First BanCorp is a financial holding company that operates a network of commercial banks and financial services subsidiaries across Puerto Rico, Florida, and the Virgin Islands. Through its principal subsidiary FirstBank, the company provides a full range of banking services including commercial and consumer lending, residential mortgage origination and servicing, automobile financing, and transaction banking, as well as insurance agency services and small-loan financing through affiliated entities. The company generates revenue primarily through interest income on its loan portfolio, deposit spreads, and fees from mortgage banking, insurance, and transaction services, competing with traditional banks, credit unions, fintech platforms, and other financial institutions in its operating markets.