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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
SEGMENT INFORMATION [Abstract] |
SEGMENT INFORMATION | NOTE 17 – SEGMENT INFORMATION The Corporation’s operating segments are based primarily on the Corporation’s lines of business for its operations in Puerto Rico, the Corporation’s principal market, and by geographic areas for its operations outside of Puerto Rico. As of September 30, 2025, the Corporation had six reportable segments: Mortgage Banking; Consumer (Retail) Banking; Commercial and Corporate Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. The Chief Executive Officer (“CEO”), who is the designated chief operating decision maker (“CODM”), as ultimate decision maker, evaluates performance and allocates resources based on financial information provided by management. In determining the reportable segments, the Corporation considers factors such as the organizational structure, nature of the products, distribution channels, customer relationship management, and economic characteristics of the business lines. The Corporation evaluates the performance of the segments based on segment income or loss, which consists of net interest income, the provision for credit losses, non-interest income and non-interest expenses. Segment income or loss is measured on a pre-tax basis, consistent with the Corporation’s consolidated financial statements under GAAP. The total segment income or loss equals consolidated pre-tax income or loss, and no adjustments or reconciliations are necessary. The segments are also evaluated based on the average volume of their interest-earning assets (net of fair value adjustments of investment securities and the ACL). The Mortgage Banking segment consists of the origination, sale, and servicing of a variety of residential mortgage loans. The Mortgage Banking segment also acquires and sells mortgages in the secondary market. The Consumer (Retail) Banking segment includes the Corporation’s consumer lending, commercial lending to small businesses, commercial transaction banking, and deposit- taking activities primarily conducted through its branch network and loan centers. The Commercial and Corporate Banking segment consists of the Corporation’s lending and other services for large customers represented by specialized and middle-market clients and the government sector. The Commercial and Corporate Banking segment consists of the Corporation’s commercial lending (other than small business commercial loans) and commercial deposit-taking activities (other than the government sector). The Treasury and Investments segment is responsible for the Corporation’s investment portfolio and treasury functions that are executed to manage and enhance liquidity. Under the Corporation’s fund transfer pricing (“FTP”) methodology, the Treasury and Investments segment centrally manages funding by providing funds to the Mortgage Banking, Consumer (Retail) Banking, Commercial and Corporate Banking, United States Operations, and Virgin Islands Operations segments to support their lending activities and compensating these units for deposits gathered. The mismatch between funds provided and funds used is managed by the Treasury and Investments segment. The funds transfer pricing charged or credited are calculated using the SOFR/swap curve with term rates, adjusted for a funding spread that reflects the Corporation’s cost of funds. The methodology, which is performed based on matched maturity funding, ensures a market-based allocation of funding costs and credits, impacting segment profitability by aligning internal pricing with external market conditions. The United States Operations segment consists of all banking activities conducted by FirstBank in the United States mainland, including commercial and consumer banking services. The Virgin Islands Operations segment consists of all banking activities conducted by the Corporation in the USVI and the BVI, including commercial and consumer banking services. Prior period segment results have been recast to reflect certain refinements made to enhance internal reporting described in Note 25 – “Segment Information” to the audited consolidated financial statements included in the 2024 Annual Report on Form 10-K. Also, see Note 1 – “Nature of Business and Summary of Significant Accounting Policies” to the audited consolidated financial statements included in the 2024 Annual Report on Form 10-K for the accounting policies of the segments and information related to the adoption of ASU 2023-07. The following tables present information about the reportable segments for the indicated periods: Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Quarter ended September 30, 2025: Interest income $ 32,512 $ 105,915 $ 63,299 $ 31,977 $ 40,946 $ 8,094 $ 282,743 Net (charge) credit for transfer of funds (14,876) 80,087 (15,485) (58,473) (1,840) 10,587 - Interest expense - (38,095) (3,738) (4,461) (16,589) (1,944) (64,827) Net interest income (loss) 17,636 147,907 44,076 (30,957) 22,517 16,737 217,916 Provision for credit losses - (benefit) expense (2,037) 18,280 728 146 41 435 17,593 Non-interest income 3,415 22,330 1,898 33 998 2,120 30,794 Non-interest expenses: Employees’ compensation and benefits 6,659 35,865 4,647 1,035 7,039 4,516 59,761 Occupancy and equipment 1,434 14,923 1,457 176 1,840 2,355 22,185 Business promotion 227 2,765 252 172 276 192 3,884 Professional fees 1,636 6,698 927 319 1,151 1,172 11,903 Taxes, other than income taxes 481 4,573 653 112 105 168 6,092 FDIC deposit insurance 414 760 680 - 240 142 2,236 Net (gain) loss on OREO operations (1,406) - (492) - - 2,931 1,033 Credit and debit card processing expenses - 6,971 217 - 3 698 7,889 Other non-interest expenses (1) 851 6,621 558 273 717 891 9,911 Total non-interest expenses 10,296 79,176 8,899 2,087 11,371 13,065 124,894 Segment income (loss) $ 12,792 $ 72,781 $ 36,347 $ (33,157) $ 12,103 $ 5,357 $ 106,223 Average interest-earning assets $ 2,172,385 $ 4,019,262 $ 3,639,505 $ 5,361,692 $ 2,584,121 $ 462,264 $ 18,239,229 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Quarter ended September 30, 2024: Interest income $ 32,200 $ 106,864 $ 63,476 $ 28,099 $ 37,049 $ 6,987 $ 274,675 Net (charge) credit for transfer of funds (13,791) 73,064 (19,519) (48,315) (2,187) 10,748 - Interest expense - (39,914) (3,833) (11,046) (15,415) (2,403) (72,611) Net interest income (loss) 18,409 140,014 40,124 (31,262) 19,447 15,332 202,064 Provision for credit losses - (benefit) expense (5,175) 28,514 (6,842) (36) (1,010) (206) 15,245 Non-interest income 3,407 23,912 1,671 250 959 2,303 32,502 Non-interest expenses: Employees’ compensation and benefits 6,734 34,806 4,879 926 7,204 4,532 59,081 Occupancy and equipment 1,501 15,049 1,457 193 1,913 2,311 22,424 Business promotion 307 2,904 256 165 258 226 4,116 Professional fees 1,600 7,190 1,112 303 1,192 1,141 12,538 Taxes, other than income taxes 454 4,244 578 109 120 160 5,665 FDIC deposit insurance 405 756 647 - 208 148 2,164 Net (gain) loss on OREO operations (1,350) - (88) - (6) 105 (1,339) Credit and debit card processing expenses - 6,111 180 - 2 802 7,095 Other non-interest expenses (1) 715 6,881 1,468 584 703 840 11,191 Total non-interest expenses 10,366 77,941 10,489 2,280 11,594 10,265 122,935 Segment income (loss) $ 16,625 $ 57,471 $ 38,148 $ (33,256) $ 9,822 $ 7,576 $ 96,386 Average interest-earning assets $ 2,134,706 $ 4,064,048 $ 3,487,762 $ 5,790,707 $ 2,172,677 $ 386,687 $ 18,036,587 The following tables present information about the reportable segments for the indicated periods: Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Nine-Month Period Ended September 30, 2025 Interest income $ 96,906 $ 316,911 $ 186,590 $ 97,760 $ 116,503 $ 23,328 $ 837,998 Net (charge) credit for transfer of funds (44,014) 234,334 (46,524) (170,370) (5,381) 31,955 - Interest expense - (114,421) (11,125) (13,136) (47,374) (5,770) (191,826) Net interest income (loss) 52,892 436,824 128,941 (85,746) 63,748 49,513 646,172 Provision for credit losses - (benefit) expense (1,010) 55,503 4,083 138 2,905 1,371 62,990 Non-interest income 10,495 70,887 6,050 203 2,714 7,129 97,478 Non-interest expenses: Employees’ compensation and benefits 20,393 107,889 15,403 3,202 21,306 13,763 181,956 Occupancy and equipment 4,447 44,886 4,591 529 5,651 7,008 67,112 Business promotion 696 7,487 686 522 778 488 10,657 Professional fees 4,668 19,564 2,966 1,028 3,185 3,587 34,998 Taxes, other than income taxes 1,398 13,260 1,834 344 326 520 17,682 FDIC deposit insurance 1,246 2,308 2,021 - 714 418 6,707 Net (gain) loss on OREO operations (3,342) - (311) - - 2,966 (687) Credit and debit processing expenses - 17,818 691 - 8 2,229 20,746 Other non-interest expenses (1) 2,612 19,677 3,336 1,558 2,159 2,740 32,082 Total non-interest expenses 32,118 232,889 31,217 7,183 34,127 33,719 371,253 Segment income (loss) $ 32,279 $ 219,319 $ 99,691 $ (92,864) $ 29,430 $ 21,552 $ 309,407 Average interest-earning assets $ 2,164,489 $ 4,031,285 $ 3,589,066 $ 5,575,455 $ 2,465,975 $ 448,643 $ 18,274,913 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) Nine-Month Period Ended September 30, 2024 Interest income $ 95,351 $ 316,764 $ 188,275 $ 85,069 $ 108,227 $ 21,739 $ 815,425 Net (charge) credit for transfer of funds (40,611) 209,584 (60,211) (131,980) (6,900) 30,118 - Interest expense - (117,343) (11,845) (36,107) (44,935) (6,983) (217,213) Net interest income (loss) 54,740 409,005 116,219 (83,018) 56,392 44,874 598,212 Provision for credit losses - (benefit) expense (15,273) 70,976 (11,852) (45) (4,452) (337) 39,017 Non-interest income 10,134 72,765 5,072 483 2,711 7,358 98,523 Non-interest expenses: Employees’ compensation and benefits 20,096 103,682 14,509 2,766 21,492 13,498 176,043 Occupancy and equipment 4,375 43,920 4,241 571 5,817 6,732 65,656 Business promotion 943 8,693 772 568 769 572 12,317 Professional fees 5,890 21,070 3,040 991 3,319 3,335 37,645 Taxes, other than income taxes 1,323 12,203 1,489 307 388 492 16,202 FDIC deposit insurance 1,413 2,636 2,257 - 741 535 7,582 Net (gain) loss on OREO operations (4,376) - (2,247) - (4) 227 (6,400) Credit and debit processing expenses - 17,479 582 - 7 2,385 20,453 Other non-interest expenses (1) 2,204 19,930 4,486 1,774 1,998 2,650 33,042 Total non-interest expenses 31,868 229,613 29,129 6,977 34,527 30,426 362,540 Segment income (loss) $ 48,279 $ 181,181 $ 104,014 $ (89,467) $ 29,028 $ 22,143 $ 295,178 Average interest-earning assets $ 2,129,905 $ 4,026,020 $ 3,496,657 $ 5,844,331 $ 2,126,742 $ 406,252 $ 18,029,907 (1) Consists of communication expenses and the expense categories described in Note 19 - “Other Non-Interest Expenses,” to the audited consolidated financial statements included in the 2024 Annual Report on Form 10-K. The following table presents a reconciliation of the reportable segment financial information to the consolidated totals for the indicated periods: Quarter Ended September 30, Nine-Month Period Ended September 30, 2025 2024 2025 2024 (In thousands) Average assets: Total average interest-earning assets for segments $ 18,239,229 $ 18,036,587 $ 18,274,913 $ 18,029,907 Average non-interest-earning assets (1) 789,563 846,787 783,834 845,490 Total consolidated average assets $ 19,028,792 $ 18,883,374 $ 19,058,747 $ 18,875,397 (1) Includes, among other things, non-interest-earning cash, premises and equipment, net deferred tax asset, right-of-use (“ROU”) assets, and accrued interest receivable on loans and investments.

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- Definition The entire disclosure for reporting segments including data and tables. 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