FIRST BANCORP /PR/ 8-K

What Happened

• First BanCorp (the Corporation), parent of FirstBank Puerto Rico, filed an 8-K reporting that Executive Vice President and Chief Financial Officer Orlando Berges announced his retirement on February 4, 2026, effective June 30, 2026. Mr. Berges has been CFO since 2009 and served as Interim Chief Accounting Officer from Feb 2020 to Oct 2021.
• The board approved the appointment of Said Ortiz as Executive Vice President and CFO effective July 1, 2026. Mr. Ortiz, age 40, is currently Senior Vice President and Chief Accounting Officer (since Oct 2021) and has over 19 years of experience in public accounting and financial reporting.

Key Details

• Retirement announcement date: February 4, 2026; Berges' retirement effective: June 30, 2026.
• New CFO effective date: July 1, 2026 — Said Ortiz promoted from Senior VP & Chief Accounting Officer.
• Berges may enter a temporary consulting agreement to provide advisory services after retirement; terms and compensation not yet disclosed.
• Ortiz background: CPA, member of Puerto Rico Society of CPAs, Bachelor’s in Business Administration (Accounting) from University of Puerto Rico; prior roles include Senior Manager at Ernst & Young and Manager at KPMG. No related-party or reportable transactions disclosed.

Why It Matters

• This is a material leadership change in the company’s finance and accounting function: an internal promotion (Ortiz) should support continuity in accounting, financial reporting and tax oversight.
• Investors should note the lack of disclosed compensation or consulting terms for Berges and Ortiz; any future agreements could affect operating expenses or disclosures.
• The company issued a press release on February 9, 2026; investors seeking more detail should watch for subsequent filings with compensation or consulting agreement terms.