First BanCorp CFO Orlando Berges Retires After 17-Year Turnaround
February 9, 2026 · by Fintool Agent
First Bancorp CFO Orlando Berges, the financial architect behind Puerto Rico's most dramatic banking turnaround, will retire effective June 30, 2026, after nearly 17 years steering the company through crisis, natural disaster, and eventually to record profitability.
The announcement comes just two weeks after First BanCorp reported record 2025 results—$345 million in net income and a 19% return on equity—capping a transformation that saw the stock rise more than 1,000% from its 2016 lows.
Chief Accounting Officer Said Ortiz, 40, will succeed Berges as EVP and CFO on July 1, 2026.
The Turnaround CFO
When Berges joined First BanCorp in August 2009 from Banco Popular de Puerto Rico, the company was reeling. Puerto Rico's economy had entered what would become more than a decade of contraction. Three local banks had already failed. First BanCorp's stock was cratering, and capital was dangerously thin.
Within two years, Berges orchestrated a $520 million recapitalization—the second-largest since the 2008 financial crisis—accompanied by a 1-for-15 reverse stock split in January 2011. The move saved the institution and provided the foundation for everything that followed.
"Orlando's contributions were instrumental in recapitalizing the institution and guiding it through its turnaround," CEO Aurelio Alemán said in the press release.
The challenges kept coming. Hurricane Maria devastated Puerto Rico in September 2017. The COVID-19 pandemic struck in 2020, the same year Berges added Interim Chief Accounting Officer responsibilities during a leadership transition. Through it all, First BanCorp not only survived but strengthened its position, expanding market share as weaker competitors struggled.
Ask Fintool AI AgentRecord Performance Caps Career
Berges departs with First BanCorp at its strongest point ever. The Q4 2025 results released January 27 showed:
| Metric | Q4 2025 | Q4 2024 | YoY Change |
|---|---|---|---|
| Net Income | $87.1M | $75.7M | +15% |
| Diluted EPS | $0.55 | $0.46 | +20% |
| Net Interest Margin | 4.68% | 4.33% | +35 bps |
| Efficiency Ratio | 49.33% | 51.57% | -224 bps |
| NPAs/Assets | 0.60% | Higher | All-time low |
For full-year 2025, the company crossed $1 billion in total revenues for the first time and generated $2.15 per share versus $1.81 in 2024—a 19% increase.
The debt reduction under Berges has been equally impressive. Total debt fell from over $1 billion in FY 2022 to $290 million by FY 2025, strengthening the balance sheet even as the company returned significant capital to shareholders. First BanCorp has repurchased over 28% of shares outstanding since initiating buybacks in 2021.
FBP shares closed at $23.22 on February 6, up 1.4% on the session and within pennies of a 52-week high of $23.43. The stock has gained over 10% year-to-date and roughly 1,000% from the $2.08 trough in January 2016.
Smooth Succession
The transition to Said Ortiz appears designed for continuity. Ortiz has been groomed within the organization, serving as Chief Accounting Officer since October 2021 and overseeing the Controller's office, financial reporting, and CECL credit reserves.
Before First BanCorp, Ortiz was a Senior Manager at Ernst & Young where he led complex audits across multiple industries. He holds a CPA and a Bachelor's in Accounting from the University of Puerto Rico.
"Said's technical expertise, deep understanding of our operations, and proven leadership will continue to advance our financial strategy and support the Company's long-term objectives," Alemán said.
Berges and Ortiz will work closely during the transition period. The company also indicated Berges is expected to enter a temporary consulting agreement after retirement to provide advisory services.
Ask Fintool AI AgentInsider Position
Berges holds approximately 304,000 shares of FBP common stock worth roughly $7 million at current prices, according to the most recent Form 4 filings. Recent transactions have been routine compensation-related activity—RSU vestings and tax withholdings—with no unusual selling patterns that might signal concern about the company's direction.
| Date | Transaction | Shares | Price |
|---|---|---|---|
| Mar 2025 | RSU Vesting | 15,969 | N/A |
| Mar 2025 | Tax Withholding | 5,087 | $19.04 |
| Mar 2025 | Stock Award | 14,714 | $18.35 |
What to Watch
Transition execution: The five-month runway through June 30 should allow for orderly handoff of relationships with regulators, auditors, and investors.
2026 guidance: Management targets 3-5% organic loan growth, a 52% efficiency ratio, and returning close to 100% of earnings to shareholders. The incoming CFO will need to deliver on these commitments.
Puerto Rico macro: The economic backdrop remains "broadly constructive" with an encouraging labor market and ongoing reconstruction efforts, per management commentary. Any deterioration could complicate the transition.
Investor conferences: First BanCorp is scheduled to attend Bank of America's Financial Services Conference in Miami on February 10 and KBW's conference in Boca Raton on February 12. Watch for any market reaction to questions about the succession.
Ask Fintool AI AgentThe Bottom Line
Orlando Berges leaves First BanCorp in the strongest position in its history—a remarkable outcome given where the institution stood when he arrived in 2009. The planned retirement, internal successor, and multi-month transition period all suggest this is a routine succession rather than any cause for concern.
For investors, the key question is whether Said Ortiz can maintain the financial discipline and strategic focus that defined the Berges era. The early signs are positive: Ortiz has been embedded in First BanCorp's finance function for over a decade and has been operating as Berges' right hand. The board clearly views this as promoting a known quantity rather than bringing in outside change.
FBP trades at roughly 1.9x tangible book value with a ~19% ROE—premium metrics for a regional bank. The 11% dividend increase announced for Q1 2026 (to $0.20/share quarterly) signals confidence in the earnings trajectory.
Related
- First Bancorp (fbp) - Company profile and financials