First BanCorp. (FBP) — ESG & Values Scores

Environment story

First BanCorp. is a regional bank holding company with significant exposure to Puerto Rico and U.S. Virgin Islands real estate markets. The 10-K contains no disclosed Scope 1, 2, or 3 emissions data, carbon-reduction targets, renewable energy commitments, or environmental initiatives. The filing acknowledges climate change risks (natural disasters, sea-level rise affecting collateral valuations in hurricane-prone territories) and notes exposure to climate-related regulatory uncertainty. However, FBP provides no quantitative environmental metrics, net-zero commitments, or decarbonization investments. Environmental pillar penalized for undisclosed emissions (Scope 3 penalty: -15), absent net-zero target (post-2045 or none: -15), and lack of verified physical decarbonization initiatives. A bank's environmental exposure is indirect (via lending to carbon-intensive clients), but the complete absence of environmental disclosure or climate governance structures represents a material gap. Cap applied for greenwashing detection given no disclosed supply-chain/customer emissions management.

Criticisms on file

Complete absence of Scope 1, 2, or 3 emissions reporting or net-zero commitments; no climate targets or decarbonization roadmap disclosed.
Source: FBP 10-K filing (2025); Item 1A Risk Factors, ITEM 7 MD&A – no environmental metrics section present.
Exposure to climate-related regulatory risk and potential changes in environmental statutes; no articulated climate governance or ESG risk management framework.
Source: FBP 10-K Item 1A Risk Factors: 'Climate change, and efforts to mitigate its long-term effects, may materially adversely affect the Corporation's business and results of operations.'

Disclosed initiatives

Climate Risk Disclosure in Risk Factors

10-K acknowledges climate change and natural disaster risks affecting Puerto Rico and USVI operations; recognizes potential impacts on collateral valuations and customer creditworthiness.

Awareness stated; no mitigation strategy disclosed.

Social story

First BanCorp. discloses no workforce diversity metrics, CEO-to-median-worker pay ratio, turnover rates, union relationships, or labor-relations controversies in the 10-K. The filing does not include EEO-1 data, women/underrepresented-group leadership percentages, or supply-chain labor standards audits. No union disputes, strikes, or NLRB complaints are mentioned. The MD&A references labor market conditions (Puerto Rico unemployment 5.56% in 2025) and competitive wage pressures but provides no internal workforce composition or compensation equity data. Social score reflects absence of hostile labor relations (no deduction for strikes/suppression) but significant penalty for non-disclosure of diversity, pay equity, and turnover metrics—key ESG data points for social pillar evaluation.

Criticisms on file

No disclosure of workforce diversity (gender, race/ethnicity) percentages or leadership diversity ratios; no EEO-1 reporting evident.
Source: FBP 10-K (2025) – no DEI or workforce composition data in filings reviewed.
CEO-to-median-worker pay ratio not disclosed; no pay-equity audit or gender/racial pay-gap analysis provided.
Source: FBP 10-K (2025) – Executive Compensation section and MD&A lack pay-ratio disclosure.
No documented supply-chain labor standards audits, human-rights due diligence, or conflict-minerals policies evident in filing.
Source: FBP 10-K (2025) – Risk Factors and Business sections silent on supply-chain ethical standards.

Disclosed initiatives

Competitive Labor Market Participation

MD&A notes competitive wage pressures and ongoing efforts to attract and retain skilled personnel in Puerto Rico and Virgin Islands markets.

No quantified employee wellness or retention programs disclosed.

Governance story

First BanCorp. is a bank holding company regulated by the Federal Reserve, FDIC, and OCIF. The 10-K discloses that the Corporation met well-capitalized status as of December 31, 2025, and indicates board oversight of compensation practices and risk management. However, the filing does not explicitly state board independence percentage, share structure (single vs. dual-class), or annual lobbying expenditures. The company does not disclose active lobbying to weaken environmental or consumer-protection regulations; indeed, the Risk Factors section acknowledges ESG regulatory volatility without claiming anti-ESG positions. No material antitrust, consumer-fraud, or financial-regulatory fines/consent decrees are detailed. The governance score reflects adequate regulatory capital compliance and absence of documented major governance scandals, but penalized for incomplete disclosure of board independence, share-class structure, and lobbying spend.

Criticisms on file

Board independence percentage not disclosed; dual-class or single-class share structure not explicitly stated in filing.
Source: FBP 10-K (2025) – Corporate Governance section and Capitalization tables do not specify board-independence metrics or voting-rights structure.
Annual lobbying expenditures not disclosed; no itemization of political contributions or advocacy positions provided.
Source: FBP 10-K (2025) – no Political Contributions or Lobbying Expenditure schedule evident in Business section.
No material SEC consent decrees, antitrust settlements, or consumer-protection fines noted; however, FDIC special assessment of $6.3 million ($5.5 million paid as of Dec 31, 2025) related to Silicon Valley Bank and Signature Bank closures.
Source: FBP 10-K Item 1A Risk Factors and MD&A: 'The estimated losses will be recovered through quarterly special assessments collected from certain insured depository institutions, including the Bank, and collection began during the quarter ended June 30, 2024.'

Disclosed initiatives

Regulatory Capital Compliance and Oversight

Corporation maintains well-capitalized status under Federal Reserve and FDIC guidelines; subject to supervisory review of compensation practices and capital adequacy.

Demonstrates adherence to banking regulatory standards; capital ratios exceed minimum thresholds.
Risk Management and Compliance Programs

10-K references CISP (Cyber Information Security Program) and Vendor Management Program; Bank Secrecy Act and AML/OFAC compliance frameworks disclosed.

Infrastructure in place; no material compliance breaches or enforcement actions detailed.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of First BanCorp.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open First BanCorp. in the app for interactive charts and portfolio building.

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