FIRST BANCORP PR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-K

(Mark one)

[X]

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE

ACT

OF 1934

For the Fiscal Year Ended

December 31,2024

or

[ ]

TRANSITION REPORT PURSUANT TO SECTION

13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF

For the transition period from ___________________ to ___________________

COMMISSION FILE NUMBER

001-14793

(EXACT NAME OF REGISTRANT AS SPECIFIED

IN ITS CHARTER)

66-0561882

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1519 Ponce de León Avenue

,

Stop 23

San Juan

,

(Zip Code)

(Address of principal executive office)

Registrant’s telephone number, including area code:

(

)

729-8200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock ($0.10 par value)

FBP

New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned

issuer, as defined in Rule 405 of the Securities

Act.

Yes

☑

No

☐

Indicate by check mark if the registrant is not required to file reports

pursuant to Section 13 or 15(d) of the Act. Yes

☐

No

☑

Indicate by check mark whether the registrant (1) has filed all

reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for

such shorter period that the registrant was required to file such reports),

and (2) has been subject to such filing requirements for the

past 90 days.

Yes

☑

No

☐

Indicate by check mark whether the registrant has submitted

electronically every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this

chapter) during the preceding 12 months (or for such shorter period

that the registrant was required to submit such files).

Yes

☑

No

☐

Indicate by check mark whether the registrant is a large

accelerated filer, an accelerated filer,

a non-accelerated filer, a smaller reporting company,

or an emerging growth company.

See the

definitions of “large accelerated filer,” “accelerated

filer,” “smaller reporting company,”

and “emerging growth company” in Rule 12b-2 of the Exchange

Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company,

indicate by check mark if the registrant has elected not to use

the extended transition period for complying with any new or revised

financial accounting

standards provided pursuant to Section 13 (a) of the Exchange Act.

☐

Indicate by check mark whether the registrant has filed a

report on and attestation to its management’s

assessment of the effectiveness of its internal control

over financial reporting under

Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the

registered public accounting firm that prepared or issued its

audit report.

☑

If securities are registered pursuant to Section 12(b) of the Act,

indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an

error

to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are

restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant’s

officers during the relevant recovery period pursuant

to §240.10D-1(b).

☐

Indicate by check mark whether the registrant is a shell company

(as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

No

☑

The aggregate market value of the voting common equity held

by non-affiliates of the registrant as of June 30,

2024 (the last trading day of the registrant’s

most recently completed second

fiscal quarter) was $

2,867,797,634

based on the closing price of $18.29 per share of the registrant’s

common stock on the New York

Stock Exchange on June 30, 2024. The registrant had no

nonvoting common equity outstanding as of June 30, 2024.

For the purposes of the foregoing calculation only,

the registrant has defined affiliates to include (a) the executive

officers named in

Part III of this Annual Report on Form 10-K; (b) all directors

of the registrant; and (c) each shareholder,

including the registrant’s employee benefit

plans but excluding shareholders that file on

Schedule 13G, known to the registrant to be the beneficial owner

of 5% or more of the outstanding shares of common stock of the

registrant as of June 30, 2024. The registrant’s

response to

this item is not intended to be an admission that any person

is an affiliate of the registrant for any purposes other than this

response.

Indicate the number of shares outstanding of each of the

registrant’s classes of common stock,

as of the latest practicable date:

163,866,701

shares as of February 21, 2025.

Documents incorporated by reference:

Portions of the definitive proxy statement relating to

the registrant’s annual meeting of stockholders

scheduled to be held on May 21, 2025 are

incorporated by reference in response to Items 10, 11,

12, 13 and 14 of Part III of this Form 10-K.

2024 ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

PART

I

PART

II

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer

Purchases of Equity Securities