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 PUERTO RICO

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 Puerto Rico

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 Puerto Rico

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 Puerto Rico (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

related notes

(collectively referred

to as the

"financial

statements").

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

net

assets

available for benefits

of the Plan as

of December 31,

2025 and 2024,

and the changes in

net assets available

for benefits

for the year ended December 31, 2025,

in conformity with accounting principles

generally accepted in the United States

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

Puerto

Rico

financial

statements.

The

supplemental

schedule

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,

applicable,

and

performing procedures to

test the completeness

and accuracy of

the information presented

in the supplemental

schedule.

In forming our opinion on

the supplemental schedule,

we evaluated whether the supplemental

schedule, including its form

and

content,

presented

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 in all material respects in relation to the financial

statements as a 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. DLLP224-109 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 Puerto

Rico

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)

185,204,574

157,872,834

Receivables:

Contributions receivable from participants

234,714

Contributions receivable from employer

1,793,289

1,627,082

Notes receivable from participants

5,267,672

4,659,024

Total

receivables

7,060,961

6,520,820

Non-interest-bearing cash and cash equivalents

430,552

28,089

Net assets available for benefits

192,696,087

164,421,743

The accompanying notes are an integral part of these financial

statements.

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

Rico

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

20,898,587

Dividends and interest income

4,451,778

Total

investment income

25,350,365

Interest income on notes receivable from participants

477,346

Contributions:

Participants

8,858,339

Employer

3,463,398

Rollovers from other qualified plans

418,878

Total

contributions

12,740,615

Total

additions

38,568,326

Deductions from assets attributed to:

Benefits and withdrawals paid to participants, including rollover

distributions

10,151,915

Administrative expenses

142,067

Total

deductions

10,293,982

Net increase in assets available for benefits

28,274,344

Net assets available for benefits:

Beginning of the year

164,421,743

End of year

192,696,087

The accompanying notes are an integral part of these financial

statements.

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

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

Description

of the Plan

Reporting Entity

The

accompanying

financial

statements

include

the

assets

The

FirstBank

401(k)

Retirement

Plan

for

Residents

Puerto

Rico

(the

“Plan”)

sponsored

FirstBank

Puerto

Rico

(the

“Bank”)

for

its

Puerto

Rico

employees

only.

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

defined

contribution

plan,

which

became

effective

1965,

and

amended

1977,

comply

with

the

requirements of

the Employee

Retirement Income

Security Act

of 1974,

as amended

(ERISA). Accordingly,

the Plan

subject to the provisions of ERISA. Effective September 1, 1991, the Plan was further amended to become a savings plan

under the provisions

of the Puerto

Rico Internal Revenue

Code, as amended

(the “PR Code”).

The Plan was

created for

the purpose of providing retirement benefits to employees

and to encourage and assist them in adopting

a regular savings

plan that qualifies under the applicable laws of the

Commonwealth of Puerto Rico.

Eligibility

Effective March 1, 2025, eligible employees of the Bank

and its wholly owned Puerto Rico subsidiaries became eligible to

participate in the Plan’s matching, qualified matching, and

qualified non-elective contribution components upon completion

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

the

compensation as

the

beginning

each

subsequent

Plan

Year.

Prior

such

date,

the

automatic

enrollment initial pre-tax contribution was equivalent to

% of eligible compensation per pay period with an increase of

per year up to a maximum of

% as of the beginning of each subsequent Plan Year. Such contributions will be invested in

a predetermined fund until subsequent election is made

by the participant.

Contributions

Participants are permitted to contribute up to an amount

not to exceed the maximum deferral amount specified by

the PR

Code

15,000

for

the

tax

year

ended

December

31,

2025.

Nonetheless,

the

participant

may

make

voluntary

contributions

the

Plan

after-tax

basis

their

eligible

compensation.

The

Bank

contributes

matching

contribution

fifty cents

for

every

dollar

the

first

the

participants’

eligible

compensation

that

participant contributes to the Plan on a pre-tax basis. The Bank’s

matching contribution of

fifty cents

for every dollar of the

employee’s contribution

is comprised

of: (i)

twenty-five

cents for

every dollar

of the

employee’s contribution

up to

% of

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. In

addition, the Bank

can make a

true up matching

contribution, which is

to be determined

the end of

the Plan Year

to ensure that

plan participants will

receive the maximum

contribution allowed by

the Plan. The

true up matching

contribution will be

deposited subsequent to

the Plan Year

and a participant must

be actively employed

by the Bank at the end of the

Plan Year in order to receive such contribution.

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 Puerto

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

Participants with an age of

50 or older are permitted

to make an additional $

1,500

pre-tax contribution for the year ended

December 31, 2025 after contributing the Plan

limit of $

15,000

of their pre-tax annual compensation.

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,

except for

participants with

two outstanding

loans under

the Santander

Plan that

merged into

the

Plan effective on December 31, 2020. 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

five years

The

Plan

Administrator

may

fix

the

term

for

repayment

home

loan

for

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

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; or

installments payments

if the

equal value

is of

no less

than $

1,000

each over

a period

not

exceeding the

life expectancy

of the

participant or

the participant's

beneficiary if

the participant

has died,

or a

period not

exceeding the joint life and

last survivor expectancy of the

participant and his or her

beneficiary. 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.

the

case

participant

termination

because

death,

all

amounts

credited

such

participant’s

account

shall

become

fully

vested

and

the

entire

amount

paid

the

person

persons

legally

entitled

thereto.

addition,

participant

will

fully

vest

his

her

account

balance

(including

401(k)

Additional

Matching

Contributions)

upon

permanent and total disability.

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.

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

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

Generally,

recordkeeper’s

fees

are

paid

the

Bank

unless

there

are

forfeitures

available

offset

such

expenses.

For

the

year

ended

December

31,

2025,

the

Bank

paid

behalf

the

Plan

243,131

administrative

fees

and

other services rendered by the plan record keeper and

31,920

for investment advisory and retirement plan consulting

to third-party consultants. Administrative expenses

incurred by the Plan, primarily recordkeeper’s fees

and custodian’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 Puerto

Rico Treasury

Department.

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.

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.

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

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

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 or

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

on the

observability of

inputs: (i)

Level 1

inputs are

quoted prices

in 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

179,333,706

Investment in First BanCorp.

5,827,990

PCRA

42,878

Total investments

at fair value

185,204,574

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

151,942,286

Investment in First BanCorp.

5,530,724

PCRA

399,824

Total investments

at fair value

157,872,834

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.

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

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

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 are valued using

quoted market prices at period end.

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.

In addition,

as of

December

31, 2025

and

2024,

the

First BanCorp.

Unitized

Stock

Fund held

281,138

and

297,511

shares,

respectively,

with

quoted

market

value

5,827,990

and

5,530,724

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 of

203,194

related to

the investment

in First

BanCorp. Unitized

Stock Fund

and

recognized

net

gains

787,704

which

725,913

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

712,887

and

completed

sales

and

distributions

which

had

carrying

value

1,157,426

and

sales

proceeds

1,219,217

, resulting in a realized gain of $

61,791

Plan assets

include notes

receivable

from participants

of $

5,267,672

and $

4,659,024

as of

December

31, 2025

and

2024,

respectively.

For

the

year

ended

December

31,

2025,

interest

income

notes

receivable

from

participants

amounted

477,346

These

transactions

qualify

party-in-interest

transactions

permitted

under

the

provisions of ERISA.

Tax Status

The Plan

obtained

its latest

determination

letter

March 17, 2023

, in

which

the

Puerto

Rico

Treasury

Department

determined

and

informed

the

Bank

that

the

Plan

designed

accordance

with

the

applicable

sections

the

Code 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 PR

Code 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

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 2021.

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

Rico

Notes to the Financial Statements

December 31, 2025 and 2024

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 $

10,566

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 Puerto

Rico

EIN #:

66-0183103

Plan #:

002

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

281,138

5,827,990

Total

Common Stock

5,827,990

Mutual Funds and Money Market Funds

Cohen & Steers Realty Shares Fund Class L

Mutual Fund

26,619

1,748,047

Dodge & Cox Global Bond Fund X

Mutual Fund

165,989

1,867,379

Fidelity Extended Market Index Fund

Mutual Fund

136,835

13,775,148

Fidelity International Index Fund

Mutual Fund

232,022

14,106,961

Schwab S&P 500 Index Fund- Select S

Mutual Fund

3,057,186

53,623,041

Vanguard Inflation-Protected Securities Fund

Mutual Fund

89,778

2,062,195

Vanguard Target Retirement Income Fund

Mutual Fund

49,703

689,378

Vanguard Target Retirement 2020 Fund

Mutual Fund

86,409

2,371,913

Vanguard Target Retirement 2025 Fund

Mutual Fund

238,810

4,764,265

Vanguard Target Retirement 2030 Fund

Mutual Fund

144,466

6,115,234

Vanguard Target Retirement 2035 Fund

Mutual Fund

375,481

10,280,672

Vanguard Target Retirement 2040 Fund

Mutual Fund

240,731

12,024,526

Vanguard Target Retirement 2045 Fund

Mutual Fund

329,101

11,432,959

Vanguard Target Retirement 2050 Fund

Mutual Fund

127,745

7,572,725

Vanguard Target Retirement 2055 Fund

Mutual Fund

61,850

4,092,026

Vanguard Target Retirement 2060 Fund

Mutual Fund

36,500

2,225,768

Vanguard Target Retirement 2065 Fund

Mutual Fund

27,162

1,087,312

Vanguard Total Bond Market Index Fund

Institutional Shares

Mutual Fund

1,087,145

10,621,409

State Street Institutional U.S. Government

Money Market Fund

294,291

Schwab Treasury Obligations Money Fund

Money Market Fund

18,578,457

Total

Mutual Funds and Money Market Funds

179,333,706

Other

Notes receivable from participants

Interest rates ranging from

5.25

10.50

%; Maturities through

October 2035

5,267,672

Schwab Personal Choice Retirement Account - Self-directed

Brokerage Account

42,878

Total

Other

5,310,550

Total

190,472,246

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

PUERTO

RICO

(Name of Plan)

Date: June 18, 2026

By:

/s/ Victor Barreras

Authorized Representative

SEC Form 11-K filed by First BanCorp. New