Business Context and Reporting Period
This Form 8-K Current Report was filed by First BanCorp. on February 4, 2026. The registrant is a bank holding company for FirstBank Puerto Rico, incorporated in Puerto Rico, with its common stock (Symbol: FBP) traded on the New York Stock Exchange. The report primarily addresses executive leadership changes under Item 5.02.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the transition of the Chief Financial Officer (CFO) role:
- Departure: Orlando Berges announced his retirement as Executive Vice President and CFO, effective June 30, 2026. Mr. Berges has served as CFO since 2009.
- Appointment: Said Ortiz was appointed as Executive Vice President and CFO, effective July 1, 2026. Mr. Ortiz, age 40, has served as Senior Vice President and Chief Accounting Officer since October 2021.
Guidance, Outlook, and Management Commentary
Transition Details:
- Mr. Berges is expected to enter a temporary consulting agreement to provide advisory services post-retirement. Specific details regarding this agreement and his retirement compensation are not available as of the filing date.
- Mr. Ortiz brings over 19 years of experience in public accounting and financial reporting, including prior roles at Ernst & Young LLP and KPMG LLP. He is a Certified Public Accountant.
- Details regarding Mr. Ortiz's compensation arrangements for his promotion are not available as of the filing date.
Risks and Contingencies: The filing does not disclose specific new risks or contingencies beyond the standard executive transition. No family relationships or conflicting interests requiring disclosure were identified for Mr. Ortiz.
Investor Verification Checklist
- Verify the exact terms of the consulting agreement and retirement compensation for Orlando Berges once disclosed.
- Monitor the transition timeline between June 30, 2026, and July 1, 2026, to ensure continuity in financial reporting.
- Review future filings for the specific compensation package awarded to Said Ortiz upon his promotion.
- Confirm the release of the press release dated February 9, 2026 (Exhibit 99.1) for additional context.