First BanCorp (NYSE: FBP) outlines 2025 operations, capital strength and key risks

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

10-K

Rhea-AI Filing Summary

First BanCorp. files its 2025 annual report, detailing a regulated Puerto Rico-based financial holding company with operations in Puerto Rico, Florida, and the U.S. and British Virgin Islands. As of December 31, 2025, it reported total assets of $19.1 billion, loans held for investment of $13.1 billion, total deposits of $16.7 billion, and stockholders’ equity of $2.0 billion.

The bank operates 73 branches across its regions and had 3,218 employees, with roughly 66% of employees and 58% of management positions held by women. It reports strong regulatory capital ratios, including a total capital ratio of 18.01% and a CET1 ratio of 16.76% at the holding-company level, and remains “well-capitalized.”

The report emphasizes extensive supervision by U.S. and Puerto Rico regulators, a six-segment business model, and a formal ESG and sustainability framework. Key risk factors include interest-rate and inflation pressure on net interest income, economic and political conditions in Puerto Rico and the U.S., competition from banks and fintechs, cybersecurity threats, and evolving regulatory and compliance demands, including FDIC special assessments and consumer protection rules.

02/27/2026 - 01:55 PM

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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, 2025

[ ]

TRANSITION REPORT PURSUANT TO SECTION

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

1934

For the transition period from ___________________ to ___________________

COMMISSION FILE NUMBER

001-14793

FIRST BANCORP.

(EXACT NAME OF REGISTRANT AS SPECIFIED

IN ITS CHARTER)

Puerto Rico

66-0561882

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1519 Ponce de León Avenue

Stop 23

00908

San Juan

Puerto Rico

(Zip Code)

(Address of principal executive office)

Registrant’s telephone number, including area code:

(

787

)

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

☑

☐

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

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

☐

☑

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

☑

☐

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

☑

☐

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

executive

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

☐

☑

The aggregate market value of the voting common equity held

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

2025 (the last trading day of the registrant’s

most recently completed second

fiscal quarter) was $

3,238,291,527

based on the closing price of $20.83 per share of the registrant’s

common stock on the New York

Stock Exchange on June 30, 2025. The registrant had no

nonvoting common equity outstanding as of June 30, 2025.

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, 2025. 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:

156,565,063

shares as of February 20, 2026.

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 6, 2026 are

incorporated by reference in response to Items 10, 11,

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

FIRST BANCORP.

2025 ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

PART

Item 1.

Business

Item 1A.

Risk Factors

Item 1B.

Unresolved Staff Comments

Item 1C.

Cybersecurity

Item 2.

Properties

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

PART

Item 5.

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

Purchases of Equity Securities

Item 6.

[Reserved]

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Item 8.

Financial Statements and Supplementary Data

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

194

Item 9A.

Controls and Procedures

194

Item 9B.

Other Information

194

Item 9C.

Disclosure regarding Foreign Jurisdictions that Prevent Inspections

194

PART

III

Item 10.

Directors, Executive Officers and Corporate Governance

195

Item 11.

Executive Compensation

195

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

195

Item 13.

Certain Relationships and Related Transactions, and Director Independence

195

Item 14.

Principal Accountant Fees and Services

196

PART

Item 15.

Exhibits and Financial Statement Schedules

196

Item 16.

Form 10-K Summary

196

Exhibit Index

SIGNATURES

Forward-Looking Statements

This Annual

Report on

Form 10-K

(this “Form 10-K”)

contains forward-looking

statements within

the meaning

of Section

27A of

the Securities

Act of

1933, as

amended (the

“Securities Act”),

and Section

21E of

the Securities

Exchange Act

of 1934,

as amended

(the “Exchange Act”),

which are subject to

the safe harbor created

by such sections. When

used in this Form

10-K or future filings

First

BanCorp.

(the

“Corporation,”

“we,”

“us,”

“our”)

with

the

U.S.

Securities

and

Exchange

Commission

(the

“SEC”),

the

Corporation’s press

releases or in other public or

stockholder communications made by

the Corporation, or in oral statements

made on

behalf

the

Corporation

by,

with

the

approval

of,

authorized

executive

officer

the

Corporation,

the

words

phrases

“would,”

“intends,”

“will,”

“expect,”

“should,”

“plans,”

“forecast,”

“anticipate,”

“look

forward,”

“believes,”

and

other

terms

similar meaning or import, or the

negatives of these terms or variations

of them, in connection with

any discussion of future operating,

financial or other performance are meant to identify “forward-looking

statements.”

The Corporation cautions readers

not to place undue reliance on

any such “forward-looking statements,” which

speak only as of the

date made

or,

with respect

to such

forward-looking statements

contained in

this Form

10-K, the

date hereof,

and advises

readers that

any such

forward-looking statements

are not

guarantees of

future performance

and involve

certain risks,

uncertainties, estimates,

and

assumptions

by us

that are

difficult

to predict

Various

factors, some

of which

are beyond

our

control,

could cause

actual results

differ materially from those expressed in, or implied

by, such forward-looking

statements.

Factors

that

could

cause

results

differ

materially

from

those

expressed

in,

implied

by,

the

Corporation’s

forward-looking

statements include, but are not limited to, risks described or referenced

in Part I, Item 1A, “Risk Factors,” and the following:

●

the effect

of changes

in the

interest rate

environment

and inflation

levels on

the level,

composition

and performance

of the

Corporation’s

assets and

liabilities, and

corresponding

effects on

the Corporation’s

net interest

income, net

interest margin,

loan originations, deposit attrition, overall results of operations, and liquidity

position;

●

volatility

the

financial

services

industry,

which

could

result

in,

among

other

things,

bank

deposit

runoffs,

liquidity

constraints, and increased regulatory requirements and costs;

●

the effect of continued changes in the fiscal, monetary,

and trade policies and regulations of the United States (“U.S.”) federal

government, the

Puerto Rico

government and

other governments,

including those

determined by

the Board

of Governors

the Federal Reserve

System (the “Federal

Reserve Board”), the Federal

Reserve Bank of New

York

(the “FED”), the

Federal

Deposit

Insurance

Corporation

(the

“FDIC”),

government-sponsored

housing

agencies

and

regulators

Puerto

Rico,

the

U.S., and

the U.S.

Virgin

Islands (the

“USVI”) and

British Virgin

Islands (the

“BVI”), that

may affect

the future

results of

the Corporation;

●

uncertainty as

to the

ability of

the Corporation’s

banking subsidiary,

FirstBank Puerto

Rico (“FirstBank”

or the

“Bank”), to

retain its core

deposits and

generate sufficient

cash flow through

its wholesale funding

sources, such as

securities sold under

agreements

repurchase,

Federal

Home

Loan

Bank

(“FHLB”)

advances,

and

brokered

certificates

deposit

(“brokered

CDs”), which may require us to sell investment securities at a loss;

●

adverse changes

in general political

and economic

conditions in Puerto

Rico, the U.S.,

and the USVI

and the BVI,

including

in the interest

rate environment, unemployment

rates, market liquidity

and volatility,

trade policies, housing

absorption rates,

real

estate

markets,

and

U.S.

capital

markets,

which

may

affect

funding

sources,

loan

portfolio

performance

and

credit

quality,

market

prices

investment

securities,

and

demand

for

the

Corporation’s

products

and

services,

and which

may

reduce the Corporation’s revenues

and earnings and the value of the Corporation’s

assets;

●

the

impact

litigation

the

threat

litigation,

including

any

settlements

judgments

against

the

Corporation,

and

the

potential resulting adverse publicity or other reputational harm;

●

the impact

of government

financial assistance

for hurricane

recovery and

other disaster

relief on

economic activity

in Puerto

Rico, and the timing and pace of disbursements of funds earmarked for

disaster relief;

●

the ability

of the

Corporation,

FirstBank,

and

third-party

service providers

to identify

and prevent

cyber-security

incidents,

such

data

security

breaches,

ransomware,

malware,

“denial

service”

attacks,

“hacking,”

identity

theft,

and

state-

sponsored

cyberthreats,

and

the

occurrence

and

response

any

incidents

that

occur,

which

may

result

misuse

misappropriation

confidential

proprietary

information,

disruption,

damage

our

systems

those

third-party

service providers on which we rely,

increased costs and losses and/or adverse effects

to our reputation;

●

general

competitive

factors

and

other

market

risks

well

the

implementation

existing

planned

strategic

growth

opportunities,

including

risks,

uncertainties,

and

other

factors

events

any

business

acquisitions,

dispositions,

strategic

partnerships,

strategic

operational

investments,

including

systems

conversions,

and

any

anticipated

efficiencies

other expected results related thereto;

●

uncertainty regarding

the implementation

of Puerto

Rico’s

debt restructuring

plan (“Plan

of Adjustment”

or “PoA”)

and the

revised fiscal plan for Puerto Rico, as certified on June

6, 2025 (the “2025 Fiscal Plan”) by the oversight

board established by

the Puerto

Rico Oversight,

Management,

and Economic

Stability Act

(“PROMESA”),

or any

revisions

to it,

on our

clients

and loan portfolios, and any potential impact of future economic or political

developments and tax regulations in Puerto Rico;

●

the

impact

changes

accounting

standards,

determinations

and

assumptions

applying

those

standards,

and

forecasts of economic variables considered for the determination of

the allowance for credit losses (“ACL”);

●

the ability of FirstBank to realize the benefits of its net deferred tax assets;

●

the ability of FirstBank to generate sufficient cash flow to pay dividends

to the Corporation;

●

environmental, social, and governance (“ESG”) matters, including

our climate-related initiatives and commitments,

as well as

the impact and potential cost to us of any policies, legislation, or initiatives in opposition

to our ESG policies;

●

the impacts of natural

or man-made disasters, widespread

health emergencies, geopolitical

conflicts (including sanctions, war

or armed conflict,

such as the ongoing

conflict in Ukraine,

the conflict in the

Middle East, recent

conflicts in South

America,

the

possible

expansion

such

conflicts

surrounding

areas

and

potential

geopolitical

consequences,

and

the

threat

conflict from

neighboring

countries in

our region),

terrorist attacks,

or other

catastrophic external

events, including

impacts

such

events

general

economic

conditions

and

the

Corporation’s

assumptions

regarding

forecasts

economic

variables;

●

the

risk

that

additional

portions

the

unrealized

losses in

the

Corporation’s

debt

securities portfolio

are

determined

credit-related, resulting

in additional

charges to

the provision

for credit

losses on

the Corporation’s

debt securities

portfolio,

and

the potential

for additional

credit losses

that could

emerge

from further

downgrades of

the U.S.’s

Long-Term

Foreign-

Currency Issuer Default Rating and negative ratings outlooks;

●

the

impacts

applicable

legislative,

tax,

regulatory

changes

legislative,

tax,

regulatory

priorities,

including

result

the

One

Big

Beautiful

Bill

Act,

signed

into

law

July

2025,

the

reduction

staffing

U.S.

governmental agencies,

the effects of

U.S. federal government

shutdowns and political

impasses, and uncertainties

regarding

the U.S. debt ceiling and federal budget, on the Corporation’s

financial condition or performance;

●

the

risk

possible

failure

circumvention

the

Corporation’s

internal

controls

and

procedures

and

the

risk

that

the

Corporation’s risk management

policies may not be adequate;

●

the risk that the FDIC may

further increase the deposit insurance

premium and/or require further special

assessments, causing

an additional increase in the Corporation’s

non-interest expenses;

●

any need to recognize impairments on the Corporation’s

financial instruments, goodwill, and other intangible assets;

●

the risk

that the

impact

of the

occurrence

of any

of these

uncertainties on

the Corporation’s

capital would

preclude

further

growth of FirstBank and preclude the Corporation’s

Board of Directors (the “Board”) from declaring dividends; and

●

uncertainty as

to whether

FirstBank will

be able

to continue

to satisfy

its regulators

regarding,

among other

things, its

asset

quality,

liquidity

plans,

maintenance

capital

levels,

and

compliance

with

applicable

laws,

regulations

and

requirements.

The

Corporation

does

not

undertake

and

specifically

disclaims

any

obligation

update

any

“forward-looking

statements”

reflect

occurrences

unanticipated

events

circumstances

after

the

date

such

statements,

except

required

the

federal

securities laws.

PART

Item 1.

Business

GENERAL

First

BanCorp.

publicly

owned

financial

holding

company

that

subject

regulation,

supervision

and

examination

the

Federal Reserve Board. The Corporation was incorporated under

the laws of the Commonwealth of Puerto Rico in 1948 to serve as the

bank holding company

for FirstBank. Through

its subsidiaries, including

FirstBank, the Corporation

provides full-service commercial

and

consumer

banking

services,

mortgage

banking

services,

automobile

financing,

insurance

agency

services,

and

other

financial

products and

services in

Puerto Rico,

the U.S.,

the USVI

and the

BVI. As

of December

31, 2025,

the Corporation

had total assets

$19.1 billion, including loans held for investment

of $13.1 billion, total deposits of $16.7 billion, and total

stockholders’ equity of $2.0

billion.

The

Corporation

has

two

wholly-owned

subsidiaries:

FirstBank

and

FirstBank

Insurance

Agency,

Inc.

(“FirstBank

Insurance

Agency”).

FirstBank

Puerto

Rico-chartered

commercial

bank,

and

FirstBank

Insurance

Agency

Puerto

Rico-chartered

insurance agency.

FirstBank is subject to

the supervision, examination

and regulation of both

the Office of the

Commissioner of Financial Institutions

Puerto

Rico

(“OCIF”)

and

the

FDIC.

Deposits

are

insured

through

the

FDIC

Deposit

Insurance

Fund

(the

“DIF”).

addition,

within FirstBank,

the Bank’s

USVI operations

are subject to

regulation and examination

by the USVI

Division of Banking

Insurance,

and Financial

Regulation;

its BVI

operations are

subject to

regulation by

the BVI

Financial Services

Commission; and

its operations

the

state

Florida

are

subject

regulation

and

examination

the

Florida

Office

Financial

Regulation.

The

Consumer

Financial Protection Bureau (“CFPB”)

regulates FirstBank’s

consumer financial products and services.

FirstBank Insurance Agency is

subject to

the supervision,

examination and

regulation of

the Office

of the

Insurance Commissioner

of the

Commonwealth of

Puerto

Rico (the “Insurance Commissioner of Puerto Rico”) and the Division of

Banking, Insurance and Financial Regulation in the USVI.

FirstBank conducts its

business through its main

office located in

San Juan, Puerto Rico,

57 banking branches

in Puerto Rico, eight

banking

branches

the

USVI

and

the

BVI,

and

eight

banking

branches

the

state

Florida.

FirstBank

has

six

wholly-owned

subsidiaries

with

operations

Puerto

Rico:

First

Federal

Finance

Corp.

(d/b/a

Money

Express

La Financiera),

finance

company

specializing

the

origination

small

loans

with

offices

Puerto

Rico;

First

Management

Puerto

Rico,

Puerto

Rico

corporation,

which

holds

tax-exempt

assets;

FirstBank

Overseas

Corporation,

international

banking

entity

(an

“IBE”)

organized

under

the

International

Banking

Entity

Act

Puerto

Rico;

two

companies

engaged

the

operation

certain

real

estate

owned

properties and

a limited liability

corporation organized

in 2022 under

the laws of

the Commonwealth

of Puerto

Rico and Puerto

Rico

Tax

Incentive

Code

(“Act

2019”),

which

commenced

operations

2023

and

engages

qualified

investing

and

lending

transactions. The limited

liability corporation organized

under the laws

of Act 60 of 2019

has one wholly-owned

subsidiary organized

under such laws.

For a

discussion of

certain significant

events that

have occurred

in the

year ended

December 31,

2025, please

refer to

“Significant

Events” included in Part II, Item

7, “Management’s

Discussion and Analysis of Financial Condition

and Results of Operations” of this

Form 10-K.

BUSINESS SEGMENTS

The Corporation has six reportable segments: Mortgage Banking;

Consumer (Retail) Banking; Commercial and Corporate Banking;

Treasury and Investments; United

States Operations; and Virgin

Islands Operations. These segments are described below,

as well as in

Note 21 – “Segment Information” to the audited financial statements

included in Part II, Item 8 of this Form 10-K.

Mortgage Banking

The Mortgage Banking segment consists of the origination, sale and

servicing of a variety of residential mortgage loan products

and

related hedging

activities in

the Puerto

Rico region.

Originations are

sourced through

different channels,

such as

FirstBank branches

and purchases from mortgage bankers,

and in association with new project developers.

This segment focuses on originating

residential

real

estate

loans,

including

those

that

conform

the

U.S.

Federal

Housing

Administration

(the

“FHA”),

the

U.S.

Veterans

Administration (the “VA”)

and the U.S. Department

of Agriculture Rural

Development (the “RD”)

standards. Loans that

meet FHA’s

standards

qualify

for

FHA’s

insurance

while

loans

that

meet

the

standards

are

guaranteed

the

respective

federal

agencies.

Mortgage

loans that

do not

qualify

for

the FHA,

the

or the

RD programs

are referred

to as

conventional

loans which

can be

conforming or non-conforming. Conforming

loans are those that meet the

standards for sale under the U.S.

Federal National Mortgage

Association

(“FNMA”)

and

the

U.S.

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”)

programs.

Loans

that

not

meet

FNMA

FHLMC

standards

are

referred

non-conforming

residential

real

estate

loans.

The

Mortgage

Banking

segment

also

acquires

and

sells mortgages

in the

secondary

market. Conforming

residential

real estate

loans are

sold to

investors

such

as FNMA

and

FHLMC,

and

the

Corporation

has

commitment

authority

issue

Government

National

Mortgage

Association

(“GNMA”)

mortgage-backed securities (“MBS”).

Consumer (Retail) Banking

The

Consumer

(Retail)

Banking

segment

includes

the

Corporation’s

consumer

lending,

commercial

lending

small

businesses,

commercial

transaction

banking,

and

deposit-taking

activities

(other

than

those assigned

the

Commercial

and

Corporate

Banking

segment)

primarily

conducted

through

FirstBank’s

branch

network,

ATMs

and

online

banking

the

Puerto

Rico

region.

Retail

deposits gathered through each

branch of FirstBank’s

retail network serve as

one of the funding

sources for its lending and

investment

activities. Other activities included in this segment are insurance

activities in the Puerto Rico region.

Commercial and Corporate Banking

The

Commercial

and

Corporate

Banking

segment

consists

the

Corporation’s

lending

and

other

services

for

large

customers

represented by

specialized and

middle-market

clients and

the government

sector in

the Puerto

Rico region.

This segment

consists of

the

Corporation’s

commercial

lending

(other

than

small business

commercial

loans)

and commercial

deposit-taking

activities (other

than the government sector). A substantial

portion of the commercial and

corporate banking portfolio is secured

by the underlying real

estate collateral and the personal guarantees from the borrowers.

Treasury and Investments

The

Treasury

and

Investments

segment

responsible

for

the

Corporation’s

investment

portfolio

and

treasury

functions.

The

treasury

function centrally

manages funding

by providing

funds to

the Mortgage

Banking,

Consumer (Retail)

Banking,

Commercial

and

Corporate

Banking,

United

States

Operations,

and

Virgin

Islands

Operations

segments

support

their

respective

lending

activities and by

compensating these

units for deposits

gathered. The Treasury

and Investments segment

also obtains funding

through

brokered

deposits,

advances

from

the

FHLB,

and

repurchase

agreements

involving

investment

securities,

among

other

funding

sources.

United States Operations

The

United

States Operations

segment

consists of

all banking

activities conducted

by FirstBank

on the

U.S. mainland.

FirstBank

provides a wide

range of banking services

to individual and corporate

customers, primarily in

southern Florida, through

eight banking

branches.

This

segment

offers

variety

consumer

and

commercial

banking

products

and

services.

Consumer

banking

products

include checking, savings and money market accounts, retail

CDs, internet banking services, residential mortgages, home equity

loans,

and lines of credit. Retail deposits, as well as FHLB advances and

brokered CDs assigned to this segment, serve as funding sources

for

its lending activities.

Commercial

banking

services

include

checking,

savings

and

money

market

accounts,

retail

CDs,

internet

banking

services,

cash

management

services,

remote

deposit

capture,

and

automated

clearing

house

(“ACH”)

transactions.

Loan

products

include

the

traditional commercial and industrial

(“C&I”) and commercial real

estate products, such as lines

of credit, term loans

and construction

loans.

Virgin Islands Operations

The Virgin

Islands Operations

segment consists

of all

banking activities

conducted

by FirstBank

in the

USVI and

BVI, including

consumer and commercial

banking services.

This segment operates

through eight banking

branches serving in

the USVI islands of

St.

Thomas, St. Croix, and

St. John, as well the island

of Tortola

in the BVI. This segment’s

primary business activities include

consumer

and

commercial

lending

and

deposit-taking

activities.

Retail

deposits

gathered

through

each

branch

serve

the

primary

funding

sources for the segment’s lending

activities.

CORPORATE SUSTAINABILITY

PROGRAM OVERVIEW

The

Corporation

committed

supporting

its

clients,

employees,

shareholders

and

communities

serves.

Its

Corporate

Sustainability

program,

which

includes

environmental,

social

and

governance

(“ESG”)

matters,

builds

its

core

values,

including

being

a socially

responsible

company.

The Corporation

sees effective

ESG management

as a

critical step

towards

a sustainable

and

successful future.

During 2021, the Corporation adopted an ESG framework

to guide its corporate sustainability strategy and governance.

In 2025, the

Corporation

published

its

most

recent

First

Bancorp

Corporate

Sustainability

Report

for

2024

(the

“2024

Report”),

which

provides

disclosure

wide

range

ESG

topics,

including

governance;

business

ethics

and

compliance;

responsible

marketing

and

sales

practices; sustainable and

accessible finance; responsible

banking, including details

as to data

security and cyber

management; people

and culture; community impact; and environmental responsibility.

Sustainability Governance

The

Corporation’s

Board

Directors

and

executive

leadership

team

responsibilities

relating

oversight

its

corporate

sustainability

policies

and

practices.

February

2022,

the

Corporate

Governance

and

Nominating

Committee

the

Board

Directors

amended

its

charter

include

oversight

responsibility

sustainability

matters,

and

has

primary

oversight

ESG

policies,

practices

and

disclosures.

Nonetheless,

other

committees

the

Corporation’s

Board

Directors

also

play

role

ESG

oversight in matters related to risk and cybersecurity management, human

capital management, and credit risk management.

part

the

sustainability

governance

structure

set forth

FirstBanCorp.’s

Sustainability

Policy,

which

was

approved

the

Corporation’s Board of

Directors in 2022 and subsequently amended,

the responsibility of day-to-day management of

its sustainability

framework

and

strategy

has

been

delegated

management-level

Sustainability

Committee,

comprised

leaders

from

different

areas,

such

Human

Resources,

Enterprise

Risk

Management,

Strategic

Planning

and

Investor

Relations,

Legal

and

Corporate

Affairs,

Marketing,

Compliance,

Finance,

and

Corporate

Internal

Audit.

The

Sustainability

Committee

tasked

with

aligning

priorities

and

initiatives

for

the

year,

setting

and

monitoring

long-term

objectives,

and

leading

the

annual

reporting

process

sustainability-related

topics.

The

Sustainability

Committee

reports

the

Corporate

Governance

and

Nominating

Committee

the

Board of Directors.

HUMAN CAPITAL MANAGEMENT

First BanCorp.

strives to be

recognized as

a leading

and diversified financial

institution, offering

superior experience

to our clients

and employees. We

believe that the key to our success is caring about our team as much

as we care about our customers. Our goal is to

be an

employer of

choice

within our

primary operating

regions, which

we believe

is achieved

and sustained

by adding

value

to our

employees’

lives

and

providing

satisfying

and

evolving

work

experience.

The

core

our

employer

value

proposition,

“The

Experience of Being 1,” is our commitment to our employees’ well-being,

success, professional development, and work environment.

Employees

As of December 31,

2025, the Corporation and

its subsidiaries had 3,218

regular employees representing

a 3.4% increase in overall

headcount

from December

31, 2024.

The Corporation

had 2,854

employees in

the Puerto

Rico region,

206 employees

in the

Florida

region,

and

158

employees

the

Virgin

Islands

region.

December

31,

2025,

approximately

66%

the

total

employee

population and 58% of management positions were women.

Oversight

The Human

Resources Division,

led by

the Human

Resources Director

who reports

directly to

the Corporation’s

Chief Consumer

Officer

and

Corporate

Chief

Staff,

manages

all

elements

the

Corporation’s

human

capital

programs

and

strategies,

including

talent management, talent acquisition, engagement, learning and

development, compensation and benefits.

The

Human

Resources

Division’s

efforts

are

also

overseen

the

Corporation’s

Chief

Executive

Officer

(“CEO”)

and

the

executive management team

through regular work-related

interactions. Our leaders focus

on strengthening employee

management and

engagement

and

maximizing

collaboration

between

departments

and

talents

promoting

open-door

culture

that

stimulates

frequent communication

between employees and

management. This provides

more opportunities to

identify employees’

needs, obtain

feedback

about

their

work-life

experience,

and

act

upon

such

feedback

improve

employee

engagement.

addition,

the

Corporation’s

Board

Directors

and

its

Compensation

and

Benefits

Committee

monitor

and

are

regularly

updated

the

Corporation’s human capital management

strategies.

Talent

Management

First BanCorp. is an equal

opportunity employer which considers

qualified candidates for employment

to fill its open positions. We

focus

our

efforts

on attracting

and

retaining

the

best

talent for

the Corporation,

including

college

graduates,

and promoting

internal

mobility. The attraction

and selection process includes:

●

Posting vacancies internally and externally;

●

Building employer brand through digital presence, professional events and

job fairs, and university partnerships;

●

Collaboration with hiring managers to

ensure accurate role alignment to

accelerate the recruitment process and

attraction of top

candidates with the right fit for the role;

●

A robust management information system to enhance

recruitment effectiveness and provide

candidates with unique experience;

and

●

A robust

on-boarding process

to engage

and support

new employees’

induction process,

including assignment

of a

“FirstPal”

from day one to help with the organizational culture

transition and learning process.

believe

that financial

security

is critical

for

our employees.

Our goal

is to

maintain

compensation

levels that

are competitive

with the

market

and comparable

job categories

in similar

organizations.

Our salary

administration

program

is designed

to provide

compensation

structure

that

consistent

with

our

employees’

level

responsibilities

attract

the

best

talent

for

each

job

and

commensurately pay for performance.

addition

base

salaries,

certain

job

positions

are

eligible

participate

variable

pay

programs

designed

align

employee

performance

with

the

Corporation’s

strategic

and

financial

objectives.

The

Corporation

maintains

incentive

programs

for

revenue

generation

and

sales

functions

support

business

units.

These

programs

are

reviewed

annually

ensure

alignment

with

business

strategies, performance objectives,

and sound risk

management practices. The

Corporation’s Management

Award

Program recognizes

and

rewards outstanding

performance

for exempt

employees who

do not

participate in

other

variable pay

programs. In

addition,

the

Corporation maintains a long-term incentive

plan for top-performing leaders and

employees, as well as identified high-potential

talent,

promote

sustained

performance,

leadership

development,

and

long-term

retention.

These

programs

have

fostered

stable

and

experienced workforce, reflected in

an average tenure of 11

years as of December 31, 2025.

The Corporation’s

voluntary turnover rate

declined

9.59%

2025,

compared

10.91%

2024,

with

turnover

primarily

attributable

hourly

employees

call

centers,

collections

centers

and

branches.

Turnover

among

high

performers

improved,

decreasing

2.4%

2025

from

3.6%

for

2024,

underscoring the effectiveness of the Corporation’s

compensation, engagement, and retention strategies.

Talent Development

and Engagement

believe

that a

culture of

learning and

development

maximizes the

talent of

human

capital and

is the

foundation for

sustained

business success. Our commitment to employee engagement continues

throughout employees’ time with the Corporation.

Our

learning

and

development

program

strives

align

with

both

employees’

and

the

organization’s

needs,

offering

online,

in-

person,

and

virtual

training,

well

development

activities,

special

projects,

and

partial

tuition

reimbursement

complete

bachelor’s

master’s

degree

eligible

employees.

The

Learning

and

Development

priorities

cover

five

areas:

Fundamentals,

Governance and Compliance, Technical

and Specialized Development, Professional Development, and Leadership.

2025,

delivered

than

114,000

training

hours

across

than

1,800

courses

through

all

learning

modalities.

New

supervisors

completed

programs

focused

foundational

supervision,

leadership,

communication,

and

policies,

while

the

leadership

curriculum continued

to strengthen

both technical

and people

-management

skills. The

Leadership

Development program,

which incorporates structured feedback from instructors and peers, has reached

63% of current leaders since its launch.

addition

to these

learning opportunities,

support professional

development

and

career

growth,

including

the internal

career

advancement,

performance

management

processes,

annual

talent

review,

and

robust

succession

planning.

also

encourage

employees to participate in community initiatives, volunteering over

2,800 hours supporting more than 35 organizations in 202

Health & Wellness

First

BanCorp.

provides

comprehensive

health

and

wellness

benefits

designed

support

employees’

occupational,

physical,

emotional, and financial well-being.

Benefits include health, dental

and vision insurance offered

through multiple insurance providers,

enabling

employees

select

coverage

options

that

best

meet

their

individual

and

family

needs.

The

Corporation

also

offers

Employee

Assistance Program

to provide

holistic support

and

resources addressing

a broad

range of

employees’

needs. In

addition,

the Corporation

offers life

insurance and

disability plans,

as well

as a

defined

contribution retirement

plan in

which both

employees

and

the employer

contribute.

For

employees

the Puerto

Rico

region,

the

Corporation provides

an additional

true-up

contribution.

The Corporation

further supports employee

wellness through fitness

facilities at its

main offices,

instructor-led wellness sessions,

and

wellness tours that promote healthy lifestyle practices. The Corporation

subsidizes a substantial portion of the cost of these benefits.

Work-life

balance remains

a key

priority; therefore,

the Corporation

offers various

paid time-off

benefits, including

vacation, sick

leave,

maternity

and

paternity

leave,

bereavement

leave,

marriage

leave,

personal

days,

and

flexible

work

arrangements,

including

hybrid work arrangements.

The wellness program also includes on-site

occupational medical and nursing health

services, nutrition and

fitness initiatives, health

fairs, vaccination clinics preventive

healthcare activities and targeted

education focused on personal

financial

and

health

literacy.

enhance

quality

life

and

optimize

workplace

conditions,

the

wellness

program

provides

on-site

musculoskeletal

demonstrations,

tobacco-use prevention

education, discount

programs for

laboratory testing

and consumer

products,

and an emergency donation program to support employees

experiencing catastrophic events.

MARKET AREA AND COMPETITION

The

Corporation

operates

highly

competitive

markets

and

subject

significant

business,

economic

and

competitive

uncertainties

and contingencies.

In particular,

the banking

market

is highly

competitive in

Puerto Rico,

the main

geographic

service

area of

the Corporation.

As of December

31, 2025,

the Corporation

also had presence

in the state

of Florida

and in the

USVI and

the

BVI.

Puerto

Rico

banks

are

subject

the

same

federal

laws,

regulations

and

supervision

that

apply

similar

institutions

the

United States mainland.

Competitors include

other banks,

insurance companies,

mortgage banking

companies, small

loan companies,

automobile financing

companies,

leasing companies,

brokerage firms

with retail

operations,

credit unions

and certain

retailers that

operate in

Puerto Rico,

the

USVI,

the

BVI,

and

the

state

Florida,

as well

financial

technology

(“fintech”)

companies

and

emerging

competition

from

digital

platforms.

The

Corporation’s

businesses

compete

with

these

other

firms

with

respect

the

range

products

and

services

offered and the types of clients, customers and industries served.

See Part I, Item 1A, “Risk Factors” for further discussion of risks related to

competition.

SUPERVISION AND REGULATION

The

Corporation

and

FirstBank,

its

bank

subsidiary,

are

subject

comprehensive

federal

and

Puerto

Rican

supervision

and

regulation that

govern all aspects

of the Corporation’s

and the Bank’s

activities, including

commercial and

consumer lending, deposit

taking, management,

governance and

other activities.

As part

of this

regulatory framework,

the Corporation

and the

Bank are

subject

to extensive consumer financial protection laws, regulatory,

legal, and supervisory requirements, which continue to change in

response

new

legislative

regulatory

actions.

See

Part

Item

“Business–General”

above

for

additional

regulatory

oversight

and

supervision

FirstBank

Insurance

Agency.

Future

legislative

regulatory

developments

may

increase

the

oversight

the

Corporation and the Bank and could materially affect its business.

The

Corporation

is also

subject

to the

disclosure

and

regulatory

requirements

of the

Securities Act

of 1933,

as amended,

and

the

Securities

Exchange

Act

1934,

as amended,

both

as administered

the

SEC, as

well

as the

rules

applicable

companies

with

securities listed on the New York

Stock Exchange.

The following discussion summarizes

certain laws, regulations and policies

to which the Company is subject.

It does not address all

applicable laws, regulations

and policies that

affect the Company

currently or might

affect it in

the future. This

discussion is qualified

in its entirety by reference to the full texts of the laws, regulations and policies described.

Bank Holding Company Activities and Other Limitations

The Corporation

is registered

as a

bank holding

company under

the Bank

Holding Company

Act of

1956, as

amended (the

“Bank

Holding

Company

Act”),

and

subject

ongoing

supervision,

regulation,

and

examination

the

Federal

Reserve

Board.

this

capacity,

the

Corporation

required

file

periodic

and

annual

reports

well

other

information

regarding

its

own

business

operations and those of its subsidiaries.

The Bank Holding

Company Act also permits

a bank holding company

to elect to become

a financial holding

company and engage

in a

broader range

of financial

activities. As

a result,

the Corporation

has elected

to be

a financial

holding company

under the

Bank

Holding

Company

Act

and

may

engage,

directly

indirectly,

any

activity

that

determined

(i)

financial

nature,

(ii)

incidental to such

financial activity,

or (iii) complementary

to a financial activity

and does not pose

a substantial risk

to the safety and

soundness of

depository institutions

or the

financial system

generally.

The Bank

Holding Company

Act specifically

provides that

the

following

activities

have

been

determined

“financial

nature”:

(i)

lending,

trust

and

other

banking

activities;

(ii)

insurance

activities; (iii) financial or economic

advice or services; (iv) pooled investments;

(v) securities underwriting and dealing; (vi)

domestic

activities permitted for an existing

bank holding company; (vii) foreign activities

permitted for an existing bank holding

company; and

(viii) merchant banking activities.

The Corporation

and FirstBank

must be

“well-capitalized” and

“well-managed”

for regulatory

purposes, and

FirstBank must

earn

“satisfactory” or better ratings

on its periodic Community

Reinvestment Act (“CRA”) examinations

for the Corporation to preserve

its

financial holding

company status.

If these

standards are

not met,

the Federal

Reserve Board

may impose

limitations on

the financial

holding company’s activities until

compliance is restored.

Under

federal

law

and

Federal

Reserve

Board

policy,

bank

holding

company,

such

as the

Corporation,

expected

act

source

of strength

to its

banking

subsidiaries,

including

by providing

capital

and other

support

as necessary.

In the

event

of a

bank

holding company’s

bankruptcy,

any commitment made

by the bank

holding company to

a federal bank

regulatory agency

to maintain

capital

subsidiary

bank

will

assumed

the

bankruptcy

trustee

and

accorded

priority

for

payment.

addition,

any

capital

loans by

a bank

holding company

to any

of its

subsidiary banks

must be

subordinated in

right of

payment to

deposits and

to certain

other

indebtedness

of such

subsidiary bank.

As of

December

31,

2025,

and the

date hereof,

FirstBank was

and

is the

Corporation’s

sole banking subsidiary.

State-Chartered Non-Member Bank and Banking Laws and

Regulations

in General

FirstBank

subject

supervision,

regulation,

and

examination

the

OCIF,

the

CFPB

and

the

FDIC,

and

subject

comprehensive

federal

and

state

(including,

for

this

purpose,

the

Commonwealth

Puerto

Rico)

regulations

that

regulate,

among

other things,

the scope

of its

businesses, its

investments, its

reserves against

deposits, the

timing and

availability of

deposited funds,

and the nature and amount of collateral required for certain loans.

The

OCIF,

the

CFPB

and

the

FDIC

conduct

periodic

examinations

FirstBank

assess

its

financial

condition,

ensure

the

maintenance

safe

and

sound

banking

practices,

and

evaluate

compliance

with

applicable

statutory

and

regulatory

requirements.

Supervision by

the FDIC

is also

intended for

the protection

of the

Deposit Insurance

Fund (“DIF”)

and depositors.

These regulatory

authorities have discretion in connection with their

supervisory and enforcement activities and examination

policies, including policies

with respect

to the

classification of

assets and

the establishment

of adequate

loan loss

reserves for

regulatory purposes.

Enforcement

actions

include

civil

monetary

penalties,

cease-and-desist

removal

orders,

and

injunctive

actions

which

may

imposed

for

violations

laws

and

regulations,

for

unsafe

unsound

practices.

Other

actions

failure

act

may

provide

the

basis

for

enforcement action, including the filing of misleading or untimely reports

with regulatory authorities.

Regulatory Capital Requirements

The Corporation

and FirstBank are

each subject to

minimum regulatory

capital requirements imposed

by federal banking

agencies.

These

requirements

are

redesigned

align

U.S.

regulatory

capital

requirements

with

international

regulatory

capital

standards

adopted by the Basel Committee on Banking Supervision

(“Basel Committee”), in particular, the

international capital accord known as

“Basel

III.” Under

the

Basel

III

rules,

the

Corporation

must

maintain

certain

minimum

capital

ratios

considered

adequately

capitalized and to

avoid the regulatory limitations

described above. These

requirements include: (i) a

minimum common equity

Tier 1

Capital

(“CET1”)

ratio

4.5%,

plus

2.5%

capital

conservation

buffer;

(ii)

minimum

Tier

capital

ratio

6.0%,

plus

2.5%

capital conservation

buffer; (iii)

a minimum

Total

capital (Tier

1 plus

Tier

2) ratio

of 8.0%,

plus a

2.5% capital

conservation buffer;

and (iv) a required minimum leverage ratio (Tier

1 capital to average on-balance sheet non-risk adjusted assets) of 4%.

As part of

regulatory relief measures

implemented in

response to the

economic impact of

COVID-19, the

federal banking agencies

issued

interim

final

rule

March

31,

2020,

providing

the

option

temporarily

delay

the

regulatory

capital

effects

current

expected credit

losses (“CECL”). This

transition framework provided

for a total

five-year phase-in period,

which ended on

January 1,

2025.

The

Corporation

and

the

Bank

elected

utilize

this

transition

option

and,

January

2025,

have

fully

recognized

the

impact of CECL in their regulatory capital ratios.

The following table presents

the Corporation’s

and FirstBank’s

regulatory capital ratios as

of December 31, 2025,

based on Federal

Reserve and FDIC guidelines:

Banking Subsidiary

First BanCorp.

FirstBank

Well-Capitalized

Minimum

As of December 31, 2025

Total capital to risk-weighted

assets

18.01%

17.61%

10.00%

CET1 Capital to risk-weighted assets

16.76%

15.60%

6.50%

Tier 1 capital to risk-weighted assets

16.76%

16.35%

8.00%

Leverage ratio

(1)

11.58%

11.30%

5.00%

_______________

(1) Tier 1 capital to average assets.

Stress-Testing

and Capital Planning Requirements

Federal

regulations

currently

not

impose

formal

stress-testing

requirements

banking

organizations

with

total

assets

less

than $100

billion, such

as the

Corporation

and FirstBank.

Instead, the

capital planning

and risk

management practices

of such

banks

are reviewed through

the regular supervisory

process. Notwithstanding,

the Corporation monitors

its capital consistent

with the safety

and

soundness

expectations

the

federal

regulators

and

continues

perform

internal

stress

testing

part

its

annual

capital

planning process.

Dividend Restrictions

The Federal

Reserve Board

generally restricts

bank holding

companies from

paying cash

dividends unless

its net

income available

common

shareholders

for

the

past

four

quarters,

net

of dividends

previously

paid

during

that

period,

has

been

sufficient

fully

fund the

dividends and

the prospective

rate of

earnings retention

appears to

be consistent

with the

organization’s

capital needs,

asset

quality,

and overall current and prospective

financial condition. Under the

Federal Reserve Board’s

regulatory capital rule (Regulation

Q), a bank holding

company must maintain a capital

conservation buffer of

CET1 capital in an amount

greater than 2.5% of total

risk-

weighted

assets to

avoid

limits

capital

distributions.

The

Corporation

is also

subject

certain

restrictions

generally

imposed

Puerto Rico corporations

with respect to

the declaration

and payment of

dividends (i.e.,

that dividends may

be paid out

only from

the

Corporation’s

capital

surplus

or,

the

absence

such

excess,

from

the

Corporation’s

net

earnings

for

such

fiscal

year

and/or

the

preceding fiscal year).

The principal

source of

funds for

the Corporation,

as a

parent holding

company,

is dividends

declared and

paid by

its subsidiary,

FirstBank. The

ability of

FirstBank to

declare and

pay dividends

on its

capital stock

is regulated

by the

Puerto Rico

Banking Law

1933,

amended

(the

“Puerto

Rico

Banking

Law”),

the

Federal

Deposit

Insurance

Act

(the

“FDIA”),

and

FDIC

regulations.

general

terms,

the

Puerto

Rico

Banking

Law

provides

that when

the

expenditures

a bank

are greater

than

receipts,

the

excess

expenditures over

receipts shall

be charged

against undistributed

profits of

the bank

and the

balance, if

any,

shall be

charged against

the required

reserve fund

of the

bank. If

the reserve

fund is

not sufficient

to cover

such balance

in whole

or in

part, the

outstanding

amount

must be

charged

against the

bank’s

capital account.

The Puerto

Rico Banking

Law provides

that, until

said capital

has been

restored to its original

amount and the reserve

fund to 20% of

the original capital, the

bank may not declare

any dividends. In general,

regulations

the

FDIA

and

the

FDIC

restrict

the

payment

dividends

when

bank

undercapitalized

(as

discussed

Prompt

Corrective

Action

below),

when

bank

has

failed

pay

insurance

assessments,

when

there

are

safety

and

soundness

concerns

regarding such bank.

Refer

Part

II,

Item

“Market

for

Registrant’s

Common

Equity,

Stockholder

Matters

and

Issuer

Purchases

Equity

Securities” of this Form 10-K for further information on the Corporation’s

distribution of dividends and repurchases of common stock.

Consumer Financial Protection Bureau (“CFPB”)

The

CFPB has

primary

examination

and enforcement

authority

over FirstBank

and other

banks

with assets

exceeding

$10 billion

with respect to consumer financial products and services.

The CFPB supervises “covered

persons” (broadly defined

to include any person

offering or providing

a consumer financial product

service

and

any

affiliated

service

provider)

for

compliance

with

federal

consumer

financial

laws,

including

the

Equal

Credit

Opportunity Act,

the Truth

in Lending

Act (“TILA”)

and the

Real Estate

Settlement Procedures

Act (“RESPA”).

The CFPB

also has

authority

to prescribe

rules applicable

to covered

persons and

service providers

in connection

with consumer

financial products

and

services.

Among

other

actions,

the

CFPB

has

issued

mortgage

servicing

regulations

applicable

the

Bank,

addressing

consumer

notices

regarding

delinquency,

foreclosure

alternatives,

modification

applications,

interest rate

adjustments

and

options

for avoiding

“force-

placed”

insurance,

well

integrated

disclosure

requirements

under

TILA

and

RESPA

applicable

mortgage

loan

origination

and

closing.

During

2025,

the

CFPB

finalized

and

advanced

several

significant

regulatory

initiatives

affecting

large

depository

institutions,

including

final

rule

substantially

restricting

overdraft

fees

for

institutions

with

than

$10

billion

assets

and

increased

supervisory focus

on mortgage servicing,

credit reporting

accuracy,

and fee practices

that may cause

tangible human

harm. However,

in May

2025, Congress

nullified the

CFPB’s

overdraft fee

rule pursuant

to the

Congressional Review

Act, and

the rule

will not

take

effect. As a result,

the CFPB is prohibited

from issuing substantially similar overdraft

fee rule absent new statutory

authorization from

Congress.

addition,

the

CFPB

finalized

its

Personal

Financial

Data

Rights

(Open

Banking)

rule

October

2024;

however,

implementation of that

rule has been stayed

by a federal court

and the CFPB initiated

a new rulemaking

process in 2025 to

reconsider

and potentially revise the framework, creating continued uncertainty

regarding compliance timelines.

Since

early

2025,

the

CFPB

has

significantly

reduced

its

enforcement,

supervision,

and

rulemaking

activities,

consistent

with

broader deregulatory

priorities of the

Trump administration.

These developments have

included the withdrawal

or recission of

certain

guidance,

dismissal

enforcement

actions,

reduced

examination

activity,

and

proposals

substantially

downsize

the

agency

and

limit its funding. While statutory

authority remains unchanged, the scope,

pace, and intensity of CFPB supervision

and regulation may

continue to evolve, and the ultimate impact on covered institutions remains

uncertain.

The Volcker

Rule

Section

the

Bank

Holding

Company

Act,

commonly

known

the

Volcker

Rule,

generally

prohibits

banking

entity,

including the

Corporation and the

Bank, from engaging

in short-term proprietary

trading of certain

securities, derivatives,

commodity

futures,

and

options

these

instruments

for

its

own

account.

The

Volcker

Rule

also

restricts

banking

entities

from

acquiring

retaining any ownership in, or acting as sponsor to, a hedge fund

or private equity fund (“covered fund”).

The Corporation and

the Bank are not engaged

in “proprietary trading” as

defined in the Volcker

Rule. In addition, the

Corporation

has reviewed its investments and concluded that they are not considered

covered funds under the Volcker

Rule.

Community Reinvestment Act

The

CRA

encourages

banks

help

meet

the

credit

needs

communities

they

serve,

including

low-

and

moderate-income

individuals,

consistent with

the safe

and sound

operation of

the bank.

The CRA

requires the

federal supervisory

agencies, as

part of

the

general

examination

supervised

banks,

assess

bank’s

record

meeting

the

credit

needs

its

community,

assign

performance

rating,

and

consider

the

rating

when

reviewing

certain

applications

such

mergers,

branch

establishment,

and

other

activities. A

rating of

less than

“satisfactory” could

result in

the denial

of such

applications. The

CRA also requires

all institutions

make

public

disclosure

their

CRA

ratings.

FirstBank

received

“satisfactory”

CRA

rating

its most

recent

examination

the

FDIC.

October

2023,

the

U.S.

federal

banking

regulatory

agencies

issued

final

rule

strengthen

and

modernize

their

regulations

implementing the CRA,

originally scheduled

to take effect

on April 1,

2024, with most

of its provisions

applicable beginning

January

2026

and

data

reporting

required

2027.

However,

several

banking

industry

groups

filed

lawsuit

challenging

the

rule,

and

March

2024

federal

judge

granted

injunction

delaying

its

effective

date.

July

2025,

the

FDIC,

Federal

Reserve

Board,

and

OCC announced

their intent

to rescind

the 2023

CRA final

rule and

revert to

the 1995

CRA regulations.

As a

result, banks

currently

remain

subject

the

1995

CRA

framework,

and

the

enhanced

requirements

contemplated

the

2023

CRA

final

rule

are

not

effect.

USA PATRIOT

Act and Other Anti-Money Laundering Requirements

regulated

depository

institution,

FirstBank

subject

the

Bank

Secrecy

Act,

which

requires

financial

institutions

file

suspicious

activity and

currency transaction

reports that

are designed

to assist

in the

detection

and

prevention of

money laundering,

terrorist financing and other criminal activities. In addition,

under Title III of the USA PATRIOT

Act of 2001, all financial institutions

are

required

identify

their

customers,

adopt

formal

and

comprehensive

anti-money

laundering

programs,

scrutinize

prohibit

certain transactions

of special

concern, and

be prepared

to respond

to inquiries

from U.S.

law enforcement

agencies concerning

their

customers and their transactions.

January

2021,

major

legislative

amendments

U.S.

anti-money

laundering

requirements

became

effective

through

the

enactment

Division

the

National

Defense

Authorization

Act

for

fiscal

year

2021,

otherwise

known

the

Anti-Money

Laundering

Act

2020

(the

“AML

Act”).

The

AML

Act

significantly

modernized

the

U.S.

AML

and

counter-terrorist

financing

framework, including the creation of a national database of

corporate beneficial ownership along with significantly

enhanced reporting

requirements,

increased

penalties

for

Bank

Secrecy

Act

violations,

clarification

Suspicious

Activity

Report

filing

and

sharing

requirements,

and

provisions

addressing

the

adverse

consequences

“de-risking,”

namely,

the

practice

financial

institutions’

termination or

limitation of

business relationships

with clients

or classes

of clients

in order

to manage

the risks

associated with

such

clients.

Regulations implementing the Bank Secrecy Act and the

USA PATRIOT

Act are published and primarily enforced

by the Financial

Crimes Enforcement Network (“FinCEN”),

a bureau of the U.S.

Treasury.

Failure of a financial institution,

such as the Corporation

the

Bank,

comply

with

the

requirements

the

Bank

Secrecy

Act

the

USA

PATRIOT

Act

could

have

serious

legal

and

reputational

consequences

for

the

institution,

including

the

possibility

regulatory

enforcement

other

legal

actions,

such

significant

civil

monetary

penalties.

The

Corporation

also

required

comply

with

federal

economic

and

trade

sanctions

requirements enforced by the Office of Foreign Assets Control

(“OFAC”), a bureau

of the U.S. Treasury.

The Corporation believes

it has adopted appropriate

policies, procedures and controls

to address compliance with

the Bank Secrecy

Act, USA

PATRIOT

Act and

economic/trade

sanctions requirements,

and to

implement banking

agency,

FinCEN, OFAC

and

other

U.S. Treasury regulations.

Financial Privacy and Cybersecurity

The

Gramm-Leach-Bliley

Act

limits

the

ability

financial

institutions

disclose

non-public

consumer

information

non-

affiliated

third parties,

requires disclosure

of privacy

policies to

consumers and,

in some

circumstances,

allow consumers

to prevent

disclosure of certain personal information to a non-affiliated

third party.

The

federal

banking

regulators

regularly

issue

guidance

strengthen

cybersecurity

risk

management

standards.

Financial

institutions are expected to maintain multiple lines of

defense and robust risk management processes to

address potential cyber threats.

Management

must

ensure

effective

procedures

respond

and

recover

operations

after

cyber-attack

and

establish

processes

restore

data and

business functions

if a

critical service

provider is

impacted. Our

Corporate Information

Security

Program

(“CISP”)

reflects these

requirements

and

outlines

our

overall vision,

direction,

and governance

efforts to

protect

the confidentiality,

integrity,

and availability of customer information and prevent access by unauthorized

personnel.

In July

2023, the

SEC adopted

rules requiring

registrants to

disclose material

cybersecurity incidents

and provide

annual reporting

regarding cybersecurity

risk management,

strategy,

and governance.

Registrants must

report cybersecurity

material incidents

on Item

1.05 of Form

8-K within four

business days of

determining materiality,

describing the

incident’s

nature, scope,

and timing, as

well as

its material impact or reasonably likely material impact on the registrant.

The rule also added Regulation S-K Item 106, which requires

disclosure

of the

registrant’s

processes,

if any,

for assessing,

identifying, and

managing material

risks from

cybersecurity

threats, as

well

the

material

effects

reasonably

likely

material

effects

risks

from

cybersecurity

threats

and

cybersecurity

incidents on Item

1C. Cybersecurity to

this Form 10-K.

Item 106 also

requires registrants to

describe the board

of directors’ oversight

of risks

from cybersecurity

threats and

management’s

role and

expertise in

assessing and

managing material

risks from

such threats.

These disclosures are included in Part I, Item 1C. “Cybersecurity”

to this Form 10-K.

Limitations on Transactions with Affiliates

and Insiders

Certain

transactions

between

FDIC-insured

depository

financial

institutions,

such

FirstBank,

and

its affiliates

are

governed

Sections 23A

and 23B of

the Federal Reserve

Act and Regulation

W of the

Federal Reserve.

An affiliate

of a bank

is, in general,

any

corporation

or entity

that controls,

is controlled

by,

or is

under

common

control with

the bank,

including

the bank’s

parent

holding

company and any companies that are controlled by such holding company.

Generally,

Sections 23A and 23B of

the Federal Reserve Act (i)

limit the extent to which

the bank or its subsidiaries

may engage in

“covered

transactions”

with

any

one

affiliate

amount

equal

10%

such

bank’s

capital

stock

and

surplus,

and

contain

aggregate limit

on all

such transactions

with all

affiliates to

an amount

equal to 20%

of such

bank’s

capital stock and

surplus and

(ii)

require

that all

“covered transactions”

be on

terms that

are substantially

the same,

or at

least as

favorable

to the

bank or

affiliate,

those

provided

non-affiliate.

The

term

“covered

transaction”

includes

the

making

loans,

purchase

assets,

issuance

guarantee, credit

derivatives, securities

lending and

other similar

transactions entailing

the provision

of financial

support by

the bank

to an affiliate. In

addition, loans or other extensions

of credit by the bank

to the affiliate are required

to be collateralized in accordance

with the requirements set forth in Section 23A of the Federal Reserve Act.

addition,

Sections

22(h)

and

(g)

the

Federal

Reserve

Act,

implemented

through

Regulation

place

restrictions

commercial bank loans to executive

officers, directors, and principal stockholders

of the bank and its affiliates.

Under Section 22(h) of

the Federal Reserve

Act, bank loans to

a director, an

executive officer,

a greater than 10%

stockholder of the

bank, and certain related

interests of these persons,

may not exceed, together

with all other outstanding

loans to such persons

and affiliated interests,

the bank’s

limit on loans

to one borrower,

which is generally

equal to 15%

of the bank’s

unimpaired capital and

surplus in the

case of loans

that

are not fully secured,

and an additional 10% of

the bank's unimpaired capital

and unimpaired surplus in

the case of loans that

are fully

secured by

readily marketable

collateral having

a market

value at

least equal

to the

amount of

the loan.

Section 22(h)

of the

Federal

Reserve Act also requires

that loans to directors,

executive officers, and

principal stockholders be made

on terms that are substantially

the same

as offered

in comparable

transactions to

other persons

and also

requires prior

board approval

for certain

loans. In

addition,

the

aggregate

amount

extensions

credit

bank

insiders

cannot

exceed

the

bank’s

unimpaired

capital

and

surplus.

Furthermore, Section 22(g) of the Federal Reserve Act places additional

restrictions on loans to executive officers.

Executive Compensation

The federal

banking agencies

have adopted

interagency guidance

on incentive-based

compensation arrangements

applicable to

all

banking

organizations

regardless

asset

size.

This

guidance

establishes

principles-based

framework

designed

ensure

that

incentive-based

compensation

arrangements

appropriately

tie

rewards

longer-term

performance

and

not

undermine

the

safety

and soundness of banking

organizations or create undue

risks to the financial system.

The framework emphasizes

balanced risk-taking

incentives, compatibility

with effective

controls and risk

management, and

strong corporate governance,

and provides for

supervisory

or enforcement action where material deficiencies threaten an institution’s

safety and soundness.

In May

2016, the

federal financial

regulators re-proposed

regulations under

Section 956

of the

Dodd-Frank Act

(first proposed

2011)

governing

incentive-based

compensation

practices

covered

banking

institutions,

which

would

include,

among

others,

all

banking

organizations

with

assets

billion

greater.

Portions

these

proposed

rules

would

apply

the

Corporation

and

FirstBank. Those

applicable provisions

would generally (i)

prohibit types

and features of

incentive-based compensation

arrangements

that encourage inappropriate

risk because they

are “excessive” or

“could lead to

material financial loss”

at the banking

institution; (ii)

require

incentive-based

compensation

arrangements

adhere

three

basic

principles:

(1)

balance

between

risk

and

reward;

(2)

effective

risk management

and controls;

and (3)

effective governance;

and (iii)

require appropriate

board of

directors (or

committee)

oversight and recordkeeping and disclosures to the banking

institution’s primary regulatory agency.

As of December 31, 2025, the rule

has

not

been

finalized.

Although

several

federal

banking

agencies

re-proposed

the

rule

2024,

the

absence

joint

action

all

required regulators continues to delay adoption, and the timing and substance

of any final rule remain uncertain.

In August 2022,

the SEC introduced

new pay-versus-performance

disclosure rules, which

took effect

in October 2022,

requiring to

clearly disclose

the relationship

between executive

compensation and

the company’s

financial performance.

Additionally,

in October

2022,

the

SEC

finalized

rule

that

directs

stock

exchanges

require

listed

companies

implement

clawback

policies

recover

incentive-based

compensation

from

current

former

executive

officers

the

event

certain

financial

restatements,

and

requires

companies

to, among

other

things,

file

their

clawback

policies as

Exhibit

97 of

Form 10-K.

Our

Compensation

Clawback

Policy

compliant with NYSE’s listing standards

pursuant to this rule.

Prompt Corrective Action

The

“prompt

corrective

action”

provisions

the

FDIA

require

the

federal

bank

regulatory

agencies

take

prompt

corrective

action

against

any

insured

depository

institution

that

undercapitalized.

The

FDIA

establishes

five

capital

categories:

well-

capitalized,

adequately

capitalized,

undercapitalized,

significantly

undercapitalized,

and

critically

undercapitalized.

Well-capitalized

insured depository institutions significantly exceed the required minimum

level for each relevant capital measure.

A bank’s

capital category

may not

constitute

an accurate

representation

of the

overall financial

condition

or prospects

of a

bank,

such

the

Bank,

and

should

considered

conjunction

with

other

available

information

regarding

the

financial

condition

and

results of operations of such bank.

Deposit Insurance

FirstBank

subject

FDIC

deposit

insurance

assessments,

which

increased

for

all

banks,

including

FirstBank,

following

the

increase

deposit

insurance

coverage

$250,000

per

customer

and

the

FDIC’s

expanded

authority

increase

insurance

premiums implemented

by the

Dodd-Frank Act.

The FDIA

further requires

that the

designated reserve

ratio for

the DIF

for any

year

not be less than 1.35% of estimated

insured deposits or the comparable percentage

of the new deposit assessment base. In addition,

the

FDIC was

required to

take the

necessary actions

for the

reserve ratio

to reach

1.35% of

estimated insured

deposits by

September 30,

2020. The FDIC managed

to reach the goal early,

achieving a reserve ratio of

1.36% in September 2018. However,

in the third quarter

of 2020,

the FDIC

announced

that the

reserve

ratio of

the DIF

fell nine

basis points

between

the first

and

second

quarters of

2020,

from 1.39% to 1.30%.

The decline was attributed to

an unprecedented surge

in deposits. The FDIC approved

a plan that is expected

restore

the

DIF

least

1.35%

within

eight

years,

required

the

FDIA.

Under

the

plan,

the

FDIC

will

maintain

the

current

schedules

of assessment

rates

for

all banks;

monitor

deposit balance

trends,

potential losses

and

other

factors

that affect

the reserve

ratio; and

provide updates

to its

loss and

income projections

at least

twice a

year.

The FDIC

has also

adopted a

final rule

raising its

industry

target ratio

of reserves

to insured

deposits to

2%, 65

basis points

above the

statutory minimum,

but the

FDIC has

indicated

that it does not project that goal to be met for several years.

October

2022,

the

FDIC

adopted

final

rule,

applicable

all

insured

depository

institutions,

increase

initial

base

deposit

insurance assessment rate schedules

uniformly by 2 basis points,

beginning in the first quarterly

assessment period of 2023.

The FDIC

designated a

long-term reserve

ratio for

the DIF

of 2%

and has

continued to

maintain that

designation through

2026. The

increase in

assessment rate schedules

was intended to

increase the likelihood

that the reserve ratio

of the DIF would

reach the statutory

minimum

of 1.35% by

the statutory deadline

of September 30,

2028. As of 2025,

the FDIC has reported

that the DIF reserve

ratio has exceeded

the

statutory

minimum

and

remains

below

the

designated

reserve

ratio.

Accordingly,

the

increased

assessment

rate

schedules

remain in effect. Progressively lower assessment rate schedules

will take effect if the reserve ratio reaches 2% and again at 2.5%.

In November

2023, the FDIC

issued a final

rule imposing

a special assessment

to recover

estimated losses incurred

by the Deposit

Insurance

Fund

(“DIF”)

resulting

from

the

closures

Silicon

Valley

Bank

and

Signature

Bank.

The

assessment

being

collected

quarterly

from

certain

insured depository

institutions,

including

the Bank,

beginning

with the

quarter

ending

June 30,

2024.

During

2024, the

Corporation recorded an

additional loss related

to the FDIC

special assessment

to reflect

updated estimates of

its obligation

based

on information

available at

that time,

including

the impact

of the

then-established extended

assessment period

provisions.

December

16,

2025, the

FDIC issued

an interim

final rule

amending

the collection

terms of

the special

assessment,

which

included

reducing

the

collection

rate

the

eighth

collection

quarter

from

3.36

basis

points

2.97

basis

points,

removing

the

previously

established

extended

assessment

period

provisions

and

providing

offsets

regular

quarterly

deposit

insurance

assessments

aggregate

collections

exceed

actual

losses.

December

31,

2025,

the

Corporation’s

total

estimated

FDIC

special

assessment

amounted to $6.3 million,

of which $5.5 million has been

paid. The Corporation continues to

monitor the FDIC’s

estimated loss to the

DIF, which

could affect the amount of its accrued liability.

FDIC Insolvency Authority

Under

Puerto

Rico banking

laws, the

OCIF may

appoint

the FDIC

as conservator

or receiver

of a

failed or

failing

FDIC-insured

Puerto Rican bank,

and the FDIA authorizes

the FDIC to accept

such an appointment or

to appoint itself as

conservator or receiver.

an insolvency

scenario or

the occurrence

of other

events, the

FDIC has

broad authority

to transfer

or liquidate

the bank’s

assets and

liabilities, pay

out insured

depositors, as

well as

uninsured depositors

and other

creditors to

the extent

of the

closed bank’s

available

assets, administer

the receivership

estate, pay

out estate

claims, and

repudiate or

disaffirm

certain types

of contracts.

In the

event of

any liquidation

or resolution

of an insured

depository institution,

including the

Bank, depositors’ claims

(including those

of the FDIC

subrogee

insured

depositors)

and

certain

administrative

expenses

have

priority

over

other

general

unsecured

creditors.

Accordingly, if the

Bank were to fail, insured and uninsured depositors, along

with the FDIC, would have priority in payment ahead of

unsecured, non-deposit

creditors, including

the Corporation,

with respect

to any

extensions of

credit they

have made

to such

insured

depository institution.

Activities and Investments

The

principal

activities

FDIC-insured,

state-chartered

banks,

such

FirstBank,

are

generally

limited

those

that

are

permissible for national

banks. Similarly,

under regulations dealing

with equity investments, an

insured state-chartered bank generally

may not directly

or indirectly acquire

or retain any equity

investments of a

type, or in an

amount, that is not

permissible for a national

bank.

Federal Home Loan Bank System

FirstBank is

a member

of the

FHLB system,

a network

of eleven

regional FHLBs

governed and

regulated by

the Federal

Housing

Finance Agency that serve as reserve or credit facilities for member

institutions within their assigned regions.

As a member

of FHLB of

New York,

FirstBank is required

to hold shares

of capital stock

in the FHLB

of New York

in an amount

calculated in

accordance with the

requirements set forth

in applicable laws

and regulations.

FirstBank is in

compliance with

the stock

ownership

requirements

the

FHLB

New

York.

All

loans,

advances

and

other

extensions

credit

made

the

FHLB

FirstBank

are

secured

portion

FirstBank’s

mortgage

loan

securities

portfolios,

certain

other

investments

and

the

capital

stock of the FHLB held by FirstBank.

The board

of directors

of each

FHLB may

increase minimum

investment requirements

to meet

regulatory capital

needs, subject

the Federal Housing

Finance Agency approval

in certain cases. Because

the extent of

any obligation to

increase our investment in

any

of the

FHLBs depends

entirely upon

the occurrence

of a

future event,

the amount

of any

future investment

in the

capital stock

of the

FHLBs is not determinable.

Ownership and Control

Because

FirstBank’s

status

FDIC-insured

bank,

defined

the

Bank

Holding

Company

Act,

the

Corporation,

the

owner of

FirstBank’s

common stock,

is subject to

certain restrictions and

disclosure obligations

under various federal

laws, including

the

Bank

Holding

Company

Act

and

the

Change

Bank

Control

Act

(the

“CBCA”).

Regulations

adopted

pursuant

the

Bank

Holding Company Act and

the CBCA generally require prior

Federal Reserve Board or other

federal banking agency approval or

non-

objection for an acquisition

of control of an

“insured institution” (as defined

in the Act) or holding

company thereof by any person

(or

persons acting in

concert). Control is

deemed to exist

if, among other

things, a person (or

group of persons

acting in concert)

acquires

25% or more

of any class of

voting stock of

an insured institution

or holding company

thereof. Under the CBCA,

control is presumed

to exist

subject to

rebuttal if

a person

(or group

of persons

acting in

concert) acquires

10% or

more of

any class

of voting

stock and

either (i)

the corporation

has registered securities

under Section

12 of

the Exchange Act,

or (ii) no

person (or

group of persons

acting

concert)

will own,

control

hold

the

power

vote

greater

percentage

of that

class of

voting

securities

immediately

after

the

transaction.

The

concept

acting

concert

broad

and

subject

certain

rebuttable

presumptions,

including,

among

others,

that

relatives, business

partners, management

officials, affiliates

and others

are presumed

to be acting

in concert

with each other

and their

businesses. The regulations of the FDIC implementing the

CBCA are generally similar to those described above.

The Puerto

Rico Banking

Law requires

the approval

of the

OCIF for

changes in

control of

a Puerto

Rico bank.

See “Puerto

Rico

Banking Law” below for further detail.

Standards for Safety and Soundness

The

FDIA

requires

the

FDIC

and

other

federal

bank

regulatory

agencies

prescribe

standards

safety

and

soundness.

Bank

regulators

have

various

remedies

available

they

determine

that

the

financial

condition,

capital

resources,

asset

quality,

earnings

prospects, management,

liquidity,

or other

aspects of

a banking

organization’s

operations are

unsatisfactory.

The regulators

may also

take action

if they

determine that

the banking

organization or

its management

is violating

or has

violated any

law or

regulation. The

regulators

have

the

power

to,

among

other

things,

prohibit

unsafe

unsound

practices,

require

affirmative

actions

correct

any

violation

practice,

issue

administrative

orders

that

can

judicially

enforced,

direct

increases

capital,

direct

the

sale

subsidiaries

other

assets,

limit

dividends

and

distributions,

restrict

growth,

assess

civil

monetary

penalties,

remove

officers

and

directors, and terminate deposit insurance.

Engaging in

unsafe or

unsound practices

or failing

to comply

with applicable

laws, regulations,

and supervisory

agreements could

subject

the

Corporation,

its

subsidiaries,

and

their

respective

officers,

directors,

and

institution-affiliated

parties

the

remedies

described

above,

and

other

sanctions.

addition,

the

FDIC may

terminate

bank’s

deposit

insurance

upon

finding

that

the

bank’s

financial condition is unsafe or

unsound or that the bank has engaged

in unsafe or unsound practices or has

violated an applicable rule,

regulation, order, or condition enacted

or imposed by the bank’s regulatory

agency.

Regulatory Framework for Leveraged Lending Activities

In December

2025, the

OCC and

the FDIC

rescinded the

Interagency Guidance

on Leveraged

Lending (“2013

Guidance”) and

its

2014

FAQs,

citing

that

the

framework

was

overly

restrictive,

extended

beyond

its

intended

scope,

and

contributed

shift

leveraged

lending

nonbank

lenders.

addition,

the

2013

Guidance

had

not

been

submitted

Congress

required

under

the

Congressional

Review

Act.

Following

the

rescission,

banks

are

expected

manage

leveraged

lending

activities

under

general

principles for safe

and sound lending,

consistent with broader

commercial credit risk

management standards.

Institutions are expected

to maintain

a defined

risk appetite,

apply a

consistent internal

definition of

leveraged loans,

adhere to

sound underwriting

standards,

monitor

borrower

performance

and

refinancing

risk,

and

conduct

independent

credit

assessments

for

participations.

Examiners

will

continue

assess

underwriting,

risk

ratings,

and

reserves

based

the

size

and

risk

profile

each

bank’s

leveraged

lending

activities. The rescission does not result in immediate changes to Call Report requirements.

Brokered Deposits

FDIC regulations

adopted

under

the FDIA

govern

the receipt

of brokered

deposits by

banks. Well

-capitalized

institutions are

not

subject

limitations

brokered

deposits,

while

adequately

capitalized

institutions

are

able

accept,

renew

rollover

brokered

deposits only

with a

waiver from

the FDIC

and subject

to certain

restrictions on

the interest

paid on

such deposits.

Undercapitalized

institutions

are

not

permitted

brokered

deposits.

October

2020,

the

FDIC

adopted

revisions

its

brokered

deposit

regulations that became

effective on April

1, 2021, with

full compliance extended

to January 1,

2022. For brokered

deposits, the final

rule established

a new framework

for analyzing

certain parts of

the “deposit

broker” definition,

including a new

interpretation for

the

“primary purpose” exception and

the business relationships that meet the

exception. Pursuant to this revision, during

the fourth quarter

of 2021, certain non-maturity deposits previously reported as brokered

deposits were recharacterized as non-brokered deposits.

Puerto Rico Banking Law

commercial

bank

organized

under

the

laws

the

Commonwealth

Puerto

Rico,

FirstBank

subject

supervision,

examination and regulation by the

commissioner of OCIF (the “Commissioner”)

pursuant to the Puerto Rico

Banking Law of 1933, as

amended (the “Banking Law”), which governs its corporate

structure, powers, capital and investment requirements,

lending limits, and

the authority of the Commissioner.

The Banking Law requires

every bank to maintain

a legal reserve, which shall

not be less than

20% of its demand

liabilities, except

government deposits (federal,

state and municipal) that

are secured by actual

collateral. The reserve is required

to be composed of

any

of the permitted

securities, or a

combination thereof,

including cash, immediately

collectible items,

and other assets

authorized by the

Commissioner.

Section 17 of the Banking Law,

as amended by Section 8.2 of Regulation No. 9680, permits Puerto

Rico commercial banks to make

loans to

any one

person, firm,

partnership or

corporation in

an aggregate

amount of

up to

15% of

the sum

of: (i) the

bank’s

paid-in

capital;

(ii) the

bank’s

reserve

fund;

(iii) 100%

the

bank’s

retained

earnings,

subject

certain

limitations;

and

(iv) any

other

components

that

the

Commissioner

may

determine

from

time to

time.

If such

loans

are secured

by collateral

worth

at least

25%

excess of the

loan amount,

the aggregate

maximum amount may

reach 33.33%

of the sum

of the bank’s

paid-in capital,

reserve fund,

100%

of retained earnings,

subject to certain

limitations, and such

other components that

the Commissioner may

determine from time

to time. There

are no restrictions

under the Banking

Law on the

amount of loans

that may be

wholly secured by

bonds, securities and

other evidences

of indebtedness of

the government

of the United

States, or of

the Commonwealth

of Puerto

Rico, or by

bonds, not

default, of municipalities or instrumentalities of the Commonwealth of

Puerto Rico.

The Banking Law

requires that Puerto

Rico commercial banks prepare

each year a balance

summary of their

operations and submit

such balance

summary

for approval

at a

regular meeting

of stockholders,

together with

an explanatory

report thereon.

The Banking

Law also requires

that at least

10% of the

yearly net income

of a Puerto

Rico commercial bank

be credited annually

to a reserve

fund

until such reserve fund is in an amount equal to the total paid-in-capital

of the bank.

The

Banking Law

also provides

that when

a Puerto

Rico commercial

bank’s

expenditures

exceed its

receipts,

the excess

must be

charged

first

undistributed

profits

the

bank,

then

the

reserve

fund,

and,

needed,

the

capital

account,

and

prohibits

declaration of dividends until capital has been restored to its original

amount and the reserve fund equals 20% of the original capital.

The

Finance

Board,

composed

representatives

from

various

Puerto

Rico

Government

agencies,

instrumentalities

and

public

corporations,

including the

Commissioner,

has the

authority to

regulate the

maximum interest

rates and

finance charges

that may

charged

loans

individuals

and

unincorporated

businesses

Puerto

Rico,

but

current

regulations

allow

most

such

rates

determined

free

competition.

Accordingly,

the

regulations

not

set

maximum

rate

for

charges

retail

installment

sales

contracts, small

loans, and

credit card

purchases. Furthermore,

there is

no maximum

rate set for

installment sales

contracts involving

motor vehicles, commercial, agricultural and industrial equipment,

commercial electric appliances and insurance premiums.

International Banking Center Regulatory Act of Puerto Rico (“IBE Act 52”)

The business and operations

of FirstBank International Branch

(“FirstBank IBE” or the “IBE

division of FirstBank”)

and FirstBank

Overseas Corporation (the IBE subsidiary of FirstBank)

are subject to supervision and regulation by

the Commissioner. FirstBank IBE

and FirstBank

Overseas Corporation

were established

pursuant to

Puerto Rico Act

52-1989, as

amended, known

as the “International

Banking

Center

Regulatory

Act”

(the

IBE

Act

52).

The

IBE

Act

provides

for

total

Puerto

Rico

tax

exemption

net

income

derived by

an IBE operating

in Puerto Rico

on the specific

activities identified

in the IBE

Act 52. An

IBE that operates

as a unit

of a

bank

pays

income taxes

the corporate

standard rates

to the

extent

that

the IBE’s

net

income

exceeds 20%

of the

bank’s

total net

taxable income.

Under the

IBE Act 52,

certain sales,

encumbrances, assignments,

mergers, exchanges

or transfers

of shares,

interests

or participation(s)

in the

capital of

an IBE

may not

be initiated

without the

prior approval

of the

Commissioner.

The IBE

Act 52

and

the regulations issued thereunder

by the Commissioner (the “IBE

Regulations”) limit the business

activities that may be

carried out by

an IBE. Such activities are limited in part to persons and assets located outside

of Puerto Rico.

Pursuant to the

IBE Act 52 and

the IBE Regulations,

each of FirstBank IBE

and FirstBank Overseas

Corporation must maintain,

Puerto

Rico,

books

and

records

its

transactions

conducted

the

ordinary

course

business.

FirstBank

IBE

and

FirstBank

Overseas

Corporation

are

also

required

submit

the

Commissioner

quarterly

reports

their

financial

condition

and

results

operations, and are required to comply with the annual audited financial

statements requirement.

The IBE Act

52 empowers

the Commissioner

to revoke

or suspend, after

notice and hearing,

a license issued

thereunder if,

among

other things, the IBE fails to

comply with the IBE Act 52, the IBE

Regulations or the terms of its license,

or if the Commissioner finds

that the business or affairs of the IBE are conducted in a manner

that is not consistent with the public interest.

On February

16, 2024,

the Governor

of Puerto

Rico approved

Act 45

of 2024

which amended

the IBE

Act 52. These

amendments

became

effective

May

15,

2024,

and,

among

other

things,

increased

the

annual

license

fee

paid

the

IBEs

OCIF

from

thousand to $25 thousand and amended

certain other compliance matters, including

a minimum employment requirement of eight

full-

time

employees.

The amendments

also

established

updated

prudential

standards,

such

as higher

minimum

paid-in

capital, enhanced

custody

and

asset-quality rules,

and

a phased

increase in

required

unencumbered

assets for

existing

IBEs, from

$0.5 million

for

the

2024-2025

compliance

period

$1.5

million

2027–2028,

while

newly

organized

entities

must

maintain

least

million

unencumbered assets.

Puerto Rico Income Taxes

Under the

Puerto Rico

Internal Revenue

Code of

2011,

as amended

(the “PR

Tax

Code”), the

Corporation and

its subsidiaries

are

treated as separate taxable

entities and are not entitled

to file consolidated tax returns.

However, certain

subsidiaries that are organized

limited

liability

companies

with

partnership

election

are

treated

pass-through

entities

for

Puerto

Rico

tax

purposes.

subsidiary

may

realize

tax benefit

from

net

operating

loss (“NOL”)

only

can generate

sufficient

taxable

income

within

the

applicable NOL

carryforward period.

The PR Tax

Code provides

a dividend received

deduction of

100% on

dividends received

from

“controlled” subsidiaries subject to taxation in Puerto Rico and 85% on

dividends received from other taxable domestic corporations.

On July 17, 2025, the Government of Puerto Rico enacted

Act 65-2025 which, among other things, allows domestic

limited liability

companies owned

by legal entities

to elect to

be treated

as disregarded

entities for tax

purposes. As a

result of this

change, during

the

third

quarter

2025,

the

Corporation

reversed

approximately

$16.6

million

valuation

allowance

deferred

tax

assets

primarily

associated

with

NOL

carryforwards

the

holding

company

level.

This

reversal

reflects

the

Corporation’s

expectation

realizing these tax benefits under the new election established by

the Act.

The

Corporation

has

maintained

effective

tax

rate

lower

than

the

maximum

statutory

rate

Puerto

Rico,

which

has

resulted

mainly

from conducting

business through

certain

entities

that have

special

tax treatments,

including

doing business

through

an IBE

unit of

the Bank and

through FirstBank Overseas

Corporation, each

of which are

generally exempt

from Puerto

Rico income taxation

under IBE

Act 52,

and through

a wholly-owned

subsidiary that

engages in

certain Puerto

Rico qualified

investing activities

that have

certain tax advantages under Act 60 of 2019.

United States Income Taxes

Puerto

Rico

corporation,

First

BanCorp.

treated

foreign

corporation

for

U.S.

and

USVI

income

tax

purposes

and,

accordingly,

is generally

subject to

U.S. and

USVI income

tax only

on its income

from sources

within the

U.S. and

USVI or

income

effectively

connected with

the conduct

of a

trade or

business in

those jurisdictions.

Any such

tax paid

in the

U.S. and

USVI is

also

creditable against the Corporation’s

Puerto Rico tax liability, subject

to certain conditions and limitations.

Insurance Operations Regulation

As a financial holding

company under the Bank

Holding Company Act,

we are permitted to

engage in a broader

range of activities,

including insurance activities, that are permitted to bank holding

companies.

FirstBank Insurance Agency

is registered as an

insurance agency with the

Insurance Commissioner of

Puerto Rico and is

subject to

regulations issued by

the Insurance Commissioner

of Puerto Rico and

the Division of

Banking, Insurance and

Financial Regulation in

the USVI

relating to,

among other

things, the

licensing of

employees and

sales and

solicitation and

advertising practices,

and by

the

Federal Reserve

Board as

to certain

consumer protection

provisions mandated

by the

Gramm-Leach-Bliley Act

and its

implementing

regulations.

Mortgage Banking Operations

addition

FDIC

and

CFPB

regulations,

FirstBank

subject

the

rules

and

regulations

the

FHA,

VA,

FNMA,

FHLMC,

GNMA, and

the U.S.

Department of

Housing and

Urban Development

(“HUD”)

with respect

to originating,

processing,

selling and

servicing mortgage

loans and the

issuance and

sale of MBS.

Those rules

and regulations,

among other

things, prohibit discrimination

and

establish

underwriting

guidelines

that

include

provisions

for

inspections

and

appraisals,

require

credit

reports

prospective

borrowers

and

fix

maximum

loan

amounts,

and,

with

respect

loans,

fix

maximum

interest

rates.

Moreover,

lenders

such

FirstBank are required

annually to submit

audited financial statements

to the FHA, VA,

FNMA, FHLMC, GNMA and

HUD and each

regulatory entity

has its

own financial

requirements. FirstBank’s

affairs are

also subject

to supervision

and examination

by the

FHA,

VA,

FNMA,

FHLMC,

GNMA

and

HUD

all

times

assure

compliance

with

applicable

regulations,

policies

and

procedures.

Mortgage origination activities are subject

to, among other requirements, the Equal

Credit Opportunity Act, TILA and

the RESPA

and

the

regulations

promulgated

thereunder

that,

among

other

things,

prohibit

discrimination

and

require

the

disclosure

of certain

basic

information to

mortgagors concerning

credit terms

and settlement

costs. FirstBank

is licensed

by the

Commissioner under

the Puerto

Rico

Mortgage

Banking

Law,

and,

such,

subject

regulation

the

Commissioner,

with

respect

to,

among

other

things,

licensing requirements and the establishment of maximum origination

fees on certain types of mortgage loan products.

WEBSITE ACCESS TO REPORT

The Corporation

makes available

annual reports

on Form

10-K, quarterly

reports on Form

10-Q, and current

reports on

Form 8-K,

and amendments to

those reports, and proxy

statements on Schedule 14A,

filed or furnished pursuant

to Sections 13(a), 14(a)

or 15(d)

of the Exchange

Act, free of

charge on or

through its internet

website at www.1firstbank.com

(under “Investor Relations”)

or directly

through

the

Corporation’s

investor

relations

website,

fbpinvestor.com,

soon

reasonably

practicable

after

the

Corporation

electronically

files

such

material

with,

furnishes

to,

the

SEC.

The

SEC

maintains

website

that

contains

reports,

proxy

and

information statements, and other information regarding

issuers that file electronically with the SEC at www.sec.gov.

The

Corporation

also

makes

available

its

Corporate

Governance

Guidelines

and

Principles,

the

charters

the

Audit,

Asset/Liability,

Compensation

and

Benefits,

Credit,

Risk,

Trust,

and

Corporate

Governance

and

Nominating

Committees

and

the

documents listed below,

free of charge on or through its internet website at www.fbpinvestor.com

(under Corporate Governance):

•

Code of Ethics for CEO and Senior Financial Officers (the “Code of

Ethics”)

•

Code of Ethical Conduct applicable to all employees

•

Independence Principles for Directors

•

Corporate Sustainability Reports

•

Sustainability Policy

The Corporate

Governance Guidelines and

Principles and the

aforementioned charters

and documents may

also be obtained

free of

charge

sending

a written

request

Mrs. Sara

Alvarez Cabrero

Executive

Vice

President,

General

Counsel

and

Secretary

of the

Board, PO Box 9146, San Juan, Puerto Rico 00908.

Website addresses

referenced in this Form

10-K are provided as textual references

and for convenience only,

and the content on the

referenced

websites does

not constitute

a part

of this

Form

10-K

or any

other report

or document

that the

Corporation

files with

furnishes to the SEC.

Item 1A.

Risk Factors

Below is

a discussion

about material

risks and

uncertainties that

could impact

the Corporation’s

businesses, results

of operations,

financial

condition,

liquidity,

and

capital

position,

and

could

cause

actual

results

differ

materially

from

those

projected

any

forward-looking statements. Additional

risks and uncertainties not currently

known to the Corporation or

deemed immaterial may also

materially adversely affect

the Corporation. Thus,

the following should not

be considered a complete

discussion of all of

the risks and

uncertainties the Corporation may face. See the discussion under “Forward-Looking

Statements,” in this Form 10-K.

RISKS RELATING TO

THE BUSINESS ENVIRONMENT AND OUR INDUSTRY

The

effect

changes

the

interest

rate

environment

and

inflation

levels

the

level,

composition

and

performance

the

Corporation’s

assets and

liabilities, and

corresponding effects

on the

Corporation’s

net interest

income, net

interest margin,

loan

originations, deposit attrition, overall results of operations, and liquidity

position.

Net

interest

income

represents

the

difference

between

the

interest

earned

interest-earning

assets

and

interest

paid

interest-

bearing liabilities.

Because assets

and liabilities

may reprice

at different

times and

by different

amounts, changes

in interest

rates can

materially affect

net interest income

and net interest

margin. Prolonged

periods of

lower interest rates

generally compress

net interest

margin and reduce profitability.

Higher interest rates can increase

borrowing costs for consumers

and businesses, reduce loan

demand,

and

shift customer

behavior

among

deposit products,

which

can negatively

affect

loan

growth,

deposit retention,

funding costs,

and

liquidity.

Competitive pressures

to attract

deposits may

increase reliance

on higher-cost

funding, including

wholesale funding,

which

could

further

compress

net

interest margin.

Interest

rates

are

influenced

factors

beyond

our

control,

including

general

economic

conditions, inflationary

trends, changes

in government spending

and debt issuances

and monetary policy

actions of governmental

and

regulatory agencies, including the Federal Reserve Board.

Additionally,

basis

risk

may

adversely

affect

net

interest

income.

Basis

risk

arises

when

interest

rates

for

different

financial

instruments

with

similar

maturities,

the

indices

used

price

them,

change

different

times

different

magnitudes.

For

example, the interest expense

for liability instruments might

not change by the

same amount as interest income

received from loans

investments.

the

extent

that

the

interest

rates

loans

and

borrowings

change

different

rates

and

different

amounts,

the

margin between

our variable rate-based

assets and the cost

of the interest-bearing

liabilities might be

compressed and adversely

affect

net interest income.

Also,

changes

interest

rates

may

impact

the

ability

attract

and

retain

clients,

well

gain

acceptance

from

current

and

prospective

customers

for

new

and

existing

products

and

services.

This,

turn,

affects

demand

for

new

loan

originations,

the

composition

of the

Corporation’s

interest-earning

assets, and

the extent

of any

re-shifting between

non-interest-bearing

and interest-

bearing liabilities.

Further,

changes in

interest rates

impact the

value of

our fixed-rate

securities. Any

unrealized gains

or losses

from

these portfolios

impact other

comprehensive income,

stockholders’ equity,

and the

tangible common

equity ratio.

Any realized

gains

or losses from these portfolios impact regulatory capital ratios.

Changes in prepayments may adversely affect net interest income.

Net interest income may be affected by

prepayments on MBS. Generally,

when rates rise, prepayments of principal and

interest will

decrease, and

the duration

of MBS

securities will

increase and

vice versa.

Conversely,

when rates

fall, prepayments

of principal

and

interest will

increase,

and

the duration

of MBS

will decrease.

Such acceleration

in the

prepayments

of MBS

would

lower yields

these

securities,

the

amortization

premiums

paid

upon

the

acquisition

these

securities

would

accelerate.

Conversely,

acceleration in

the prepayments

of MBS

would increase

yields on

securities purchased

at a

discount, as

the accretion

of the

discount

would

accelerate.

Also,

net

interest

income

future

periods

might

affected

our

investment

callable

securities

because

decreases in interest rates might prompt the early redemption of such securities.

The

volatility

the

financial

services

industry,

which

could

result

in,

among

other

things,

bank

deposit

runoffs,

liquidity

constraints, and increased regulatory requirements and costs.

The

closure

and

placement

into receivership

with

the

FDIC of

certain

large

U.S.

regional

banks

with

assets over

$100

billion

March

and

May

2023,

and

adverse

developments

affecting

other

banks,

resulted

heightened

levels

market

volatility

and

consequently

negatively

impacted

customer

confidence

the

safety

and

soundness

financial

institutions.

These

developments

resulted in certain

regional banks experiencing

higher than normal

deposit outflows and

an elevated level

of competition for

available

deposits in the

market. The impact

of market volatility

from adverse developments

in the banking

industry such as

this one are highly

uncertain and difficult

to predict. In the

aftermath of these

bank failures, the

banking agencies have

increased regulatory requirements

and costs that may impact

capital ratios or the FDIC

deposit insurance premium.

For example, in 2023,

the FDIC issued a final

rule to

impose

special

assessment

recover

certain

estimated

losses to

the

Deposit

Insurance

Fund

(“DIF”)

arising

from

the closures

Silicon Valley

Bank and Signature

Bank. 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.

December 31,

2025, the

Corporation’s

total estimated

FDIC special

assessment amounted

to $6.3

million, of

which $5.5

million has

been paid.

The Corporation

continues to

monitor the

FDIC’s

estimated loss

to the

DIF,

which could

affect the

amount of

its accrued

liability.

Difficult market

and general

economic conditions

have affected

the financial

industry in

the past

and could

adversely affect

in the future.

Given that most of our business is in Puerto Rico and the

U.S. and given the degree of interrelation between

Puerto Rico’s economy

and that

of the

U.S., we

are exposed

to downturns

in the

U.S. economy,

including factors

such as

employment levels

in the

U.S. and

real

estate

valuations.

The

deterioration

these

conditions

has

adversely

affected

the

past

and

the

future

could

adversely

affect

the

credit

performance

mortgage

loans,

and

result

significant

write-downs

asset

values

financial

institutions,

including U.S. government-sponsored entities (“GSEs”)

as well as major commercial banks and investment banks.

In particular, we may face the following

risks:

●

Our ability

to assess the

creditworthiness of

our customers

may be impaired

if the models

and approaches

we use to

select,

manage, and underwrite the loans become less predictive of future behaviors.

●

The

models

used

estimate

losses

inherent

the

credit

exposure,

particularly

those

under

CECL,

require

difficult,

subjective, and

complex judgments,

including forecasts

of economic

conditions and

how these

economic predictions

might

impair

the

ability

the borrowers

repay

their

loans, which

may

no longer

accurately estimated

and

which

may,

turn, impact the reliability of the models.

●

Our

ability

borrow

from

other

financial

institutions

engage

sales

mortgage

loans

third

parties

(including

mortgage

loan

securitization

transactions

with

GSEs

and

repurchase

agreements)

favorable

terms,

all,

could

adversely

affected

further

disruptions

the

capital

credit

markets

other

events,

including

deteriorating

investor

expectations.

●

Competitive dynamics

in the

industry could

change as

a result

of strategic

growth opportunities

in connection

with current

market conditions.

●

Expected

future

regulation

our

industry

may

increase

our

compliance

costs

and

limit

our

ability

pursue

business

opportunities.

●

There may be downward pressure on our stock price.

Any deterioration

of economic

conditions in

the U.S.

and disruptions

in the

financial markets

could adversely

affect our

ability to

access capital,

our business,

financial condition,

and results

of operations.

Unfavorable or

uncertain economic

and market

conditions

have

been

and

could

cause

declines

economic

growth,

business

activity

investor

business

confidence;

limitations

the

availability or

increases in

the cost

of credit

and capital;

increases in inflation

or interest rates;

high unemployment;

natural disasters;

epidemics and pandemics; or a combination of these or other factors.

Additionally,

the

residential

mortgage

loan

origination

business

impacted

home

values

and

has

historically

been

cyclical,

enjoying periods of strong growth and profitability followed by periods of

shrinking volumes and industry-wide losses. During periods

rising

interest

rates,

the

refinancing

many

mortgage

products

tends

decrease

the

economic

incentives

for

borrowers

refinance their existing mortgage loans are reduced.

Any sustained

period of

increased delinquencies,

foreclosures, or

losses could

adversely affect

our ability

to sell

loans, the

prices

we receive

for loans,

the values

of mortgage

loans held

for sale,

or residual

interests in

securitizations, which

could adversely

affect

our

financial

condition

and

results

operations.

addition,

any

additional

material

decline

real

estate

values

would

further

weaken the loan-to-value

ratios and increase

the possibility of

loss if a

borrower defaults. In

such event, we

will be subject

to the risk

of loss on such real estate arising from borrower defaults to the extent not covered

by third-party credit enhancements.

We operate in a highly

competitive industry and market area.

face

substantial

competition

all

areas

our

operations

from

variety

different

competitors,

including

other

banks,

insurance

companies,

mortgage

banking

companies,

small

loan

companies,

automobile

financing

companies,

leasing

companies,

brokerage

firms

with

retail

operations,

credit

unions,

certain

retailers,

fintech

companies

and

digital

platforms.

The

Corporation’s

ability

compete

effectively

depends

the

relative

performance

its

products,

the

degree

which

the

features

its

products

appeal

customers,

and

the

extent

which

the

Corporation

meets

clients’

needs

and

expectations.

The

Corporation’s

ability

compete also depends on its ability to attract and retain professional and other

personnel, and on its reputation.

The

Corporation

encounters

intense competition

in attracting

and

retaining

deposits

and

its consumer

and

commercial

lending

activities. The

Corporation

competes for

loans with

other financial

institutions.

The Corporation’s

ability to

originate loans

depends

primarily on the rates and

fees charged and the

service it provides to its borrowers

in making prompt credit

decisions. There can be

assurance that

in the

future the

Corporation will

be able

to increase

its deposit

base, originate

loans in

the manner

or on

the terms

which it has done so in the past, or otherwise compete effectively.

The Corporation’s credit quality

and the value of the portfolio of Puerto Rico government securities have been,

and in the future

may

be,

adversely

affected

Puerto

Rico’s

economic

condition,

and

may

affected

actions

taken

the

Puerto

Rico

government or the PROMESA oversight board to address the ongoing fiscal and

economic challenges in Puerto Rico.

significant

portion

our

business

activities

and

credit

exposure

concentrated

Puerto

Rico,

which

has

faced

prolonged

economic

and

fiscal

challenges.

Although

the

Puerto

Rico

Planning

Board

(“PRPB”)

reported

its

preliminary

estimates

that

real

gross national product (“GNP”)

grew 0.4% in fiscal year

2025, marking the fifth consecutive

year of positive economic growth,

future

economic prospects remain uncertain. However,

according to the PROMESA oversight board, the fiscal year 2026

budget prepares the

Puerto Rico government for potential further declines in federal funding over

the fiscal year that began on July 1, 2025.

As of December 31,

2025,

the Corporation had $297.8

million of direct exposure

to the Puerto Rico government,

its municipalities

and public corporations. As of December 31, 2025, approximately

$211.3 million of the exposure

consisted of loans and obligations of

municipalities in Puerto

Rico that are

supported by assigned

property tax revenues

and for which,

in most cases, the

good faith, credit

and unlimited taxing

power of the applicable

municipality have been

pledged to their

repayment, and $42.2

million consisted of loans

and obligations which

are supported by one

or more specific sources

of municipal revenues. The

municipalities are required

by law to

levy

special

property

taxes

such

amounts

are

required

for

the

payment

all

their

respective

general

obligation

bonds

and

notes. In

addition to

municipalities, the

total direct

exposure also

included $8.7

million in

a loan

extended to

an affiliate

of PREPA,

$32.9

million

loans

public

corporation

the

Puerto

Rico

government,

and

obligation

the

Puerto

Rico

government,

specifically

residential

pass-through

MBS issued

the PR

Housing

Finance

Authority

(“PRHFA”),

amortized

cost

$2.7

million as part of its available-for-sale debt securities portfolio (fair value

of $1.6 million as of December 31, 2025).

Also,

December

31,

2025,

the

outstanding

balance

construction

loans

funded

through

conduit

financing

structures

support the

federal programs

of Low-Income

Housing Tax

Credit (“LIHTC”)

combined with

Community Development

Block Grant-

Disaster Recovery (“CDBG-DR”) funding

amounted to $92.4 million. The main

objective of these programs is to

spur development in

new or rehabilitated and affordable

rental housing. PRHFA,

as program subrecipient and conduct

issuer, issues tax-exempt

obligations

which

are

acquired

private

financial

institutions

and

are

required

co-underwrite

with

PRHFA

mirror

construction

loan

agreement for the specific project

loan to which the Corporation will

serve as ultimate lender,

but where the PRHFA

will be the lender

record.

addition,

December

31,

2025,

the

Corporation

had

$67.1

million

exposure

residential

mortgage

loans

guaranteed by the PRHFA.

The Corporation operates in various jurisdictions highly dependent

on federal funding programs. On January 27, 2025, the Office

Management

and

Budget

(“OMB”)

issued

Memorandum

M-25-13

entitled

“Temporary

Pause

Agency

Grant,

Loan,

and

Other

Financial Assistance

Programs.” The

Memo directed

every federal

agency to

“temporarily pause all

activities related

to obligation

disbursement

all

federal

financial

assistance,

and

other

relevant

agency

activities

that

may

implicated

executive

orders,

including, but not

limited to, financial

assistance for foreign

aid, nongovernmental organizations,

DEI, woke gender

ideology,

and the

green

new

deal.”

Lawsuits

challenging

the

pause

were

immediately

filed

and

January

28,

2025,

the

U.S.

District

Court

for

the

District of

Columbia

enjoined

the

Trump

administration

from

implementing

OMB Memorandum

M-25-13

for

disbursements

under

open

awards.

January

29,

2025,

OMB

rescinded

the

Memo,

however,

the

administration

has

continued

pursue

agency-by-

agency

reviews

federal

financial

assistance

programs

and

implement

targeted

funding

pauses,

terminations,

additional

compliance requirements

consistent with

its policy

priorities, subject

to applicable

legal constraints. It

remains uncertain

whether the

administration will

issue new

directives, executive

orders, or

guidance affecting

federal grants,

loans, or

other financial

assistance in

the future,

or how

courts may

rule on

ongoing or

future challenges;

however,

any such

action by

the administration

or ruling

by the

courts that limit such grants or financial assistance could have a negative

effect on our business.

Instability

economic

conditions,

delays

the

receipt

disaster

relief

funds

allocated

Puerto

Rico

any

temporary

permanent

pause on

any federal

funds,

and the

potential impact

on asset

values resulting

from past

or future

natural disaster

events,

when added

to Puerto

Rico’s

ongoing fiscal

challenges, could

materially adversely

affect our

business, financial

condition, liquidity,

results of operations and capital position.

deterioration

economic

conditions

the

U.S.

Virgin

Islands

and

British

Virgin

Islands

could

harm

our

results

operations.

The Corporation has exposure to the USVI and BVI economies,

which remain susceptible to fiscal challenges, natural disasters,

and

reliance on

federal disaster

relief and

recovery funding.

As of

December 31,

2025 and

2024, the

Corporation had

$138.7 million

and

$100.4

million, respectively,

in loans

to USVI

public corporations,

all of

which were

performing as

of that

date. However,

ongoing

fiscal and

economic

challenges in

the USVI

may

deteriorate

the overall

financial

and economic

conditions

in the

area, which

could

negatively affect the Corporation’s

asset quality, credit performance

and overall financial condition.

We are subject to ESG risks that

could adversely affect our reputation and the market price of our securities.

Although

the

current

U.S.

presidential

administration

and

federal

regulatory

agencies

have,

recent

years,

reduced

paused

certain

ESG-related

regulatory

initiatives,

including

the

SEC’s

decision

2025

withdraw

its

defense

federal

climate-related

disclosures, stakeholder expectations regarding ESG matters

are not uniform. Both opponents and proponents of ESG-related

practices

have increasingly

engaged in legislative,

regulatory,

litigation, and public

advocacy efforts

to advance

their respective pos

itions. As a

result, the

ESG regulatory

and political

landscape has

become more

complex and

less predictable.

Failure to

adapt to or

comply with

regulatory

requirements

investor

stakeholder

expectations

and

standards

could

negatively

impact

our

reputation,

ability

business with certain partners, and our stock price.

For example, we

may be exposed to

negative publicity based

on the identity and

activities of those to

whom we lend or with

whom

otherwise

business,

and

the

public’s

view

the

ESG-related

approach

and

performance

our

customers

and

business

partners.

Such negative

publicity

may

arise

from

adverse

coverage

traditional media

may

spread

rapidly through

social

media

and other digital platforms.

If we were to become

the subject of such

negative publicity,

our relationships and reputation

with existing

and prospective

customers and third

parties with which

we do business

could be damaged,

which could have

an adverse effect

on our

ability to attract and retain

customers and employees and

could have a negative impact on

our business, financial condition

and results

of operations.

In addition,

we may

face criticism

from

ESG detractors

regarding

the scope,

nature, or

perceived

impact of

our

ESG

initiatives or policies,

or in response to

any revisions or enhancements

to these initiatives. We

could also be

subject to adverse

actions

or responses by

governmental actors (such

as anti-ESG legislation

or retaliatory legislative

treatment) or consumers

(through boycotts

or negative publicity campaigns) that could adversely affect our

reputation, results of operations and financial condition.

Our results

of operations

could be

adversely affected

by natural

disasters,

public health

crises, political

crises, negative

global

climate patterns or other catastrophic events.

Natural disasters,

whose nature

and severity

may be

impacted by

climate change,

such as

hurricanes,

floods, extreme

cold events

and other

adverse weather

conditions; public

health crises;

political crises,

such as

terrorist

attacks, war,

labor unrest,

other political

instability,

trade

policies,

tariffs

and

sanctions,

including

the

ongoing

conflict

Ukraine,

the

conflict

the

Middle

East,

recent

conflicts in South America,

and the possible expansion

of such conflicts in surrounding

areas and potential geopolitical

consequences;

negative

global

climate

patterns,

especially

water

stressed

regions;

other

catastrophic

events,

such

fires

other

disasters

occurring at

our locations,

whether occurring

in Puerto

Rico, the

U.S., or

internationally,

could cause

a significant

adverse effect

the economy and disrupt

our operations. Certain

areas in which our

business is concentrated,

including Puerto Rico

and the USVI, are

particularly

susceptible

earthquakes,

hurricanes,

and

major

storms.

Further,

climate

change

may

increase

both

the

frequency

and

severity of extreme

weather conditions and

natural disasters, which

may affect our

business operations, either

in a particular

region or

globally,

well

the

activities

our

customers.

The

Corporation

also

not

able

predict

the

positive

negative

effects

that

future events or

changes to

the U.S. or

global economy,

financial markets,

or regulatory and

business environment

could have

on our

operations.

Climate

change,

and

efforts

mitigate

its

long-term

effects,

may

materially

adversely

affect

the

Corporation’s

business

and

results of operations.

Concerns

regarding

the

long-term

effects

climate

change

have

led,

and

are

expected

continue

lead,

increased

governmental

efforts

worldwide

aimed

mitigating

climate-related

risks.

addition,

consumers

and

businesses

may

voluntarily

modify their

behavior, business

practices, and

investment decisions in

response to

these concerns. As

a result, the

Corporation and

its

customers

may

required

adapt

new

laws

and

regulations,

and

shifts

consumer

and

business

preferences

associated

with

climate

change.

These

developments

may

result

increased

costs,

asset value

reductions,

and

changes

operating

processes.

The

impact on

our customers

will likely

vary depending

on their

specific attributes,

including reliance

on our

role in

fossil fuel

activities.

The Corporation

may face

reductions in

creditworthiness on

the part

of some

customers or

in the

value of

assets securing

loans. The

Corporation’s

efforts

take these

risks

into

account in

making

lending and

other decisions,

including

increasing

our business

with

climate-responsible

companies,

may

not

effective

protecting

the

Corporation

from

the

negative

impact

new

laws

and

regulations or changes in consumer or business behavior.

Deterioration in collateral values may result in additional losses.

Our business is affected by the value of the assets securing our loans or

underlying our investments.

had a

commercial and

construction loan

portfolio held

for investment

in the

amount of

$6.5 billion

as of

December 31,

2025.

Due to

their nature,

these loans

entail a

higher credit

risk than

consumer and

residential mortgage

loans, since

they are larger

in size,

concentrate

risk

single

borrower

and

are

generally

sensitive

economic

downturns.

Furthermore,

the

case

slowdown

in the

real estate

market,

it may

be difficult

to dispose

of the

properties

securing

these loans

upon any

foreclosure

of the

properties. We

may incur losses over the near term, either because of continued

deterioration in the quality of loans or because of sales

problem

loans,

which

would

likely

accelerate

the

recognition

losses. Any

such

losses

could

adversely

impact

our

overall

financial performance and results of operations.

Deterioration

the

value

real

estate

collateral

securing

our

construction

and

commercial

loan

portfolios,

whether

located

Puerto Rico

or elsewhere,

would result

in increased

credit losses.

Whether the

collateral that

underlies our

loans is

located in

Puerto

Rico, the USVI,

the BVI, or the

U.S. mainland, the performance

of our loan portfolio

and the collateral value

backing the transactions

are dependent upon the performance

of, and conditions within, each

specific real estate market. As

of December 31, 2025, $2.8

billion

of our commercial and construction loan portfolio held for investment,

or 21% of the total loan portfolio held for investment, consisted

of commercial mortgage and construction loans, of which $1.9 billion

was in the Puerto Rico region.

measure credit

losses for

collateral dependent

loans based

on the

fair value

of the

collateral, which

is generally

obtained from

appraisals, adjusted

for undiscounted

selling costs

as appropriate.

Updated appraisals

are obtained

when we

determine that

loans are

collateral

dependent

and

are

updated

annually

thereafter.

addition,

appraisals

are

also

obtained

for

certain

residential

mortgage

loans on a spot

basis based on specific

characteristics, such as delinquency

levels, and age of

the appraisal. The appraised

value of the

collateral may decrease, or we may

not be able to recover collateral at

its appraised value. A significant decline

in collateral valuations

for

collateral

dependent

loans

has

required

and,

the

future,

may

require,

increases

our

credit

loss

expense

loans. Any

such

increase would have an adverse effect on our future financial condition

and results of operations.

Labor shortages, challenges

in attracting and retaining

qualified personnel, and

constraints in the supply

chain could adversely

affect our clients’ operations as well as our business and operations.

Widespread labor

shortages across Puerto

Rico, the United

States, the Virgin

Islands, and other

markets have affected

many of

our

commercial

clients, contributing

to operational

disruptions,

supply

chain

constraints,

reduced

cash flow,

and

potential difficulties

meeting

loan

obligations.

These

labor

market

pressures

also

affect

the

Corporation’s

own

operations.

Competition

for

skilled

and

experienced

personnel

remains

intense,

and

rising

wages,

driven

part

inflation

and

heightened

employee

expectations,

may

increase our cost

structure and contribute

to higher turnover.

As a result, the

Corporation may face prolonged

vacancies, challenges in

attracting and

retaining qualified

employees, and

potential impacts

on service

levels. If these

conditions persist,

they could

materially

and adversely affect the Corporation’s

operations, competitive position, and overall financial results.

The failure of other financial institutions could adversely affect

us.

Our ability to engage in

routine financing transactions could

be adversely affected

by future failures of financial

institutions and the

actions and

commercial soundness

of other

financial institutions.

Financial institutions

are interrelated as

a result of

trading, clearing,

counterparty

and

other relationships.

have

exposure

to different

industries

and

counterparties

and

routinely

execute

transactions

with counterparties

in the financial

services industry,

including brokers

and dealers,

commercial banks,

investment banks,

investment

companies and other

institutional clients. In

certain of these transactions,

we are required to

post collateral to secure

the obligations to

the

counterparties.

In the

event

a bankruptcy

insolvency

proceeding

involving

one of

such counterparties,

may

experience

delays in recovering

the assets posted as

collateral, or we

may incur a

loss to the extent

that the counterparty

was holding collateral

excess of the obligation to such counterparty or under other circumstances.

In addition, many of these transactions

expose us to credit risk in

the event of a default by our

counterparty or client. The credit

risk

may be exacerbated when

the collateral held by us cannot

be realized or is liquidated

at prices not sufficient

to recover the full amount

of the loan

or derivative

exposure due to

us. Any losses

resulting from

our routine funding

transactions may

materially and adversely

affect our financial condition and results of operations.

RISKS RELATING TO

THE CORPORATION’S

BUSINESS

Certain funding sources may not be available to us, and our funding sources may

prove insufficient and/or costly to replace.

FirstBank

relies

primarily

customer

deposits,

the

issuance

brokered

CDs,

and

advances

from

the

FHLB

New

York

maintain its lending

activities and to replace

certain maturing liabilities.

As of December 31,

2025, we had $593.6

million in brokered

CDs outstanding, representing approximately 4% of

our total deposits. Approximately $394.0 million, or 66%

in brokered CDs mature

over the twelve months

ending December 31, 2025, and

the average remaining term to

maturity of the brokered CDs outstanding

as of

December 31, 2025

was approximately 1.0

year. None

of these brokered

CDs are callable at

the Corporation’s

option. In addition,

the

Corporation had

$290.0 million

of long-term

FHLB advances

outstanding as

of December

31, 2025,

with an

average remaining

term

to maturity of 1.36 years.

Although FirstBank has historically been

able to replace maturing deposits and

advances, we may not be able

to replace these funds

in the future if our financial condition or general market

conditions change. If we are unable to maintain access to funding

sources, our

results of operations and liquidity would be adversely affected.

Alternate

sources

funding

may

carry

higher

costs

than

sources

currently

utilized.

are

required

rely

heavily

expensive funding sources, profitability would be adversely affected.

may

determine

seek

debt

financing

the

future

achieve

our

long-term

business

objectives.

Additional

borrowings,

sought, may not be available to us, or if available, may

not be on acceptable terms. The availability of additional

financing will depend

variety

factors,

such

market

conditions,

the

general

availability

credit,

our

credit

ratings

and

our

credit

capacity.

addition,

FirstBank may seek to sell loans as an additional source of liquidity.

If additional financing sources are unavailable or are not

available on acceptable terms, our profitability and future prospects could

be adversely affected.

Downgrades in our credit ratings could further increase the cost of borrowing

funds.

The

Corporation’s

ability to

access new

non-deposit

sources of

funding

could be

adversely

affected

by downgrades

in our

credit

ratings. The Corporation’s

liquidity is to a

certain extent contingent upon

its ability to obtain

external sources of funding

to finance its

operations. The

Corporation’s

current credit

ratings and

any downgrades

in such

credit ratings

can hinder

the Corporation’s

access to

new

forms

external

funding

and/or

cause

external

funding

expensive,

which

could

turn

adversely

affect

results

operations.

We depend on

cash dividends from FirstBank to meet our cash obligations.

As a holding company,

dividends from FirstBank, our banking subsidiary,

have provided a substantial portion of our cash flow used

service

the

interest

payments

our

obligations.

FirstBank

limited

law

its

ability

make

dividend

payments

and

other

distributions to us

based on its

earnings and capital

position. A failure

by FirstBank to

generate sufficient

cash flow to

make dividend

payments to us may have a negative impact on our results of operations and financial

condition.

Our level of non-performing assets may adversely affect our future results of

operations.

Although non-performing

assets decreased by

$4.2 million to $114.1

million as of December

31, 2025, or 4%,

from $118.3

million

as of

December

31,

2024,

we continue

have

relevant

amount

nonaccrual

loans.

are

unable

effectively

maintain

the

quality of our loan portfolio, our financial condition and results of operations

may be materially and adversely affected.

Our

ACL

may

not

adequate

cover

actual

losses,

and

may

required

materially

increase

our

ACL,

which

may

adversely affect our capital ratios, financial condition and results of

operations.

We are subject, among

other things, to the risk of loss from loan defaults and

foreclosures with respect to the loans we originate and

purchase.

recognize

periodic credit

loss expenses

on loans,

which

lead to

reductions in

our

income from

operations,

in order

maintain

our ACL

on loans

at a

level that

our management

deems to

be appropriate

based upon

an assessment

of the

quality

of the

loan and lease portfolios.

Management may fail to

accurately estimate the level of

credit losses or may

have to increase our

credit loss

expense

loans in

the

future as

result

new

information

regarding

existing

loans,

future

increases

nonaccrual

loans

beyond

what

was

forecasted,

foreclosure

actions

and

loan

modifications,

changes

current

and

expected

economic

and

other

conditions

affecting

borrowers

for

other

reasons

beyond

our

control.

addition,

the

bank

regulatory

agencies

periodically

review

the

adequacy

our

ACL

loans

and

may

require

increase

the

credit

loss

expense

loans

the

recognition

additional

classified loans and loan charge-offs, based on

judgments that differ from those of management.

The level

of the

ACL reflects

management’s

estimates based

upon various

assumptions and

judgments as

to specific

credit risks;

evaluation of

industry concentrations;

loan loss

experience; current

loan portfolio

quality; present

economic, political

and

regulatory

conditions;

unidentified

losses inherent

in the

current

loan portfolio

and reasonable

and supportable

forecasts. The

determination

the

appropriate

level

the

ACL

loans

inherently

involves

high

degree

subjectivity

and

requires

management

make

significant estimates and judgments

regarding current credit risks

and future trends, all

of which may undergo

material changes. If our

estimates

prove

incorrect,

our

ACL

loans

may

not

sufficient

cover

losses

our

loan

portfolio

and

our

credit

loss

expense on loans could increase substantially.

In addition, any increases in our credit loss expense on

loans or any loan losses in excess of our ACL on loans could have a material

adverse effect on our future capital ratios, financial condition

and results of operations.

Defective and repurchased loans may harm our business and financial condition.

connection

with

the

sale

and

securitization

loans,

are

required

make

variety

customary

representations

and

warranties relating

to the

loans sold

or securitized.

Our obligations

with respect

to these

representations and

warranties are

generally

outstanding

for

the

life

the

loan,

and

relate

to,

among

other

things,

the

following:

(i)

compliance

with

laws

and

regulations;

(ii)

underwriting

standards;

(iii)

the

accuracy

information

the

loan

documents

and

loan

files;

and

(iv)

the

characteristics

and

enforceability of the loan.

A loan that

does not comply

with the representations

and warranties made

may take longer

to sell, may impact

our ability to obtain

third-party

financing

for

the

loan,

and

may

not

saleable

may

saleable

only

significant

discount.

such a

loan

sold

before

detect

non-compliance,

may

obligated

to repurchase

the

loan

and

bear

any

associated

loss directly,

may

obligated

indemnify

the purchaser

against

any

loss,

either

which

could

reduce

our cash

available

for

operations

and

liquidity.

Management

believes

that

it has

established

controls

ensure

that

loans

are

originated

accordance

with

the

secondary

market’s

requirements, but certain employees may make mistakes or may deliberately

violate our lending policies.

Our controls and procedures

may fail or be circumvented,

our risk management policies and

procedures may be inadequate

and

operational risks could adversely affect our consolidated

results of operations.

may fail to

identify and manage

risks related to a

variety of aspects

of our business, including,

but not limited

to, liquidity risk;

interest rate

risk; market

risk; credit

risk; operational

risk; legal,

regulatory and

compliance risk;

reputational risk;

model risk;

capital

risk;

strategic

risk;

and

information

technology

and cybersecurity

risk.

have

adopted

and

periodically

improve

various

controls,

procedures,

policies and

systems to

monitor

and

manage risk.

Any improvements

to our

controls,

procedures,

policies

and

systems,

however,

may not

be adequate

to identify

and manage

the risks in

our various

businesses. If

our risk

framework is

ineffective,

either

because it fails to

keep pace with changes

in the financial markets

or our businesses or

for other reasons,

we could incur losses,

suffer

reputational damage, or find ourselves out of compliance with applicable

regulatory mandates or expectations.

We may also be

subject to disruptions from external events, such as natural disasters and

cyber-attacks, which could cause delays or

disruptions

operational

functions,

including

information

processing

and

financial

market

settlement

functions.

addition,

our

customers,

vendors

and

counterparties

could

suffer

from

such

events.

Should

these

events

affect

us,

the

customers,

vendors

counterparties with

which we

conduct business,

our consolidated

results of

operations could

be negatively

affected.

When we

record

balance

sheet

reserves

for

probable

loss

contingencies

operational

losses,

may

unable

accurately

estimate

our

potential

exposure,

and

any

reserves

establish

cover

operational

losses

may

not

sufficient

cover

our

actual

financial

exposure, which

may have

a material

impact on

our consolidated

results of

operations or

financial condition

for the

periods in

which

we recognize the losses.

Our businesses may be adversely affected by litigation.

have, in

the past,

been party

to claims

and legal

actions by

our customers,

or subject

to regulatory

supervisory actions

by the

government on

behalf of

customers, relating

to our

performance of

fiduciary or

contractual responsibilities.

In the

past, we

have also

been

subject

securities

class

action

litigation

our

shareholders

and

have

also

faced

employment

lawsuits

and

other

legal

claims. In

any future

claims or

actions, demands

for substantial

monetary damages

may be

asserted against

us, resulting

in financial

liability

adverse

effect

our

reputation

among

investors

customer

demand

for

our

products

and

services.

securities

class

action

suit

against

the

future

could

result

substantial

costs,

potential

liabilities

and

the

diversion

management’s

attention

and

resources.

may

unable

accurately

estimate

our

exposure

litigation

risk

when

record

balance

sheet

reserves for probable loss contingencies.

As a result, reserves we establish to

cover any settlements or judgments may

not be sufficient

cover

our

actual

financial

exposure,

which

has

occurred

the

past

and

may

occur

the

future,

resulting

material

adverse

impact on our consolidated results of operations or financial condition.

the

ordinary

course

our

business,

are

also

subject

various

regulatory,

governmental

and

law

enforcement

inquiries,

investigations and

subpoenas. These

may be

directed generally

to participants

in the

businesses in

which we

are involved

or may

specifically directed

at us. In

regulatory enforcement

matters, claims for

disgorgement, the

imposition of penalties

and the imposition

of other remedial sanctions are possible.

The resolution

of legal

actions or

regulatory matters,

when unfavorable,

has had,

and could

in the

future have,

a material

adverse

effect on our consolidated results of operations for

the quarter in which such actions or matters are resolved or a reserve is established.

Our businesses may be negatively affected by adverse publicity or

other reputational harm.

Our relationships

with many of

our customers

are predicated upon

our reputation

as a fiduciary

and a service

provider that adheres

the

highest

standards

ethics,

service

quality

and

regulatory

compliance.

Adverse

publicity,

regulatory

actions,

litigation,

operational failures, the failure to meet customer expectations and other

issues with respect to one or more of our businesses, including

FirstBank as our banking

subsidiary, could

materially and adversely affect

our reputation, or our ability

to attract and retain customers

or obtain

sources of

funding for

the same

or other

businesses. Preserving

and enhancing

our reputation

also depends

on maintaining

systems and procedures that

address known risks and regulatory

requirements, as well as our

ability to identify and mitigate

additional

risks

that

arise

due

changes

our

businesses,

the

market

places

which

operate,

the

regulatory

environment

and

customer

expectations.

If we

fail to

promptly address

matters that

bear on

our reputation,

our reputation

may be

materially adversely

affected

and our business may suffer.

Any impairment of our goodwill or other intangible assets may adversely affect

our operating results.

review

goodwill

for

impairment

annually

and

assess

other

intangible

assets

whenever

events

changes

circumstances

indicate that their

carrying amount may

not be recoverable. If

goodwill or other

intangibles are determined

to be impaired, we

may be

required

to record

a charge

to earnings.

Impairment risk

factors include

deterioration

in financial

performance

of the

reporting unit,

declining

market valuation

of the

Corporation or

comparable institutions,

and adverse

economic conditions

impacting expected

cash

flows. During

the fourth

quarter of

2025, a

qualitative goodwill

impairment analysis

determined that

it was more

-likely-than-not that

the fair value of our reporting units exceeded their carrying value; therefore,

no goodwill impairment was recorded.

December

31,

2025,

our

goodwill

book

value

was

$38.6

million,

all

recorded

FirstBank.

Future

goodwill

impairments

could

reduce

earnings

and

affect

FirstBank’s

ability

pay

dividends

the

Corporation,

subject

regulatory

approval.

While

goodwill impairment would not impact our tangible book value or regulatory

capital, it could reduce reported earnings.

Recognition of deferred tax assets is dependent upon the generation of future taxable

income by the Bank.

As of

December

31,

2025,

the Corporation

had

a net

deferred

tax asset

$149.0

million

(net of

valuation

allowance

of $75.0

million,

which

$72.2

million

was

FirstBank).

Under

the

Tax

Code,

the Corporation

and

its

subsidiaries,

including

FirstBank, are treated

as separate taxable

entities and are

not entitled to file

consolidated tax returns.

Accordingly,

in order to

obtain a

tax

benefit

from

NOL,

particular

subsidiary

must

able

demonstrate

sufficient

taxable

income

within

the

applicable

NOL

carry-forward

period.

Pursuant to

the

Tax

Code,

the

carry-forward

period

for

NOLs

incurred

during

taxable

years commencing

after December

31, 2012

is 10

years. The

Corporation assesses

deferred

tax assets

to determine

the amount

that is

more-likely-than-

not

realized.

Valuation

allowances

are

established,

when

necessary,

reduce

deferred

tax

assets

such

amount.

Due

significant

estimates

utilized

in determining

the valuation

allowance

and

the potential

for changes

in facts

and circumstances

the

future, the

Corporation may

not be able

to reverse

the remaining

valuation allowance

or may

need to increase

its current

deferred tax

asset valuation allowance.

The

Corporation’s

judgments

regarding

tax

accounting

policies

and

the

resolution

potential

tax

disputes

may

impact

the

Corporation’s

earnings and

cash flow,

and changes

in the

tax laws

of multiple

jurisdictions can

materially affect

our operations,

tax obligations, and effective tax rate.

Significant

judgment

required

determining

the

Corporation’s

effective

tax

rate

and

evaluating

its

tax

positions.

The

Corporation

provides

for

uncertain

tax

positions

when

such

tax

positions

not

meet

the

recognition

thresholds

measurement

criteria prescribed by applicable generally accepted accounting principles

in the United States (“GAAP”).

Fluctuations in federal,

state, local, and foreign

taxes or a change

to uncertain tax positions,

including related interest

and penalties,

may impact

the Corporation’s

effective tax

rate. When particular

tax matters arise,

a number

of years may

elapse before such

matters

are audited

and finally

resolved. In

addition,

the Puerto

Rico Department

of Treasury

(“PRTD”),

the U.S.

Internal

Revenue Service

(“IRS”),

and

the

tax

authorities

the

jurisdictions

which

operate

may

challenge

our

tax

positions

and

may

estimate

and

provide

for

potential liabilities

that may

arise out

of tax

audits to

the extent

that uncertain

tax positions

fail to

meet the

recognition

standard under

applicable GAAP.

Unfavorable resolution

of any

tax matter

could increase

the effective

tax rate

and could

result in

material increase in our tax expense. Resolution of a tax issue may require

the use of cash in the year of resolution.

First BanCorp. is subject

to Puerto Rico income

tax on its income

from all sources. FirstBank

is treated as a

foreign corporation for

U.S. and USVI income

tax purposes and is generally

subject to U.S. and

USVI income tax only

on its income from

sources within the

U.S. and

USVI or

income effectively

connected with

the conduct

of a

trade or

business in

those jurisdictions.

The USVI

jurisdiction

imposes

income

taxes

based

the

U.S.

Internal

Revenue

Code

under

the

“mirror

system”

established

the

Naval

Service

Appropriations Act of 1922. However,

the USVI jurisdiction also imposes an additional 10% surtax on the USVI tax liability,

if any.

These

tax

laws

are

complex

and

subject

different

interpretations.

must

make

judgments

and

interpretations

about

the

application

these

inherently

complex

tax

laws

when

determining

our

provision

for

income

taxes,

our

deferred

tax

assets

and

liabilities, and

our valuation

allowance. In

addition, legislative

changes, particularly

changes in

tax laws,

could adversely

impact our

results of operations.

Changes in applicable

tax laws in

Puerto Rico, the

U.S., or other

jurisdictions or tax

authorities’ new interpretations

could result

increases in our overall taxes and the Corporation’s

financial condition or results of operations may be adversely impacted.

Our ability to use our NOL carryforwards may be limited.

The Corporation

has U.S.

and USVI

sourced NOL

carryforwards. Section

382 of

the U.S.

Internal Revenue

Code (“Section

382”)

limits the

ability to

utilize U.S.

and USVI

NOLs for income

tax purposes,

respectively,

at such

jurisdictions following

an event

of an

ownership

change. Generally,

an “ownership

change” occurs

when

certain shareholders

increase their

aggregate ownership

by more

than 50

percentage points

over their

lowest ownership

percentage over

a three-year

testing period.

Upon the

occurrence of

a Section

382 ownership

change, the

use of

NOLs attributable

to the

period prior

to the

ownership change

is subject

to limitations

and

only a

portion

the

U.S.

and

USVI

NOLs,

applicable,

may

used

the

Corporation

offset

the

annual

U.S.

and

USVI

taxable

income, if any.

In 2017, the Corporation

completed a formal ownership

change analysis within the

meaning of Section 382

covering a

comprehensive period,

and concluded

that an

ownership change,

for U.S.

and USVI

purposes only,

had occurred

during such

period.

The Section 382

limitation has resulted

in higher U.S.

and USVI income

tax liabilities than

we would have

incurred in the

absence of

such limitation.

It is possible that

the utilization of our

U.S. and USVI NOLs

could be further limited

due to future changes

in our stock ownership,

result

either

sales

our

outstanding

issuances

new

that

could

separately

cumulatively

trigger

ownership

change

and,

consequently,

Section

382

limitation.

Any

further

Section

382

limitations

may

result

greater

U.S.

and

USVI tax

liabilities

than

we would

incur

in the

absence

of such

a limitation

and

any

increased liabilities

could

adversely affect

our

earnings and cash

flow.

may be able to

mitigate the adverse

effects associated with

a Section 382

limitation in the U.S.

and USVI

to the extent that we could credit any resulting

additional U.S. and USVI tax liability against our tax liability

in Puerto Rico. However,

our

ability

reduce

our

Puerto

Rico

tax

liability

through

such

credit

deduction

will

depend

our

tax

profile

each

annual

taxable period, which is dependent on various factors.

The

utilization

our

NOL

carryforwards

subject

significant

judgment

and

depends

future

taxable

income

and

the

continued

applicability

current

tax

laws.

Although

reversed

portion

our

valuation

allowance

2025

following

the

enactment of

Act 65-2025,

future changes

in tax

laws or

sustained losses

at the

holding company

or pass-through

entity level,

could

limit

our

ability

utilize

these

NOLs,

require

the

reestablishment

valuation

allowance,

result

the

expiration

unused

NOLs.

RISKS RELATING TO

CYBERSECURITY AND TECHNOLOGY

Cyber-attacks,

system

risks

and

data

security

breaches

our

computer

systems

and

networks

those

third-party

service

providers could adversely

affect our

ability to conduct

business, manage our

exposure to risk

or expand our

business, result in

the

disclosure

misuse

confidential

proprietary

information,

increase

our

costs

maintain

and

update

our

operational

and

security systems and infrastructure, and present significant reputational, legal

and regulatory costs.

Our

business

highly

dependent

the

security,

reliability,

and

effectiveness

our

technology

infrastructure

and

data

management

systems,

well

those

our

customers,

vendors,

and

other

third

parties.

Employees,

customers,

and

other

third

parties

increasingly

access

our

systems

and

services

through

personal

external

devices

and

networks

that

are

outside

our

direct

control

and

subject

their

own

cybersecurity

risks.

Our

business

relies

effective

access

controls

and

the

secure

collection,

processing,

transmission,

storage

and

retrieval

confidential,

proprietary,

personal

and

other

information

across

our

systems

and

those of third parties.

Cybersecurity

risks

facing

financial

institutions

have

increased

significantly

due

the

growing

sophistication

and

frequency

cyber

threats,

well

our

continued

expansion

digital

and

online

services.

These

risks

may

arise

from

deliberate

attacks,

misconduct, human

error, or

system failures.

Cyber incidents,

such as

malware infections,

phishing attacks,

denial-of-service attacks,

ransomware, or other

security breaches, could

result in unauthorized

access to or

loss, misuse, or

destruction of sensitive

information,

damages to systems, disruption of operations, or impairment of customer access

to our services.

While

maintain

CISP

that

continuously

monitors

cyber-related

risks

and

ultimately

ensures

protection

for

the

processing,

transmission,

and

storage

confidential,

proprietary,

and

other

information

our

computer

systems

and

networks,

well

Vendor

Management

Program

oversee

third

party

and

vendor

risks,

there

guarantee

that

will

not

exposed

affected by a cybersecurity incident.

Cyber threats are rapidly

changing, and future attacks or

breaches could lead to

other security breaches of

the networks, systems, or

devices that

our customers

use to

access our

integrated products

and services,

which, in

turn, could

result in

unauthorized disclosure,

release, gathering,

monitoring, misuse,

loss or

destruction of

confidential, proprietary,

and other

information (including

account data

information) or

data security

compromises. As

cyber threats

continue to

evolve, we

may be

required to

expend significant

additional

resources

modify

enhance

our

protective

measures,

investigate,

and

remediate

any

information

security

vulnerabilities

incidents

and

develop

our

capabilities

respond

and

recover.

The

scope

and

impact

particular

cyberattack

may

not

immediately

clear,

which

could

delay

remediation

efforts

and

limit

our

ability

provide

complete

and

accurate

information

customers, third-party vendors, regulators, and the public.

A successful penetration or circumvention of our system security,

or the systems of our customers, suppliers, and other third parties,

could cause us serious

negative consequences, including significant

operational, reputational, legal, and

regulatory costs and concerns.

Any of these adverse consequences could adversely impact

our results of operations, liquidity,

and financial condition. In addition, our

insurance policies may be insufficient to cover all losses associated

with a significant cybersecurity incident, may become more

costly,

or may

be unavailable

on economically

reasonable terms

in the future

or at all

Any of

these results could

harm our

growth prospects,

financial condition, business, and reputation.

Our

operational

security

systems

infrastructure,

those

third

parties,

could

fail

breached.

Any

such

future

incidents could

potentially disrupt

our business

and adversely

impact our

results of

operations, liquidity,

and financial

condition,

as well as cause legal or reputational harm.

Operational

risk is

inherent

in our

business and

extends

beyond

our internal

operations due

to our

reliance

on third-party

service

providers.

Our

performance

depends

the

effectiveness,

reliability,

and

security

our

operational

and

technology

infrastructure,

including

computer

systems,

data

management,

transaction

processing,

information

security,

online

and

mobile

banking

platforms,

and

network connectivity,

as well

as those

of third

parties that

support

critical business

functions.

Failures or

disruptions

caused

human error,

misconduct, system

defects, cyber

incidents, or third-party

performance issues could

expose us to

operational, financial,

and reputational risk.

Our ability

to implement safeguards,

controls, and backup

systems with respect

to third-party

systems is more

limited than for

our

own.

Our systems

or those

of our

service providers

may

be damaged,

disrupted,

or rendered

unavailable

as a

result

of a

number

factors, including

events that

are wholly

or partially

beyond our

control. In

certain circumstances,

we may

need to

take our

systems

offline.

While backup

systems are

utilized, they

may not

operate at

the same

speed or

capacity as

primary systems

and temporary

permanent loss of data could occur.

frequently

update our

systems to

support our

business needs,

growth, and

regulatory compliance,

and to

respond to

evolving

cybersecurity

threats. These

efforts

may

involve

significant

costs and

risks

associated

with

system

implementation,

and

integration,

and

may

result

potential

business

interruptions.

Operational

failures

significant

disruptions

could

adversely

impact

our

operations,

liquidity,

and

financial

condition,

well

cause

reputational

harm.

addition,

our

insurance

coverage

may

insufficient to fully cover losses resulting from a major interruption.

must respond

rapid

technological

changes,

and these

changes

may

more difficult

expensive

than

anticipated.

may also be negatively

affected if we fail

to identify and address

operational risks associated

with the introduction of

or changes to

products and services, or if we fail to respond to emerging technologies that seek to

displace traditional financial services.

most

financial

institutions,

FirstBank

significantly

depends

technology

deliver

its

products

and

other

services

and

otherwise conduct

business. To

remain technologically

competitive and

operationally efficient,

FirstBank invests

in system

upgrades,

new technological

solutions, and

other technological

initiatives. Competitors

may introduce

new products,

services, or

platforms that

leverage emerging technologies or

new industry standards. If we are

unable to timely adopt, develop, or

integrate new technologies, or

if our existing systems and

offerings become obsolete, we

may lose current and future customers,

which could have a material adverse

effect on our business, financial condition

and results of operations. The financial services industry

is changing rapidly and, in order to

remain

competitive,

must

continue

enhance

and

improve

the

functionality

and

features

our

products,

services

and

technologies. These changes may be more difficult or expensive

to implement than we anticipate.

may

not

able

effectively

implement

new

technology-driven

products

and

services

successful

marketing

these

products and

services to our

customers. Failure to

effectively respond

to technological change

in the financial

services industry

could

have a material adverse effect on our business, financial condition,

and results of operations.

Advances

artificial

intelligence,

digital

platforms,

and

automated

advisory

tools

are

enabling

non-bank

competitors

offer

services traditionally provided by banks, including personal financial

guidance, payments, and wealth management, often at lower cost

and

with

greater

speed

convenience.

Similarly,

distributed

ledger

and

blockchain-based

technologies

may

enhance

transaction

efficiency

and

security,

but

over

time

could

reduce

the

role

banks

secure

deposit-keepers

and

intermediaries.

The

continued

adoption of these and other emerging technologies could materially

and adversely affect our business and results of operations.

The Corporation is subject

to stringent and changing

privacy laws, regulations,

and standards as well

as policies, contracts, and

other

obligations

data

privacy

and

security.

Our

failure

comply

with

privacy

laws and

regulations,

well as

other

legal obligations, could have a material adverse effect on our business.

State,

federal,

and

foreign

governments

are

increasingly

enacting

laws

and

regulations

governing

the

collection,

use,

retention,

sharing, transfer,

and security

of personally

identifiable information

and data.

A variety

of federal,

state, local,

and foreign

laws and

regulations,

orders,

rules,

codes,

regulatory

guidance,

and

certain

industry

standards

regarding

privacy,

data

protection,

consumer

protection,

information

security,

and

the

processing

personal

information

and

other

data

apply

our

business.

State

laws

are

changing

rapidly,

and

new

legislation

proposed

enacted

number

other

states

imposes,

has

the

potential

impose,

additional obligations

on companies

that process

confidential, sensitive

and personal

information, and

will continue

to shape

the data

privacy

environment

nationally.

The U.S.

federal

government

is also

focused

on privacy

matters. Any

failure

by us

or our

business

partners

comply

with

applicable

laws,

rules,

and

regulations

could

result

investigations

actions

against

governmental

entities,

private

claims

and

litigation,

fines,

penalties

other

liabilities.

Such

outcomes

could

increase

our

expenses,

expose

liabilities, and harm

our reputation,

and have

a material adverse

effect on

our business. While

we aim to

comply with

applicable data

protection

laws

and

obligations

all

material

respects,

there

assurance

that

will

not

subject

claims

that

have

violated such

laws and

obligations, will

be able

to successfully

defend against

such claims,

or will

not be

subject to

significant fines

and

penalties

the

event

non-compliance.

Additionally,

the

extent

multiple

state-level

laws

are

introduced

the

U.S.

with

inconsistent or

conflicting

standards and

there is

no federal

law to

preempt such

laws, compliance

with such

laws could

be difficult

and costly, or impossible, to

achieve, and we could be subject to fines and penalties in the event of non

-compliance.

addition,

the

U.S.

regulatory

environment

for

financial

services

remains

subject

change.

Legislative,

regulatory,

administrative actions may result

in amendments to existing

banking and consumer protection

laws, modifications to prior

rulemaking

guidance,

changes

the

structure,

authority,

enforcement

priorities

federal

regulatory

agencies.

The

scope,

timing,

and

impact of any such changes are uncertain.

RISK RELATING

TO THE REGULATION

OF OUR INDUSTRY

We are subject to certain regulatory

restrictions that may adversely affect our operations.

are subject

to supervision

and regulation

by the

Federal Reserve

Board and

the FDIC.

are a

bank holding

company and

financial holding

company under

the Bank

Holding Company

Act of

1956, as

amended. The

Bank is

also subject

to supervision

and

regulation by OCIF.

Under

federal

law,

financial

holding

companies

are

permitted

engage

broader

range

“financial”

activities

than

those

permitted

bank

holding

companies

that

are

not

financial

holding

companies.

financial

holding

company

that

ceases

meet

certain

standards

subject

variety

restrictions,

depending

the

circumstances,

including

the

prohibition

from

undertaking

new activities

or acquiring

shares or

control of

other companies.

If we

fail to

comply with

the requirements

from our

regulators,

may

become

subject

regulatory

enforcement

action

and

other

adverse

regulatory

actions

that

might

have

material

and

adverse

effect on our operations.

The FDIC

insures deposits

at FDIC-insured

depository

institutions up

to certain

limits (currently,

$250,000 per

depositor at

same

depository institution). The

FDIC charges insured depository

institutions premiums to maintain

the DIF.

In the event of a bank

failure,

the FDIC

takes control

of a

failed bank

and, if

necessary,

pays all

insured deposits

up to

the statutory

deposit insurance

limits using

the resources of

the DIF.

The FDIC is required

by law to

maintain adequate funding

of the DIF,

and the FDIC

may increase premium

assessments

maintain

such

funding.

The

Dodd-Frank

Wall

Street

Reform

and

Consumer

Protection

Act

(the

“Dodd-Frank

Act”)

requires

the

FDIC

increase

the

DIF’s

reserves

against

future

losses,

which

will

require

institutions

with

assets

greater

than

$10

billion, such as FirstBank, to bear an increased responsibility for funding

the prescribed reserve to support the DIF.

The FDIC

may further

increase FirstBank’s

premiums or

impose additional

assessments or

prepayment requirements

in the

future.

The Dodd-Frank Act removed the statutory cap for the reserve ratio, leaving

the FDIC free to set this cap going forward.

Our

compensation

practices

are

subject

oversight

the

Federal

Reserve

Board

and

the

FDIC.

Any

deficiencies

our

compensation

practices

may

incorporated

into

our

supervisory

ratings,

which

can

affect

our

ability

make

acquisitions

perform other actions.

Our compensation

practices are

subject to

oversight

by the

Federal

Reserve

Board

and

the FDIC.

As discussed

in Part

I, Item

“Business” of this

Form 10-K,

the Corporation

is currently subject

to the interagency

guidance governing

the incentive compensation

activities of regulated

banks and bank

holding companies,

and other financial

regulators have also

implemented regulations

regarding

compensation

practices.

Our

failure

satisfy

these

restrictions

and

guidelines

could

expose

adverse

regulatory

criticism,

lowered supervisory ratings, and restrictions on our operations and acquisition activities.

are

subject

regulatory

capital

adequacy

guidelines,

and,

fail

meet

these

guidelines,

our

business

and

financial

condition will be adversely affected.

are

subject

stringent

regulatory

capital requirements.

Although

the

Corporation

and FirstBank

met

well-capitalized

capital

ratios as

of December

31, 2025,

and we

expect both

companies will

continue to

exceed the

minimum risk-based

and leverage

capital

ratio requirements for

well-capitalized status under

the current capital rules,

we cannot assure that

we will remain at such

levels. If we

fail

meet

these

minimum

capital

guidelines

and

other

regulatory

requirements,

our

business

and

financial

condition

will

materially and

adversely affected.

If we fail

to maintain certain

capital levels or

are deemed not

well managed under

regulatory exam

procedures, or if we

experience certain regulatory violations,

our status as a financial

holding company,

and our ability to offer

certain

financial products will be compromised and our financial condition

and results of operations could be adversely affected.

Monetary

policies

and

regulations

the

Federal

Reserve

Board

could

adversely

affect

our

business,

financial

condition

and

results of operations.

addition

general

economic

conditions,

our

earnings

and

growth

are

significantly

influenced

the

monetary

policies

and

regulatory actions of

the Federal Reserve

Board. An important

function of the

Federal Reserve Board

is to regulate

the money supply

and

credit

conditions.

The

Federal

Reserve

Board

implements

policy

through

various

tools,

including

open

market

operations,

adjustments to the federal funds

and discount rates, and changes

in reserve requirements for bank

deposits. These instruments are

used

varying

combinations

influence

overall

economic

growth

and

the

distribution

credit,

bank

loans,

investments

and

deposits.

Their use also affects interest rates charged on

loans or paid on deposits.

Changes

monetary

policies

and

regulatory

actions

the

Federal

Reserve

Board

have

had,

and

may

continue

have,

significant

impact

on the

operating results

of commercial

banks.

The effects

of such

policies upon

our

business, financial

condition

and results of operations have been adverse in the past and may be adverse in

the future.

are subject

to numerous

laws designed

to protect

consumers, including

the Community

Reinvestment Act

and fair

lending

laws, and failure to comply with these laws could lead to a wide variety of sanctions.

The

Community

Reinvestment

Act,

the

Equal

Credit

Opportunity

Act,

the

Fair

Housing

Act,

and

other

fair

lending

laws

and

regulations impose

nondiscriminatory lending

requirements on financial

institutions. These laws

are enforced

by the U.S.

Department

of Justice and

other federal agencies

A successful regulatory

challenge related to

our compliance with

these requirements could

result

wide

variety

sanctions,

including

damages

and

civil

money

penalties,

injunctive

relief,

and

restrictions

mergers

and

acquisitions,

expansion,

entry

into

new

business

lines.

Private

parties

may

also

have

the

ability

challenge

institution’s

performance

under

fair

lending

laws

private

class

action

litigation.

Such

actions

could

have

material

adverse

effect

our

business, financial condition, and results of operations.

face

risk

noncompliance

and

enforcement

action

the

Bank

Secrecy

Act

and

other

anti-money

laundering

statutes and regulations.

The Bank

Secrecy Act,

the USA PATRIOT

Act, and

related regulations

require us

to maintain

an effective

anti-money laundering

program

and

file

suspicious

activity

and

currency

transaction

reports

appropriate,

among

other

duties.

Enforcement

agencies,

including

the

Financial

Crimes

Enforcement

Network,

federal

banking

regulators,

and

the

U.S.

Department

Justice,

have

significantly increased coordination and enforcement activity

in this area. We are

also subject to increased scrutiny of compliance with

economic and trade

sanctions administered by

OFAC. If

our AML, sanctions, or

related compliance programs

are deemed inadequate,

we could be

subject to liability,

including fines

and regulatory

actions, which

may include restrictions

on our

ability to pay

dividends

and the

necessity to

obtain regulatory

approvals to

proceed with

certain aspects

of our

business plan,

including our

acquisition plans.

Any such outcome could materially and adversely affect our business,

financial condition, and results of operations.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

The Corporation recognizes

the significance of cybersecurity

in the financial

industry and the potential

risks associated, such

as the

risks arising from

the loss of confidentiality,

integrity,

or availability of

information systems.

The Corporation’s

processes to identify,

assess,

and

monitor

material

risks

from

cybersecurity

threats

are

part

its

Enterprise

Risk

Management

(“ERM”)

Program,

under

which

the

Corporation

has

implemented

comprehensive

Corporate

Information

Security

Program

(“CISP”).

Cybersecurity

risk

managed as

part of

the overall

information technology

risk, under

the direction

of the

Corporate Security

Office (“CSO”)

led by

the

Chief Information Security Officer (“CISO”) who ultimately

reports to the Chief Operating Officer (“COO”).

The

CISP

outlines

the

Corporation’s

overall

vision,

direction,

and

governance

protect

the

confidentiality,

integrity,

and

availability

customer

information

and

seeks

prevent

unauthorized

access

required

regulatory

guidelines

and

industry

security best practices. The CISP

is based on well-renowned frameworks

such as the International Organizational

Standard ISO 27000

series and

the NIST

Cybersecurity Framework.

As such,

it serves as

a guide

for the

implementation of

security safeguards

across the

Corporation

and

its

subsidiaries.

The

CISP

also

addresses

cybersecurity

breaches

and

procedures

for

appropriate

response

efforts,

including

any

required

notification,

depending

on the

severity

of the

specific security

incident. In

addition,

the

CISP incorporates

risk-based approach

to ensure that

risk is

treated in

a consistent

and effective

matter and

is designed

to protect

classified information

prevent

disclosure

unauthorized

individuals;

prioritize

the

use

information

security

resources

concentrating

critical

business

applications;

develop

quality,

cost-effective,

and

reliable

systems;

ensure

the

proper

and

secure

disposal

sensitive

information; and implement adequate processes to ensure compliance.

The

ERM

Program

includes

Corporate

Incident

Response

Program,

which

features

risk-based

escalation

process

manage

corporate

incidents,

including

cybersecurity

incidents,

and

notify

the

Risk

Committee

the

Board

Directors

and

applicable

stakeholders

appropriate.

The

Corporation

incorporates

the

Information

Technology

(“IT”)

Risk

Unit

the

ERM

Department,

which is comprised of several members such as IT

Risk Managers and the ERM Director who is part

of senior management, as well as

external expertise, in the review of

its processes, including an independent

internal assessment of cybersecurity measures

and controls.

The

Corporation

also

invests

threat

intelligence,

vulnerability

management,

and

incident

response

drills.

Furthermore,

all

the

Corporation’s

employees

and

consultants

with

access

the

Corporation’s

network

are

required

complete

comprehensive

cybersecurity

awareness

program

annual

basis.

Additionally,

awareness

and

training

information

technology

and

cybersecurity risk is provided to the Board on a regular basis.

The

Corporation

has

Vendor

Management

Program

and

Third-Party

Risk

Management

function

manage

the

cybersecurity

risks

associated

with

conducting

business

with

third-party

vendors,

which

includes

the

requirement

for

third-party

vendors

implement

appropriate

measures

ascertain

security

and

confidentiality

the

Corporation’s

resources.

The

Corporation

places

vendors into tiers

based on the

inherent risk due

to the nature

of the relationship

with that vendor

to determine any

additional security

requirements commensurate to such level of risk.

The Corporation does not believe

that risks from cybersecurity threats or

attacks, including as a result of any

previous cybersecurity

incidents, have

materially

affected the Corporation’s

business strategy,

results of operations or

financial condition as

of December 31,

2025.

While

the

Corporation

continues

closely

monitor

cyber

risk

and

has

implemented

processes

that

are

intended

assess,

identify,

and manage

material risks

from cybersecurity

threats, security

controls, no

matter how

well designed

or implemented,

may

only partially

mitigate and

not fully eliminate

these risks.

Events, when

detected by

security tools

or third parties,

may not

always be

immediately

understood

acted

upon.

See

Item

1A,

“Risk

Factors

–

Risks

Relating

Cybersecurity

and

Technology”

for

information on how cybersecurity risk could adversely affect the

Corporation, which should be read in conjunction with this Item 1C.

Governance

Responsibility for

risk oversight

and management

generally lies

with the

Corporation’s

Board of

Directors.

effectively manage

oversight

the

CISP’s

governance

and

cybersecurity

risk

management,

the

Board

has

delegated

such

responsibility

the

Risk

Committee.

As part

its oversight,

the

Risk Committee

receives

reports

from

the

Executive

Risk Management

Committee

and

Steering

Committee,

which

are

committees

the

management

level,

the

Corporation’s

cybersecurity

processes.

The

Corporate

Internal Audit Department

performs periodic audits of

the Corporation’s

information security practices and

presents them to the

Audit

Committee

the

Board.

The scope

testing

is in

accordance

with

applicable

regulatory

guidance

and

prudent

business

practices.

The

periodicity

testing

is determined

the

Corporate

Internal

Audit

Department

based

their

risk

assessment.

Findings

from

internal

audit

procedures

are

reported

Management

and

the

Audit

Committee.

addition,

the

Vendor

Management

Committee

periodically

reports

to the

Risk Committee

about the

Vendor

Management

program status.

The Risk

Committee

provides

the Board

with

updated

information

the

matters

discussed

the

Risk

Committee

meetings

relates

the

CISP

and

the

overall

information security

strategic direction

and evaluates

and approves

(if necessary)

reports presented

by executive

management related

to the information security strategic direction of the Corporation.

The

CSO

oversees

the

CISP,

its

development,

and

any

applicable

updates

response

changes

operations

and

other

circumstances,

and reports

on a

quarterly basis

to the

IT Steering

Committee

and to

the Board’s

Risk Committee.

The Security

and

Facilities

Management

Director,

who

has

been

charge

since

2016,

has

over

years

experience

functional

expertise

concerning all aspects of information

security, integrity

and privacy of systems, and data

resources, and holds several relevant

licenses

and/or

certifications.

Also,

certain

topics

information

security

are

presented

hoc

basis

the

Executive

Risk

Management

Committee.

The

CSO

provides

the

Board’s

Risk

Committee

regular

reports

and

engages

discussions

the

effectiveness

the

CISP,

including

risk

mitigation

strategy

and

progress.

The

Board’s

Risk

Committee

reviews

and

approves

the

CISP annually and receives a report on the security safeguards annually.

See “Risk Management – Risk Governance” for more information on the Corporation’s

risk governance structure.

Item 2. Properties

As of December 31, 2025, First BanCorp. has ownership in the following

principal buildings:

Headquarters –

Located at

First Federal

Building, 1519

Ponce de

León Avenue,

San Juan,

Puerto Rico.

Approximately 51%

of this 16-story office building is owned by the Corporation.

Service Center – Located

at 1130

Muñoz Rivera Avenue,

San Juan, Puerto

Rico. This facility,

which is fully occupied

by the

Corporation,

houses

over

1,000

employees

from

Human

Resources,

Data

processing

and

operations,

Administrative

Operation, Mortgage operations, collections, and Loss Mitigation, and

certain other departments.

Consumer Lending

Center –

Located at

876 Muñoz

Rivera Avenue,

San Juan,

Puerto Rico.

This three-story

facility is

fully

occupied

by the

Corporation

and

accommodates

retail

branch,

Money

Express

Headquarters,

Auto

Wholesale

and

Retail

Financing, and Leasing Financing, among others.

The Corporation

owns 18

retail branches

and 10

office centers,

other facilities,

and/or parking

lots. It

leases 88

branch premises,

loan

and

office

centers

and

other

facilities.

certain

situations,

financial

services

such

mortgage

and

insurance

businesses

and

commercial banking

services are

in the

same building

or branch.

All of

these premises

are in

Puerto Rico,

Florida, the

USVI and

the

BVI.

Management

believes

that

the

Corporation’s

properties

are

well

maintained

and

are suitable

for

the

Corporation’s

business

presently conducted.

Item 3. Legal Proceedings

Reference

made

Note

–

“Regulatory

Matters,

Commitments

and

Contingencies”

the

audited

consolidated

financial

statements included in Part II, Item 8 of this Form 10-K, which is incorporated

herein by reference.

Item 4. Mine Safety Disclosure.

Not applicable.

PART

Item 5. Market for Registrant’s Common Equity and Related

Stockholder Matters and Issuer Purchases of Equity Securities

INFORMATION ABOUT

MARKET AND HOLDERS

The Corporation’s

common stock

is traded

on the

New York

Stock Exchange

(“NYSE”) under

the symbol

FBP.

On February

20,

2026, there

were 430 holders

of record

of the Corporation’s

common stock,

not including

beneficial owners

whose shares are

held in

the name of brokers or other nominees.

December 31,

2025

and

2024,

the

Corporation

had

67,044,120

and

59,794,239

held

treasury

stock, respectively.

Refer to

“Stock Repurchases”

for more

information on

common stock

repurchases during

the fourth

quarter of

2025 held

as treasury

stock.

DIVIDENDS

Since November 2018,

the Corporation has

made quarterly cash

dividend payments on

its shares of common

stock. On January

26,

2026, the Corporation announced that its Board of

Directors had declared a quarterly cash dividend

of $0.20 per common share, which

represents

increase

$0.02

per

common

share,

11%

increase,

compared

its

most

recent

quarterly

dividend

paid

December

12, 2025.

The dividend

is payable

on March

13, 2026

to shareholders

of record

at the

close of

business on

February

26,

2026. The

Corporation intends

to continue

to pay

quarterly dividends

on common

stock. However,

the Corporation’s

common stock

dividends,

including

the

declaration,

timing

and

amount,

remain

subject

consideration

and

approval

the

Corporation’s

Board

Directors at

the relevant

times. Information

regarding restrictions

on dividends,

is set

forth in

Part I,

Item 1,

“Business -Supervision

and Regulation–

Dividend Restrictions” and incorporated herein by reference.

Under the PR Tax

Code, dividends paid by the Corporation are subject to tax withholding as follows:

Residents of Puerto Rico

A 15%

tax is

withheld on

dividends paid

to individuals,

trusts, and

estates, unless

the taxpayer

elects to

be taxed

at regular

rates.

Once

this election

is made,

it is

irrevocable.

The election

allows

the

taxpayer

to include

the

eligible dividends

received

ordinary

income and take a credit

for the amount of tax withheld

in excess, if any.

In certain cases, dividends may

be included in the taxpayer’s

Alternative Minimum Tax

(“AMT”) calculation.

Nonresident U.S. Citizens

Dividends paid to a U.S.

citizen who is not a resident

of Puerto Rico are generally

subject to a 15% Puerto Rico

income tax, though

partial or total exemptions may apply under section 1062.08 of the PR Tax

Code.

Nonresident foreign

individuals (non-US citizens)

Dividends

paid

to any

individual who

are neither

United

States citizens

nor

Puerto

Rico residents

are generally

subject to

15%

Puerto Rico withholding tax.

Foreign Corporations and Partnerships

Entities

that

not

conduct

business

Puerto

Rico

are

subject

10%

Puerto

Rico

dividend

tax

withholding.

Entities

that

conduct business in Puerto Rico must report dividends as ordinary

income but are exempt from withholding.

AMT Considerations

Individuals

who are

residents of

Puerto

Rico may

be subject

to Puerto

Rico’s

AMT,

which can

include certain

categories of

tax-

exempt or

preferentially taxed

income, such

as dividends

on the

Corporation’s

common stock

and long-term

capital gains.

Investors

should consult with a tax professional regarding their specific AMT obligations

under Puerto Rico law.

STOCK REPURCHASES

Since April 2021, the Corporation’s

Board of Directors has announced repurchase program

authorizations totaling up to $1.3 billion

the

Corporation’s

outstanding

stock

and/or

junior

subordinated

debentures.

During

2025,

the

Corporation

repurchased

7,674,399

shares of

its common

stock at

an average

price of

$19.55 for

a total

cost of

$150.0 million,

of which

7,085,582 million

shares for

total

cost

$138.3

million, were

associated

with

the

remaining

amount of

the 202

capital plan

authorization

of $250

million

and

588,817 million

shares, for a

total cost of

$11.7

million, were associated

with the 202

capital plan

authorization of

$200 million. As

December

31,

2025,

the

Corporation

has

remaining

authorization

repurchase

approximately

$188.3

million

of common

stock.

The amount

and timing

of stock

repurchases will

be based

on various

factors, including

our capital

requirements,

market conditions

(including the trading price of our stock), and regulatory and legal considerations.

The

following

table

provides

information

relation

the

Corporation’s

purchases

its

common

stock

during

the

quarter ended December 31, 2025.

Period

Total Number of

Shares Purchased

Average Price

Paid per Share

Total Number of

Shares Purchased as

Part of Publicly

Announced Plans or

Programs

(1)

Approximate Dollar Value of

Shares That May Yet

Purchased Under The Plans or

Programs (in thousands)

(1)

October 1, 2025 - October 31, 2025

899,888

19.77

899,500

220,514

November 1, 2025 - November 30, 2025

1,616,090

19.93

1,616,090

188,300

December 1, 2025 - December 31, 2025

188,300

Total

2,515,978

(2)

2,515,590

(1)

As of December

31, 2025, the Corporation

was authorized to purchase

up to $200 million

of the Corporation’s

common stock under

the 2025 stock repurchase

program that was publicly

announced on

October 22,

2025. Repurchases

under the

program may

be executed

through open

market purchases,

accelerated share

repurchases, privately

negotiated transactions

plans, including plans

complying with Rule

10b5-1 under the

Exchange Act.

The repurchase program

does not obligate

it to acquire

any specific number

of shares

and does not

have an

expiration

date.

The

repurchase

program

may

modified,

suspended,

or terminated

any

time

the

Corporation’s

discretion.

During the

fourth

quarter

of 2025,

the

Corporation

repurchased approximately $50.0 million in common stock, of

which $38.3 million were associated with the remaining amount of

the 2024 capital plan authorization of $250 million.

(2)

Includes 388

shares of

common stock

acquired by

the Corporation

to cover

minimum tax

withholding obligations

upon the

vesting of

equity-based awards.

The Corporation

intends to

continue to satisfy statutory tax withholding obligations in connection

with the vesting of outstanding restricted stock and

performance units through the withholding of shares.

$50

$100

$150

$200

$250

$300

12/31/2020

12/31/2021

12/31/2022

12/31/2023

12/31/2024

12/31/2025

PERFORMANCE OF FIRST BANCORP'S

COMMON STOCK BASED ON TOTAL RETURN

First Bank

S&P 500

S&P Supercom Banks Index

STOCK PERFORMANCE GRAPH

The

following

graph

shall

not

deemed

incorporated

reference

into

any

filing

under

the

Securities

Act

the

Exchange

Act,

except

the

extent

that First

BanCorp.

specifically

incorporates

this information

reference,

and

shall not

otherwise

deemed

filed with the SEC.

The

graph

below

compares

the

cumulative

total

stockholder

return

First

BanCorp.

during

the

measurement

period

with

the

cumulative

total return,

assuming reinvestment

of dividends,

of the

S&P 500

Index and

the S&P

Supercom

Banks Index

(the “Peer

Group”).

The Performance

Graph assumes

that $100

was invested

on December

31, 2020

in each

of First

BanCorp. common

stock,

the S&P 500 Index and

the Peer Group. The comparisons

in this table are set forth

in response to SEC disclosure requirements

and are

therefore not intended to forecast or be indicative of future performance

of First BanCorp.’s common

stock.

The cumulative total stockholder return was obtained

by dividing (i) the cumulative amount of dividends per share,

assuming dividend

reinvestment since the

measurement point, December

31, 2020, plus (ii)

the change in the

per share price

since the measurement

date,

by the share price at the measurement date.

Item 6. [Reserved]

ITEM

MANAGEMENT’S

DISCUSSION

AND

ANALYSIS

FINANCIAL

CONDITION

AND

RESULTS

OPERATIONS (“MD&A”)

The following MD&A

relates to the

accompanying audited consolidated

financial statements of

First BanCorp. (the

“Corporation,”

“we,” “us,”

“our,”

or “First

BanCorp.”) and

should be

read in

conjunction

with such

financial statements

and the

notes thereto.

This

section also

presents certain

financial measures

that are not

based on

generally accepted

accounting principles

in the

United States

America

(“GAAP”).

See

“Non-GAAP

Financial

Measures

and

Reconciliations”

below

for

information

about

why

non-GAAP

financial measures are

presented, reconciliations

of non-GAAP financial

measures to the

most comparable GAAP

financial measures,

and references to non-GAAP financial measures reconciliations presented

in other sections.

The detailed financial discussion

that follows focuses on

2025 results compared to

2024. For a discussion of

2024 results compared

to 2023, see Part I, Item 7,

“Management’s Discussion

and Analysis of Financial Condition

and Results of Operations” included

in the

Corporation’s Annual Report

on Form 10-K for the year ended December 31, 2024, filed on February

28, 2025.

this

discussion

and

analysis

our

financial

condition

and

results

operations,

have

included

information

that

may

constitute

“forward-looking

statements”

within

the

meaning

the

safe

harbor

provisions

Section

27A

the

Securities

Act

and

Section 21E

of the

Exchange Act.

Forward-looking statements

are not

historical facts

or statements

of current

conditions, but

instead

represent only our beliefs

regarding future events, many

of which, by their nature,

are inherently uncertain and

outside our control. By

identifying

these statements

for you

in this

manner,

we are

alerting you

to the

possibility that

our actual

results, financial

condition,

liquidity and capital actions may differ materially

from the anticipated results, financial condition, liquidity

and capital actions in these

forward-looking

statements. Important

factors

that could

cause our

results, financial

condition, liquidity

and capital

actions to

differ

from those in these statements include, among others, those described in

“Risk Factors” in Part I, Item 1A of this Form 10-K.

EXECUTIVE SUMMARY

First BanCorp.

is a diversified

financial holding

company headquartered

in San Juan,

Puerto Rico offering

a full range

of financial

products to

consumers and

commercial customers

through various

subsidiaries. First

BanCorp.

is the

holding company

of FirstBank

Puerto

Rico

(“FirstBank”

or the

“Bank”)

and

FirstBank

Insurance

Agency.

Through

its wholly

-owned

subsidiaries,

the Corporation

operates

Puerto

Rico,

the

United

States

Virgin

Islands

(“USVI”),

the

British

Virgin

Islands

(“BVI”),

and

the

state

Florida,

concentrating on

commercial banking,

residential mortgage loans,

credit cards, personal

loans, small loans,

auto loans and

leases, and

insurance agency activities.

Significant Events

Economy and Market Update

Economic conditions in Puerto

Rico remained generally stable

during 2025. The unemployment

rate decreased from 5.63% in

2024

to 5.56% in 2025, remaining near historic lows and reflecting a resilient labor

market with steady labor force participation.

the

broader

U.S.

economy,

momentum

moderated

during

the

second

half

2025

following

strong

first

half.

Labor

market

indicators softened but remained orderly,

with slower hiring activity and a modest increase in unemployment.

The U.S. unemployment

rate

stood

at 4.3%

January,

unchanged

from

August

2025,

underscoring

a transition

toward

more balanced

labor market

rather

than

deterioration

employment

conditions.

response

these

trends,

the

Federal

Reserve

(the

“FED”)

implemented

three

basis points (“bps”)

rate cuts in

September, October,

and December 2025,

reducing the federal

funds target range

to 3.50%-3.75%, its

lowest level in several years.

Looking ahead

to 2026, the

economic backdrop

remains broadly

constructive and

supportive of

our strategic

priorities.

remain

focused on delivering

organic loan growth,

primarily on commercial

and residential mortgage

loans despite anticipated

declines in the

consumer loan portfolio,

and maintaining strong

profitability metrics. Asset quality

is expected to remain

stable, with consumer

credit

trends

continuing

normalize.

From

earnings

perspective,

expect

several

the

favorable

dynamics

that

drove

net

interest

margin expansion in 2025 to continue into 2026.

Based on our current outlook, which assumes two additional FED rate

cuts during the

second half of

2026, along with

projected loan growth

and deposit mix

changes, we expect

quarterly net

interest margin

expansion of

approximately 2

to 3 bps.

Cash flows of

approximately $1.1 billion

from the investment

securities portfolio

(excluding U.S. Treasury

securities)

are

expected

to be

received

during

the year

and redeployed

into higher-yielding

interest-earning

assets. These

dynamics,

combined with continued

reductions in funding costs,

including brokered CDs, non-brokered

time deposits, and government

accounts,

position

well

sustain

margin

performance.

Overall,

the

Corporation

enters

2026

with

strong

capital

levels,

ample

liquidity,

diversified earnings profile, and expects to return

close to 100% of annual earnings to shareholders

through capital deployment actions

positioning it well to navigate a moderating economic environment

while continuing to deliver value to shareholders.

Capital Deployment Actions and Dividend Payment Increase

2025,

the

Corporation

delivered

approximately

$327.4

million,

95%

2025

earnings,

the

form

capital

deployment

actions through

$150.0 million

in repurchases

of common

stock, approximately

$115.7

million in

common stock

dividends declared,

and $61.7 million in the redemption

of the remaining outstanding trust-preferred

securities (“TruPS”) issued

by FBP Statutory Trusts

and

II.

As of

February

20,

2026,

the

Corporation

has

remaining

authorization

of approximately

$187.2

million,

which

it expects

execute during 2026.

On January

26, 2026,

the Corporation’s

Board of

Directors declared

a quarterly

cash dividend

of $0.20

per common

share, which

represents

increase

$0.02

per

common

share,

11%

increase,

compared

its

most

recent

quarterly

dividend

paid

December

12, 2025.

The dividend

is payable

on March

13, 202

to shareholders

of record

at the

close of

business on

February

26,

2026. The increased quarterly dividend level equates to an annualized dividend

of $0.80 per common share.

Recent Tax

Developments and Other Special Items

The financial results

for 2025 include a one-time

reversal of approximately

$16.6 million in valuation

allowance related to deferred

tax assets

primarily associated

with net

operating loss

(“NOL”) carryforwards

at the

holding company

level following

the enactment

of Act 65-2025,

and a $2.3

million employee

retention credit (“ERC”),

net of $0.3

million in related

commissions. For further

details

related to these Special Items, refer to the

Non-GAAP Disclosures – Special Items

section below.

Legislative and Regulatory

comprehensive

discussion

legislative

and

regulatory

matters

affecting

the

Corporation

can

found

Part

Item

“Business – Supervision and Regulation” of this Form 10-K.

Overview of Results of Operations

The

Corporation’s

results

operations

depend

primarily

its

net

interest

income,

which

the

difference

between

the

interest

income

earned

its

interest-earning

assets,

including

investment

securities

and

loans,

and

the

interest

expense

incurred

its

interest-bearing

liabilities,

including

deposits

and

borrowings.

Net

interest

income

affected

various

factors,

including

the

following:

(i)

the

interest

rate

environment;

(ii)

the

volumes,

mix,

and

composition

interest-earning

assets,

and

interest-bearing

liabilities; and (iii) the repricing characteristics of these assets and liabilities.

The

Corporation

had

net

income

$344.9

million

($2.15

per

diluted

common

share),

for

the

year

ended

December

31,

2025,

compared

$298.7

million

($1.81

per

diluted

common

share),

for

the

year

ended

December

31,

2024.

Other

relevant

selected

financial indicators for the periods presented are included below:

Year

Ended December 31,

2025

2024

2023

Key Performance Indicator:

(1)

Return on Average

Assets

(2)

(5)

1.81

1.58

1.62

Return on Average

Common Equity

(3) (5)

18.74

19.09

21.86

Efficiency Ratio

(4)

49.77

51.92

50.70

(1)

These financial ratios are used by management to monitor the Corporation’s

financial performance and whether it is using its assets

efficiently.

(2)

Indicates how profitable the Corporation is in relation to its total assets

and is calculated by dividing net income by its average total

assets.

(3)

Measures the Corporation’s performance

based on its average common stockholders’ equity and is calculated

by dividing net income by its average total common stockholders’

equity.

(4)

Measures how much the Corporation incurred to generate a

dollar of revenue and is calculated by dividing non-interest expenses

by total revenue.

(5)

For the year ended December 31, 2025, the employee retention credit

(“ERC”) and the one-time reversal in valuation allowance

related to deferred tax assets increased the return on

average assets by 10 bps and the return on average equity ratio by

98 bps.

The key

drivers of

the Corporation’s

GAAP financial

results for

the year

ended December

31, 2025,

compared to

the year

ended

December 31, 2024, include the following:

●

Net interest

income for

the year

ended December

31, 2025

increased to

$868.9 million,

compared to

$807.5 million

for the

year

ended

December

31,

2024,

driven

lower

cost

funds

and

the

redeployment

cash

flows

from

lower-yielding

investment securities

into loans

and higher-yielding

investment securities.

See “Result

of Operations

– Net

Interest Income”

below for additional information.

●

The provision

for credit

losses on

loans, finance

leases, unfunded

loan commitments

and debt

securities for

the year

ended

December 31,

2025 was

$86.0 million,

compared to

$59.9 million

for the year

ended December

31, 2024,

driven by

a $27.9

million increase

in the

provision for

the commercial

and construction

loan portfolios

mainly due

to C&I

loan growth

and a

deterioration

the

economic

outlook

certain

macroeconomic

variables,

particularly

those

commercial

real

estate property performance and the forecasted CRE price index

Net charge-offs totaled $80.8 million for

each of the years ended December 31, 2025 and 2024, or

0.63% of average loans for

the year ended December 31, 2025,

compared to 0.65% of average loans

for the year ended December 31,

2024. See “Results

Operations

–

Provision

for

Credit

Losses”

and

“Risk

Management”

below

for

the

analysis

the

allowance

for

credit

losses (“ACL”) and non-performing assets and related ratios.

●

Non-interest income

for the

year ended

December 31,

2025 increased

to $131.9

million, compared

to $130.7

million for

the

year

ended

December

31,

2024,

mainly

due

$1.4

million

increase

revenues

from

mortgage

banking

activities.

The

results for

the year

ended

December 31,

2024 include

$1.5 million

in insurance

proceeds mostly

associated

with insurance

claims associated with property damage caused by Hurricane Fiona.

●

Non-interest expenses for the year ended December

31, 2025 amounted to $498.1 million, compared

to $487.1 million for the

year

ended

December

31,

2024.

Non-interest

expenses

for

the

year

ended

December

31,

2025

include

the

aforementioned

benefit in

payroll taxes

related to

the $2.3

million ERC,

and the

aforementioned benefit

of $1.1

million related

to the

FDIC

special assessment, while

non-interest expenses for

the same period

in 2024 include

the $1.1 million additional

FDIC special

assessment

expense.

non-GAAP

basis,

excluding

the

effect

these

Special

Items,

adjusted

non-interest

expenses

increased by

$15.5 million,

driven by

an $11.7

million increase

in adjusted

employees’ compensation

and benefits

expenses

and a $5.9 million

unfavorable variance in

net gain on OREO

operations, which includes

a $2.8 million valuation

adjustment

recorded in a

commercial OREO property

in the Virgin

Islands region. See

“Results of Operations

– Non-Interest Expenses”

below for additional information.

●

Income

tax

expense

decreased

$71.9

million

for

the

year

ended

December

31,

2025,

compared

$92.5

million

for

the

same period in

2024, driven by a

one-time reversal of

approximately $16.6 million

in valuation allowance

related to deferred

tax assets primarily

associated with NOL

carryforwards at

the holding company

level as a

result of the

enactment of

Act 65-

2025,

and

lower

annual

effective

tax

rate

due

higher

proportion

exempt

taxable

income.

See

“Income

Taxes”

below and Note 17 – “Income Taxes

”

included in Part II, Item 8 of this Form 10-K for additional information.

●

As of

December

31,

2025,

total assets

were

approximately

$19.1

billion,

a decrease

of $160.0

million

from

December 31,

2024, primarily related

to a decrease

in cash and

cash equivalents resulting

from the repayment

of long-term borrowings

and

a decrease in

total deposits, partially

offset by an

increase in total

loans and an

increase in the

fair value of

available-for-sale

debt securities due to changes in market interest rates.

●

As of

December 31,

2025, total

liabilities were

$17.2 billion,

a decrease

of $457.6

million from

December 31,

2024, driven

by a $271.7 million decrease in borrowings,

which includes the repurchase of $61.7 million in

junior subordinated debentures

associated with

the aforementioned

TruPS redemption,

and a

$201.2 million

decrease in

deposits. See

“Risk Management

–

Liquidity Risk” below for additional information about the Corporation’s

funding sources and strategy.

●

The

Corporation’s

primary

sources

funding

are

consumer

and

commercial

core

deposits,

which

exclude

government

deposits

and

brokered

certificates

deposit

(“CDs”).

Excluding

fully

collateralized

government

deposits,

estimated

uninsured

deposits

amounted

$4.8

billion

December

31,

2025.

The

Corporation

had

approximately

$2.6

billion

cash and cash

equivalents and

free high-quality

liquid securities as

of December

31, 2025. When

adding approximately

$2.6

billion available

for funding

under the FED’s

Discount Window

and $1.1

billion available

for additional

borrowing capacity

on the

Federal Home

Loan Bank

(“FHLB”) lines

of credit

based on

collateral pledged

at these

entities, the

Corporation had

$6.3

billion, or 132%

of estimated uninsured

deposits (excluding fully

collateralized government

deposits), available

to meet

liquidity needs.

See “Risk

Management –

Liquidity Risk”

below for

additional information

about the

Corporation’s

funding

sources and strategy.

●

As of

December 31,

2025, the

Corporation’s

total stockholders’

equity was

$2.0 billion,

an increase

of $297.6

million from

December 31, 2024. The

increase was driven by

net income generated in

2025 and a $212.4

million increase in the

fair value

of available-for-sale

debt securities recorded

as part of

accumulated other

comprehensive loss in

the consolidated

statements

financial

condition,

partially

offset

$150.0

million

common

stock

repurchases

and

$115.7

million,

$0.72

per

common share, in common stock dividends declared

in 2025. The Corporation’s

CET1 capital, tier 1 capital, total capital, and

leverage

ratios

were

16.76%,

18.01%,

and

11.58%,

respectively,

December

31,

2025,

compared

CET1

capital, tier 1 capital, total capital, and leverage ratios of 16.32%, 16.32%,

18.02%, and 11.07%, respectively,

as of December

31, 2024. See “Risk Management – Capital” below for additional information.

●

Total

loan

production,

including

purchases,

refinancings,

renewals,

and

draws

from

existing

revolving

and

non-revolving

commitments,

decreased

by $65.1

million

to $5.4

billion

for the

year

ended

December 31,

2025.

See “Financial

Condition

and Operating Data Analysis” below for additional information.

●

Total

non-performing

assets were

$114.1

million as

of December

31, 2025,

a decrease

of $4.2

million, from

December 31,

2024,

driven by

a $9.8

million

decrease

in the

other

real

estate owned

(“OREO”)

portfolio

balance,

which

includes

a $2.8

million valuation adjustment

recorded in a commercial

OREO property in the

Virgin

Islands region,

partially offset by a

$5.1

million

increase

nonaccrual

loans,

which

includes

$9.2

million

increase

nonaccrual

commercial

and

construction

loans,

driven

the

inflows

three

commercial

and

construction

loans

totaling

$16.2

million,

partially

offset

$3.1

million

payoff

C&I

loan

the

Puerto

Rico

region.

See “Risk

Management

–

Nonaccrual

Loans

and

Non-Performing

Assets” below for additional information.

●

Adversely classified commercial

and construction loans

decreased by $5.9 million

to $81.4 million as of

December 31, 2025,

when

compared

to December

31,

2024, driven

the upgrade

of a

$12.0 million

commercial

mortgage

loan in

the Florida

region, partially offset by the downgrade of a $10.0

million C&I loan in the Puerto Rico region.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

The Corporation

has included

in this

Annual Report

on Form

10-K the

following financial

measures that

are not

recognized under

GAAP,

which are referred to as non-GAAP financial measures:

Net Interest Income,

Interest Rate Spread,

and Net Interest Margin on

a Tax

-Equivalent Basis

Net

interest

income,

interest

rate

spread,

and

net

interest

margin

are

reported

tax-equivalent

basis

order

provide

investors

additional

information

about

the

Corporation’s

net

interest

income

that

management

uses

and

believes

should

facilitate comparability and

analysis

the

periods

presented.

The

tax-equivalent

adjustment

net

interest

income

recognizes

the

income tax savings

when comparing

taxable and tax-exempt

assets and assumes

a marginal

income tax rate.

Income from tax-exempt

earning assets is increased

by an amount equivalent

to the taxes that would

have been paid if this

income had been taxable

at statutory

rates. Management believes that it

is a standard practice in the banking

industry to present net interest income,

interest rate spread, and

net interest margin

on a fully tax-equivalent basis.

This adjustment puts all earning

assets, most notably tax-exempt

securities and tax-

exempt loans, on a common basis that facilitates comparison of

results to the results of peers.

See

“Results

Operations

–

Net

Interest

Income

–

Part

I”

below

for

reconciliation

the

Corporation’s

non-GAAP

financial

measure of net interest income on a tax-equivalent basis to net interest income

in accordance with GAAP.

Tangible

Common Equity Ratio and Tangible

Book Value

Per Common Share

The tangible

common equity

ratio and

tangible book

value per

common share

are non-GAAP

financial measures

that management

believes are generally

used by the financial

community to evaluate

capital adequacy.

Tangible

common equity is total

common equity

less goodwill

and other

intangible assets.

Similarly,

tangible assets

are total

assets less

goodwill and

other intangible

assets. Tangible

common

equity

ratio

tangible

common

equity

divided

tangible

assets.

Tangible

book

value

per

common

tangible

common

equity divided

by the

number of

common shares

outstanding.

Management uses

and believes

that many

stock analysts

use

the tangible

common equity

ratio and

tangible book

value per

common share

in conjunction

with other

more traditional

bank capital

ratios

compare

the

capital

adequacy

banking

organizations

with

significant

amounts

goodwill

other

intangible

assets,

typically

stemming

from

the use

the

purchase

method

accounting

for

mergers

and

acquisitions.

Accordingly,

the Corporation

believes that

disclosures of

these financial

measures may

be useful

to investors.

Neither tangible

common equity

nor tangible

assets,

or the related

measures, should be

considered in isolation

or as a substitute

for stockholders’

equity,

total assets, or any

other measure

calculated in accordance

with GAAP.

Moreover,

the manner in which

the Corporation calculates its

tangible common

equity, tangible

assets, and any other related measures may differ from

that of other companies reporting measures with similar names.

See “Risk

Management –

Capital” below

for the

table that

reconciles the

Corporation’s

total equity

and total

assets in

accordance

with GAAP to

the tangible common

equity and tangible

assets figures used

to calculate the

non-GAAP financial measures

of tangible

common equity ratio and tangible book value per common share.

Adjusted Net Income,

Adjusted Non-Interest Income, Adjusted Non-Interest

Expenses,

and Adjusted Income Tax

Expense

supplement the

Corporation’s

financial statements

presented in

accordance with

GAAP,

the Corporation

uses, and believes

that

investors benefit

from disclosure

of, non-GAAP

financial measures

that reflect

adjustments to

net income,

non-interest income,

non-

interest expenses,

and income tax expense

to exclude items that management

believes are not reflective

of core operating performance

(“Special Items”). The financial results for the years ended December

31, 2025, 2024, and 2023 included the following Special Items:

Years

Ended December 31, 2025, 2024, and 2023

FDIC Special Assessment Expense

A benefit

of $1.1

million

($0.7

million

after-tax,

calculated

based

on the

statutory

tax

rate of

37.5%)

was recorded

for

the

year

ended December

31, 2025,

related to

amendments to

the FDIC

special assessment

collection

terms. On

December 16,

2025, the FDIC issued an

interim final rule amending the

collection terms of the special

assessment, which included reducing

the

collection

rate

the

eighth

collection

quarter

from

3.36

basis

points

2.97

basis

points,

removing

the

previously

established extended assessment period provisions, and

providing offsets to regular quarterly deposit insurance

assessments if

aggregate collections exceed

actual losses. As a

result of these changes,

the Corporation recorded a

reversal of the charges

$1.1

million

($0.7

million

after-tax)

that

were

recorded

for

the

year

ended

December

31,

2024.

This

update

follows

the

FDIC’s

2023

final

rule,

which

initially

imposed

the

special

assessment

recover

certain

estimated

losses

incurred

the

Deposit

Insurance

Fund

following

the

failures

certain

financial

institutions

the

first

half

2023.

connection

with

such rule, the

Corporation recorded a

charge of $6.3

million ($3.9 million

after-tax, calculated

based on the

statutory tax rate

of 37.5%)

during

the year

ended December

31, 2023.

The FDIC

deposit

special assessment

is reflected

in the

consolidated

statements of income as part of “FDIC deposit insurance” expenses.

Enactment of Act 65-2025

A $16.6 million reversal in

valuation allowance related to

deferred tax assets primarily associated

with NOL carryforwards at

the holding

company level

was reflected

in the

consolidated statements

of income

for the

year ended

December 31,

2025 as

part of

“income tax

expense”. On

July 17,

2025, the

Government of

Puerto Rico

enacted Act

65-2025 which,

among other

things, allows domestic limited liability

companies owned by legal entities to

elect to be treated as disregarded entities

for tax

purposes.

This

reversal

reflects

the

Corporation’s

expectation

realizing

these

tax

benefits

under

the

new

election

established by the Act.

Employee Retention Credit (“ERC”)

A $2.3

million ERC,

net of

$0.3 million

in related

commissions, was

reflected in

the consolidated

statements of

income for

the year ended

December 31, 2025

as part of

“employees’ compensation

and benefits” expenses.

This credit was

established

under

the

Coronavirus

Aid,

Relief,

and

Economic

Security

Act

support

businesses

that

retained

employees

during

the

COVID-19

pandemic.

The

credit

recorded

during

the

year

ended

December

31,

2025

tax

exempt

for

Puerto

Rico

tax

purposes.

Gain Recognized from Legal Settlement

$3.6

million

($2.3

million

after-tax,

calculated

based

the

statutory

tax

rate

37.5%)

gain

recognized

from

legal

settlement

was reflected

the

consolidated

statements

income

for

the

year

ended

December

31,

2023

as part

“other

non-interest income.”

Gain on Early Extinguishment of Debt

A $1.6

million gain

on the

repurchase

of $21.4

million in

junior subordinated

debentures was

reflected

in the

consolidated

statements

income

for

the

year

ended

December

31,

2023

“Gain

early

extinguishment

debt.”

The

junior

subordinated debentures

had been recorded

in the consolidated

statements of financial

condition as “Long-term

borrowings.”

The purchase

price equated

to 92.5%

of the

$21.4 million

par value

of the

TruPS. The

7.5% discount

resulted in

the gain of

$1.6 million. The gain, realized at the holding company level, had

no effect on the income tax expense recorded during 2023.

The following table

reconciles, for the

years ended December

31, 2025, 2024,

and 2023, net income

to adjusted net

income, a non-

GAAP financial measure that excludes

the Special Items identified above:

Year Ended

December 31,

2025

2024

2023

(In thousands)

Net income, as reported (GAAP)

344,866

298,724

302,864

Adjustments:

Employee retention credit

(2,358)

FDIC special assessment (reversal) expense

(1,099)

1,099

6,311

Income tax impact related to the enactment of Act 65-2025

(16,553)

Gain recognized from legal settlement

(3,600)

Gain on early extinguishment of debt

(1,605)

Income tax impact of adjustments

(1)

412

(412)

(1,017)

Adjusted net income (Non-GAAP)

325,268

299,411

302,953

(1)

See “Adjusted Net

Income, Adjusted Non

-Interest Income,

Adjusted Non-Interest

Expenses, and

Adjusted Income Tax

Expense” above

for the individual

tax impact

related to the

above

adjustments, which were based on the Puerto Rico statutory tax rate

of 37.5%, as applicable.

CRITICAL ACCOUNTING ESTIMATES

The

accounting

principles

the

Corporation

and

the

methods

applying

these

principles

conform

GAAP.

preparing

the

consolidated

financial

statements,

management

required

make

estimates,

assumptions,

and

judgments

that

affect

the

amounts

recorded for assets,

liabilities and contingent

liabilities as of

the date of

the financial statements

and the reported

amounts of revenues

and

expenses

during

the

reporting

periods.

Accounting

estimates

require

assumptions

and

judgments

about

uncertain

matters

that

could

have

material

effect

the

consolidated

financial

statements.

The

Corporation’s

critical

accounting

estimates

that

are

particularly

susceptible

significant

changes

include

the

following:

(i)

the

ACL and

(ii) valuation

of financial

instruments.

Actual

results could differ from estimates and assumptions if

different outcomes or conditions prevail.

Allowance for Credit Losses

The Corporation

maintains an ACL

for loans

and finance

leases based upon

management’s

estimate of the

lifetime expected

credit

losses in the loan portfolio, as of the balance sheet date,

excluding loans held for sale. Additionally,

the Corporation maintains an ACL

for

held-to-maturity

and

available-for-sale

debt

securities,

and

other

off-balance

sheet

credit

exposures

(

e.g.

, unfunded

loan

commitments). For loans and finance leases, unfunded

loan commitments, and held-to-maturity debt securities, the estimate of

lifetime

credit losses

includes the

use of

quantitative models

that incorporate

forward-looking macroeconomic

scenarios that

are applied

over

the

contractual

lives

the

portfolios,

adjusted,

appropriate,

for

prepayments

and

permitted

extension

options

using

historical

experience.

For

purposes

the

ACL

for

lending

commitments,

such

allowance

determined

using

the

same

methodology

the

ACL

for

loans,

while

also

taking

into

consideration

the

probability

drawdowns

funding,

and

whether

such

commitments

are

cancellable by us. The

ACL for available-for-sale debt

securities is measured using

a risk-adjusted discounted cash

flow approach that

also

considers

relevant

current

and

forward-looking

economic

variables

and

the

ACL

limited

the

difference

between

the

fair

value of the security

and its amortized cost.

Judgment is specifically applied

in the determination of

economic assumptions, the length

the

initial

loss

forecast

period,

the

reversion

losses

beyond

the

initial

forecast

period,

historical

loss

expectations,

usage

macroeconomic

scenarios,

and

qualitative

factors,

which

may

not

adequately

captured

the

loss

model,

further

discussed

below.

The macroeconomic

scenarios utilized by

the Corporation include

variables that have

historically been key

drivers of increases and

decreases

credit

losses.

These

variables

include,

but

are

not

limited

to,

unemployment

rates,

housing

and

commercial

real

estate

prices, gross

domestic product levels,

retail sales, interest

rate forecasts,

corporate bond

spreads, and changes

in equity market

prices.

The

Corporation

derives

the

economic

forecasts

uses

its

ACL

model

from

Moody’s

Analytics.

The

latter

has

large

team

economists, database managers and operational engineers with a history

of producing monthly economic forecasts for over 25 years.

The

Corporation

has

currently

set

initial

forecast

period

(“reasonable

and

supportable

period”)

two

years

and

reversion

period of up to three

years, utilizing a straight-line

approach and reverting back

to the historical macroeconomic

mean for Puerto Rico

and the Virgin

Islands regions. For

the Florida region,

the methodology considers

a reasonable and

supportable forecast period

and an

implicit reversion towards the historical

trend that varies for each macroeconomic

variable. After the reversion period,

a historical loss

forecast

period

covering

the

remaining

contractual

life,

adjusted

for

prepayments,

used

based

the

change

key

historical

economic variables

during representative

historical expansionary

and recessionary periods.

Changes in economic

forecasts impact the

probability

default

(“PD”),

loss-given

default

(“LGD”),

and

exposure

default

(“EAD”)

for

each

instrument,

and

therefore

influence the amount of future cash flows for each instrument that the

Corporation does not expect to collect.

Further,

the

Corporation

periodically

considers

the

need

for

qualitative

adjustments

the

ACL.

Qualitative

adjustments

may

related to and include,

but not be limited to,

factors such as the

following:

(i) management’s

assessment of economic forecasts

used in

the

model

and

how

those

forecasts

align

with

management’s

overall

evaluation

current

and

expected

economic

conditions;

(ii)

organization specific

risks such

as credit

concentrations, collateral

specific risks,

nature,

and size

of the portfolio

and external

factors

that may

ultimately impact

credit quality,

and (iii)

other limitations

associated with

factors such

as changes

in underwriting

and loan

resolution

strategies,

among

others.

The

qualitative

factors

applied

December

31,

2025,

and

the

importance

and

levels

the

qualitative

factors

applied,

may

change

future

periods

depending

the

level

changes

items

such

the

uncertainty

economic

conditions

and

management’s

assessment

the

level

credit

risk

within

the loan

portfolio

as a

result

such

changes,

compared

to the

amount of

ACL calculated

by the

model.

The evaluation

of qualitative

factors

is inherently

imprecise

and

requires

significant management judgment.

The ACL can also be

impacted by factors outside the Corporation’s

control, which include unanticipated

changes in asset quality of

the

portfolio,

such

as deterioration

borrower

delinquencies,

credit

scores

our

residential

real

estate and

consumer

portfolio.

Further,

the current

fair

value of

collateral

is utilized

to assess

the

expected

credit losses

when

a financial

asset is

considered

to be

collateral dependent.

Our process for determining

the ACL is further

discussed in Note 1

– “Nature of Business

and Summary of

Significant Accounting

Policies” and

Note 4

– “Allowance

for

Credit Losses

and

Finance

Leases”

included

Part II,

Item 8

of this

Form

10-K.

Also, see

“Allowance

for

Credit

Losses

for

Loans

and

Finance

Leases”

below

for

additional

information

the

weighting

economic

scenarios

to estimate

the ACL,

changes in

key economic

variables,

and the

ACL sensitivity

analysis performed

as of

December

31,

2025.

OTHER ESTIMATES

In addition

to the

critical accounting

estimates we

make in

connection with

the ACL,

the use

of estimates

and assumptions

is also

important in performing

the accounting for

income taxes, valuation

of financial instruments,

determining the accounting

for goodwill,

pension

and

postretirement

benefit

obligations,

and

provisions

for

losses

that

may

arise

from

litigation

and

regulatory

proceedings

(including governmental investigations).

The

Corporation’s

accounting

for

income

taxes

involves

estimating

current

tax

obligations

and

assessing

temporary

differences

between

financial

reporting

and

tax

bases.

Management

exercises

judgment

interpreting

tax

regulations

and

evaluating

the

likelihood of

realizing deferred

tax assets.

Valuation

allowances are

established, when

necessary,

to reduce

deferred tax

assets to

the

amount

that

likely

than

not

realized.

The

Corporation

updates

its

tax

estimates

and

accruals

facts

and

circumstances evolve, including

developments in audits, legislation, and

economic conditions. For additional

information, see Note 17

- “Income Taxes

”

included in Part II, Item 8 of this Form 10-K.

Valuations

financial

instruments

often

involve

estimates

due

the

need

determine

fair

value

the

absence

readily

available market

prices. Since Level

1 and Level

2 financial

instruments rely

on observable

market prices,

estimates are

minimal. On

the other

hand, Level

3 valuations

involve significant

unobservable inputs,

such as

internal models

or assumptions

about future

cash

flows,

which

introduce

higher

degree

subjectivity

and

estimation

uncertainty.

Notwithstanding,

December

31,

2025

and

2024,

less than 1%

of the available-for-sale

debt securities portfolio

was classified as

Level 3. In

addition, fair value

is also used

on a

non-recurring basis

for measuring

the fair value

of certain Level

3 assets such

as collateral

dependent loans

and OREO

properties, as

disclosed in Note 19

– “Fair Value”

included in Part II, Item 8 of this Form 10-K.

Goodwill

is tested

for impairment

at least

annually,

or more

frequently if

circumstances

indicate

that a

reporting unit’s

fair value

may fall below

its carrying amount.

The impairment assessment

begins with a

qualitative assessment to

determine whether

it is more-

likely-than-not

that fair

value exceeds

carrying value.

If this

assessment

is inconclusive,

a quantitative

test is

performed.

Estimating

the fair

value of

our

reporting units

requires

judgment

and considers

factors

such as

projected earnings,

macroeconomic

conditions,

interest rates, and

peer performance.

See Note 1 –

“Nature of Business

and Summary

of Significant Accounting

Policies” included

Part

II,

Item

this

Form

10-K

for

additional

information.

Based

our

annual

qualitative

assessment

conducted

the

fourth

quarter

2025,

was

determined

that

more-likely-than-not

that

the

fair

value

the

reporting

units

exceeded

their

carrying

value; therefore, no goodwill impairment was recognized.

The

Corporation

maintains

two

frozen

qualified

noncontributory

defined

benefit

pension

plans,

and

complementary

postretirement

benefits

plan

covering

medical benefits

and

life insurance

after retirement.

Calculation

of the

obligations

and

expenses

under

these

plans

requires

the

use

actuarial

valuation

methods

and

assumptions,

which

are

subject

management

judgment and may

differ if different

assumptions are used. See

Note 14 – “Employee

Benefit Plans” included in

Part II, Item 8

of this

Form 10-K, for disclosures related to the benefit plans.

record estimated losses related to litigation and regulatory

matters when they are both probable and reasonably estimable. These

estimates require

significant judgment,

and actual

outcomes may

differ

materially.

Estimated liabilities

are determined

on a

case-by-

case based on

the latest available

information, legal

counsel’s

advice, and

applicable insurance

coverage. Because

legal outcomes

are

inherently uncertain, it can be difficult to

determine whether a loss is probable or reasonably possible, or

to estimate the amount of any

such

loss.

Accordingly,

actual

losses

may

exceed

the

accrued

amount

the

range

reasonably

possible

losses.

See

Note

–

“Regulatory Matters, Commitments and Contingencies”

included in Part II, Item 8 of this Form 10-K.

RESULTS

OF OPERATIONS

Net Interest Income

Net interest

income is

the excess of

interest earned

by First

BanCorp. on

its interest-earning

assets over

the interest

incurred on its

interest-bearing

liabilities.

First

BanCorp.’s

net

interest

income

subject

interest

rate

risk

due

the

repricing

and

maturity

mismatch

the

Corporation’s

assets

and

liabilities.

addition,

variable

sources

interest

income,

such

loan

fees,

periodic

dividends, and

collection of

interest in

nonaccrual loans,

can fluctuate

from period

to period.

Net interest

income for

the year

ended

December 31, 2025 was $868.9 million, compared

to $807.5 million for the year ended December

31, 2024. On a tax-equivalent basis,

net

interest

income

for

the

year

ended

December

31,

2025

was

$900.5

million,

compared

$826.9

million

for

the

year

ended

December 31, 2024.

The

following

tables

include a

detailed

analysis

of net

interest income

for

the indicated

periods.

Part I

presents

average volumes

(based

the

average

daily

balance)

and

rates

adjusted

tax-equivalent

basis

and

Part

presents,

also

adjusted

tax-

equivalent basis,

the extent

to which

changes in

interest rates

and changes

in the

volume of

interest-related assets

and liabilities

have

affected

the Corporation’s

net interest

income. For

each category

of interest-earning

assets and

interest-bearing

liabilities, the

tables

provide

information

changes

(i)

volume

(changes

volume

multiplied

prior

period

rates),

and

(ii)

rate

(changes

rate

multiplied by

prior period

volumes). The

Corporation has

allocated rate-volume

variances (changes

in rate

multiplied by

changes in

volume) to either the changes in volume or the changes in rate based upon the

effect of each factor on the combined totals.

Net

interest

income

adjusted

tax

equivalent

basis

non-GAAP

financial

measure.

For

the

definition

this non

-GAAP

financial measure, refer to the discussion in “Non-GAAP Financial Measures

and Reconciliations” above.

Part I

Average volume

Interest income

(1)

/ expense

Average rate

(1)

Year Ended December

31,

2025

2024

2023

2025

2024

2023

2025

2024

2023

(Dollars in thousands)

Interest-earning assets:

Money market and other short-term investments

943,731

710,945

584,083

41,097

37,082

30,419

4.35

5.22

5.21

Government obligations

(2)

1,810,308

2,517,327

2,843,284

35,479

34,139

40,314

1.96

1.36

1.42

MBS

3,346,069

3,348,925

3,702,908

77,168

59,092

67,641

2.31

1.76

1.83

FHLB stock

27,296

34,161

36,606

2,423

3,266

2,799

8.88

9.56

7.65

Other investments

20,390

18,510

14,167

627

543

490

3.08

2.93

3.46

Total investments

(3)

6,147,794

6,629,868

7,181,048

156,794

134,122

141,663

2.55

2.02

1.97

Residential mortgage loans

2,868,887

2,816,732

2,814,102

168,321

164,238

160,009

5.87

5.83

5.69

Construction loans

244,769

221,822

172,952

23,891

19,260

14,811

9.76

8.68

8.56

C&I and commercial mortgage loans

5,968,858

5,606,827

5,244,503

410,319

405,481

365,177

6.87

7.23

6.96

Finance leases

899,270

879,437

789,870

70,167

69,218

60,909

7.80

7.87

7.71

Consumer loans

2,840,369

2,830,678

2,704,877

325,178

322,267

301,756

11.45

11.38

11.16

Total loans

(4)(5)

12,822,153

12,355,496

11,726,304

997,876

980,464

902,662

7.78

7.94

7.70

Total interest-earning assets

- non-GAAP

(1)

18,969,947

18,985,364

18,907,352

1,154,670

1,114,586

1,044,325

6.09

5.87

5.52

Tax-equivalent adjustment

(31,514)

(19,433)

(20,839)

Interest income - GAAP

1,123,156

1,095,153

1,023,486

5.92

5.77

5.41

Interest-bearing liabilities:

Time deposits

3,280,404

2,999,078

2,590,313

110,974

105,712

68,605

3.38

3.52

2.65

Brokered CDs

543,154

627,454

348,829

24,010

31,833

16,630

4.42

5.07

4.77

Other interest-bearing deposits

7,467,571

7,567,514

7,664,793

102,699

115,562

100,226

1.38

1.53

1.31

Securities sold under agreements to repurchase

161

245

54,570

2,769

4.35

4.90

5.07

Advances from the FHLB

347,370

500,055

541,000

15,367

22,566

24,608

4.42

4.51

4.55

Other borrowings

15,694

146,044

171,184

1,159

11,989

13,538

7.38

8.21

7.91

Total interest-bearing liabilities

- GAAP

11,654,354

11,840,390

11,370,689

254,216

287,674

226,376

2.18

2.43

1.99

Net interest income / margin - non-GAAP

(1)

900,454

826,912

817,949

4.75

4.36

4.33

Net interest income / margin - GAAP

868,940

807,479

797,110

4.58

4.25

4.22

Net interest spread - non-GAAP

(1)

3.91

3.44

3.53

Net interest spread - GAAP

3.74

3.34

3.42

(1)

On an adjusted tax-equivalent basis.

The Corporation estimated the adjusted

tax-equivalent yield by dividing the

interest rate spread on exempt

assets by 1 less the Puerto Rico

statutory tax

rate of

37.5% and

adding to

it the

cost of

interest-bearing liabilities.

The tax-equivalent

adjustment recognizes

the income

tax savings

when comparing

taxable and

tax-exempt assets.

Management

believes

that

it is

standard

practice

the

banking

industry

present

net

interest

income,

interest

rate

spread

and

net

interest

margin

fully

tax-equivalent

basis.

Therefore,

management

believes

these

measures

provide

useful

information

investors

allowing

them

make

peer

comparisons.

See

“Non-GAAP

Financial

Measures

and

Reconciliations” above for additional information.

(2)

Government obligations include debt issued by government-sponsored

agencies.

(3)

Unrealized gains and losses on available-for-sale debt securities

are excluded from the average volumes.

(4)

Average loan balances include

the average of nonaccrual loans.

(5)

Interest income on loans includes $17.3 million,

$13.4 million and $11.9 million for

the years ended December 31, 2025, 2024 and

2023, respectively, of income

from prepayment penalties

and late fees related to the Corporation’s

loan portfolio.

Part II

Year Ended December 31,

2025 Compared to 2024

2024 Compared to 2023

Variance due to:

Volume

Rate

Total

Volume

Rate

Total

(In thousands)

Interest income on interest-earning assets:

Money market and other short-term investments

11,237

(7,222)

4,015

6,516

147

6,663

Government obligations

(11,675)

13,015

1,340

(4,543)

(1,632)

(6,175)

MBS

18,028

18,076

(6,423)

(2,126)

(8,549)

FHLB stock

(617)

(226)

(843)

(215)

682

467

Other investments

138

(85)

Total investments

(949)

23,621

22,672

(4,527)

(3,014)

(7,541)

Residential mortgage loans

3,400

683

4,083

134

4,095

4,229

Construction loans

2,135

2,496

4,631

4,190

259

4,449

C&I and commercial mortgage loans

26,097

(21,259)

4,838

25,143

15,153

40,296

Finance leases

1,650

(701)

949

6,868

1,441

8,309

Consumer loans

1,444

1,467

2,911

13,623

6,888

20,511

Total loans

34,726

(17,314)

17,412

49,958

27,836

77,794

Total interest income

33,777

6,307

40,084

45,431

24,822

70,253

Interest expense on interest-bearing liabilities:

Time deposits

9,869

(4,607)

5,262

11,890

25,217

37,107

Brokered CDs

(3,962)

(3,861)

(7,823)

13,992

1,211

15,203

Other interest-bearing deposits

(462)

(12,401)

(12,863)

(1,537)

16,873

15,336

Securities sold under agreements to repurchase

(5)

(2,757)

Advances from the FHLB

(6,723)

(476)

(7,199)

(1,905)

(137)

(2,042)

Other borrowings

(9,732)

(1,098)

(10,830)

(2,044)

495

(1,549)

Total interest expense

(11,015)

(22,443)

(33,458)

17,639

43,659

61,298

Change in net interest income

44,792

28,750

73,542

27,792

(18,837)

8,955

Net

interest

income

amounted

$868.9

million

for

the

year

ended

December

31,

2025,

increase

$61.4

million

when

compared to $807.5 million for the same period in 2024. The $61.4

million increase in net interest income was primarily due to:

●

A $33.4 million decrease in interest expense on interest-bearing liabilities, consisting

of:

An $18.0

million decrease

in interest

expense

associated with

the redemption

of junior

subordinated debentures

during

the second

half of

2024 and

first half

of 2025,

and $210.0

million in

FHLB advances,

that matured

and were

repaid in

2025.

A $15.4 million decrease in interest expense on interest-bearing deposits, a net

effect of:

$12.8

million

decrease

interest

expense

interest-bearing

checking

and

saving

accounts,

which

$12.4

million was

associated with

lower interest

rates paid

when compared

to 2024.

The average

cost of

interest-bearing

checking and saving accounts decreased

by 15 bps to 1.38% for

2025 as compared to 1.53% for

2024, mostly driven

bps

decrease

the

cost

government

deposits.

Excluding

government

deposits,

the

average

cost

interest-bearing checking and saving accounts for 2025 was 0.72%,

compared to 0.78% for 2024.

A $7.8 million decrease in interest

expense on brokered CDs due to

a $4.0 million decrease associated with

an $84.3

million decline

in the

average balance

and a

$3.8 million

decrease mainly

associated with

new issuances

at lower

interest rates than maturing brokered CDs.

Partially offset by:

$5.2

million

increase

interest

expense

time

deposits,

excluding

brokered

CDs,

driven

$9.8

million

increase associated with

a $281.3 million

increase in the

average balance,

partially offset by

a $4.6 million

decrease

lower rates

paid

on new

issuances

and

renewals.

The

average

cost of

time deposits

for

2025,

excluding

brokered

CDs,

decreased

bps

3.38%

compared

3.52%

for

2024.

Excluding

government

deposits,

the

average cost of time deposits for 2025 was 3.39%, compared to 3.46% for

2024.

●

A $14.3 million net increase in investment securities and interest-bearing

cash balances,

driven by:

An $11.1 million

increase in interest income on

debt securities, mainly due to purchases

of higher-yielding available-for-

sale debt securities replacing maturities of lower-yielding

debt securities.

$4.0

million

increase

interest

income

from

interest-bearing

cash

balances,

due

$11.2

million

increase

associated

with

$232.8

million

net

increase

the

average

balances,

which

consisted

primarily

cash

balances

deposited at the FED, partially offset by a $7.2 million decrease associated

with the reduction of the federal funds rate.

●

A $13.7 million increase in interest income on loans, consisting of:

$5.7

million

increase

interest

income

commercial

and

construction

loans,

driven

$28.2

million

increase

associated with

a $385.0

million increase

in the

average balance,

partially offset

by a

$22.5 million

decrease due

to the

effect of lower interest rates on the downward repricing of variable-rate

loans.

December

31,

2025,

the

interest

rate

approximately

50%

the

Corporation’s

commercial

and

construction

loans was tied

to variable rates,

with 32% based

upon Secured Overnight

Financing Rate (“SOFR”)

of 3 months

or less,

10%

based

upon

the

Prime

rate

index,

and

based

other

indexes.

For

the

year

ended

December

31,

2025,

the

average

one-month

SOFR

decreased

bps,

the

three-month

SOFR

decreased

bps,

and

the

average

Prime

rate

decreased 94 bps, compared to the average rates for such indexes for the year

ended December 31, 2024.

$4.1

million

increase

interest income

residential

mortgage

loans, of

which

$3.2

million

was associated

with

$52.2 million increase in the average balance.

A $3.9 million

increase in interest income

on consumer loans and

finance leases, due

to higher yields and

higher income

from late fees, mainly in

the auto loans portfolio,

and an increase in the average

balance of auto loans and finance

leases,

partially offset by a decline in the average balance of

personal loans and credit cards.

Net interest

margin

for 2025

was 4.58%,

compared to

4.25% for

2024. The

increase in

the net

interest margin

mostly reflects

the

deployment of

cash flows from

lower-yielding investment

securities to fund

loan growth and

purchases of higher-yielding

investment

securities

and

the

decrease

the

cost

interest-bearing

non-maturity

deposits,

primarily

public

sector

deposits,

and

the

aforementioned redemption

of junior

subordinated debentures

and repayments

of FHLB

advances. These

factors were

partially offset

by the downward repricing of variable-rate commercial loans and a lower

federal funds rate on cash deposited at the FED.

Provision for Credit Losses

The provision

for credit

losses consists of

provisions for

credit losses on

loans and

finance leases,

unfunded loan

commitments, as

well as the debt securities portfolio. The principal changes in the provision

for credit losses by main categories follow:

Provision for credit losses for

loans and finance leases

The provision

for credit

losses for

loans and

finance leases was

$85.9 million

for the

year ended

December 31,

2025, compared

$62.9 million for the year ended December 31, 2024. The variances by

major portfolio category were as follows:

●

Provision for

credit losses

for the

commercial and

construction loan

portfolios was

an expense

of $10.4

million for

the year

ended

December

31,

2025,

compared

net

benefit

$17.5

million

for

year

ended

December

31,

2024.

The

expense

recorded during 2025 was mainly

due to C&I loan growth and

a deterioration in the economic outlook

of the commercial real

estate property

performance

and

forecasted

CRE price

index,

partially

offset

by improved

financial

performance

certain

commercial borrowers.

The net benefit recorded

during 2024 was associated

with the improved

financial condition of

certain

borrowers;

improvement

on the

economic

outlook

certain

macroeconomic

variables,

particularly

variables

associated

with commercial

real estate property

performance and

the forecasted CRE

price index;

a recovery

of $5.0 million

associated

with

C&I

loan

the

Puerto

Rico

region;

and

$1.2

million

recoveries

two

commercial

loans

the

Florida

region;

partially offset by portfolio growth.

●

Provision

for

credit

losses

for

the

residential

mortgage

loan

portfolio

was

expense

$0.2

million

for

the

year

ended

December 31,

2025, compared

to a net

benefit of $16.2

million for year

ended December 31,

2024. The net

benefit recorded

during

2024 was

driven

by improvements

in macroeconomic

variables,

mainly in

the projection

of the

unemployment rate,

and updated

historical loss

experience used

for determining

the ACL

estimate resulting

in a downward

revision of

estimated

loss severities, partially offset by newly originated loans

●

Provision

for credit

losses for

the consumer

loan and

finance lease

portfolios

was an

expense of

$75.3

million for

the year

ended

December

31,

2025,

compared

expense

$96.6

million

for

year

ended

December

31,

2024.

The

decrease

provision

expense

was

mainly

due

updated

historical

loss

experience

and

reductions

the

unsecured

loan

portfolio,

partially

offset

lower

favorable

impact

from

updated

macroeconomic

variables,

mainly

the

projection

the

unemployment

rate, and

a $7.6

million decrease

in recoveries

associated with

the bulk

sales of

fully charged

-off

loans that

took place in the first quarter of each year.

Provision for credit losses for

unfunded loan commitments and debt securities

The

provision

for

credit losses

for

unfunded

commercial

and

construction

loan

commitments and

standby

letters of

credit for

the

year

ended

December

31,

2025

was a

net

benefit

$0.1

million,

compared

net

benefit

$1.5

million

for

the

same period

2024.

The

net

benefit

recorded

during

2024

was

driven

improvement

the

economic

outlook

certain

macroeconomic

variables, particularly in variables associated with the CRE price

index.

The

provision

for

credit

losses for

held-to-maturity

and

available-for-sale

debt

securities

for

the

year

ended

December

31,

2025

was an expense of $0.2 million,

compared to a net benefit of

$1.4 million for the same period

in 2024. The net benefit recorded

during

2024 was mostly driven by improvements in the underlying updated

financial information of a Puerto Rico municipal bond issuer.

Non-Interest Income

Non-interest income

for the

year ended

December 31,

2025 amounted

to $131.9

million, compared

to $130.7

million for

the same

period in 2024. The $1.2 million

increase in non-interest income was

mainly due to a $1.4 million

increase in revenues from mortgage

banking activities, driven by an increase in the net realized

gain on sales of residential mortgage loans in the secondary market.

During

2025 and

2024, net realized

gains of $7.2

million and

$5.4 million, respectively,

were recognized

as a result

of GNMA

securitization

transactions and whole

loan sales to U.S.

GSEs amounting to

$173.0 million and

$160.0 million, respectively.

The results for

the year

ended

December

31,

2024

include

$1.5

million

insurance

proceeds

mostly

associated

with

insurance

claims

associated

with

property damage caused by Hurricane Fiona.

Non-Interest Expenses

Non-interest expenses for

the year ended December

31, 2025 amounted to $498.1

million, compared to $487.1

million for the same

period in 2024. The efficiency

ratio for 2025 was 49.77%, compared

to 51.92%

for the same period in 2024. Non-interest expense

for

the

year

ended

December

31,

2025

include

the

aforementioned

$2.3

million

ERC,

and

the

aforementioned

benefit

$1.1

million

to the

FDIC special

assessment, while

non-interest

expenses

for

the same

period in

2024 include

the $1.1

million

additional

FDIC special

assessment expense.

See “Non-GAAP

Financial Measures

and Reconciliations”

above for

additional information.

On a

non-GAAP basis, excluding

the effect of

these Special Items, adjusted

non-interest expenses increased

by $15.5 million

primarily due

to:

●

$11.7

million

increase

adjusted

employees’

compensation

and

benefits

expenses,

driven

annual

salary

merit

increases;

and

$4.2

million

increase

bonus

incentives,

which

includes

$1.4

million

increase

stock-based

compensation expense, of which $0.4 million was associated with retirement

-eligible employees.

●

$5.9

million

unfavorable

variance

net

gain

OREO

operations,

driven

$2.8

million

valuation

adjustment

recorded

during

2025

connection

with

ongoing

litigation

which

could

result

potential

loss

title

commercial

OREO

property

the

Virgin

Islands

region,

$2.3

million

realized

gain

the

sale

commercial

real

estate OREO

property

in the

Puerto Rico

region during

2024, and

a decrease

in net

realized gains

on sales

of residential

OREO properties in the Puerto Rico region.

Partially offset by:

●

$3.2

million

decrease

other

non-interest

expenses,

mainly

due

decrease

the

amortization

core

deposit

intangible

assets

from

the

Banco

Santander

Puerto

Rico

acquisition,

including

$1.2

million

savings

accounts

fully amortized

in 2024

and $1.3

million related

to non-interest

checking accounts

fully amortized

in 2025.

Additionally,

expenses

declined

due

$2.1

million

reduction

institutional

insurance

policy

costs. These

decreases

were

partially

offset by a $1.8 million increase in charges for operational

and fraud losses.

Income Taxes

For the

year ended

December 31,

2025, the

Corporation recorded

an income

tax expense of

$71.9 million,

compared to

an income

tax

expense

$92.5

million

for

the

same

period

2024.

The

results

for

the

year

ended

December

31,

2025

include

one-time

reversal

approximately

$16.6

million

valuation

allowance

deferred

tax

assets

primarily

associated

with

NOL

carryforwards at the holding

company level, which reflects

the Corporation’s

expectation of realizing

these tax benefits under

the new

election established by Act

65-2025. For further details, see

“Non-GAAP Financial Measures and

Reconciliations” above and Note

– “Income Taxes”.

The decrease in income

tax expense for the year

ended December 31, 2025

was driven by the aforementioned

one-

time reversal of approximately

$16.6 million in valuation allowance

and a lower annual effective

tax rate due to a higher proportion

exempt to taxable income.

The Corporation’s

annual effective

tax rate,

excluding discrete

items, decreased

to 21.6%

for the

year ended

December 31,

2025,

compared

23.7%

for

the

same

period

2024.

See

Note

–

“Income

Taxes”

the

audited

consolidated

financial

statements

included in Part II, Item 8 of this Form 10-K for additional information.

As of

December

31,

2025,

the Corporation

had

a net

deferred

tax

asset of

$149.0

million,

net

of a

valuation

allowance

$75.0

million,

compared to

a net

deferred tax

asset of

$136.4

million,

net of

a valuation

allowance of

$119.1

million,

as of

December 31,

2024. The increase in

the net deferred tax

asset was driven by the

aforementioned one-time reversal

of approximately $16.6

million in

valuation

allowance.

Meanwhile,

the

decrease

the

valuation

allowance

was

primarily

changes

the

market

value

available-for-sale

debt securities,

which resulted

in an

equal change

in the

deferred tax

asset without

impacting

earnings as

they are

fully reserved

as the Corporation

does not expect

to realize such

benefits, and the

aforementioned one-time

reversal of approximately

$16.6 million.

OPERATING SEGMENTS

The Corporation’s

operating segments

are based

primarily on

the Corporation’s

lines of

business for

its operations

in Puerto

Rico,

the Corporation’s

principal market,

and by

geographic areas

for its

operations outside

of Puerto

Rico. As

of December

31, 2025,

the

Corporation

had

six

reportable

segments:

Mortgage

Banking;

Consumer

(Retail)

Banking;

Commercial

and

Corporate

Banking;

Treasury and

Investments; United States Operations;

and Virgin

Islands Operations. The Chief Executive

Officer (“CEO”), who

is the

designated

chief

operating

decision

maker

(“CODM”),

ultimate

decision

maker,

evaluates

performance

and

allocates

resources

based

on financial

information

provided

by management.

In determining

the reportable

segments,

the

Corporation

considers

factors

such as

the organizational

structure, nature

of the

products,

distribution

channels, customer

relationship

management,

and economic

characteristics of

the business

lines. For

additional information

regarding First

BanCorp.’s

reportable

segments, please

refer

to Note

21, “Segment Information” to the audited financial statements included

in Part II, Item 8 of this Form 10-K.

The accounting

policies for

segment reporting

are consistent with

those described

in Note 1,

“Nature of

Business and

Summary of

Significant

Accounting

Policies” to

the audited

financial

statements

included

in Part

II,

Item 8

of this

Form

10-K.

The Corporation

evaluates the performance

of the segments based

on net interest income,

the provision for

credit losses, non-interest

income, and non-

interest

expenses.

The

segments

are

also

evaluated

based

the

average

volume

their

interest-earning

assets

(net

fair

value

adjustments of investment securities and the ACL).

The Corporation

uses a

funds transfer

pricing system

to match fund

lending and

deposit gathering

functions with

the Treasury

and

Investments

segment

centrally

managing

funding

providing

funds

the

Mortgage

Banking,

Consumer

(Retail)

Banking,

Commercial

and

Corporate

Banking,

the

United

States

Operations,

and

the

Virgin

Islands

Operations

segments

support

their

lending

activities

and

compensating

these

units

for

deposits

gathered.

The

mismatch

between

funds

provided

and

funds

used

managed

the

Treasury

and

Investments

segment.

The

funds

transfer

pricing

charged

credited

are

calculated

using

the

SOFR/swap curve with term rates-based approach,

adjusted for a funding spread that reflects the Corporation’s

cost of funds.

Mortgage Banking

The Mortgage Banking

segment conducts its operations

primarily through FirstBank.

This segment consists of

the origination, sale,

and

servicing

variety

residential

mortgage

loan

products.

Originations

are

sourced

through

different

channels,

such

FirstBank branches

and purchases

from mortgage

bankers, and

in association

with new

project developers.

This segment

focuses on

originating residential real estate loans, including those that conform

to the Federal Housing Administration (the “FHA”), the Veterans

Administration

(the

“VA”),

and

U.S.

Department

Agriculture

Rural

Development

(“RD”)

standards.

Loans

that

meet

FHA’s

standards qualify for FHA’s

insurance, while loans that meet VA

or RD standards are guaranteed by the respective federal agencies.

Mortgage

loans

that

not

qualify

for

the

FHA,

VA,

programs

are

referred

conventional

loans,

which

can

conforming or non-conforming. Conforming

loans are those that meet the

standards for sale under the U.S.

Federal National Mortgage

Association

(“FNMA”)

and

the

U.S.

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”)

programs.

Loans

that

not

meet

FNMA

FHLMC

standards

are

referred

non-conforming

residential

real

estate

loans.

The

Mortgage

Banking

segment

also

acquires

and

sells mortgages

in the

secondary

market.

Conforming

residential

real estate

loans are

sold to

investors

such

as FNMA

and FHLMC, and the Corporation has commitment authority to issue GNMA

MBS.

For

the

year

ended

December

31,

2025,

segment

income

before

taxes

for

the

Mortgage

Banking

segment

decreased

$43.5

million, compared to $58.5 million for the same period in 2024. The highlights

of the segment’s financial results are

as follows:

●

Net interest

income for

the year

ended December

31, 2025

was $70.9

million, compared

to $72.5

million for

the same

period in 2024. The decrease in

net interest income of $1.6 million was

primarily attributable to an increase in

the cost of

funds charged to this segment, partially offset

by an increase in average loan balances.

●

The provision

for credit

losses for

the year

ended December

31, 2025

was a

net benefit

of $0.9

million, compared

to a

net

benefit

$15.5

million

for

the

same

period

2024.

The

net

benefit

recorded

during

2024

was

driven

improvements

macroeconomic

variables,

mainly

the projection

of the

unemployment

rate,

and

updated

historical

loss

experience

used

for

determining

the

ACL

estimate

resulting

downward

revision

estimated

loss

severities,

partially offset by newly originated loans.

●

Non-interest income

for the

year ended

December 31,

2025 was

$14.9 million,

compared to

$13.5 million

for the

same

period

2024.

The

increase

$1.4

million

was driven

by an

increase

the

net

realized

gain

sales of

residential

mortgage loans in the secondary market.

●

Non-interest expenses for the year ended December 31, 2025 were $43.2

million, compared to $43.0 million for the same

period in 2024. The

increase of $0.2 million

was driven by: (i) a

$1.1 million decrease in

net gains on OREO operations,

driven by

a decrease

in net

realized gains

on sales

of residential

OREO properties

in the

Puerto Rico

region; (ii)

a $0.5

million increase in

other non-interest expenses

and (iii) a $0.4

million increase in

employees’ compensation and

benefits

expenses, driven

by an

increase in

bonus incentives,

partially offset

by the

aforementioned ERC

recorded during

2025.

These variances were

partially offset by

a $1.3 million decrease

in professional service

fees, driven by lower

collections,

appraisals, and credit

-related fees; and

a $0.4 million

decrease in FDIC

deposit insurance expense

driven by the

reversal

during 2025 of the FDIC special assessment charges that were recorded

for the year ended December 31, 2024.

Consumer (Retail) Banking

The

Consumer

(Retail)

Banking

segment

includes

the

Corporation’s

consumer

lending,

commercial

lending

small

businesses,

commercial

transaction

banking,

and

deposit-taking

activities

(other

than

those assigned

the

Commercial

and

Corporate

Banking

segment) primarily

conducted through

FirstBank’s

branch network

and loan

centers in

Puerto Rico.

Retail deposits

gathered

through

each branch

of FirstBank’s

retail network

serve as one

of the funding

sources for the

lending and

investing activities.

Other activities

included in this segment are insurance activities in the Puerto Rico region.

For

the

year

ended

December

31,

2025,

segment

income

before

taxes

for

the

Consumer

(Retail)

Banking

segment

increased

$289.0

million,

compared

$243.3

million

for

the

same

period

2024.

The

highlights

the

segment’s

financial

results

are

follows:

●

Net interest income

for the year ended

December 31, 2025 was

$583.7 million, compared

to $550.8 million

for the same

period in

2024. The increase

of $32.9

million was primarily

driven by

higher income

from funds loaned

to the Treasury

and Investments segment, which resulted from higher average time deposit

balances.

●

The

provision

for

credit

losses

for

the

year

ended

December

31,

2025

decreased

$20.4

million

$74.9

million,

compared

to $95.3

million for

the same

period in

2024.

The decrease

in provision

expense was

mainly due

to updated

historical

loss

experience

and

reductions

the

unsecured

loan

portfolio,

partially

offset

lower

favorable

impact

from updated

macroeconomic variables,

mainly in

the projection

of the unemployment

rate, and a

$7.6 million

decrease

in recoveries associated with the bulk sales of fully charged-off

loans that took place in the first quarter of each year.

●

Non-interest income

for the

year ended

December 31,

2025 was

$95.4 million,

compared to

$96.2 million

for the

same

period in 2024. The decrease of $0.8 million was driven

by a $1.1 million decrease in service charges and fees on

deposit

accounts and a

$0.3 million decrease

in insurance commission

income, partially offset

by a $0.8

million increase in

card

and processing income due to higher transactional fee income.

●

Non-interest

expenses for

the year

ended December

31, 2025

were $315.2

million, compared

to $308.4

million for

the

same period in 2024.

The increase of $6.8 million

was driven by: (i) a

$7.4 million increase in employees’

compensation

and benefits expenses, mainly related to annual salary merit increases

and an increase in bonus incentives, partially offset

the

aforementioned

ERC

recorded

during

2025;

(ii)

$1.3

million

increase

taxes,

other

than

income

taxes,

primarily

to higher

municipal license

taxes; and

(iii) a

$1.0 million

increase in

credit and

debit card

processing

fees

driven

higher

transactional

volumes.

These

variances

were

partially

offset

a $1.4

million

decrease

other

non-interest

expenses,

mainly

due

decrease

the

amortization

core

deposit

intangible

assets

from

the

Banco

Santander

Puerto

Rico

acquisition,

$0.8

million

decrease

FDIC

deposit

insurance

expense

driven

the

reversal

during

2025 of

the FDIC

special

assessment

charges

that

were recorded

for the

year

ended December

31, 2024,

and a

$0.9 million decrease in business promotion expenses.

Commercial and Corporate Banking

The

Commercial

and

Corporate

Banking

segment

consists

the

Corporation’s

lending

and

other

services

for

large

customers

represented

specialized

and

middle-market

clients

and

the

government

sector.

This

segment

consists

the

Corporation’s

commercial lending (other than small

business commercial loans) and commercial

deposit-taking activities (other than the

government

sector). A substantial

portion of the

commercial and corporate

banking portfolio is

secured by the underlying

real estate collateral

and

the personal guarantees from the borrowers.

For

the

year

ended

December

31,

2025,

segment

income

before

taxes

for

the

Commercial

and

Corporate

Banking

segment

remained

relatively flat

at $137.8

million, compared

to $137.9

million for

the same

period in

2024. The

highlights of

the segment’s

financial results are as follows:

●

Net interest income

for the year ended

December 31, 2025 was

$173.8 million, compared

to $157.7 million

for the same

period in

2024. The

increase of

$16.1 million

was primarily

attributable to

a $17.3

million decrease

in the

cost of

funds

charged to

this segment

resulting from

lower interest

rates, partially

offset by

a $2.0

million decrease

in interest

income

mainly associated with the effect of lower interest rates on the downward

repricing of variable-rate loans.

●

The provision for

credit losses for

the year ended

December 31, 2025

was an expense of

$4.1 million, compared

to a net

benefit

of $12.9

million

for

the same

period

in 2024.

The expense

recorded

during

2025

was mainly

due

to C&I

loan

growth

and a

deterioration in

the economic

outlook of

the commercial

real estate

property performance

and forecasted

CRE price

index,

partially

offset

by improved

financial

performance

of certain

commercial borrowers.

The net

benefit

recorded

during

2024

was

associated

with

the

improved

financial

condition

certain

borrowers;

recovery

$5.0

million associated

with a

C&I loan

in the

Puerto Rico

region; and

an improvement

on the

economic

outlook of

certain

macroeconomic

variables,

particularly

variables

associated

with

commercial

real

estate

property

performance

and

the

forecasted CRE price index; partially offset by loan growth.

●

Non-interest

income

for

the

year

ended

December

31,

2025

was

$8.1

million,

compared

$7.0

million

for

the

same

period

2024.

The

increase

$1.1

million

was

driven

$1.4

million

increase

service

charges

deposits

primarily related to cash management fee income from corporate customers.

●

Non-interest expenses for the year ended December 31, 2025 were $40.0

million, compared to $39.7 million for the same

period in 2024. The increase of $0.3

million was mainly due to a $2.0

million decrease in net gains on OREO

operations,

driven by

a $2.3

million realized

gain on

the sale

of a

commercial real

estate OREO

property in

the Puerto

Rico region

during

2024,

and

$0.6

million

increase

employees’

compensation

and

benefits

expenses,

driven

increases

bonus incentives,

partially offset by the aforementioned ERC recorded

during 2025. These variances were partially offset

by lower

management fees,

which

are recorded

as part

of other

non-interest expenses,

and

a decrease

in FDIC

deposit

insurance expense driven

by the reversal

during 2025 of

the FDIC special

assessment charges

that were recorded

for the

year ended December 31, 2024.

Treasury and

Investments

The

Treasury

and

Investments

segment

responsible

for

the

Corporation’s

investment

portfolio

and

treasury

functions.

The

treasury

function centrally

manages funding

by providing

funds to

the Mortgage

Banking,

Consumer (Retail)

Banking,

Commercial

and

Corporate

Banking,

United

States

Operations,

and

Virgin

Islands

Operations

segments

support

their

respective

lending

activities and by

compensating these

units for deposits

gathered. The

Treasury function

also obtains funds

through brokered

deposits,

advances from the FHLB, and repurchase agreements involving investment

securities, among other funding sources.

The

investment

function

is intended

implement

funding

strategy

for

the

purposes of

liquidity

management,

interest rate

risk

management and earnings enhancement.

The funds

transfer pricing

charged

or credited

by Treasury

and Investments

are calculated

using the

SOFR/swap curve

with term

rates, adjusted for a funding spread that reflects the Corporation’s

cost of funds.

For the

year ended

December 31,

2025, segment

loss before

taxes for

the Treasury

and Investments

segment increased

to $121.9

million,

compared

$120.8

million

for

the

same

period

2024,

part

due

$0.4

million

increase

net

interest

loss,

which

primarily

reflects

$45.8

million

higher

charge

funds

loaned

from

the

Consumer

(Retail)

Banking

segment,

which

was

largely

offset by lower interest

expense and higher interest

income. Interest expense decreased

$30.1 million, mainly due to

the redemption of

junior subordinated debentures

during the second

half of 2024

and first half of

2025, reduced interest

expense on brokered

CDs in the

Puerto Rico region, and the repayment in 2025 of $210.0

million of maturing FHLB advances. Interest income increased $15.2

million

primarily due to purchases of higher-yielding debt securities replacing

maturing lower-yielding debt securities.

United States Operations

The United

States Operations

segment

consists of

all banking

activities conducted

by FirstBank

on the

U.S. mainland.

FirstBank

provides a wide

range of banking services

to individual and corporate

customers,

primarily in southern

Florida, through eight

banking

branches.

This

segment

offers

variety

consumer

and

commercial

banking

products

and

services.

Consumer

banking

products

include checking,

savings and

money market

accounts, retail

CDs, internet

banking services,

residential mortgages,

and home

equity

loans and

lines of

credit. Retail

deposits,

as well

as FHLB

advances

and brokered

CDs, allocated

to this

operation serve

as funding

sources for its lending activities.

Commercial

banking

services

include

checking,

savings

and

money

market

accounts,

retail

CDs,

internet

banking

services,

cash

management services,

remote data capture,

and automated clearing

house (“ACH”) transactions.

Loan products include

the traditional

C&I and commercial real estate products, such as lines of credit, term loans,

and construction loans.

For the year

ended December 31,

2025, segment

income before taxes

for the United

States Operations segment

decreased to

$39.2

million, compared to $42.7 million for the same period in 2024. The highlights

of the segment’s financial results are

as follows:

●

Net interest

income for

the year

ended December

31, 2025

was $87.3

million, compared

to $78.0

million for

the same

period in

2024. The

increase of $9.3

million was mainly

related to higher

interest income on

loans due

to an increase

average

loan

balances

commercial

loans,

partially

offset

the

effect

lower

interest

rates

the

downward

repricing

variable-rate

commercial

loans,

well

higher

interest

expense

deposits

due

increase

the

average deposit balances, which outweighed the impact of lower rates paid

on deposits during 2025.

●

The provision for

credit losses for

the year ended

December 31, 2025

was an expense of

$5.7 million, compared

to a net

benefit

$6.7

million

for

the

same

period

2024.

The

expense

recorded

during

2025

was

mainly

due

C&I

loan

growth

and a

deterioration in

the economic

outlook of

the commercial

real estate

property performance

and forecasted

CRE price index.

Meanwhile, the net benefit recorded during 2024 was associated with an improvement

on the economic

outlook

certain

macroeconomic

variables,

particularly

variables

associated

with

commercial

real

estate

property

performance and the forecasted CRE price index; and $1.2

million in recoveries of two commercial loans; partially

offset

by loan growth.

Virgin

Islands Operations

The Virgin

Islands Operations

segment consists

of all

banking activities

conducted by

FirstBank in

the USVI

and BVI,

including

commercial and consumer

banking services.

This segment operates

through eight banking

branches serving in

the USVI islands of

St.

Thomas,

St.

Croix,

and

St.

John,

well

the

island

Tortola

the

BVI.

This

segment’s

primary

business

activities

include

consumer

and

commercial

lending,

and

deposit-taking

activities. Retail

deposits

gathered

through

each branch

serve as

the

primary

funding sources for the segment’s lending

activities.

For the year

ended December 31,

2025, segment income

before taxes for

the Virgin

Islands Operations segment

was $29.1 million,

compared to $29.7 million for the same period in 2024. The highlights

of the segment’s financial results are as follows

●

Net interest

income for

the year

ended December

31, 2025

was $65.8

million, compared

to $60.7

million for

the same

period

2024.

The

increase

$5.1

million

was

mainly

higher

average

loan

balances

commercial

and

construction

loans

and

lower

interest

rates

paid

government

time

deposits,

partially

offset

the

effect

lower

interest rates on the downward repricing of variable-rate commercial loans.

●

The provision for

credit losses for

the year ended

December 31, 2025

was an expense of

$1.9 million, compared

to a net

benefit of $0.2

million for the

same period in

2024. The expense

recorded during 2025

was mainly due

to an increase

the

provision

for

credit

losses

for

the

commercial

and

construction

loan

portfolios

due

C&I

loan

growth

and

deterioration

the

economic

outlook

the

commercial

real

estate

property

performance

and

forecasted

CRE

price

index,

partially

offset

decrease

the

provision

for

credit

losses

for

the

consumer

loan

portfolio

due

updated

historical loss experience and reductions in the unsecured loan portfolio.

●

Non-interest expenses for the year ended December 31, 2025 were $44.3 million,

compared to $41.1 million for the same

period

in 202

The

increase of

$3.2 million

was mainly

associated with

$2.8 million

valuation

adjustment

recorded

during

2025

connection

with

ongoing

litigation

which

could

result

potential

loss

title

commercial

OREO property in the Virgin

Islands region.

FINANCIAL CONDITION AND OPERATING

DATA

ANALYSIS

Financial Condition

The following table presents an average balance sheet of the Corporation for the indicated

periods:

December 31,

2025

2024

2023

(In thousands)

ASSETS

Interest-earning assets:

Money market and other short-term investments

943,731

710,945

584,083

U.S. and Puerto Rico government obligations

1,810,308

2,517,327

2,843,284

MBS

3,346,069

3,348,925

3,702,908

FHLB stock

27,296

34,161

36,606

Other investments

20,390

18,510

14,167

Total investments

6,147,794

6,629,868

7,181,048

Residential mortgage loans

2,868,887

2,816,732

2,814,102

Construction loans

244,769

221,822

172,952

Commercial loans

5,968,858

5,606,827

5,244,503

Finance leases

899,270

879,437

789,870

Consumer loans

2,840,369

2,830,678

2,704,877

Total loans

12,822,153

12,355,496

11,726,304

Total interest-earning assets, excluding valuation

allowances on investment securities and total ACL

18,969,947

18,985,364

18,907,352

Total non-interest-earning assets

786,155

834,855

838,955

Valuation allowances on investment securities and total ACL

(1)

(691,681)

(858,863)

(1,039,884)

Total assets

19,064,421

18,961,356

18,706,423

LIABILITIES

Interest-bearing liabilities:

Time deposits

3,280,404

2,999,078

2,590,313

Brokered CDs

543,154

627,454

348,829

Other interest-bearing deposits

7,467,571

7,567,514

7,664,793

Interest-bearing deposits

11,291,129

11,194,046

10,603,935

Securities sold under agreements to repurchase

161

245

54,570

Advances from the FHLB

347,370

500,055

541,000

Other borrowings

15,694

146,044

171,184

Total interest-bearing liabilities

11,654,354

11,840,390

11,370,689

Total non-interest-bearing liabilities

(2)

5,570,267

5,556,423

5,950,495

Total liabilities

17,224,621

17,396,813

17,321,184

STOCKHOLDERS’ EQUITY

Stockholders’ equity

1,839,800

1,564,543

1,385,239

Total liabilities and stockholders’ equity

19,064,421

18,961,356

18,706,423

(1) Includes, among other things, the ACL on loans and finance

leases and debt securities, as well as unrealized gains and losses

on available-for-sale debt securities.

(2) Includes, among other things, non-interest-bearing deposits.

The Corporation’s

total average assets

were $19.1

billion for the

year ended December

31, 2025, compared

to $19.0 billion

for the

year

ended December

31, 2024,

a net

increase

of $103.1

million.

The variance

primarily reflects

the following:

(i) a

$466.7 million

increase in

the average balance

of total

loans, primarily

in the

commercial and

construction loan

portfolios; (ii)

an increase

of $232.8

million

the

average

balance

interest-bearing

cash,

which

consisted

primarily

deposits

maintained

the

FED;

and

(iii)

decrease

$156.8

million

unrealized

losses

available-for-sale

debt

securities.

These

variances

were

partially

offset

decrease of $709.9 million

in debt securities, mainly due

to maturities and principal

repayments of U.S. agencies MBS

and debentures

and U.S. Treasury securities,

net of purchases.

The

Corporation’s

total

average

liabilities

were

$17.2

billion

for

the

year

ended

December

31,

2025,

net

decrease

$172.2

million compared

to December 31,

2024. The net

decrease was related

to a decrease

of $283.1

million in the

average balance

of total

borrowings,

mostly

associated

with

FHLB

advances

that

matured

and

were

repaid

2025

and

the

redemption

the

remaining

outstanding TruPS,

partially offset

by a $97.1

million increase in

the average

balance of interest-bearing

deposits and a

$13.8 million

increase in the average balance of non-interest-bearing liabilities, primarily

in non-interest-bearing deposits.

Assets

The Corporation’s

total assets were

$19.1 billion as

of December

31, 2025, a

decrease of $160.0

million from December

31, 2024,

primarily

related to

a decrease

in cash

and cash

equivalents

resulting

from the

repayment of

long-term borrowing

and a

decrease in

total deposits,

partially offset

by an

increase in total

loans and

an increase in

the fair value

of available-for-sale

debt securities

due to

changes in market interest rates.

Loans Receivable, including Loans Held for Sale

As of

December 31,

2025, the

Corporation’s

total loan

portfolio before

the ACL

amounted to

$13.1 billion,

an increase

of $380.2

million

compared

to December

31, 2024,

of which

$347.8 million

was in

commercial

and construction

loans. In

the Florida

region,

commercial and

construction loans

increased by

$179.4 million,

of which

$129.2 million

was in

C&I loans

and $92.2

million was

commercial mortgage

loans. In

the Puerto

Rico region,

commercial and

construction loans

increased by

$113.4 million

driven by

the

origination of

several C&I

term loans,

each in

excess of

$15 million,

that increased

the portfolio

balance by

$141.4 million;

a $67.9

million

increase

in construction

loans; and

higher utilization

of C&I

lines of

credit; partially

offset

by the

payoff

of a

$73.8

million

commercial mortgage

loan in the

hospitality industry;

the repayment of

a $36.8 million

C&I term loan;

and a $42.1

million reduction

in the balance of floor

plan lines of credit. In the

Virgin Islands

region, commercial and construction

loans increased by $55.0 million,

in part due to a $40.2 million disbursement of a government line of credit.

December

31,

2025,

the Corporation’s

loans

held-for-investment

portfolio

was

comprised

commercial

and

construction

loans (49%),

consumer loans

and finance

leases (29%),

and residential

real estate

loans (22%).

Of the

total gross

loan portfolio

held

for investment

of $13.1

billion as

of December

31, 2025,

the Corporation

had credit

risk concentration

of approximately

77% in

the

Puerto Rico region,

19% in the

United States region

(mainly in the

state of Florida),

and 4% in

the Virgin

Islands region, as

shown in

the following table:

As of December 31, 2025

Puerto Rico

Virgin Islands

United States

Total

(In thousands)

Residential mortgage loans

2,227,053

150,551

530,698

2,908,302

Construction loans

249,466

14,174

1,928

265,568

Commercial mortgage loans

1,690,176

73,751

790,325

2,554,252

C&I loans

2,348,274

170,728

1,169,356

3,688,358

Total commercial loans

4,287,916

258,653

1,961,609

6,508,178

Consumer loans and finance leases

3,636,072

66,947

5,857

3,708,876

Total loans held for investment,

gross

10,151,041

476,151

2,498,164

13,125,356

Loans held for sale

16,697

Total loans, gross

10,167,738

476,151

2,498,164

13,142,053

As of December 31, 2024

Puerto Rico

Virgin Islands

United States

Total

(In thousands)

Residential mortgage loans

2,166,980

156,225

505,226

2,828,431

Construction loans

181,607

2,820

43,969

228,396

Commercial mortgage loans

1,800,445

67,449

698,090

2,565,984

C&I loans

2,192,468

133,407

1,040,163

3,366,038

Total commercial loans

4,174,520

203,676

1,782,222

6,160,418

Consumer loans and finance leases

3,680,628

69,577

7,502

3,757,707

Total loans held for investment,

gross

10,022,128

429,478

2,294,950

12,746,556

Loans held for sale

14,558

434

284

15,276

Total loans, gross

10,036,686

429,912

2,295,234

12,761,832

First

BanCorp.

relies

primarily

its

retail

network

branches

originate

residential

and

consumer

personal

loans.

The

Corporation

manages

its construction

and

commercial

loan originations

through

centralized

units

and

most

its originations

come

from existing customers,

as well as through

referrals and direct

solicitations. Auto loans

and finance

leases originations rely

primarily

on the relationships with auto dealers and dedicated sales professionals who serve

selected locations in order to facilitate originations.

The following table sets forth certain additional data (including loan production)

related to the Corporation's loan portfolio net of the

ACL on loans and finance leases as of and for the indicated dates:

For the Year

Ended December 31,

2025

2024

2023

(Dollars in thousands)

Beginning balance as of January 1

12,517,890

11,931,008

11,304,667

Residential real estate loans originated

500,633

460,726

424,641

Construction loans originated

148,767

207,421

154,720

C&I and commercial mortgage loans originated and purchased

3,198,662

3,113,258

2,750,817

Finance leases originated

240,030

263,693

327,528

Consumer loans originated

1,264,454

1,372,537

1,468,794

Total loans originated and purchased

5,352,546

5,417,635

5,126,500

Sales of loans

(170,249)

(165,533)

(155,733)

Repayments and other decreases

(1)

(4,807,171)

(4,665,220)

(4,344,426)

Net increase

375,126

586,882

626,341

Ending balance as of December 31

12,893,016

12,517,890

11,931,008

Percentage increase

3.00%

4.92%

5.54%

(1)

Includes, among other things, the change in the ACL on loans

and finance leases and cancellation of loans due to the repossession

of the collateral and loans repurchased.

Residential

mortgage

loan

originations

for

the

year

ended

December

31,

2025

amounted

$500.6

million,

compared

$460.7

million for

2024. The increase

in residential

mortgage loan originations

of $39.9 million

mainly consisted

of a $56.3

million increase

in the Puerto Rico region, partially offset by a $18.2 million

decrease in Florida region.

See “Risk Management –

Exposure to Puerto Rico Government”

and “Risk Management –

Exposure to USVI Government”

below

for information on the Corporation’s

credit exposure to PR and USVI government entities.

As of

December

31,

2025,

the Corporation’s

total

commercial

mortgage

loan

exposure

amounted

$2.6

billion,

or 19%

the

total loan portfolio. In terms of

geography, $1.7 billion

of the exposure was in the Puerto

Rico region, $0.8 billion of the exposure

was

in the

Florida region,

and $0.1

billion of

the exposure

was in

the Virgin

Islands region.

The $1.7

billion exposure

in the

Puerto Rico

region was

comprised mainly

of 40%

in the

retail industry,

26% in

office real

estate, and

19% in

the hotel

industry.

The $0.8

billion

exposure

in the

Florida region

was comprised

mainly of

36% in

the retail

industry,

20% in

the hotel

industry,

and 6%

in office

real

estate.

the

Corporation’s

total

commercial

mortgage

loan

exposure

$2.6

billion,

$563.0

million

matures

within

the

months and has a weighted-average

interest rate of approximately 5.64%.

Commercial mortgage loan exposure

in the office real estate

industry,

which

matures

within

the

months,

amounted

$136.3

million

and

has

weighted-average

interest

rate

approximately 5.53%.

As of

December

31, 2025

and 2024,

the Corporation’s

total exposure

to shared

national credit

(“SNC”) loans

(including

unused

commitments) amounted

to $1.1 billion

and $1.3 billion,

respectively.

As of December

31, 2025, approximately

$333.4 million of

the

SNC exposure is related to the portfolio in the Puerto Rico region and $796.9 million

is related to the portfolio in the Florida region.

Commercial and

construction loan

originations (excluding

government loans)

for the

year ended

December 31,

2025 amounted

$3.2

billion,

compared

$3.1

billion

for

2024.

The

increase

$28.0

million

for

the

year

ended

December

31,

2025

was

mainly

a $64.7

million

increase

the

Florida

region,

mainly

commercial

mortgage

loans;

and

a $14.2

million

increase

the

Virgin

Islands

region,

which

$10.3

million

was

construction

loans.

These

variances

were

partially

offset

$50.9

million

decrease

in Puerto

Rico region,

driven by

a $175.0

million decrease

in the

floor plan

portfolio and

a $151.5

million decrease

in the

commercial

mortgage

loans; partially

offset

by a

$306.6 million

increase

in C&I

loans,

driven

by higher

utilization

of C&I

lines of

credit and the origination of several C&I relationships, each in excess

of $25 million, with an aggregate balance of $223.6 million.

Government loan originations for the year ended December

31, 2025 amounted to $178.3 million, compared to $179.5 million

for the

comparable period in 2024.

Originations of

auto loans (including

finance leases) for

the year ended

December 31, 2025

amounted to $868.4

million, compared

to $933.9 million for

the same period in

2024. Other consumer loan

originations, other than credit

cards, for the year

ended December

31,

2025 amounted

to $217.2

million,

compared

$236.7 million

for

the

same period

2024.

Most of

the decreases

auto

loan

originations

and

other

consumer

loan

originations

were

the

Puerto

Rico

region.

The

utilization

activity

the

outstanding

credit

card

portfolio

for

the

year

ended

December

31,

2025

amounted

$418.9

million,

compared

$465.6

million

for

the

comparable

period in 2024.

Maturities of Loans Receivable

The following tables

present the loans

held for investment

portfolio as of

December 31, 2025

by remaining contractual

maturities and

interest rate type:

After One Year

After Five Years

Total Portfolio

One Year or Less

Through Five Years

Through 15 Years

After 15 Years

(In thousands)

Residential mortgage

102,955

432,009

1,158,138

1,215,200

2,908,302

Construction loans

56,424

127,183

79,944

2,017

265,568

Commercial mortgage loans

700,924

1,517,427

332,225

3,676

2,554,252

C&I loans

1,545,796

1,784,328

355,467

2,767

3,688,358

Consumer loans

1,176,472

2,300,231

231,902

271

3,708,876

Total loans

(1)

3,582,571

6,161,178

2,157,676

1,223,931

13,125,356

Amount due in one year or less at:

Amount due after one year:

Total Portfolio

Fixed Interest Rates

Variable Interest

Rates

Fixed Interest Rates

Variable Interest

Rates

Residential mortgage

99,487

3,468

2,645,663

159,684

2,908,302

Construction loans

34,122

22,302

173,453

35,691

265,568

Commercial mortgage loans

499,456

201,468

1,446,555

406,773

2,554,252

C&I loans

390,630

1,155,166

699,228

1,443,334

3,688,358

Consumer loans

953,917

222,555

2,527,413

4,991

3,708,876

Total loans

(1)

1,977,612

1,604,959

7,492,312

2,050,473

13,125,356

(1)

Scheduled repayments are included in the maturity category in which the payment is due. The amounts provided do not reflect prepayment assumptions related to the loan portfolio.

Investment Activities

part

its

liquidity,

revenue

diversification,

and

interest

rate

risk

management

strategies,

First

BanCorp.

maintains

debt

securities portfolio classified as available for sale or held to maturity.

Substantially

all

the

Corporation’s

available-for-sale

debt

securities

portfolio

was

invested

U.S.

Treasury

securities,

U.S.

GSEs’ obligations,

and fixed-rate GSEs’

MBS. The Corporation’s

total available-for-sale

debt securities portfolio

as of December

31,

2025

amounted

$4.6

billion,

$11.3

million

decrease

from

December

31,

2024.

The

decline

was

driven

$1.6

billion

maturities,

of which $1.1

billion were

U.S. agencies debentures

and $535.1

million were U.S.

Treasury securities,

and $536.2

million

principal

repayments

U.S.

agencies

MBS

and

debentures.

These

factors

were

partially

offset

$1.9

billion

purchases,

which $974.9 million were

U.S. agencies MBS and debentures

with an average yield of 4.76%,

including $872.1 million of residential

MBS; and

$963.2

million were

U.S. Treasury

securities with

an average

yield of

4.02%; and

a $212.4

million increase

in fair

value

attributable to

changes in

market interest

rates. As

of December

31, 2025,

the Corporation

had a

net unrealized

loss on

available-for-

sale

debt

securities

$347.2

million.

This

net

unrealized

loss

primarily

attributable

instruments

books

carrying

lower

interest rate than market rates. The Corporation

expects that this unrealized loss will reverse over time and

it is likely that it will not be

required to sell the securities

before their anticipated recovery.

The Corporation expects the portfolio

will continue to decrease and

the

accumulated other comprehensive loss will decrease accordingly,

excluding the impact of market interest rates.

Held-to-maturity

debt

securities

include

fixed-rate

GSEs’

MBS

with

carrying

value

$184.4

million

(fair

value

$178.8

million) as of

December 31, 2025,

compared to $225.3

million as of

December 31, 2024.

The decrease

in GSEs’ MBS

was driven

$41.1 million in principal

repayments. Held-to-maturity debt

securities also include $80.9

million as of December

31, 2025, compared

to $92.4 million as of December 31, 2024, of financing

arrangements with the government issued in bond form, which

the Corporation

accounts

for

securities,

but

which

were

underwritten

loans

with

features

that

are

typically

found

commercial

loans.

The

decrease in government

bonds was driven by

$12.6 million in

principal repayments. As

of December 31,

2025, approximately 59%

the Corporation’s government bonds

consisted of obligations issued by three of the largest municipalities in Puerto

Rico.

December

31,

2025,

cash

inflows

expected

received

during

the

twelve

months

from

maturities

and

expected

prepayments of

the debt securities

portfolio (excluding

U.S. Treasury

securities) amounted

to approximately

$1.1 billion

and have

average yield of 2.41%. These inflows are expected to

be redeployed to fund loan growth, reinvested into higher-yielding

securities, or

used to

repay maturing

brokered CDs.

See Note

2 –

“Debt Securities”

for information

and details

about the

Corporation’s

available-

for-sale debt securities portfolio.

See

“Risk Management

–

Exposure

to Puerto

Rico

Government”

below

for

information

and

details

about

the Corporation’s

total

direct exposure

to the

Puerto Rico

government, including

municipalities,

and “Risk

Management

– Credit

Risk Management”

below

and Note 2 – “Debt Securities” for the ACL of the exposure to government

bonds.

The carrying

values of

debt securities

as of

December 31,

2025 and

2024 by

contractual maturity

(excluding MBS)

and weighted-

average yield, are shown below:

December 31, 2025

December 31, 2024

Weighted-

Average Yield

Carrying

Amount

Weighted-

Average Yield

Carrying

Amount

(Dollars in thousands)

U.S government and agencies obligations:

Due within one year

2.54

895,052

0.79

1,127,041

After 1 to 5 years

1.45

483,916

0.96

764,679

After 5 to 10 years

4.75

14,985

After 10 years

3.97

6,501

4.73

7,800

2.19

1,400,454

(1)

0.87

1,899,520

Puerto Rico government obligation:

After 10 years

(2)

1,620

MBS:

Residential MBS:

FHLMC

1.72

901,779

1.58

923,501

GNMA

2.50

196,569

2.47

203,383

FNMA

1.90

1,138,925

1.69

1,128,379

CMOs

3.94

819,807

2.92

351,114

Private Label MBS

5.92

3,266

6.62

4,195

Commercial MBS

2.35

276,007

2.65

277,934

Total MBS

2.41

3,336,353

1.95

2,888,506

Other:

Due within one year

2.32

1,000

Government bonds:

Due within one year

4.94

1,044

5.07

2,214

After 1 to 5 years

7.05

54,611

7.33

61,289

After 5 to 10 years

4.78

10,376

5.79

13,184

After 10 years

7.46

14,870

8.07

15,755

6.81

80,901

7.18

92,442

ACL on held-to-maturity debt securities

(733)

(802)

Total debt securities

2.41

4,818,595

1.65

4,882,286

(1)

Includes approximately $566.3 million in callable

debt securities with an average yield of 1.52%,

of which approximately 58% were purchased

at a discount and 4% at a premium. See “Risk

Management” below

for further

analysis of

the effects

of changing

interest rates

on the

Corporation’s

net interest

income and

the Corporation’s

interest risk

management strategies.

Also,

refer to Note 2 - “Debt Securities” for additional information regarding

the Corporation’s debt securities portfolio.

(2)

Consists of a

residential pass-through MBS

issued by the

PRHFA that

is collateralized by

certain second mortgages

originated under a

program launched by

the Puerto Rico

government in

2010 and is in nonaccrual status based on the delinquency status

of the underlying second mortgage loans collateral.

RISK MANAGEMENT

General

Risks

are

inherent

virtually

all

aspects

the

Corporation’s

business

activities

and

operations.

Consequently,

effective

risk

management

fundamental

the

success

the

Corporation.

The

primary

goals

risk

management

are

ensure

that

the

Corporation’s

risk-taking activities are

consistent with the

Corporation’s

objectives and risk

tolerance, and that

there is an appropriate

balance between risks and rewards to maximize stockholder value.

The

Corporation

has

place

risk

management

framework

monitor,

evaluate

and

manage

the

principal

risks

assumed

conducting its activities.

First BanCorp’s

business is subject to

eleven broad categories

of risks: (i) liquidity

risk; (ii) interest rate

risk;

(iii) market risk; (iv)

credit risk; (v) operational

risk; (vi) legal and

regulatory risk; (vii)

reputational risk; (viii) model

risk; (ix) capital

risk; (x)

strategic risk;

and (xi)

information technology

risk. First

BanCorp. has

adopted policies

and procedures

designed to

identify

and manage the risks to which the Corporation is exposed.

Risk Definition

Liquidity Risk

Liquidity risk is

the risk to earnings

or capital arising

from the possibility

that the Corporation

will not have

sufficient cash to

meet

its short-term liquidity

demands, such as

from deposit redemptions

or loan commitments.

See “Liquidity Risk

and Capital Adequacy

”

below for further details.

Interest Rate Risk

Interest

rate

risk

the

risk

arising

from

adverse

movements

interest

rates.

See

“Interest

Rate

Risk

Management”

below

for

further details.

Market Risk

Market

risk

the

risk

loss

the

value

assets

liabilities

due

changes

market

conditions,

including

movements

market

rates or

prices, such

as interest

rates

or equity

prices. The

Corporation

evaluates market

risk together

with interest

rate risk.

Both changes in market values

and changes in interest rates

are evaluated and forecasted. See

“Interest Rate Risk Management”

below

for the effects of changes in interest rates on net interest income.

Credit Risk

Credit risk

is the

risk arising

from a

borrower’s or

a counterparty’s

failure to

meet the

terms of

a contract

with the

Corporation or

otherwise to perform as agreed. See “Credit Risk Management”

below for further details.

Operational Risk

Operational

risk

the

risk

arising

from

problems

with

the

delivery

services

products.

This

risk

function

internal

controls,

information

systems,

third

party

vendors,

employees

and

operating

processes.

also

includes

risks

associated

with

the

Corporation’s preparedness

for the occurrence

of an unforeseen event.

This risk is inherent across

all functions, products,

and services

of the Corporation. See “Operational Risk” below for further details.

Legal,

Regulatory and Compliance Risk

Legal

and

regulatory

risk is

the risk

arising

from

the Corporation’s

failure

to comply

with laws

or regulations

that can

adversely

affect the Corporation’s

reputation and/or increase its exposure to litigation or penalties.

Reputational Risk

Reputational

risk

the

risk

arising

from

any

adverse

effect

the

Corporation’s

market

value,

capital,

earnings

arising

from

negative public opinion,

whether true or not.

This risk affects the

Corporation’s

ability to establish new

relationships or services,

or to

continue servicing existing relationships.

Model Risk

Model risk

is the potential

for adverse

consequences from

decisions based

upon incorrect

or misused

model outputs

and reports

based upon

an incomplete or

inaccurate model.

The use of

models exposes the

Corporation to some

level of model

risk. Model errors

can

contribute

incorrect

valuations

and

lead

operational

errors,

inappropriate

business

decisions,

incorrect

financial

entries.

The Corporation seeks to reduce model risk through rigorous model identification

and validation.

Capital Risk

Capital risk

is the

risk that

the Corporation

may lose

value on

its capital

or have

an inadequate

capital plan,

which would

result in

insufficient capital

resources to meet

minimum regulatory requirements

(the Corporation’s

authority to operate

as a bank is

dependent

upon the maintenance of adequate capital resources), support its credit

rating, or support its growth and strategic options.

Strategic Risk

Strategic

risk

the

risk

arising

from

adverse

business

decisions,

poor

implementation

business

decisions,

lack

responsiveness

changes

the

banking

industry,

and

operating

environment.

This

risk

function

the

compatibility

the

Corporation’s strategic

goals, the business strategies

developed to achieve

those goals, the resources deployed

against these goals, and

the quality of implementation.

Information Technology

and Cybersecurity Risk

Information technology

risk is

the risk

arising from

the loss of

confidentiality,

integrity,

or availability

of information

systems and

risk

cyber

incidents

data

breaches.

includes

business

risks

associated

with

the

use,

ownership,

operation,

involvement,

influence, and adoption of information technology within the Corporation.

Risk Governance

The

following

discussion

highlights

the

roles

and

responsibilities

the

key

participants

the

Corporation’s

risk

management

framework:

Board of Directors

The

Board

of Directors

oversees the

Corporation’s

overall

risk governance

program

with the

assistance

of the

Board

committees

discussed below.

Risk Committee

The

Board

Directors

has

appointed

the

Risk

Committee

assist

the

Board

fulfilling

its

responsibility

oversee

the

Corporation’s

management of

its company-wide

risk management

framework. The

committee’s

role is

one of

oversight, recognizing

that

management

responsible

for

designing,

implementing,

and

maintaining

effective

risk

management

framework.

The

committee’s primary responsibilities

are to:

●

Review and discuss management’s

assessment of the Corporation’s

aggregate enterprise-wide profile

and the alignment of the

Corporation’s risk profile with

the Corporation’s strategic plan,

goals,

and objectives;

●

Review and recommend to the Board the parameters and establishment of

the Corporation’s risk tolerance and risk

appetite;

●

Receive

reports

from

management

and,

appropriate,

other

Board

committees,

regarding

the

Corporation’s

policies

and

procedures

the

Corporation’s

adherence

risk

limits

and

its

established

risk

tolerance

and

risk

appetite

selected risk topics;

●

Oversee the strategies,

policies, procedures, and

systems established by

management to identify,

assess, measure, and

manage

the

major

risks

facing

the

Corporation,

which

may

include

overview

the

Corporation’s

credit

risk,

operational

risk,

information

technology

risk,

compliance

risk,

interest

rate

risk,

liquidity

risk,

market

risk,

and

reputational

risk,

well

management’s capital management,

planning,

and process;

●

Oversee the Corporation’s

Retail Quality Assurance and Loan Review Program;

●

Oversee

management’s

activities

with

respect

model

validation

capital

stress

testing,

model

risk

management,

vendor

management, information technology risk and operational risk;

●

Review and discuss with management risk assessments for new products

and services;

●

Review periodically the scope and effectiveness of the

Corporation’s regulatory compliance policies

and programs; and

●

Annually assess the Corporation’s

institutional insurance programs.

The

Risk

Committee

also

receives

regular

reports

and

engages

discussions

throughout

the

year

the

effectiveness

the

Corporate Information Security Program (“CISP”),

including its inherent risk, the roadmap for addressing

those risks, and the progress

doing

so.

The

Risk

Committee

annually

reviews

and

approves

the

CISP

and

annually

receives

report

security

safeguards in accordance with the Gramm-Leach-Bliley Act.

Asset and Liability Committee

The

Board of

Directors has

appointed the

Asset and

Liability Committee

to assist

the Board

in its

oversight

of the

Corporation’s

asset

and

liability

management

policies

the

management

the

Corporation’s

funds,

investments,

liquidity,

market

and

interest rate risk, and the use of derivatives. In doing so, the committee’s

primary functions involve:

●

The

establishment

process

enable

the

identification,

assessment,

and

management

risks

that

could

affect

the

Corporation’s assets and liabilities management;

●

The

identification

the

Corporation’s

risk

tolerance

levels

for

yield

maximization

relating

its

assets

and

liabilities

management;

●

The evaluation

of the

adequacy,

effectiveness,

and

compliance

with the

Corporation’s

risk management

process relating

the Corporation’s assets and liabilities management,

including management’s

role in that process;

and

●

Oversight of the Corporation’s liquidity

position and liquidity stress testing.

Credit Committee

The Board of

Directors has appointed

the Credit Committee to

assist the Board in

its oversight of the

Corporation’s policies

to the Corporation’s lending

function, or credit management. The committee’s

primary responsibilities are to:

●

Monitor the

performance and

quality of

the Corporation’s

credit portfolio

through the

review of

selected measures

of credit

quality and trends and such other information as it deems appropriate;

●

Oversee the effectiveness and administration

of credit-related policies through the review

of such processes, reports and other

information as

it deems appropriate,

including the

loan-quality grading

and examination

process, internal

and external

audits

and examinations

of the

Corporation’s

credit processes,

the incidence

of new

problem assets,

the frequency

and reasons

for

credit policy exceptions, the loan review functions and the asset classification

process;

●

Review on an annual basis and recommend to the Board the lending authorities;

●

Approve loans as required by the lending authorities approved by

the Board; and

●

Report to the Board regarding credit management.

Audit Committee

The Board of Directors has appointed

the Audit Committee to assist the

Board in fulfilling its responsibility to oversee

management

regarding:

●

Oversight

the

charter,

strategic

plan

execution,

annual

internal

audit

plan

execution,

staffing,

budget

and

organizational

structure of the internal audit function;

●

The

conduct

and

integrity

the

Corporation’s

financial

reporting

any

governmental

regulatory

body,

stockholders,

other users of the Corporation’s financial

reports and the public;

●

The Corporation’s internal

control over financial reporting and disclosure controls and procedures;

●

The

qualifications,

engagement,

compensation,

independence,

and

performance

the

Corporation’s

independent

auditors,

their

conduct

the

annual

audit

the

Corporation’s

financial

statements,

and

their

engagement

provide

any

other

services;

●

The application of the Corporation’s

related parties transaction policy as established by the Board;

●

The application of the Corporation’s

code of business conduct and ethics as established by management

and the Board;

●

The preparation

of the

Audit Committee

report required

to be

included

in the

proxy statement

for the

Corporation’s

annual

stockholders’ meeting by the rules of the SEC;

●

The Corporation’s legal,

ethical compliance and fraud risk;

●

Oversight responsibilities with respect to the Trust

Department and its fiduciary responsibilities.

Corporate Governance and Nominating Committee

The

Board

Directors

has

appointed

the

Corporate

Governance

and

Nominating

Committee

develop,

review,

and

assess

corporate

governance

principles.

The

Corporate

Governance

and

Nominating

Committee

responsible

for

director

succession,

orientation

and

compensation,

identifying

and

recommending

new

director

candidates,

overseeing

the

evaluation

the

Board

and

management, annually

recommending to

the Board

the designation

of a

candidate to

hold the

position of

the Chairman

of the

Board,

and

directing

and

overseeing

the

Corporation’s

executive

succession

plan.

addition,

the

Corporate

Governance

and

Nominating

Committee is responsible for overseeing the Corporation’s

sustainability and environmental, social, and governance (“ESG”) policies.

Compensation and Benefits Committee

The

Board

of Directors

has appoint

ed the

Compensation

and Benefits

Committee

to oversee

compensation

policies and

practices

including

the

evaluation

and

recommendation

the

Board

the

proper

and

competitive

salaries

and

incentive

compensation

programs of the executive officers and key employees

of the Corporation.

Management Roles and Responsibilities

While

the

Board

Directors

has

the

responsibility

oversee

the

risk

governance

program,

management

responsible

for

implementing

the necessary

policies and

procedures,

and internal

controls. To

carry out

these responsibilities,

the Corporation

has a

clearly

defined

risk governance

culture. To

ensure that

risk management

is communicated

at all

levels of

the Corporation,

and each

area understands

its specific

role, the

Corporation has

established several

management

level committees

to support

risk oversight,

follows:

Executive Risk Management Committee

The

Executive

Risk

Management

Committee

responsible

for

exercising

oversight

information

regarding

the

Corporation’s

enterprise

risk

management

framework,

including

the

significant

policies,

procedures,

and

practices

employed

manage

the

identified

risk

FAQ

What is First BanCorp (FBP)’s size and key balance sheet figures for 2025?

First BanCorp ended 2025 with total assets of $19.1 billion, loans held for investment of $13.1 billion, total deposits of $16.7 billion, and stockholders’ equity of $2.0 billion. These figures frame the company as a sizable regional banking institution focused on Puerto Rico and nearby markets.

Where does First BanCorp (FBP) operate and through how many branches?

First BanCorp operates mainly through FirstBank Puerto Rico. It runs 57 branches in Puerto Rico, eight in the U.S. Virgin Islands and British Virgin Islands, and eight in Florida. These 73 branches support commercial, consumer, and mortgage banking, plus insurance agency services across its core geographic footprint.

What are First BanCorp (FBP)’s main business segments?

First BanCorp reports six segments: Mortgage Banking, Consumer (Retail) Banking, Commercial and Corporate Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. Each segment targets different products and geographies, from residential mortgages and consumer deposits to corporate lending and treasury activities.

How well-capitalized is First BanCorp (FBP) as of December 31, 2025?

As of December 31, 2025, First BanCorp reported a total capital ratio of 18.01%, CET1 and Tier 1 capital ratios of 16.76%, and a leverage ratio of 11.58%. These exceed “well-capitalized” regulatory thresholds, indicating strong capital buffers against risk-weighted assets and average tangible assets.

How many employees does First BanCorp (FBP) have and what are key workforce metrics?

First BanCorp and its subsidiaries employed 3,218 people as of December 31, 2025, up 3.4% from 2024. About 2,854 employees were in Puerto Rico, 206 in Florida, and 158 in the Virgin Islands. Women held approximately 66% of total roles and 58% of management positions.

What major risks does First BanCorp (FBP) highlight in its 2025 annual report?

The company cites interest-rate and inflation impacts on net interest income, deposit behavior, and securities values; economic and political conditions in Puerto Rico and the U.S.; industry volatility and FDIC special assessments; competition from banks and fintechs; cybersecurity threats; regulatory and compliance changes; and natural disaster and geopolitical risks.

How much FDIC special assessment is First BanCorp (FBP) expecting to pay?

First BanCorp estimates a total FDIC special assessment of $6.3 million related to 2023 bank failures, with $5.5 million already paid by December 31, 2025. The remaining balance will be collected through future quarterly assessments and could adjust as the FDIC updates its loss estimates.

First BanCorp (NYSE: FBP) outlines 2025 operations, capital strength and key risks

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