First BanCorp announced that long‑serving Chief Financial Officer Orlando Berges will retire effective June 30, 2026, after nearly 17 years with the company. Said Ortiz, the current Senior Vice President and Chief Accounting Officer, will take over the CFO role on July 1, 2026.
Berges joined First BanCorp in May 2009 and has been a key architect of the bank’s transformation, guiding a recapitalization that strengthened the capital base, overseeing the integration of several acquisitions, and driving profitability improvements that helped the company return to a solid capital position.
Ortiz, who has been with First BanCorp since 2013, brings more than 19 years of accounting and financial management experience, including senior roles at Ernst & Young and KPMG. In his current role he has led the strengthening of financial reporting, controls and accounting functions, and his appointment is intended to preserve continuity and maintain the disciplined financial stewardship that has underpinned the bank’s recent performance.
First BanCorp’s fourth‑quarter 2025 results, released earlier this year, exceeded expectations with earnings per share of $0.55 versus the consensus of $0.51 and revenue of $257.17 million versus the projected $256.2 million. The beat was driven by higher net interest income and a modest increase in fee income, offsetting a slight decline in loan loss provisions.
In addition, the bank announced on January 26, 2026 that it would raise its quarterly cash dividend by 11 % to $0.20 per share, reflecting the company’s confidence in its cash‑generating capacity and its commitment to returning value to shareholders.
The CFO transition comes at a time when First BanCorp is solidifying its market position across Puerto Rico, the U.S. Virgin Islands, the British Virgin Islands and Florida. Management emphasized that the change will not disrupt the bank’s strategic initiatives, including ongoing digital transformation and expansion of its retail banking footprint, and that the continuity of leadership will support the bank’s long‑term growth objectives.
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