fbp-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.

20549

FORM

11-K

(Mark One)

ANNUAL REPORT PURSUANT TO

SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF

1934

For the fiscal year ended

December 31, 2025

TRANSITION REPORT PURSUANT TO

SECTION 15 (d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-14793

Full title of the Plan and address of the Plan, if different

from that of the issuer named below:

THE FIRSTBANK 401(K) RETIREMENT PLAN FOR RESIDENTS

OF THE U.S. VIRGIN ISLANDS AND

THE UNITED STATES

OF AMERICA

Name of issuer of the securities held pursuant to the plan and

the address of its principal executive office:

FIRST BANCORP.

1519 Ponce de León Avenue, Stop 23

San Juan, Puerto Rico 00908

The FirstBank

401(k) Retirement Plan

for Residents

of the

U.S. Virgin

Islands and

the United States

America

Financial Statements and Supplemental Schedule

December 31, 2025 and 2024

Index

Page

Report of Independent Registered Public Accounting Firm

Financial Statements:

Statements of Net Assets Available for Benefits

as of December 31, 2025 and 2024

Statement of Changes in Net Assets Available

for Benefits for the year ended December 31,

2025

Notes to the Financial Statements

Supplemental Schedule:

Schedule H, Line 4i – Schedule of Assets (Held at

End of Year)

– December 31, 2025

Signatures

Exhibits:

23.1 Consent of Crowe LLP

Other schedules required by Section 2520.103-10 of the Department

of Labor’s Rules and Regulations for Reporting

and Disclosure under ERISA have been omitted because

they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

Plan Participants and Plan Administrator of The FirstBank

401(k) Retirement Plan for Residents of the U.S. Virgin

Islands and the United States of America

San Juan, Puerto Rico

Opinion on the Financial Statements

have

audited

the

accompanying

statements

net

assets

available

for

benefits

The

FirstBank

401(k)

Retirement

Plan for Residents

of the U.S.

Virgin Islands

and the United

States of America

(the "Plan")

as of December

31, 2025 and

2024, the

related statement

of changes

in net

assets

available for

benefits for

the year

ended December

31,

2025, and

the

notes

(collectively

referred

the

"financial

statements").

our

opinion,

the

financial

statements

present

fairly, in

all material respects, the net assets

available for benefits of the

Plan as of December 31,

2025 and 2024, and the

changes

net

assets

available

for

benefits

for

the

year

ended

December

31,

2025,

conformity

with

accounting

principles generally accepted in the United States of America.

Basis for Opinion

These financial statements

are the responsibility of

the Plan's management.

Our responsibility is to

express an opinion on

the Plan's

financial statements

based on

our audits.

We are

a public

accounting firm

registered with

the Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

independent

with

respect

the

Plan

accordance with the

U.S. federal securities

laws and

the applicable

rules and

regulations of

the Securities

and Exchange

Commission and the PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement, whether

due to

error or

fraud. The

Plan is

not required to

have, nor

were we engaged

to perform,

an audit

of its internal

control over

financial reporting.

As part of

our audits,

we are required

to obtain an

understanding of

internal

control over financial

reporting but not

for the purpose

of expressing an

opinion on the

effectiveness of

the Plan’s

internal

control over financial reporting.

Accordingly, we

express no such opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining, on

a test

basis, evidence

regarding the

amounts and

disclosures

in the

financial statements.

Our audits

also

included evaluating the

accounting principles

used and significant

estimates made

by management, as

well as evaluating

the overall presentation of the financial statements. We

believe that our audits provide a reasonable basis for

our opinion.

Supplemental Information

The supplemental

Schedule H,

Line 4(i)

– Schedule

of Assets

(Held at

End of

Year)

as of

December 31,

2025 has

been

subjected

audit

procedures

performed

conjunction

with

the

audit

The

FirstBank

401(k)

Retirement

Plan

for

Residents of the U.S. Virgin

Islands and the United States of

America financial statements.

The supplemental schedule is

the

responsibility

the

Plan’s

management.

Our

audit

procedures

included

determining

whether

the

information

presented

the

supplemental

schedule

reconciles

the

financial

statements

the

underlying

accounting

and

other

records, as applicable,

and performing

procedures to

test the completeness

and accuracy

of the information

presented in

the

supplemental

schedule.

forming

our

opinion

the

supplemental

schedule,

evaluated

whether

the

supplemental

schedule,

including

its form

and

content,

is presented

in conformity

with the

Department

Labor’s Rules

and

Regulations

for

Reporting

and

Disclosure

under

the

Employee

Retirement

Income

Security

Act

1974.

our

opinion,

the

supplemental

schedule

fairly

stated

all

material

respects

relation

the

financial

statements

whole.

/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.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Statements of Net Assets Available for

Benefits

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

Total

receivables

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 financial

statements.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Statement of Changes in Net Assets Available

for 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

Total

investment 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

Total

contributions

2,374,334

Total

additions

6,202,597

Deductions from assets attributed to:

Benefits and withdrawals paid to participants, including rollover

distributions

3,434,466

Administrative expenses

33,485

Total

deductions

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 financial

statements.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

1. Description of the Plan

Reporting Entity

The accompanying financial

statements include the

assets of The

FirstBank 401(k) Retirement

Plan for Residents

of the

U.S. Virgin Islands

and the United

States of America

(the “Plan”) sponsored

by FirstBank Puerto

Rico (the “Bank”)

for its

U.S. Virgin Islands

and United States

of America employees.

The following description

of the Plan

provides only general

information. Participants should refer to the Plan agreement

for a complete description of the Plan’s provisions.

General

The Plan is a defined

contribution plan, which became effective

on May 15, 1977.

Effective September 1, 1991, the

Plan

was further

amended to

become a

savings plan

under the

provisions of

the U.S.

Internal Revenue

Code.

The Plan

subject to the provisions of the Employee Retirement

Income Security Act of 1974, as amended (ERISA).

Eligibility

Effective

March

2025,

eligible

employees

the

Bank’s

U.S.

Virgin

Islands

and

United

States

America

became

eligible to participate

in the Plan’s

matching, qualified matching,

and qualified non-elective contribution

components upon

completion of

three months

of service. Prior to this date, such employees were required

to complete one year of service to

be eligible to participate.

Eligible

employees

who

fail

initiate

elective

deferral

contributions

upon

completing

three months

service

are

automatically enrolled

in the Plan,

unless they elect

to waive participation

in the Plan

by completing such

waiver at least

30 days

before

the

enrollment

date.

the

employee

does

not

complete

such

waiver

within

the

mentioned

period,

the

employee

will

automatically

enrolled

the

Plan.

Effective

March

2025,

the

automatic

enrollment

initial

pre-tax

contribution is equivalent to

% of his/her period eligible compensation and will increase by

% per year up to a maximum

% of the compensation as of

the first day of each

subsequent Plan Year. Prior to

such date, the automatic enrollment

initial pre-tax contribution

was equivalent to

% of eligible

compensation per pay

period with an

increase of

% per year

maximum

the

beginning

each

subsequent

Plan

Year.

Such

contributions

will

invested

predetermined fund until subsequent election is made by

the participant.

Contributions

Participants

are

permitted

contribute

amount

not

exceed

the

maximum

deferral

amount

specified

the

Internal Revenue Service (“IRS”) of $

23,500

for the tax year ended December 31, 2025. Nonetheless, the participant may

make

voluntary

contributions

the

Plan

after-tax basis,

means

Roth

contributions,

not

exceed

the

maximum annual limit allowed by

law. On November 13, 2025, the

IRS announced an increase in

the contribution limit to

24,500

effective in 2026. The Bank

contributes a matching contribution of

fifty

cents for every dollar up

to the first

% of

the

participant’s

eligible

compensation

that

participant

contributes

the

Plan

pre-tax

basis,

through

Roth

contributions

after-tax

basis.

The

Bank’s

matching

contribution

fifty

cents

for

every

dollar

the

employee’s

contribution

comprised

of:

(i)

twenty-five

cents

for

every

dollar

the

employee’s

contribution

the

employee’s eligible

compensation to

be paid

to the

Plan as

of each

bi-weekly payroll;

and, (ii)

an additional

twenty-five

cents for every dollar of the employee’s contribution up

% of the employee’s eligible compensation to be deposited

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 are

directed by participants into various investment options, which

include several

mutual funds

and the

common stock

of First

BanCorp., the

Bank’s parent

company. The

Plan allows

for

rollover contributions from other qualified plans.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

Participants with

an age

of 50

or older

are permitted

to make

an additional

7,500

pre-tax contribution

for the

tax year

ended December 31, 2025

after contributing the Plan limit

of their pre-tax annual compensation.

On November 13, 2025,

the IRS announced

an increase in

the additional pre-tax

contribution for participants

with an age

of 50 or

older to $

8,000

effective in

2026. Additionally,

pursuant to

the SECURE

2.0 Act,

participants who

attain ages

60 through

63 during

the

taxable

year

may

eligible

make

enhanced

“super

catch-up” contributions

lieu

the

standard

age

catch-up

contribution.

The

Plan

adopted

this

provision

effective

January

2025.

Accordingly,

eligible

participants

may

make

enhanced catch-up contributions of $

11,250

for the tax years ended December 31, 2025

and 2026.

Participant Accounts

Each participant’s

account is

credited with

the participant’s

contributions and

allocations of

the Bank’s

contributions and

Plan earnings.

Allocations are

based on

the participant’s

contributions in

the case

of matching

contributions, or

account

balances in each investment option in the case of plan earnings. The benefit to which a participant is entitled is the benefit

that can

be provided

from the

participant’s vested

account. Certain

administrative expenses

directly associated

with the

Plan are paid using the Plan assets and

then the expenses are allocated among all participants

accounts.

Vesting

Participants

are

immediately

vested

their

contributions

and

the

401(k)

Matching

Contributions

plus

actual

earnings

thereon.

The

401(k)

Additional

Matching

Contribution

subject

the

completion

least

three

years

service

for

vesting.

Notes receivable from Participants

The Plan allows participants and

their beneficiaries to borrow from

their accounts a minimum of

$1,000 up to a

maximum

equal to the lesser of

50% of the participant’s vested

account balance or $50,000. A

maximum of one loan outstanding

permitted at any time. Interest

rates on loans are generally

calculated based on the prime

rate plus

% as of the date

the

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

. The

Plan Administrator

may fix

the term

for repayment

of a

home loan

for a

period exceeding

five years

. A

home loan is a

loan used to acquire a

dwelling unit which, within a

reasonable time, the participant

will use as a

principal

residence. Loan transactions

are considered transfers

between the investment

funds and the

Participants Loan account.

These transactions are secured by the balance in

the participant's account.

Payment of Benefits

Plan

participants

are

permitted

make

withdrawals

from

the

Plan,

subject

provisions

the

Plan

agreement.

Participants may receive a distribution

from the Plan prior to

termination of employment upon attainment

of age 59 ½. On

termination of

service due

to death,

disability or

retirement all

distributions from

the Plan

can be

made in

a single

lump-

sum cash payment, installments over a period of not more than the participant’s assumed life expectancy, or the assumed

life expectancies

of the

participant and

his or

her beneficiary,

or partial

withdrawals of

at least

1,000

. If

the value

of the

vested account is more than $

7,000

, the participant may elect to defer any benefit payable under the Plan until a specified

future

date.

However,

the

value

the

account

balance

does

not

exceed

7,000

the

distribution

will

made

the

participant,

regardless

whether

the

participant

consents

receive

it.

The

Plan

allows

for

participants

receive

hardship distributions.

In the

case of

participant termination

because of

death, all

amounts credited

to such

participant’s account

shall become

fully vested

and the

entire amount

is paid

to the

person or

persons legally

entitled

thereto. In

addition, a

participant will

fully

vest

his

her

account

balance

(including

401(k)

Additional

Matching

Contributions)

upon

permanent

and

total

disability.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

Plan Expenses and Administration

Bank

and

participant

contributions

were

held

Charles

Schwab

Trust

Bank

(“Charles

Schwab”)

custodian

and

managed

Milliman

USA,

Inc.

plan

recordkeeper,

both

appointed

the

Board

Directors

the

Bank.

The

custodian invests cash received,

interest and dividend

income and makes

distributions to participants.

The Bank’s parent

company

common

stock

the

Plan

held

State

Street

Bank

and

Trust

Company

(“State

Street”),

which

provides

Charles Schwab with custody, fund accounting, fund administration

and transfer agency services.

Generally, recordkeeper’s fees are paid by the Bank

unless there are forfeitures available to offset such

expenses. For the

year ended

December 31,

2025, the

Bank paid

on behalf

of the

Plan $

47,958

in administrative

fees and

other services

rendered

the

plan

recordkeeper

and

10,080

for

investment

advisory

and

retirement

plan

consulting

third-party

consultants.

Administrative

expenses

incurred

the

Plan,

primarily

custodian’s

fees

and

recordkeeper’s

fees,

are

reflected in the Plan’s financial statements.

Forfeitures

Forfeited balances of

terminated participants’ non-vested

accounts are used

to reduce future

Bank contributions or

used

to cover administrative expenses of the Plan. Refer to

Note 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 of

the significant accounting policies of the Plan follows.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles

in the United States of

America

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

net

assets

available for

benefits, and

changes therein,

and disclosure

of contingent

assets and

liabilities. Actual

results could

differ

from those estimates.

Contributions

Employee

contributions

are

recorded

the

period

which

the

Bank

makes

payroll

deductions

from

the

participants'

compensation.

The

Bank’s

Matching

Contribution

are

recorded

each

bi-weekly

payroll.

The

Additional

Matching

Contribution, any

true up

matching contribution,

and any

other employer

contribution which

are deposited

subsequent to

the Plan

Year, are

recorded as

part of

the employer

contribution receivable

in the

statements of

net assets

available for

benefits.

Rollover Distributions

Terminated employees or retirees may elect to transfer their savings

to other plans qualified by the U.S. Internal Revenue

Code.

Investments Valuation and

Income Recognition

The Plan’s investments in mutual funds, money market

funds, 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

participants

additional

investment

choices

beyond

the

traditional

Plan’s

investment

options.

See

Note

for

further

information regarding

valuation of

the Plan’s

investments. The

Plan presents

in the

statement of

changes in

net assets

available for benefits the net appreciation in the

fair value of its investments which consists of the

realized gains or losses

on investments bought and sold as well

as the unrealized appreciation on those investments held

during the year.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

Purchases and

sales of

securities are

recorded on

a trade-date

basis. Interest

income is

recorded on

the accrual

basis

and

dividends

are

recorded

the

ex-dividend

date.

Management

fees

and

operating

expenses

charged

the

Plan

related to investments in mutual funds are deducted

from income earned on a daily basis and are

not separately reflected.

Consequently,

such

management

fees

and

operating

expenses

are

reflected

net

appreciation

the

aggregate

fair

value of such investments.

Notes receivable from participants

Notes receivable from participants represent participant loans that

are measured at their unpaid principal balance plus

any

accrued but unpaid interest. The outstanding loan amount is reduced with payroll retentions made by the employer. Loans

bear interest at the rate

determined by the Plan administrator

at the time the loan

is granted. Any terminated employee

required to repay their remaining balance or

offset against their account balance upon distribution.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

Fair Value Measurements

ASC Topic 820,

“Fair Value Measurement,”

defines fair value

as the exchange

price that would

be received for

an asset

paid

transfer

liability

(an

exit

price)

the

principal

most

advantageous

market

for

the

asset

liability

orderly transaction

between market

participants on

the measurement

date. This

guidance also

establishes a

three-level

hierarchy

for

measuring

fair

value

based

the

observability

inputs:

(i)

Level

inputs

are

quoted

prices

active

markets

for

identical

assets

and

liabilities;

(ii)

Level

inputs

are

observable

inputs

other

than

Level

prices,

such

quoted prices for similar assets or liabilities in active

markets, as well as inputs that are observable for

the asset or liability

(other than quoted prices); and (iii) Level 3

inputs are significant unobservable inputs, requiring significant judgment

due to

limited

or no market

activity.

As of December 31, 2025

and 2024, the Plan’s investments

measured at fair value consisted of

the following instruments

and classifications within the fair value hierarchy:

As of December 31, 2025

Fair Value Measurements

Using

Level 1

Level 2

Level 3

Assets at Fair

Value

Investments in mutual funds and money market

funds

26,084,654

Investment in First BanCorp.

1,320,517

PCRA

288,440

57,825

346,265

Total investments

at fair value

27,693,611

57,825

27,751,436

As of December 31, 2024

Fair Value Measurements

Using

Level 1

Level 2

Level 3

Assets at Fair

Value

Investments in mutual funds and money market

funds

23,047,504

Investment in First BanCorp.

1,018,946

PCRA

869,626

74,907

944,533

Total investments

at fair value

24,936,076

74,907

25,010,983

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

Following is a

description of the

Plan’s valuation

methodologies used

for assets measured

at fair value.

There have been

no changes in the methodologies used at December 31, 2025

and 2024.

Mutual

Funds

and

money

market

funds:

These

open-ended

funds

are

valued

the

daily

closing

price

reported by

the funds,

which represents

the net

asset value

of shares

held by

the Plan

at the

reporting

date. The

net asset value is a quoted market price available in an

active market.

Investment in First BanCorp.:

Investment in First BanCorp. consists of common stock

of First BanCorp. and is valued

based on the closing price per the stock

exchange on which they are traded.

Self-directed brokerage accounts:

Investments held in a PCRA

include exchange-traded funds and other short-term

assets,

which

are

valued

using

quoted

market

prices

period

end

and,

such,

are

classified

Level

These

investments

also

include

corporate

obligations

and

long-term time

deposits,

which

are

valued

based

the

present

value

future

cash

flows

discounted

based

the

current

interest

rate

the

reporting

date

and,

such,

are

classified as Level 2.

Party-In-Interest

Transactions

Parties-in-interest are defined

under the provisions

of ERISA as

any fiduciary of

the Plan, any

party rendering service

to the

Plan, any

employer (or

any affiliate),

any employee

of such

employer covered

by the

Plan, and

certain others.

Certain

Plan

investments

consist

investments

money

market

fund,

mutual

fund

and

PCRA

Charles

Schwab, or affiliates, which is the provider of custodial

services as defined by the Plan since April 1, 2005.

addition,

December

31,

2025

and

2024,

the

First

BanCorp.

Unitized

Stock

Fund

held

63,701

and

54,811

shares,

respectively,

with

quoted

market

value

1,320,517

and

1,018,946

respectively,

First

BanCorp.

common

stock,

the

parent

company

the

Plan

Sponsor.

The

First

BanCorp.

Unitized

Stock

Fund

also

has

investment

money

market

fund

managed

State

Street.

State

Street

provides

Charles

Schwab

with,

among

other things,

custody

services

for the

First

BanCorp.

Unitized

Stock

Fund.

For

the

year

ended

December

31, 2025,

the

Plan

received

dividend

income

43,112

the

investment

First

BanCorp.

Unitized

Stock

Fund

and

recognized

net

gains

159,590

which

146,479

relates

the

net

appreciation

the

fair

value

such

investment.

Moreover,

relation

the

First

Bancorp.

Unitized

Stock

Fund,

during

the

year

ended

December

31,

2025,

the

Plan

completed

purchases

acquisition

through

rollovers

for

total

acquisition

price

244,093

and

completed sales and

distributions of shares

which had a

carrying value of

130,841

and sales proceeds

of $

143,952

resulting in a realized gain of $

13,111

Plan assets include notes receivable from

participants of $

751,982

and $

765,464

as of December 31, 2025 and

2024,

respectively.

For

the

year

ended

December

31,

2025,

interest

income

notes

receivable

from

participants

amounted

70,934

These

transactions

qualify

party

in-interest

transactions

permitted

under

the

provisions

ERISA.

Tax Status

The Plan

obtained

its latest determination

letter on

June 13, 2023

, in which

the Internal

Revenue Service

determined

and

informed

the

Bank

that

the

Plan

designed

accordance

with

the

applicable

sections

the

U.S.

Internal

Revenue Code

(IRC) and,

therefore, exempt

from income

taxes. Therefore,

no provision

for income

taxes

has been

included in the Plan’s financial statements.

The Plan

Administrator and

the Plan’s

tax counsel

believe that

the Plan

is designed,

and is

currently being

operated,

in compliance

with the

applicable requirements

of the

IRC and,

therefore, believe

that the

Plan is

qualified

and is

tax

exempt.

Accounting

principles

generally

accepted

the

United

States

America

require

plan

management

evaluate

tax

positions taken

by the

Plan and

recognize a

tax liability

(or asset)

if the

Plan has

taken an

uncertain tax

position that

more likely

than

not would

not be

sustained

upon examination

by federal,

state

and/

or local

taxing

authorities.

The

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

Notes to the Financial Statements

December 31, 2025 and 2024

plan administrator

has analyzed

the tax

positions by

the Plan,

and has

concluded that

as of

December 31,

2025 and

2024, there

are

uncertain

positions

taken

or expected

taken

that

would

require

recognition

liability (or

asset) or

disclosure in

the financial

statements. The

Plan is

subject to

routine audits

by taxing

jurisdictions; however,

there are currently

no audits for

any tax

periods in progress.

The plan administrator

believes it is

no longer subject

income tax examinations for years prior to 2022.

Plan Termination

Although

has

not

expressed

any

intent

so,

the

Bank

has

the

right

under

the

Plan

discontinue

its

contributions

any

time

and

terminate

the

Plan

subject

the

provisions

ERISA.

the

event

Plan

termination, participants

will become

100

percent vested

in their

accounts and

such termination

shall not

reduce the

interest of any participating employee or their beneficiaries

accrued under the Plan up to the date of such termination.

Forfeited Amounts

Forfeited

nonvested

accounts

amounted

as of

December

31,

2025

as of

December

31,

2024).

Forfeited

accounts,

any,

are

transferred

the

Plan

administrator

unallocated

account

used

cover

administrative expenses

of the Plan or

reduce the Bank’s

future contributions. Forfeitures

amounting to $

16,055

were

used to reduce the Bank’s contributions during

2025.

Risks and Uncertainties

The

Plan

provides

for

investment

options

various

funds

that

invest

equity

and

debt

securities

and

other

investments.

Such

investments

are

exposed

various

risks,

such

interest

rate,

market

and

credit

risks.

Market

values of investments may

decline for a number of

reasons, including changes in

prevailing market and interest

rates,

increases in defaults

and credit rating

downgrades, as

well as the

risk associated

with global events.

Due to the

level

risk

associated

with

certain

investments

and

the

level

uncertainty

changes

the

values

investments,

is at

least

reasonably

possible

that

changes in

these

factors

in the

near

term would

materially

affect

participants’ account

balances and the

amounts reported

in the statement

of net assets

available for

benefits and

the

statement

changes

net

assets

available

for

benefits.

The

Plan’s

exposure

concentration

credit

risk

dependent upon the investments selected by the participants.

The Plan

is subject

legal proceedings

and claims

which might

arise in

the ordinary

course of

its activities.

At this

time, there are no legal proceedings against the Plan that

might impact the financial statements.

The FirstBank 401(k) Retirement Plan for Residents of the

U.S. Virgin

Islands and the United States of America

EIN #:

66-0183103

Plan #:

004

Schedule H, Line 4(i) – Schedule of Assets (Held at

End of Year)

December 31, 2025

(b) Identity of issue, borrower, lessor or similar party

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

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

152,154

Dodge & Cox Global Bond Fund X

Mutual Fund

16,576

186,478

Fidelity Extended Market Index Fund

Mutual Fund

26,272

2,644,813

Fidelity International Index Fund

Mutual Fund

30,633

1,862,473

Schwab S&P 500 Index Fund- Select S

Mutual Fund

435,691

7,642,025

Vanguard Inflation-Protected Securities Fund

Mutual Fund

6,570

150,904

Vanguard Target Retirement Income Fund

Mutual Fund

24,953

346,103

Vanguard Target Retirement 2020 Fund

Mutual Fund

21,779

597,829

Vanguard Target Retirement 2025 Fund

Mutual Fund

36,155

721,295

Vanguard Target Retirement 2030 Fund

Mutual Fund

45,451

1,923,936

Vanguard Target Retirement 2035 Fund

Mutual Fund

30,529

835,897

Vanguard Target Retirement 2040 Fund

Mutual Fund

20,745

1,036,204

Vanguard Target Retirement 2045 Fund

Mutual Fund

45,752

1,589,439

Vanguard Target Retirement 2050 Fund

Mutual Fund

6,759

400,662

Vanguard Target Retirement 2055 Fund

Mutual Fund

9,905

655,300

Vanguard Target Retirement 2060 Fund

Mutual Fund

4,360

265,866

Vanguard Target Retirement 2065 Fund

Mutual Fund

6,177

247,262

Vanguard Total Bond Market Index Fund Institutional

Mutual Fund

185,473

1,812,073

Vanguard Total Bond Market Index Fund

Mutual Fund

0.1

State Street Institutional U.S. Government

Money Market Fund

32,591

Schwab Treasury Obligations Money Fund

Money Market Fund

2,981,349

Total Mutual Funds and Money Market Funds

26,084,654

Other

Notes receivable from participants

Interest rates ranging from

5.25

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 directed

investments.

See accompanying report of Independent Registered

Public Accounting Firm.

Signatures

The Plan. Pursuant to the requirement

of the Securities Exchange

Act of 1934, the Board of

Trustees (or the

persons who

administer the

employee benefit

plan) have

duly caused

this annual

report to

be signed

on its

behalf by

the undersigned

hereunto duly authorized.

THE

FIRSTBANK

401(K)

RETIREMENT

PLAN

FOR

RESIDENTS

THE

U.S.

VIRGIN

ISLANDS

AND

THE

UNITED

STATES

AMERICA

(Name of Plan)

Date: June 18, 2026

By:

/s/

Victor Barreras

Authorized Representative

SEC Form 11-K filed by First BanCorp. New