affiliate),any employeeof suchemployer coveredby thePlan, andcertain others.
CertainPlaninvestmentsconsistofinvestmentsinamoneymarketfund,amutualfundandPCRAatCharles
Schwab, or affiliates, which is the provider of custodialservices as defined by the Plan since April 1, 2005.
Inaddition,asofDecember31,2025and2024,theFirstBanCorp.UnitizedStockFundheld
63,701
and
54,811
shares,respectively,withaquotedmarketvalueof$
1,320,517
and$
1,018,946
,respectively,ofFirstBanCorp.
commonstock,theparentcompanyofthePlanSponsor.TheFirstBanCorp.UnitizedStockFundalsohasan
investmentinamoneymarketfundmanagedbyStateStreet.StateStreetprovidesCharlesSchwabwith,among
other things,custodyservicesfor theFirstBanCorp.UnitizedStockFund.FortheyearendedDecember31, 2025,
thePlanreceiveddividendincomeof$
43,112
relatedtotheinvestmentinFirstBanCorp.UnitizedStockFundand
recognizednetgainsof$
159,590
,ofwhich$
146,479
relatestothenetappreciationinthefairvalueofsuch
investment.Moreover,inrelationtotheFirstBancorp.UnitizedStockFund,duringtheyearendedDecember31,
2025,thePlancompletedpurchasesoracquisitionthroughrolloversforatotalacquisitionpriceof$
244,093
and
completed sales anddistributions of shareswhich had acarrying value of$
130,841
and sales proceedsof $
143,952
,
resulting in a realized gain of $
13,111
.
Plan assets include notes receivable fromparticipants of $
751,982
and $
765,464
as of December 31, 2025 and2024,
respectively.FortheyearendedDecember31,2025,interestincomerelatedtonotesreceivablefromparticipants
amountedto$
70,934
.Thesetransactionsqualifyaspartyin-interesttransactionspermittedundertheprovisionsof
ERISA.
5.
Tax Status
The Plan
obtained
its latest determinationletter on
June 13, 2023
, in whichthe InternalRevenue Servicedetermined
andinformedtheBankthatthePlanisdesignedinaccordancewiththeapplicablesectionsoftheU.S.Internal
Revenue Code(IRC) and,therefore, exemptfrom incometaxes. Therefore,no provisionfor incometaxeshas been
included in the Plan's financial statements.
The PlanAdministrator andthe Plan'stax counselbelieve thatthe Planis designed,and iscurrently beingoperated,
in compliancewith theapplicable requirementsof theIRC and,therefore, believethat thePlan is
qualified
and istax
exempt.
AccountingprinciplesgenerallyacceptedintheUnitedStatesofAmericarequireplanmanagementtoevaluatetax
positions takenby thePlan andrecognize atax liability(or asset)if thePlan hastaken anuncertain taxposition that
more likelythannot wouldnot besustainedupon examinationby federal,stateand/or localtaxingauthorities.The
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
Notes to the Financial Statements
December 31, 2025 and 2024
10
plan administratorhas analyzedthe taxpositions bythe Plan,and hasconcluded thatas ofDecember 31,2025 and
2024, therearenouncertainpositionstakenor expectedtobetakenthatwouldrequirerecognitionofaliability (or
asset) ordisclosure inthe financialstatements. ThePlan issubject toroutine auditsby taxingjurisdictions; however,
there are currentlyno audits forany taxperiods in progress.The plan administratorbelieves it isno longer subjectto
income tax examinations for years prior to 2022.
6.
Plan Termination
Althoughithasnotexpressedanyintenttodoso,theBankhastherightunderthePlantodiscontinueits
contributionsatanytimeandtoterminatethePlansubjecttotheprovisionsofERISA.IntheeventofPlan
termination, participantswill become
100
percent vestedin theiraccounts andsuch terminationshall notreduce the
interest of any participating employee or their beneficiariesaccrued under the Plan up to the date of such termination.
7.
Forfeited Amounts
Forfeitednonvestedaccountsamountedto$
1
as ofDecember31,2025($
20
as ofDecember31,2024).Forfeited
accounts,ifany,aretransferredbythePlanadministratortoanunallocatedaccounttobeusedtocover
administrative expensesof the Plan orreduce the Bank'sfuture contributions. Forfeituresamounting to $
16,055
were
used to reduce the Bank's contributions during2025.
8.
Risks and Uncertainties
ThePlanprovidesforinvestmentoptionsinvariousfundsthatinvestinequityanddebtsecuritiesandother
investments.Suchinvestmentsareexposedtovariousrisks,suchasinterestrate,marketandcreditrisks.Market
values of investments maydecline for a number ofreasons, including changes inprevailing market and interestrates,
increases in defaultsand credit ratingdowngrades, aswell as therisk associatedwith global events.Due to thelevel
ofriskassociatedwithcertaininvestmentsandthelevelofuncertaintyrelatedtochangesinthevaluesof
investments,itis atleastreasonablypossiblethatchanges inthesefactorsin thenearterm wouldmateriallyaffect
participants' accountbalances and theamounts reportedin the statementof net assetsavailable forbenefits andthe
statementofchangesinnetassetsavailableforbenefits.ThePlan'sexposuretoaconcentrationofcreditriskis
dependent upon the investments selected by the participants.
The Planis subjecttolegal proceedingsand claimswhich mightarise inthe ordinarycourse ofits activities.At this
time, there are no legal proceedings against the Plan thatmight impact the financial statements.
11
The FirstBank 401(k) Retirement Plan for Residents of theU.S. Virgin
Islands and the United States of America
EIN #:
66-0183103
Plan #:
004
Schedule H, Line 4(i) - Schedule of Assets (Held atEnd of Year)
December 31, 2025
(b) Identity of issue, borrower, lessor or similar party
(c) Description of investment, including
maturity date and rate of interest (in the
case of notes receivable), or par value
(d)
Cost
(e) Current value
(a)
Common Stock
*
First BanCorp.
Common Stock
63,701
shares
**
$
1,320,517
Total Common Stock
1,320,517
Mutual Funds and Money Market Funds
Cohen & Steers Realty Shares Fund Class L
Mutual Fund
2,317
shares
**
152,154
Dodge & Cox Global Bond Fund X
Mutual Fund
16,576
shares
**
186,478
Fidelity Extended Market Index Fund
Mutual Fund
26,272
shares
**
2,644,813
Fidelity International Index Fund
Mutual Fund
30,633
shares
**
1,862,473
*
Schwab S&P 500 Index Fund- Select S
Mutual Fund
435,691
shares
**
7,642,025
Vanguard Inflation-Protected Securities Fund
Mutual Fund
6,570
shares
**
150,904
Vanguard Target Retirement Income Fund
Mutual Fund
24,953
shares
**
346,103
Vanguard Target Retirement 2020 Fund
Mutual Fund
21,779
shares
**
597,829
Vanguard Target Retirement 2025 Fund
Mutual Fund
36,155
shares
**
721,295
Vanguard Target Retirement 2030 Fund
Mutual Fund
45,451
shares
**
1,923,936
Vanguard Target Retirement 2035 Fund
Mutual Fund
30,529
shares
**
835,897
Vanguard Target Retirement 2040 Fund
Mutual Fund
20,745
shares
**
1,036,204
Vanguard Target Retirement 2045 Fund
Mutual Fund
45,752
shares
**
1,589,439
Vanguard Target Retirement 2050 Fund
Mutual Fund
6,759
shares
**
400,662
Vanguard Target Retirement 2055 Fund
Mutual Fund
9,905
shares
**
655,300
Vanguard Target Retirement 2060 Fund
Mutual Fund
4,360
shares
**
265,866
Vanguard Target Retirement 2065 Fund
Mutual Fund
6,177
shares
**
247,262
Vanguard Total Bond Market Index Fund Institutional
Shares
Mutual Fund
185,473
shares
**
1,812,073
Vanguard Total Bond Market Index Fund
Mutual Fund
0.1
shares
**
1
*
State Street Institutional U.S. Government
Money Market Fund
Money Market Fund
32,591
shares
**
32,591
*
Schwab Treasury Obligations Money Fund
Money Market Fund
2,981,349
shares
**
2,981,349
Total Mutual Funds and Money Market Funds
26,084,654
Other
*
Notes receivable from participants
Interest rates ranging from
5.25
%
to
10.50
%. Maturities through
October 2034
**
751,982
*
Schwab Personal Choice Retirement Account - Self-directed
Brokerage Account
**
346,265
Total Other
1,098,247
Total
$
28,503,418
*Party in-interest
** Historical cost is not required for participant directedinvestments.
See accompanying report of Independent RegisteredPublic Accounting Firm.
12
Signatures
The Plan. Pursuant to the requirementof the Securities ExchangeAct of 1934, the Board ofTrustees (or thepersons who
administer theemployee benefitplan) haveduly causedthis annualreport tobe signedon itsbehalf bythe undersigned
hereunto duly authorized.
THEFIRSTBANK401(K)
RETIREMENTPLANFOR
RESIDENTSOFTHEU.S.
VIRGINISLANDSANDTHE
UNITEDSTATESOF
AMERICA
(Name of Plan)
Date: June 18, 2026
By:
/s/Victor Barreras
Authorized Representative
First BanCorp published this content on June 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 18, 2026 at 21:13 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]