First BanCorp (NYSE: FBP) Q2 profit rises to $96.1M on 4.87% margin

Rhea-AI Filing Summary

First BanCorp. reported net income of $96.1 million and diluted EPS of $0.62 for the quarter ended June 30, 2026, up from $88.8 million and $0.57 in the prior quarter and $80.2 million and $0.50 a year earlier.

Adjusted pre-tax, pre-provision income reached a record $137.5 million and net interest income rose to $229.1 million as net interest margin expanded to 4.87%. Loans grew to $13.3 billion on $1.7 billion of quarterly originations, while the efficiency ratio improved to 48.07%.

Credit quality metrics remained sound, with annualized net charge-offs at 0.49% of average loans and non-performing assets at 0.59% of total assets. Capital and liquidity were high, including a CET1 ratio of 16.96% and available liquidity covering 134% of estimated uninsured deposits, as the company returned 84% of earnings via dividends and share repurchases.

Positive

• Quarterly net income reached $96.1 million with diluted EPS of $0.62, higher than both the prior quarter and the prior-year quarter.
• Record adjusted pre-tax, pre-provision income of $137.5 million, up 4.6% from Q1 2026, alongside net interest margin expansion to 4.87%.
• Total loans increased to $13.3 billion with quarterly loan originations of $1.7 billion, 21% higher year over year.
• Capital and shareholder returns were significant, with a CET1 ratio of 16.96% and 84% of earnings returned through $50.0 million of buybacks and $31.0 million of dividends.

Negative

• None.

Filing Explained

As of June 30, 2026, reported shares outstanding were 152,674,406 versus 154,693,926 on March 31 after a $50.0 million repurchase.

This Item 2.02 Form 8-K reports First BanCorp.’s unaudited second-quarter results as of July 22, 2026; the company also reports a $50.0 million common-stock repurchase and a lower reported share count.

The balance sheet lists 152,674,406 common shares outstanding at June 30, 2026, versus 154,693,926 at March 31, 2026, while total stockholders’ equity was $1,976,833 thousand.

The company described credit quality as sound, but non-performing assets increased to $113,917 thousand (0.59% of assets) from $108,821 thousand (0.57%), and early-delinquency loans rose to $143,400 thousand from $110,500 thousand.

The filing attributes the non-performing-asset increase primarily to a $14.8 million Florida commercial-and-industrial relationship moving to nonaccrual status during the quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income: $96.154 million Diluted EPS: $0.62 Net interest income: $229.131 million +5 more

8 metrics

Net income $96.154 million Quarter ended June 30, 2026

Diluted EPS $0.62 Quarter ended June 30, 2026

Net interest income $229.131 million Quarter ended June 30, 2026

Net interest margin 4.87% Quarter ended June 30, 2026; up from 4.75% in Q1 2026

Adjusted pre-tax, pre-provision income $137.539 million Non-GAAP; quarter ended June 30, 2026

Total loans held for investment $13.257 billion Carrying amount as of June 30, 2026

CET1 capital ratio 16.96% Holding company ratio as of June 30, 2026

Available liquidity to uninsured deposits 134% Available liquidity vs estimated uninsured deposits as of June 30, 2026

Key Terms

net interest margin, efficiency ratio, allowance for credit losses, non-performing assets, +2 more

6 terms

net interest margin financial

"Net interest margin increased to 4.87% compared to 4.75%."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency ratio 48.07% 49.14% 49.97% 48.60% 49.78%."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

allowance for credit losses financial

"the ACL for loans and finance leases was $245.0 million, ... ratio ... 1.85%."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

non-performing assets financial

"Total non-performing assets increased by $5.1 million to $113.9 million as of June 30, 2026"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

Common equity tier 1 financial

"estimated total capital, common equity tier 1 (“CET1”) capital, tier 1 capital, and leverage ratios were 18.21%, 16.96%, 16.96%, and 11.72%"

Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.

tangible common equity ratio financial

"tangible common equity ratio (1) decreased to 10.08% compared to 10.11%"

Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.

Earnings Snapshot

Net income: $96.154 million

quarter ended June 30, 2026

Net income $96.154 million Up from $88.778 million in Q1 2026 and $80.180 million in Q2 2025.

Diluted EPS $0.62 Increased 24% compared to $0.50 in Q2 2025 and up from $0.57 in Q1 2026.

Adjusted pre-tax, pre-provision income (non-GAAP) $137.539 million Increased from $131.444 million in Q1 2026, a 4.6% sequential rise.

Net interest income $229.131 million Up from $220.956 million in Q1 2026 as net interest margin expanded.

Net interest margin 4.87% Rose by 12 basis points from 4.75% in Q1 2026.

Total loans held for investment $13.257 billion Increased by $168.8 million from March 31, 2026, mainly from commercial growth in Puerto Rico.

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FAQ

What were First BanCorp (FBP) earnings and EPS for Q2 2026?

First BanCorp reported net income of $96.1 million and diluted EPS of $0.62 for Q2 2026. This compares with $88.8 million and $0.57 in Q1 2026 and $80.2 million and $0.50 in Q2 2025, showing quarterly and year-over-year earnings growth.

How did First BanCorp (FBP) revenue and net interest margin perform in Q2 2026?

Net interest income was $229.1 million in Q2 2026, with net interest margin of 4.87%. Net interest income increased from $221.0 million in Q1 2026 as margin expanded by 12 basis points, helped by higher-yielding assets and fee and discount accelerations on refinancings.

What loan growth did First BanCorp (FBP) report for Q2 2026?

Total loans rose by $168.8 million to $13.3 billion as of June 30, 2026. Loan originations reached $1.7 billion in the quarter, up $469.5 million from Q1 2026, driven mainly by commercial and construction activity, particularly in the Puerto Rico region.

How were First BanCorp (FBP) asset quality metrics in Q2 2026?

Annualized net charge-offs were 0.49% of average loans and non-performing assets were 0.59% of total assets in Q2 2026. Net charge-offs fell by $5.0 million versus Q1 2026, mainly from lower consumer and auto portfolio losses, while non-performing loans were $94.6 million.

What capital ratios did First BanCorp (FBP) report at June 30, 2026?

The holding company reported a CET1 capital ratio of 16.96% and total capital ratio of 18.21% at June 30, 2026. The leverage ratio was 11.72%, and on a non-GAAP basis the tangible common equity ratio was 10.08%, with tangible book value per share of $12.68.

What was First BanCorp (FBP) liquidity and uninsured deposit position at quarter-end?

Available liquidity totaled $6.4 billion, equal to 134% of estimated uninsured deposits (excluding fully collateralized government deposits). Core liquidity, including cash and free high-quality liquid securities, was $2.7 billion, representing 13.73% of total assets at June 30, 2026.

How much did First BanCorp (FBP) return to shareholders in Q2 2026?

First BanCorp repurchased $50.0 million of common stock and declared $31.0 million in common dividends during Q2 2026. In total, the company returned 84% of quarterly earnings to shareholders while maintaining capital ratios above required regulatory levels.

0001057706 false false false false false NYSE false 0001057706 2026-07-22 2026-07-22

1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form

8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

July 22, 2026

First BanCorp.

(Exact Name of Registrant as Specified in its Charter)

Puerto Rico

001-14793

66-0561882

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1519 Ponce de Leon Ave.

P.O. Box 9146

San Juan

,

Puerto Rico

00908-0146

(Address of Principal Executive Offices)

(Zip Code)

(

787

)

729-8200

(Registrant’s Telephone Number, including Area Code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of

the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

2

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 whether the registrant is an emerging growth company as defined in Rule 405 of the

Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2

of this chapter).

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.

☐

3

Item 2.02

Results of Operations and Financial Condition.

On July 22, 2026, First BanCorp. (the “Corporation”), the bank holding company for FirstBank Puerto Rico

(“FirstBank” or the “Bank”), issued a press release announcing its unaudited results of operations for the quarter ended

June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

A copy of the presentation that the Corporation will use at its conference call to discuss its financial results for the

quarter ended June 30, 2026 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As announced

in a press release dated June 22, 2026, the call may be accessed via a live Internet webcast at 10:00 a.m. Eastern time

on Wednesday, July 22, 2026, through the Corporation’s investor relations website: www.fbpinvestor.com or through

the dial-in telephone number 800-715-9871 or 646-307-1963. The participant access code is 1895316.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit

Description of Exhibit

99.1 Press Release dated July 22, 2026 - First BanCorp Announces Earnings for the quarter ended June

30, 2026

99.2 First BanCorp Conference Call Presentation – Financial Results for the quarter ended June 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibits 99.1 and 99.2 referenced therein, shall not be deemed “filed” for purposes of Section 18

of the Securities Exchange Act of 1934, as amended, nor shall Exhibits 99.1 and 99.2 be deemed

incorporated by reference in any filings under the Securities Act of 1933, as amended.

4

Exhibit Index

Exhibit

Description of Exhibit

99.1

Press Release dated July 22, 2026 - First BanCorp Announces Earnings for the quarter ended June 30,

2026

99.2

First BanCorp Conference Call Presentation – Financial Results for the quarter ended June 30, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibits 99.1 and 99.2 referenced therein, shall not be deemed “filed” for purposes of Section 18 of the

Securities Exchange Act of 1934, as amended, nor shall Exhibits 99.1 and 99.2 be deemed incorporated

by reference in any filings under the Securities Act of 1933, as amended.

5

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report

to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 22, 2026

First BanCorp.

By: /s/ Said Ortiz

Name: Said Ortiz

Title: EVP and Chief Financial Officer

Exhibit 99.1

FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER ENDED JUNE 30, 2026

SAN JUAN, Puerto Rico – July 22, 2026

– First BanCorp. (the “Corporation” or “First BanCorp.”) (NYSE: FBP), the bank holding company for FirstBank Puerto

Rico (“FirstBank” or “the Bank”), today reported a net income of $96.1 million, or $0.62 per diluted share, for the second quarter of 2026, compared to $88.8 million,

or $0.57 per diluted share, for the first quarter of 2026, and $80.2 million, or $0.50 per diluted share, for the second quarter of 2025.

Aurelio Alemán, President and Chief Executive Officer of First BanCorp,

commented:

“We concluded the first half of the year with another quarter of strong

financial and operating performance, delivering growth across our franchise while

continuing to generate attractive returns for shareholders. Adjusted pre-tax, pre-

provision income reached a record of $137.5 million, earnings per share increased

24% compared to the prior year, and return on average assets was 2.02%, marking

our 18th consecutive quarter above 1.5%. By many measures, this represents the

strongest and most consistent period of performance in our company’s history. This

achievement reflects the trust our customers place in us, as well as the dedication,

discipline, and execution demonstrated by our teams across the organization.

Loan growth accelerated during the quarter, driven primarily by commercial

activity in Puerto Rico, with total loan originations reaching $1.7 billion, an

increase of 21% year over year. These encouraging trends, combined with a

healthy pipeline of opportunities, reinforce our path to achieve our full-year growth

objectives. Credit quality remained sound, with lower net charge-offs and non-

performing assets remaining near historic lows, while we continue to closely

monitor seasonal delinquency trends and broader consumer market conditions.

We remain firmly committed to prudent capital management. During the quarter,

we returned 84% of earnings to shareholders through dividends and share

repurchases while maintaining a top-quartile CET1 ratio of 16.96%. Our strong

capital position enables us to continue investing strategically in our franchise to

enhance competitiveness, strengthen the customers’ experience, and support

sustainable long-term growth.

While we remain mindful of an evolving economic environment, the strength of our

franchise, combined with disciplined execution, positions us well to continue

creating long-term value for our shareholders, customers, employees, and

communities.”

(In thousands)

Q2 '26

Q1 '26

Q2 '25

YTD '26

YTD '25

Financial Highlights

Net interest income

$

229,131

$

220,956

$

215,859

$

450,087

$

428,256

Provision for credit losses

17,333

17,273

20,587

34,606

45,397

Non-interest income

35,732

37,685

30,950

73,417

66,684

Non-interest expenses

127,324

127,105

123,337

254,429

246,359

Income before income taxes

120,206

114,263

102,885

234,469

203,184

Income tax expense

24,052

25,485

22,705

49,537

45,945

Net income

$

96,154

$

88,778

$

80,180

$

184,932

$

157,239

Selected Financial Data

Net interest margin

4.87%

4.75%

4.56%

4.81%

4.54%

Efficiency ratio

48.07%

49.14%

49.97%

48.60%

49.78%

Diluted earnings per share

$

0.62

$

0.57

$

0.50

$

1.19

$

0.97

Book value per share

$

12.95

$

12.72

$

11.43

$

12.95

$

11.43

Tangible book value per share

(1)

$

12.68

$

12.45

$

11.16

$

12.68

$

11.16

Return on average equity

19.49%

17.92%

17.79%

18.70%

17.85%

Return on average assets

2.02%

1.89%

1.69%

1.95%

1.66%

Results for the Second Quarter of 2026 compared to the First Quarter of 2026

Profitability

Net income –

$96.1 million, or $0.62 per diluted share compared to $88.8 million, or $0.57 per diluted share.

Income before income taxes

–

$120.2 million compared to $114.3 million.

Adjusted pre-tax, pre-provision income (Non-GAAP)

(1)

–

$137.5 million compared to $131.4 million.

Net interest income –

$229.1 million compared to $221.0 million. The increase was driven by approximately $1.6 million in net interest income

attributable to an additional day in the second quarter of 2026, $3.4 million in interest income resulting from the acceleration of the unamortized

purchase discount and net deferred fees associated with refinancings in the Puerto Rico region during the second quarter of 2026, which

contributed approximately 7 basis points to the increase in net interest margin, as well as the continued deployment of cash flows from lower-

yielding investment securities to higher-yielding assets. Net interest margin increased to 4.87% compared to 4.75%.

Provision for credit losses –

remained flat at $17.3 million when compared to the previous quarter. The provision for credit losses for the second

quarter of 2026 reflected a lower benefit from macroeconomic factors than in the previous quarter and higher loan growth, partially offset by a

$5.0 million decrease in net charge-offs.

Non-interest income –

$35.7 million compared to $37.7 million. The decrease was mainly due to $3.6 million in seasonal contingent insurance

commissions recorded in the first quarter of 2026.

Non-interest expenses

– remained relatively flat at $127.3 million compared to $127.1 million in the previous quarter.

Income tax expense

– $24.1 million compared to $25.5 million, mainly due to a lower estimated annual effective tax rate, partially offset by

higher pre-tax income.

Balance

Sheet

Total loans –

increased by $168.8 million to $13.3 billion, driven by commercial and industrial (“C&I”) loan growth in the Puerto Rico region.

Total loan originations of $1.7 billion, up $469.5 million, mainly in commercial and construction loans.

Government deposits (fully collateralized) –

increased by $167.7 million to $3.0 billion, mainly in the Puerto Rico region.

Brokered certificates of deposits (“CDs”)

– increased by $87.7 million to $594.8 million in the Florida region.

Core deposits (other than brokered and government deposits) –

increased by $18.3 million to $13.2 billion.

Asset

Quality

Allowance for credit losses (“ACL”) coverage ratio –

amounted to 1.85% compared to 1.87%.

Annualized net charge-offs to average loans ratio

decreased to 0.49% compared to 0.65%, primarily reflecting a $4.7 million reduction in

consumer loans and finance leases net charge-offs, mainly in the auto loan portfolio.

Non-performing loans –

increased by $6.8 million to $94.6 million, driven by the migration of a $14.8 million C&I relationship in the Florida

region to nonaccrual status during the second quarter of 2026.

Loans in early delinquency (30-89 days past due) –

increased by $32.9 million to $143.4 million, driven by a $20.7 million increase in

consumer loans and finance leases, primarily in the auto loan portfolio.

Liquidity

and

Capital

Liquidity –

Cash and cash equivalents amounted to $561.3 million compared to $550.9 million. When adding $2.1 billion of free high-quality

liquid securities that could be liquidated or pledged within one day and $1.1 billion in available lending capacity at the Federal Home Loan Bank

(“FHLB”), available liquidity amounted to 19.60% of total assets compared to 20.14%.

Capital –

Repurchased $50.0 million in common stock and declared $31.0 million in common stock dividends. Capital ratios exceeded required

regulatory levels. The Corporation’s estimated total capital, common equity tier 1 (“CET1”) capital, tier 1 capital, and leverage ratios were

18.21%, 16.96%, 16.96%, and 11.72%, respectively, as of June 30, 2026. On a non-GAAP basis, the tangible common equity ratio

(1)

decreased to

10.08% compared to 10.11%, mainly due to an increase in tangible assets.

(1) Represents non-GAAP financial measures. Refer to

Non-GAAP Disclosures - Non-GAAP Financial Measures

for the definition of and additional information about these non-GAAP

financial measures.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 2 of 28

NET INTEREST INCOME

The following table sets forth information concerning net interest income for the last five quarters:

Quarter Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

(Dollars in thousands)

Net Interest Income

Interest income

$

287,710

$

279,849

$

285,158

$

282,743

$

278,190

Interest expense

58,579

58,893

62,390

64,827

62,331

Net interest income

$

229,131

$

220,956

$

222,768

$

217,916

$

215,859

Average Balances

Loans and leases

$

13,077,087

$

13,068,874

$

13,032,081

$

12,876,239

$

12,742,809

Total securities, other short-term investments and interest-bearing cash

balances

5,797,465

5,776,844

5,871,091

6,037,726

6,245,844

Average interest-earning assets

$

18,874,552

$

18,845,718

$

18,903,172

$

18,913,965

$

18,988,653

Average interest-bearing liabilities

$

11,371,881

$

11,409,037

$

11,531,091

$

11,669,135

$

11,670,411

Average Yield/Rate

Average yield on interest-earning assets

6.11%

6.02%

5.98%

5.93%

5.88%

Average rate on interest-bearing liabilities

2.07%

2.09%

2.15%

2.20%

2.14%

Net interest spread

4.04%

3.93%

3.83%

3.73%

3.74%

Net interest margin

4.87%

4.75%

4.68%

4.57%

4.56%

Net interest income amounted to $229.1 million for the second quarter of 2026, an increase of $8.1 million, compared to $221.0

million for the first quarter of 2026, which includes an increase of approximately $1.6 million associated with the effect of an

additional day in the second quarter of 2026. The increase in net interest income reflects the following:

●

A $4.5 million net increase in interest income on investment securities and interest-earning cash balances, primarily driven

by $3.6 million of higher interest income on investment securities, which reflected both the benefit of higher yields on

available-for-sale debt securities as a result of purchases of higher-yielding debt securities replacing maturities of lower-

yielding debt securities and $1.8 million resulting from the acceleration of the unamortized purchase discount on a municipal

bond refinanced during the second quarter of 2026 into a shorter-term commercial loan structure. These increases were

partially offset by a $0.7 million decrease in interest income from interest-earning cash balances, mainly due to a decrease

associated with a $78.5 million reduction in the average balances, which consisted primarily of cash maintained at the

Federal Reserve Bank (“FED”).

●

A $3.3 million increase in interest income on loans, driven by:

-

A

$2.9 million increase in interest income on commercial and construction loans, driven by $1.6 million resulting from

the acceleration of net deferred fees associated with the refinancing of a C&I loan in the Puerto Rico region and a $1.1

million increase associated with the effect of an additional day in the second quarter of 2026.

-

A $0.4 million increase in interest income on residential mortgage loans, mainly due to $0.5 million of interest income

recognized during the second quarter of 2026 from the payoff of a nonaccrual residential mortgage loan in the Florida

region.

●

A $0.6 million decrease in interest expense on advances from the FHLB associated with a $50.6 million decrease in the

average balance.

Partially offset by:

●

A $0.3 million increase in interest expense on interest-bearing deposits, consisting of:

-

A $1.4 million increase in interest expense on interest-bearing checking and saving accounts, of which $0.9 million was

associated with higher interest rates paid in the second quarter of 2026, mainly on government deposits. The average cost

of interest-bearing checking and saving accounts in the second quarter increased 5 basis points to 1.26% when compared

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 3 of 28

to the previous quarter. Excluding government deposits, the average cost of interest-bearing checking and saving

accounts remained unchanged at 0.66% in both the second and first quarters of 2026.

Partially offset by:

-

A $0.8 million decrease in interest expense on time deposits, excluding brokered CDs, mainly due to issuances at lower

rates during the second quarter of 2026.

-

A $0.3 million decrease in interest expense on brokered CDs, mainly associated with a $27.4 million decline in the

average balance.

Net interest margin for the second quarter of 2026 was 4.87%, a 12 basis point s increase when compared to the first quarter of 2026,

mostly related to the acceleration of the unamortized purchase discount and net deferred fees associated with the aforementioned

refinancings during the second quarter of 2026, which contributed approximately 7 basis points to the increase in net interest margin,

and the deployment of cash flows from lower-yielding investment securities to higher-yielding assets.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 4 of 28

NON-INTEREST INCOME

The following table sets forth information concerning non-interest income for the last five quarters:

Quarter Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

(In thousands)

Service charges and fees on deposit accounts

$

9,885

$

9,932

$

9,861

$

9,811

$

9,756

Mortgage banking activities

3,727

4,043

4,219

3,309

3,401

Insurance commission income

3,114

5,944

2,265

2,618

2,538

Card and processing income

12,512

11,758

12,353

11,682

11,880

Other non-interest income

6,494

6,008

5,702

3,374

3,375

Non-interest income

$

35,732

$

37,685

$

34,400

$

30,794

$

30,950

Non-interest income decreased by $2.0 million to $35.7 million for the second quarter of 2026, compared to $37.7 million for the first

quarter of 2026, mainly due to $3.6 million in seasonal contingent commissions recorded as part of insurance commission income in

the first quarter of 2026 based on the prior year’s production of insurance policies, partially offset by a $0.8 million increase in debit

and credit card processing income driven by higher transactional volumes during the second quarter of 2026. Other variances included

a $0.6 million gain recognized during the second quarter of 2026 from the sale of a fixed asset in the Florida region, partially offset by

a $0.3 million decrease in realized gains from purchased income tax credits, both reported as part of other non-interest income.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 5 of 28

NON-INTEREST EXPENSES

The following table sets forth information concerning non-interest expenses for the last five quarters:

Quarter Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

(In thousands)

Employees’ compensation and benefits

$

63,439

$

65,299

$

63,196

$

59,761

$

60,058

Occupancy and equipment

22,108

22,063

21,797

22,185

22,297

Business promotion

4,435

3,555

5,944

3,884

3,495

Professional service fees:

Collections, appraisals and other credit-related fees

1,229

734

1,007

856

634

Outsourcing technology services

8,352

8,585

8,433

8,107

8,324

Other professional fees

3,535

3,593

3,671

2,940

2,651

Taxes, other than income taxes

6,071

6,184

6,272

6,092

5,712

Federal Deposit Insurance Corporation (“FDIC”) deposit insurance

2,167

2,058

961

2,236

2,235

Other insurance and supervisory fees

1,182

1,206

1,327

1,344

1,566

Net (gain) loss on other real estate owned (“OREO”) operations

(842)

(937)

(838)

1,033

(591)

Credit and debit card processing expenses

8,514

7,327

7,728

7,889

7,747

Communications

2,234

2,288

2,284

2,294

2,208

Other non-interest expenses

4,900

5,150

5,088

6,273

7,001

Total non-interest expenses

$

127,324

$

127,105

$

126,870

$

124,894

$

123,337

Non-interest expenses amounted to $127.3 million in the second quarter of 2026, an increase of $0.2 million, from $127.1 million in

the first quarter of 2026. Non-interest expenses for the second quarter of 2026 reflect the following significant variances:

●

A $1.9 million decrease in employees’ compensation and benefits expenses, driven by $1.8 million in stock-based

compensation expense of retirement-eligible employees recognized during the first quarter of

2026 and a $1.3 million

decrease in payroll taxes due to employees reaching maximum taxable amounts, partially offset by a $1. 1 million increase in

salary compensation mainly due to the effect of an additional working day in the second quarter of 2026.

●

A $1.2 million increase in credit and debit card processing expenses, mainly due to higher transactional volumes.

●

A $0.9 million increase in business promotion expenses as a result of certain marketing efforts during the second quarter of

2026.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 6 of 28

INCOME TAXES

The Corporation recorded an income tax expense of $24.1 million for the second quarter of 2026, compared to $25.5 million for the

first quarter of 2026. The decrease in income tax expense was driven by a lower estimated annual effective tax rate mostly related to

higher than previously forecasted business activities with preferential tax treatment under the Puerto Rico tax code, partially offset by

higher pre-tax income.

For the year, the Corporation’s annual effective tax rate was estimated at 21.5% for the second quarter of 2026, compared to 21.9% for

the first quarter of 2026. As of June 30, 2026, the Corporation had a net deferred tax asset of $142.0 million, net of a valuation

allowance of $75.6 million, compared to a net deferred tax asset of $143.6 million, net of a valuation allowance of $75.9 million as of

March 31, 2026.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 7 of 28

CREDIT QUALITY

Non-Performing Assets

The following table sets forth information concerning non-performing assets for the last five quarters:

(Dollars in thousands)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Nonaccrual loans held for investment:

Residential mortgage

$

23,410

$

28,071

$

29,169

$

28,866

$

30,790

Construction

5,463

5,414

5,536

5,591

5,718

Commercial mortgage

7,067

7,442

8,382

21,437

22,905

C&I

41,053

27,100

28,042

19,650

20,349

Consumer and finance leases

17,572

19,717

21,434

20,717

20,336

Total nonaccrual loans held for investment

$

94,565

$

87,744

$

92,563

$

96,261

$

100,098

OREO

6,939

6,344

7,522

9,343

14,449

Other repossessed property

10,803

13,124

12,389

12,234

11,868

Other assets

(1)

1,610

1,609

1,620

1,579

1,576

Total non-performing assets

(2)

$

113,917

$

108,821

$

114,094

$

119,417

$

127,991

Past due loans 90 days and still accruing

(3)

$

24,736

$

28,949

$

31,913

$

28,891

$

29,535

Nonaccrual loans held for investment to total loans held for investment

0.71%

0.67%

0.71%

0.74%

0.78%

Nonaccrual loans to total loans

0.71%

0.67%

0.70%

0.74%

0.78%

Non-performing assets to total assets

0.59%

0.57%

0.60%

0.62%

0.68%

(1)

Residential pass-through mortgage-backed securities (“MBS”) issued by the Puerto Rico Housing Finance Authority (“PRHFA”) held as part of the available-for-sale debt securities portfolio.

(2)

Excludes purchased-credit deteriorated (“PCD”) loans previously accounted for under Accounting Standards Codification (“ASC”) Subtopic 310-30 for which the Corporation made the accounting policy election of

maintaining pools of loans as “units of account” both at the time of adoption of current expected credit losses (“CECL”) on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans will

continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and amount of cash flows expected to be collected on the loan pools. The portion of such loans

contractually past due 90 days or more amounted to $3.6 million as of June 30, 2026 (March 31, 2026 - $4.2 million; December 31, 2025 - $4.8 million; September 30, 2025 - $5.0 million; June 30, 2025 - $4.9

million).

(3)

These include rebooked loans, which were previously pooled into Government National Mortgage Association (“GNMA”) securities, amounting to $4.6 million as of June 30, 2026 (March 31, 2026 - $6.7 million;

December 31, 2025 - $6.7 million; September 30, 2025 - $3.8 million; June 30, 2025 - $5.5 million). Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet

GNMA’s specified delinquency criteria. For accounting purposes, the loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

Variances in credit quality metrics:

●

Total non-performing assets increased by $5.1 million to $113.9 million as of June 30, 2026, driven by a $6.8 million

increase in nonaccrual loans. Nonaccrual commercial and construction loans increased by $13.6 million, driven by the

migration of a $14.8 million C&I relationship in the Florida region to nonaccrual status during the second quarter of 2026,

partially offset by a $4.7 million decrease in nonaccrual residential mortgage loans, and a $2.1 million decrease in nonaccrual

consumer loans, mainly in the auto loan and finance leases portfolios.

●

Inflows to nonaccrual loans held for investment were $40.7 million in the second quarter of 2026, an increase of $6.4 million,

compared to inflows of $34.3 million in the first quarter of 2026. Inflows to nonaccrual commercial and construction loans

were $15.1 million in the second quarter of 2026, an increase of $13.9 million, compared to inflows of $1.2 million in the

first quarter of 2026, driven by the aforementioned $14.8 million inflow to nonaccrual status in the Florida region. Inflows to

nonaccrual consumer loans were $22.8 million in the second quarter of 2026, a decrease of $6.9 million, compared to inflows

of $29.7 million in the first quarter of 2026. Inflows to nonaccrual residential mortgage loans were $2.8 million in the second

quarter of 2026, a decrease of $0.6 million, compared to inflows of $3.4 million in the first quarter of 2026. See

Early

Delinquency

below

for additional information.

●

Adversely classified commercial and construction loans increased by $11.2 million to $87.2 million as of June 30, 2026,

compared to $76.0 million as of March 31, 2026, driven by the aforementioned $14.8 million inflow to nonaccrual status in

the Florida region.

Early Delinquency

Total loans held for investment in early delinquency (i.e., 30-89 days past due accruing loans, as defined in regulatory reporting

instructions) amounted to $143.4 million as of June 30, 2026, an increase of $32.9 million, compared to $110.5 million as of March

31, 2026, driven by a $20.7 million increase in consumer loans and finance leases, primarily in the auto loan portfolio, and an $8.7

million increase in the commercial and construction loan portfolios, including $3.6 million of matured loans in the process of renewal

for which the Corporation continues to receive interest and principal payments from the borrower.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 8 of 28

Allowance for Credit Losses

The following table summarizes the activity of the ACL for on-balance sheet and off-balance sheet exposures during the second and

first quarters of 2026:

Quarter Ended June 30, 2026

Loans and Finance Leases

Debt Securities

(Dollars in thousands)

Residential

Mortgage

Loans

Commercial and

Construction

Loans

Consumer

Loans and

Finance Leases

Total Loans and

Finance Leases

Unfunded

Loans

Commitments

Held-to-

Maturity

Available-

for-Sale

Total ACL

Allowance for Credit Losses

Allowance for credit losses, beginning balance

$

41,534

$

69,118

$

134,408

$

245,060

$

3,120

$

641

$

839

$

249,660

Provision for credit losses - expense (benefit)

1,303

(233)

14,888

15,958

1,479

(162)

58

17,333

Net charge-offs

(79)

(91)

(15,809)

(15,979)

-

-

(12)

(15,991)

Allowance for credit losses, end of period

$

42,758

$

68,794

$

133,487

$

245,039

$

4,599

$

479

$

885

$

251,002

Amortized cost of loans and finance leases

$

2,927,167

$

6,668,570

$

3,661,486

$

13,257,223

Allowance for credit losses on loans to amortized cost

1.46%

1.03%

3.65%

1.85%

Quarter Ended March 31, 2026

Loans and Finance Leases

Debt Securities

(Dollars in thousands)

Residential

Mortgage

Loans

Commercial and

Construction

Loans

Consumer

Loans and

Finance Leases

Total Loans and

Finance Leases

Unfunded

Loans

Commitments

Held-to-

Maturity

Available-

for-Sale

Total ACL

Allowance for Credit Losses

Allowance for credit losses, beginning balance

$

41,071

$

70,920

$

137,046

$

249,037

$

3,013

$

733

$

763

$

253,546

Provision for credit losses - expense (benefit)

239

(984)

17,915

17,170

107

(92)

88

17,273

Net recoveries (charge-offs)

224

(818)

(20,553)

(21,147)

-

-

(12)

(21,159)

Allowance for credit losses, end of period

$

41,534

$

69,118

$

134,408

$

245,060

$

3,120

$

641

$

839

$

249,660

Amortized cost of loans and finance leases

$

2,914,898

$

6,517,223

$

3,658,956

$

13,091,077

Allowance for credit losses on loans to amortized cost

1.42%

1.06%

3.67%

1.87%

Allowance for Credit Losses for Loans and Finance Leases

As of June 30, 2026, the ACL for loans and finance leases was $245.0 million, compared to $245.1 million as of March 31, 2026. The

ratio of the ACL for loans and finance leases to total loans held for investment was 1.85% as of June 30, 2026, compared to 1.87% as

of March 31, 2026.

The ACL for consumer loans decreased by $1.0 million, driven by lower delinquency levels in the unsecured loan portfolios and

improvements in macroeconomic variables in the secured loan portfolios, partially offset by loan growth and higher delinquency

levels in the auto loans and finance leases portfolio. In addition, the ACL for commercial and construction loans decreased by $0.3

million, mainly due to an improvement in the projection of certain macroeconomic variables, partially offset by loan growth.

Meanwhile, the ACL for residential mortgage loans increased by $1.2 million driven by loan growth.

The provision for credit losses on loans and finance leases was $16.0 million for the second quarter of 2026, compared to $17.2

million in the first quarter of 2026, as detailed below:

●

Provision for credit losses on the consumer loan and finance lease portfolios was an expense of $14.9 million for the

second quarter of 2026, compared to an expense of $18.0 million for the first quarter of 2026. The $3.1 million decrease

in provision expense was driven by a $4.7 million reduction in net charge-offs, partially offset by a lower benefit from

macroeconomic factors than in the previous quarter.

●

Provision for credit losses on the residential mortgage loan portfolio was an expense of $1.3 million for the second

quarter of 2026, compared to an expense of $0.2 million for the first quarter of 2026. The $1.1 million increase in

provision expense was driven by higher loan growth than the previous quarter.

●

Provision for credit losses on the commercial and construction loan portfolios was a net benefit of $0.2 million for the

second quarter of 2026, compared to a net benefit of $1.0 million for the first quarter of 2026. The net benefit recorded

during the first quarter of 2026 was mainly due to improvements in the projections of the unemployment rate and the

CRE price index, partially offset by renewals and refinancings.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 9 of 28

Net Charge-Offs

The following table presents ratios of net charge-offs (recoveries) to average loans held-in-portfolio for the last five quarters:

Quarter Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Residential mortgage

0.01%

-0.03%

-0.02%

-0.00%

-0.00%

Construction

-0.03%

-0.02%

-0.02%

-0.50%

-0.02%

Commercial mortgage

-0.02%

0.08%

0.01%

-0.02%

-0.01%

C&I

0.03%

0.03%

0.00%

0.01%

-0.09%

Consumer loans and finance leases

1.73%

2.23%

2.20%

2.16%

2.12%

Total loans

0.49%

0.65%

0.63%

0.62%

0.60%

The ratios above are based on annualized net charge-offs and are not necessarily indicative of the results expected in subsequent

periods.

Net charge-offs were $16.1 million for the second quarter of 2026, or an annualized 0.49% of average loans, compared to $21.1

million, or an annualized 0.65% of average loans, in the first quarter of 2026. The $5.0 million decrease in net charge-offs was driven

by a $4.7 million reduction in consumer loans and finance leases net charge -offs, mainly in the auto loan portfolio.

Allowance for Credit Losses for Unfunded Loan Commitments

As of June 30, 2026, the ACL for off-balance sheet credit exposures increased to $4.6 million, compared to $3.1 million as of March

31, 2026, primarily driven by renewals of existing C&I lines of credit.

Allowance for Credit Losses for Debt Securities

As of June 30, 2026, the ACL for debt securities was $1.4 million, of which $0.5 million was related to Puerto Rico municipal bonds

classified as held-to-maturity, compared to $1.5 million and $0.6 million, respectively, as of March 31, 2026.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 10 of 28

STATEMENT OF FINANCIAL CONDITION

Total assets were approximately $19.2 billion as of June 30, 2026, up $155.1 million from March 31, 2026. The following variances

within the main components of total assets are noted:

●

A $168.8 million increase in total loans , primarily driven by a $151.3 million increase in commercial and construction loans.

The growth was mainly attributable to a $129.9 million increase in C&I loans in the Puerto Rico region, of which $112.1

million were related to the increased exposure of a participated loan related to a public-private partnership for toll roads

infrastructure improvement and a participated municipal loan (including the conversion of a municipal bond) as a result of

the aforementioned refinancings; and a new $19.5 million term loan extended to an existing relationship.

Total loan originations, including refinancings, renewals, and draws from existing commitments, amounted to $1.7 billion in

the second quarter of 2026, an increase of $469.5 million compared to the first quarter of 2026.

Total loan originations in the Puerto Rico region amounted to $1.4 billion in the second quarter of 2026, compared to $848.9

million in the first quarter of 2026. The increase of $509.7 million in total loan originations was mainly in commercial and

construction loans, driven by the aforementioned refinancings during the second quarter of 2026 totaling $270.6 million and

higher utilization of C&I lines of credit.

Total loan originations in the Florida region amounted to $333.0 million in the second quarter of 2026, compared to $228.4

million in the first quarter of 2026. The increase of $104.6 million in total loan originations was mainly related to a $102.4

million increase in commercial and construction loans, including $65.3 million in C&I loan originations due to the

origination of multiple term loans, and $36.9 million in commercial mortgage originations due to the refinancing of a

commercial mortgage revolving line of credit totaling $22.9 million.

Total loan originations in the Virgin Islands region amounted to $26.1 million in the second quarter of 2026, compared to

$170.9 million in the first quarter of 2026.

●

A $10.4 million increase in cash and cash equivalents, mainly related to the overall increase in deposits and the net income

generated in the second quarter of 2026. These increases were partially offset by net cash outflows from lending and

investment activities, the repayment at maturity of a $90.0 million FHLB short -term advance, and capital deployment actions.

Partially offset by:

●

A

$13.2 million decrease in investment securities, driven by repayments of $368.3 million of U.S. agencies’ MBS and

debentures, of which $155.0 million was associated with matured securities; repayments of $10.7 million of municipal bonds,

which include the aforementioned refinancing of a municipal bond; and a $7.7 million decrease in the fair value of available-

for-sale debt securities attributable to changes in market interest rates. These decreases were partially offset by purchases

during the second quarter of 2026 of $374.8 million in U.S. agencies’ MBS and debentures at an average yield of 4.92%. In

addition, during the second quarter of 2026, $375.0 million in matured U.S. Treasury bills at an average yield of 3.48% were

replaced with $370.4 million in U.S. Treasury bills at an average yield of 3.71%.

Total liabilities were approximately $17.3 billion as of June 30, 2026, an increase of $145.5 million from March 31, 2026. The

following variances within the main components of total liabilities are noted:

●

Total deposits increased by $273.7 million consisting of:

o

A

$167.7 million increase in government deposits, driven by an increase of $159.4 million in the Puerto Rico region.

o

An $87.7 million increase in brokered CDs in the Florida region. The increase consisted of $179.9 million of new

issuances with original average maturities of approximately 0.7 years and an all-in cost of 4.00%, partially offset by

maturing brokered CDs amounting to $92.2 million with an all-in cost of 4.30% that were paid off during the second

quarter of 2026.

o

An $18.3 million increase in deposits, excluding brokered CDs and government deposits, consisting of an increase

of $42.2 million in the Florida region , partially offset by decreases of $13.8 million in the Virgin Islands region and

$10.1 million in the Puerto Rico region. The increase in such deposits consisted of a $19.3 million increase in non-

interest-bearing deposits.

Partially offset by:

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 11 of 28

●

A $90.0 million decrease in borrowings related to the aforementioned repayment of a $90.0 million short-term FHLB

advance that matured during the second quarter of 2026.

Total stockholders’ equity amounted to $2.0 billion as of June 30, 2026, an increase of $9.6 million from March 31, 2026, driven by

the net income generated in the second quarter of 2026, partially offset by $50.0 million in common stock repurchases at an average

price of $25.08, $31.0 million in common stock dividends declared in the second quarter of 2026, and a $7.7 million decrease in the

fair value of available-for-sale debt securities due to changes in market interest rates recognized as part of accumulated other

comprehensive loss.

As of June 30, 2026, capital ratios exceeded the required regulatory levels for bank holding companies and well-capitalized banks.

The Corporation’s estimated CET1 capital, tier 1 capital, total capital and leverage ratios under the Basel III rules were 16.96%,

16.96%, 18.21%, and 11.72%, respectively, as of June 30, 2026, compared to CET1 capital, tier 1 capital, total capital, and leverage

ratios of 16.93%, 16.93%, 18.19%, and 11.66% , respectively, as of March 31, 2026.

Meanwhile, estimated CET1 capital, tier 1 capital, total capital and leverage ratios of our banking subsidiary, FirstBank, were 15.96%,

16.71%, 17.97%, and 11.54%, respectively, as of June 30, 2026, compared to CET1 capital, tier 1 capital, total capital and leverage

ratios of 15.76%, 16.51%, 17.77%, and 11.37%, respectively, as of March 31, 2026.

Liquidity

Cash and cash equivalents increased by $10.4 million to $561.3 million as of June 30, 2026. When adding $2.1 billion of free high-

quality liquid securities that could be liquidated or pledged within one day, total core liquidity amounted to $2.7 billion as of June 30,

2026, or 13.73% of total assets, compared to $2.9 billion, or 14.66% of total assets, as of March 31, 2026. In addition, as of June 30,

2026, the Corporation had $1.1 billion available for credit with the FHLB based on the value of the collateral pledged with the FHLB.

As such, the basic liquidity ratio (which includes cash, free high-quality liquid assets such as U.S. government and government-

sponsored enterprises’ obligations that could be liquidated or pledged within one day, and available secured lines of credit with the

FHLB to total assets) was approximately 19.60% as of June 30, 2026, compared to 20.14% as of March 31, 2026.

In addition to the aforementioned available credit from the FHLB, the Corporation also maintains borrowing capacity at the FED

Discount Window Program. The Corporation had approximately $2.6 billion available for funding under the FED’s Borrower-In-

Custody Program as of June 30, 2026. In the aggregate, as of June 30, 2026, the Corporation had $6.4 billion available to meet

liquidity needs, or 134% of estimated uninsured deposits (excluding fully collateralized government deposits).

The Corporation’s total deposits, excluding brokered CDs, amounted to $16.3 billion as of June 30, 2026, compared to $16.1 billion as

of March 31, 2026, which included $3.0 billion and $2.9 billion, respectively, in government deposits that are fully collateralized.

Excluding fully collateralized government deposits and FDIC-insured deposits as of June 30, 2026, the estimated amount of uninsured

deposits was $4.7 billion, which represents 29.15% of total deposits, compared to $4.8 billion, or 30.12% of total deposits, as of

March 31, 2026. Refer to Table 10 in the accompanying tables (Exhibit A) for additional information about the deposits composition.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 12 of 28

Tangible Common Equity (Non-GAAP)

On a non-GAAP basis, the Corporation’s tangible common equity ratio decreased to 10.08% as of June 30, 2026, compared to 10.11%

as of March 31, 2026, mainly due to an increase in tangible assets. Refer to

Non-GAAP Disclosures - Non-GAAP Financial Measures

for the definition of and additional information about this non-GAAP financial measure.

The following table presents a reconciliation of the Corporation’s tangible common equity and tangible assets to the most comparable

GAAP items as of the indicated dates:

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

(In thousands, except ratios and per share information)

Tangible Equity:

Total common equity - GAAP

$

1,976,833

$

1,967,239

$

1,966,865

$

1,918,045

$

1,845,455

Goodwill

(38,611)

(38,611)

(38,611)

(38,611)

(38,611)

Other intangible assets

(3,022)

(3,240)

(3,458)

(3,676)

(4,535)

Tangible common equity - non-GAAP

$

1,935,200

$

1,925,388

$

1,924,796

$

1,875,758

$

1,802,309

Tangible Assets:

Total assets - GAAP

$

19,241,235

$

19,086,105

$

19,132,892

$

19,321,335

$

18,897,529

Goodwill

(38,611)

(38,611)

(38,611)

(38,611)

(38,611)

Other intangible assets

(3,022)

(3,240)

(3,458)

(3,676)

(4,535)

Tangible assets - non-GAAP

$

19,199,602

$

19,044,254

$

19,090,823

$

19,279,048

$

18,854,383

Common shares outstanding

152,674

154,694

156,619

159,135

161,508

Tangible common equity ratio - non-GAAP

10.08%

10.11%

10.08%

9.73%

9.56%

Tangible book value per common share - non-GAAP

$

12.68

$

12.45

$

12.29

$

11.79

$

11.16

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 13 of 28

Exposure to Puerto Rico Government

Direct Exposure

As of June 30, 2026, the Corporation had $379.4 million of direct exposure to the Puerto Rico government, its municipalities , and

public corporations, an increase of $81.9 million compared to $297.5 million as of March 31, 2026, mainly due to the aforementioned

refinancing of a participated municipal loan in the Puerto Rico region. As of June 30, 2026, approximately $293.0 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 $33.6 million consisted of loans and obligations which are supported by one or more specific sources of municipal

revenues. The Corporation’s total direct exposure to the Puerto Rico government also included $8.6 million in a loan extended to an

affiliate of the Puerto Rico Electric Power Authority and $41.6 million in loans to a public corporation of Puerto Rico. In addition, the

total direct exposure included an obligation of the Puerto Rico government, specifically a residential pass-through MBS issued by the

PRHFA, at an amortized cost of $2.6 million (fair value of $1.6 million as of June 30, 2026), included as part of the Corporation’s

available-for-sale debt securities portfolio. This residential pass-through MBS issued by the PRHFA is collateralized by certain second

mortgages and had an unrealized loss of $1.0 million as of June 30, 2026, of which $0.3 million is due to credit deterioration.

The aforementioned exposure to municipalities in Puerto Rico included $71.1 million of financing arrangements with Puerto Rico

municipalities that were issued in bond form but underwritten as loans with features that are typically found in commercial loans.

These bonds are accounted for as held-to-maturity debt securities.

Indirect Exposure

As of June 30, 2026 and March 31, 2026, the Corporation had $2.6 billion and $2.4 billion, respectively, of public sector deposits in

Puerto Rico. Approximately 21% of the public sector deposits as of June 30, 2026 were from municipalities and municipal agencies in

Puerto Rico, and 79% were from public corporations, the Puerto Rico central government and agencies, and U.S. federal government

agencies in Puerto Rico.

Additionally, as of June 30, 2026, the outstanding balance of construction loans funded through conduit financing structures to support

the federal programs of Low-Income Housing Tax Credit combined with other federal programs amounted to $75.0 million, compared

to $81.6 million as of March 31, 2026. The main objective of these programs is to spur development in new or rehabilitated and

affordable rental housing. PRHFA, as program subrecipient and conduit issuer, issues tax-exempt obligations which are acquired by

private financial institutions and are required to co-underwrite with PRHFA a 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 of record. The total

amount of unfunded loan commitments related to these loans as of June 30, 2026 was $39.2 million.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 14 of 28

NON-GAAP DISCLOSURES

This press release contains GAAP financial measures and non-GAAP financial measures. Non-GAAP financial measures are used

when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors

to analyze trends in the Corporation’s business and understand the performance of the Corporation. The Corporation may utilize these

non-GAAP financial measures as guides in its budgeting and long-term planning process. Where non-GAAP financial measures are

used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most

comparable GAAP financial measure, can be found in the text or in the tables in or attached to this press release. Any analysis of these

non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.

Certain non-GAAP financial measures, such as adjusted non-interest expenses, adjusted net income, adjusted earnings per share, and

adjusted pre-tax, pre-provision income, exclude the effect of items that management believes are not reflective of core operating

performance (the “Special Items”). Other non-GAAP financial measures include net interest income, interest rate spread, and net

interest margin each presented on a tax-equivalent basis; tangible common equity; tangible book value per common share; and certain

capital ratios. These measures should be read in conjunction with the accompanying tables (Exhibit A), which are an integral part of

this press release, and the Corporation’s other financial information that is presented in accordance with GAAP.

Special Items

The financial results for the quarter ended March 31, 2026 and six-month period ended June 30, 2026 included the following Special

Item:

FDIC Special Assessment Reversal

-

A benefit of $0.1 million ($57 thousand after-tax, calculated based on the statutory tax rate of 37.5%) was recorded during

the first quarter of 2026 following receipt of the FDIC assessment invoice, paid on March 30, 2026, which reduced the

quarterly special assessment rate for the eighth and final collection period from 3.36 bps to 2.97 bps. Any future offsets or

one-time final shortfall special assessment collection, if any, will be communicated by the FDIC through future invoices. The

FDIC deposit special assessment is reflected in the consolidated statements of income as part of “FDIC deposit insurance”

expenses.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 15 of 28

Non-GAAP Financial Measures

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. Tangible assets are total assets less goodwill and other intangible assets. Tangible common

equity ratio is tangible common equity divided by tangible assets. Tangible book value per common share is tangible assets divided by

common shares outstanding. Refer to

Statement of Financial Condition – Tangible Common Equity (Non-GAAP)

for a reconciliation

of the Corporation’s total stockholders’ equity and total assets in accordance with GAAP to the non-GAAP financial measures of

tangible common equity and tangible assets, respectively. 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 to

compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically

stemming from the use of the purchase method of accounting for mergers and acquisitions. Accordingly, the Corporation believes that

disclosure 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.

Adjusted Net Income and Adjusted Non-Interest Expenses

To 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 and non-interest expenses to

exclude Special Items.

Adjusted Pre-Tax, Pre-Provision Income

Adjusted pre-tax, pre-provision income is a non-GAAP performance metric that management uses and believes that investors may

find useful in analyzing underlying performance trends, particularly in times of economic stress, including as a result of natural

catastrophes or health epidemics. Adjusted pre-tax, pre-provision income, as defined by management, represents income before

income taxes adjusted to exclude the provisions for credit losses on loans, unfunded loan commitments and debt securities. In

addition, from time to time, earnings are also adjusted for certain items that management believes are not reflective of core operating

performance, which are regarded as Special Items.

Net Interest Income on a Tax -Equivalent Basis

Net interest income, interest rate spread, and net interest margin are reported on a tax-equivalent basis in order to provide to investors

additional information about the Corporation’s net interest income that management uses and believes should facilitate comparability

and analysis of the periods presented. The tax-equivalent adjustment to 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. Refer to Tables 4

and 5 in the accompanying tables (Exhibit A) for a reconciliation of the Corporation’s net interest income on a tax-equivalent basis.

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 management believes facilitates comparison of results to the results of peers.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 16 of 28

NET INCOME AND RECONCILIATION TO ADJUSTED NET INCOME (NON-GAAP)

The following table shows, for the second quarters of 2026 and 2025 and six-month period ended June 30, 2025, net income and

earnings per diluted share, and reconciles, for the first quarter of 2026 and six-month period ended June 30, 2026, net income to

adjusted net income and adjusted earnings per diluted share, which are non-GAAP financial measures that exclude the significant

Special Item discussed in the

Non-GAAP Disclosures – Special Items

section.

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(In thousands, except per share information)

Net income, as reported (GAAP)

$

96,154

$

88,778

$

80,180

$

184,932

$

157,239

Adjustment:

FDIC special assessment reversal

-

(92)

-

(92)

-

Income tax impact of adjustment

(1)

-

35

-

35

-

Adjusted net income attributable to common stockholders (non-GAAP)

$

96,154

$

88,721

$

80,180

$

184,875

$

157,239

Weighted-average diluted shares outstanding

154,162

156,101

161,513

155,126

162,625

Earnings per share - diluted (GAAP)

$

0.62

$

0.57

$

0.50

$

1.19

$

0.97

Adjusted earnings per share - diluted (non-GAAP)

$

0.62

$

0.57

$

0.50

$

1.19

$

0.97

(1) See

Non-GAAP Disclosures —

Special Items

above for a discussion of the individual tax impact related to the above adjustment.

INCOME BEFORE INCOME TAXES AND RECONCILIATION TO ADJUSTED PRE-TAX, PRE-PROVISION INCOME

(NON-GAAP)

The following table reconciles income before income taxes to adjusted pre-tax, pre-provision income for the last five quarters and for

the six-month periods ended June 30, 2026 and 2025:

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

June 30, 2026

June 30, 2025

(Dollars in thousands)

Income before income taxes

$

120,206

$

114,263

$

107,327

$

106,223

$

102,885

$

234,469

$

203,184

Add: Provision for credit losses expense

17,333

17,273

22,971

17,593

20,587

34,606

45,397

Less: FDIC special assessment reversal

-

(92)

(1,099)

-

-

(92)

-

Less: Employee retention credit

-

-

-

(2,358)

-

-

-

Adjusted pre-tax, pre-provision income

(1)

$

137,539

$

131,444

$

129,199

$

121,458

$

123,472

$

268,983

$

248,581

Change from most recent prior period (amount)

$

6,095

$

2,245

$

7,741

$

(2,014)

$

(1,637)

$

20,402

$

24,918

Change from most recent prior period (percentage)

4.6%

1.7%

6.4%

-1.6%

-1.3%

8.2%

11.1%

(1)

Non-GAAP financial measure. See

Non-GAAP Disclosures

above for the definition and additional information about this non-GAAP financial measure.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 17 of 28

Conference Call / Webcast Information

First BanCorp.’s senior management will host an earnings conference call and live webcast on Wednesday , July 22, 2026, at 10:00

a.m. (Eastern Time). The call may be accessed via a live Internet webcast through the Corporation’s investor relations website,

fbpinvestor.com, or through a dial-in telephone number at (800) 715-9871 or (646) 307-1963. The participant access code is 1895316.

The Corporation recommends that listeners go to the web site at least 15 minutes prior to the call to download and install any

necessary software. Following the webcast presentation, a question and answer session will be made available to research analysts and

institutional investors. A replay of the webcast will be archived in the Corporation’s investor relations website, fbpinvestor.com, until

July 22, 2027. A telephone replay will be available one hour after the end of the conference call through August 21, 2026, at (800)

770-2030. The replay access code is 1895316.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 18 of 28

Safe Harbor

This press release may contain “forward-looking statements” concerning the Corporation’s future economic, operational, and financial

performance. The words or phrases “expect,” “anticipate,” “intend,” “should,” “would,” “will,” “plans,” “forecast,” “believe,” and

similar expressions are meant to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of

1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by

such sections. The Corporation cautions readers not to place undue reliance on any such forward-looking statements, which speak only

as of 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, including, but not limited to, the uncertainties more fully discussed in Part I, Item 1A, “Risk Factors” of the

Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, and the following, could cause actual results to

differ materially from those expressed in, or implied by, such forward-looking statements: 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 in 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 U.S. federal government, the Puerto Rico government and other governments,

including those determined by the Federal Reserve Board, the Federal Reserve Bank of New York, the FDIC, government -sponsored

housing agencies and regulators in Puerto Rico, the U.S., and the U.S. and British Virgin Islands, that may affect the future results of

the Corporation; uncertainty as to the ability of FirstBank to retain its core deposits and generate sufficient cash flow through its

wholesale funding sources, such as securities sold under agreements to repurchase, FHLB advances, and 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 U.S. and British Virgin Islands, 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 of 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 of litigation or

the threat of litigation or other dispute resolutions, including any adverse settlements or judgments against the Corporation, and the

potential resulting liabilities, costs, negative publicity or other reputational harm; the effects of asserted and unasserted claims and the

extent of available insurance coverage; 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 as data security

breaches, ransomware, malware, “denial of service” attacks, “hacking,” identity theft, and state-sponsored cyberthreats, and the

occurrence of and response to any incidents that occur, which may result in misuse or misappropriation of confidential or proprietary

information, disruption, or damage to our systems or those of 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 as well as the implementation of

existing or planned strategic growth opportunities, including risks, uncertainties, and other factors or events related to any business

acquisitions, dispositions, strategic partnerships, strategic operational investments, including systems conversions, and any anticipated

efficiencies or other expected results related thereto; uncertainty regarding the implementation of Puerto Rico’s debt restructuring plan

and the revised fiscal plan for Puerto Rico, as certified on June 19, 2026, by the oversight board established by the Puerto Rico

Oversight, Management, and Economic Stability Act, 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 of changes in accounting

standards, or determinations and assumptions in applying those standards, and of forecasts of economic variables considered for the

determination of the 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, ongoing conflicts in the Middle East, such as the

war in Iran, recent conflicts in South America, the possible expansion of such conflicts in surrounding areas and potential geopolitical

consequences, and the threat of conflict from neighboring countries in our region), terrorist attacks, or other catastrophic external

events, including impacts of such events on general economic conditions and on the Corporation’s assumptions regarding forecasts of

economic variables; the risk that additional portions of the unrealized losses in the Corporation’s debt securities portfolio are

determined to be 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 of applicable legislative, tax, or regulatory changes or

changes in legislative, tax, or regulatory priorities, including as a result of the One Big Beautiful Bill Act, signed into law on July 4,

2025, the reduction in staffing at 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 of possible failure or circumvention of 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

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 19 of 28

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 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 of capital levels, and

compliance with applicable laws, regulations and related requirements. The Corporation does not undertake to, and specifically

disclaims any obligation to update any “forward-looking statements” to reflect occurrences or unanticipated events or circumstances

after the date of such statements, except as required by the federal securities laws.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 20 of 28

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico,

the U.S., and the British Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp.’s shares of common stock

trade on the New York Stock Exchange under the symbol FBP. Additional information about First BanCorp. may be found at

www.1firstbank.com .

###

First BanCorp.

Ramon Rodriguez

Senior Vice President

Corporate Strategy and Investor Relations

ramon.rodriguez@firstbankpr.com

(787) 729-8200 Ext. 82179

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 21 of 28

EXHIBIT A

Table 1 – Condensed Consolidated Statements of Financial Condition

As of

June 30, 2026

March 31, 2026

December 31, 2025

(In thousands, except for share information)

ASSETS

Cash and due from banks

$

559,626

$

549,199

657,149

Money market investments:

Time deposit with another financial institution

1,000

1,000

750

Other short-term investments

700

700

700

Total money market investments

1,700

1,700

1,450

Available-for-sale debt securities, at fair value (ACL of $885 as of June 30, 2026, $839 as of March 31, 2026;

and $763 as of December 31, 2025)

4,681,588

4,668,697

4,554,032

Held-to-maturity debt securities, at amortized cost, net of ACL of $479 as of June 30, 2026 and $641 as of

March 31, 2026; and $733 as of December 31, 2025 (fair value of $228,667 as of June 30, 2026;

$253,485 as of March 31, 2026 and $262,055 as of December 31, 2025)

233,645

256,881

264,563

Total debt securities

4,915,233

4,925,578

4,818,595

Equity securities

43,552

46,432

44,753

Total investment securities

4,958,785

4,972,010

4,863,348

Loans held for investment, net of ACL of $245,039 as of June 30, 2026; $245,060 as of March 31, 2026;

and $249,037 as of December 31, 2025

13,012,184

12,846,017

12,876,319

Mortgage loans held for sale, at lower of cost or market

15,474

12,805

16,697

Total loans, net

13,027,658

12,858,822

12,893,016

Accrued interest receivable on loans and investments

70,663

67,722

71,351

Premises and equipment, net

128,680

127,865

126,920

OREO

6,939

6,344

7,522

Deferred tax asset, net

142,041

143,565

149,012

Goodwill

38,611

38,611

38,611

Other intangible assets

3,022

3,240

3,458

Other assets

303,510

317,027

321,055

Total assets

$

19,241,235

$

19,086,105

$

19,132,892

LIABILITIES

Deposits:

Non-interest-bearing deposits

$

5,548,697

$

5,554,751

$

5,549,416

Interest-bearing deposits

11,320,832

11,041,070

11,120,727

Total deposits

16,869,529

16,595,821

16,670,143

Advances from the FHLB

200,000

290,000

290,000

Accounts payable and other liabilities

194,873

233,045

205,884

Total liabilities

17,264,402

17,118,866

17,166,027

STOCKHOLDERSʼ EQUITY

Common stock, $0.10 par value, 223,663,116 shares issued (June 30, 2026 - 152,674,406 shares outstanding;

March 31, 2026 - 154,693,926 shares outstanding; and December 31, 2025 - 156,618,996 shares outstanding)

22,366

22,366

22,366

Additional paid-in capital

955,527

952,773

963,543

Retained earnings

2,390,394

2,325,256

2,268,011

Treasury stock, at cost (June 30, 2026 - 70,988,710 shares; March 31, 2026 - 68,969,190 shares; and

December 31, 2025 - 67,044,120 shares)

(1,023,005)

(972,438)

(932,505)

Accumulated other comprehensive loss

(368,449)

(360,718)

(354,550)

Total stockholdersʼ equity

1,976,833

1,967,239

1,966,865

Total liabilities and stockholdersʼ equity

$

19,241,235

$

19,086,105

$

19,132,892

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 22 of 28

Table 2 – Condensed Consolidated Statements of Income

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(In thousands, except per share information)

Net interest income:

Interest income

$

287,710

$

279,849

$

278,190

$

567,559

$

555,255

Interest expense

58,579

58,893

62,331

117,472

126,999

Net interest income

229,131

220,956

215,859

450,087

428,256

Provision for credit losses - expense (benefit):

Loans

15,958

17,170

20,381

33,128

45,218

Unfunded loan commitments

1,479

107

287

1,586

224

Debt securities

(104)

(4)

(81)

(108)

(45)

Provision for credit losses - expense

17,333

17,273

20,587

34,606

45,397

Net interest income after provision for credit losses

211,798

203,683

195,272

415,481

382,859

Non-interest income:

Service charges and fees on deposit accounts

9,885

9,932

9,756

19,817

19,396

Mortgage banking activities

3,727

4,043

3,401

7,770

6,578

Card and processing income

12,512

11,758

11,880

24,270

23,355

Other non-interest income

9,608

11,952

5,913

21,560

17,355

Total non-interest income

35,732

37,685

30,950

73,417

66,684

Non-interest expenses:

Employees’ compensation and benefits

63,439

65,299

60,058

128,738

122,195

Occupancy and equipment

22,108

22,063

22,297

44,171

44,927

Business promotion

4,435

3,555

3,495

7,990

6,773

Professional service fees

13,116

12,912

11,609

26,028

23,095

Taxes, other than income taxes

6,071

6,184

5,712

12,255

11,590

FDIC deposit insurance

2,167

2,058

2,235

4,225

4,471

Net gain on OREO operations

(842)

(937)

(591)

(1,779)

(1,720)

Credit and debit card processing expenses

8,514

7,327

7,747

15,841

12,857

Other non-interest expenses

8,316

8,644

10,775

16,960

22,171

Total non-interest expenses

127,324

127,105

123,337

254,429

246,359

Income before income taxes

120,206

114,263

102,885

234,469

203,184

Income tax expense

24,052

25,485

22,705

49,537

45,945

Net income

$

96,154

$

88,778

$

80,180

$

184,932

$

157,239

Net income attributable to common stockholders

$

96,154

$

88,778

$

80,180

$

184,932

$

157,239

Earnings per common share:

Basic

$

0.63

$

0.57

$

0.50

$

1.20

$

0.97

Diluted

$

0.62

$

0.57

$

0.50

$

1.19

$

0.97

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 23 of 28

Table 3 – Selected Financial Data

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(Shares in thousands)

Per Common Share Results:

Net earnings per share - basic

$

0.63

$

0.57

$

0.50

$

1.20

$

0.97

Net earnings per share - diluted

$

0.62

$

0.57

$

0.50

$

1.19

$

0.97

Cash dividends declared

$

0.20

$

0.20

$

0.18

$

0.40

$

0.36

Average shares outstanding

153,466

155,262

160,884

154,359

161,903

Average shares outstanding diluted

154,162

156,101

161,513

155,126

162,625

Book value per common share

$

12.95

$

12.72

$

11.43

$

12.95

$

11.43

Tangible book value per common share

(1)

$

12.68

$

12.45

$

11.16

$

12.68

$

11.16

Common stock price: end of period

$

26.07

$

21.36

$

20.83

$

26.07

$

20.83

Selected Financial Ratios (In Percent):

Profitability:

Average yield on loans and leases

7.51

7.49

7.64

7.50

7.69

Average yield on investment securities, other short-term investments and interest-earning cash balances

2.96

2.69

2.29

2.83

2.27

Average yield on interest-earning assets

6.11

6.02

5.88

6.07

5.88

Average rate on interest-bearing liabilities

2.07

2.09

2.14

2.08

2.19

Average cost of funds

1.39

1.42

1.46

1.40

1.50

Interest rate spread

4.04

3.93

3.74

3.99

3.69

Interest rate spread - non-GAAP

(2)

4.36

4.18

3.89

4.27

3.84

Net interest margin

4.87

4.75

4.56

4.81

4.54

Net interest margin - non-GAAP

(2)

5.18

5.00

4.71

5.09

4.68

Return on average assets

2.02

1.89

1.69

1.95

1.66

Return on average equity

19.49

17.92

17.79

18.70

17.85

Efficiency ratio

(3)

48.07

49.14

49.97

48.60

49.78

Capital and Other:

Average total equity to average total assets

10.35

10.54

9.49

10.44

9.32

Total capital

18.21

18.19

17.87

18.21

17.87

Common equity Tier 1 capital

16.96

16.93

16.61

16.96

16.61

Tier 1 capital

16.96

16.93

16.61

16.96

16.61

Leverage

11.72

11.66

11.41

11.72

11.41

Tangible common equity ratio

(1)

10.08

10.11

9.56

10.08

9.56

Dividend payout ratio

31.92

34.98

36.12

33.39

37.07

Basic liquidity ratio

(4)

19.60

20.14

17.58

19.60

17.58

Core liquidity ratio

(5)

13.73

14.66

12.17

13.73

12.17

Loan to deposit ratio

78.68

78.96

77.80

78.68

77.80

Uninsured deposits, excluding fully collateralized deposits, to total deposits

(6)

29.15

30.12

28.10

29.15

28.10

Average Balances (In thousands):

Loans and leases

$

13,077,087

$

13,068,874

$

12,742,809

$

13,072,949

$

12,687,959

Investment securities, other short-term investments and interest-earning cash balances

5,797,465

5,776,844

6,245,844

5,787,213

6,344,384

Interest-earning assets

$

18,874,552

$

18,845,718

$

18,988,653

$

18,860,162

$

19,032,343

Total assets

$

19,112,408

$

19,069,238

$

19,041,206

$

19,090,942

$

19,073,972

Interest-bearing liabilities

$

11,371,881

$

11,409,037

$

11,670,411

$

11,390,356

$

11,709,495

Non-interest-bearing deposits

5,550,768

5,441,443

5,402,655

5,496,408

5,414,181

Total funding sources

$

16,922,649

$

16,850,480

$

17,073,066

$

16,886,764

$

17,123,676

Total stockholders’ equity

$

1,978,553

$

2,009,137

$

1,807,256

$

1,993,761

$

1,776,747

Asset Quality:

Allowance for credit losses for loans and finance leases to total loans held for investment

1.85

1.87

1.93

1.85

1.93

Net charge-offs (annualized) to average loans outstanding

0.49

0.65

0.60

0.57

0.64

Provision for credit losses for loans and finance leases to net charge-offs

99.87

81.19

106.86

89.23

111.42

Non-performing assets to total assets

0.59

0.57

0.68

0.59

0.68

Nonaccrual loans held for investment to total loans held for investment

0.71

0.67

0.78

0.71

0.78

Allowance for credit losses for loans and finance leases to total nonaccrual loans held for investment

259.12

279.29

248.33

259.12

248.33

Allowance for credit losses for loans and finance leases to total nonaccrual loans held for investment,

excluding residential estate loans

344.37

410.67

358.66

344.37

358.66

(1)

Non-GAAP financial measures. Refer to

Non-GAAP Disclosures

and

Statement of Financial Condition — Tangible Common Equity (Non-GAAP) above

for additional information about the components and a

reconciliation of these measures.

(2)

Non-GAAP financial measures reported on a tax-equivalent basis. Refer to

Non-GAAP Disclosures

and Tables 4 and 5 below for additional information and reconciliation of this measure.

(3)

Non-interest expenses divided by the sum of net interest income and non-interest income.

(4)

Defined as the sum of cash and cash equivalents, free high-quality liquid assets that could be liquidated within one day, and available secured lines of credit with the FHLB to total assets.

(5)

Defined as the sum of cash and cash equivalents and free high-quality liquid assets that could be liquidated within one day to total assets.

(6)

Exclude insured deposits not covered by federal deposit insurance.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 24 of 28

Table 4 – Quarterly Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-

Equivalent Basis, with GAAP reconciliation)

Average Volume

Interest Income

(1)

/ Expense

Average Rate

(1)

Quarter Ended

June 30,

March 31,

June 30,

June 30,

March 31,

June 30,

June 30,

March 31,

June 30,

2026

2026

2025

2026

2026

2025

2026

2026

2025

(Dollars in thousands)

Interest-earning assets:

Money market and other short-term investments

$

539,882

$

618,371

$

1,070,545

$

4,969

$

5,630

$

11,897

3.69%

3.69%

4.46%

Government obligations

(2)

1,382,832

1,467,672

1,839,445

14,976

11,426

7,519

4.34%

3.16%

1.64%

MBS

3,829,853

3,645,699

3,289,215

31,011

26,814

17,979

3.25%

2.98%

2.19%

FHLB stock

22,452

24,150

26,114

447

474

645

7.99%

7.96%

9.91%

Other investments

22,446

20,952

20,525

137

139

174

2.45%

2.69%

3.40%

Total investments

(3)

5,797,465

5,776,844

6,245,844

51,540

44,483

38,214

3.57%

3.12%

2.45%

Residential mortgage loans

2,924,680

2,911,731

2,854,624

43,696

43,249

41,674

5.99%

6.02%

5.86%

Construction loans

191,228

247,415

245,906

4,779

5,791

5,839

10.02%

9.49%

9.52%

C&I and commercial mortgage loans

6,304,576

6,225,066

5,892,848

106,430

101,920

100,758

6.77%

6.64%

6.86%

Consumer loans and finance leases

3,656,603

3,684,662

3,749,431

95,946

95,871

98,849

10.52%

10.55%

10.57%

Total loans

(4) (5)

13,077,087

13,068,874

12,742,809

250,851

246,831

247,120

7.69%

7.66%

7.78%

Total interest-earning assets

$

18,874,552

$

18,845,718

$

18,988,653

$

302,391

$

291,314

$

285,334

6.43%

6.27%

6.03%

Tax-equivalent adjustment

(14,681)

(11,465)

(7,144)

Interest income - GAAP

$

287,710

$

279,849

$

278,190

6.11%

6.02%

5.88%

Interest-bearing liabilities:

Time deposits

$

3,497,812

$

3,542,960

$

3,190,402

$

28,420

$

29,237

$

26,747

3.26%

3.35%

3.36%

Brokered CDs

528,544

555,938

487,787

5,414

5,759

5,491

4.11%

4.20%

4.52%

Other interest-bearing deposits

7,119,151

7,033,139

7,662,793

22,359

20,935

26,400

1.26%

1.21%

1.38%

Advances from the FHLB

226,374

277,000

320,000

2,386

2,962

3,518

4.23%

4.34%

4.41%

Other borrowings

-

-

9,429

-

-

175

0.00%

0.00%

7.44%

Total interest-bearing liabilities

$

11,371,881

$

11,409,037

$

11,670,411

$

58,579

$

58,893

$

62,331

2.07%

2.09%

2.14%

Net interest income / margin- non-GAAP

(1)

$

243,812

$

232,421

$

223,003

5.18%

5.00%

4.71%

Net interest income / margin - GAAP

$

229,131

$

220,956

$

215,859

4.87%

4.75%

4.56%

Net interest spread - non-GAAP

(1)

4.36%

4.18%

3.89%

Net interest spread - GAAP

4.04%

3.93%

3.74%

(1)

Non-GAAP financial measures reported on a tax-equivalent basis. The tax-equivalent yield was estimated 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. When adjusted to a tax-equivalent basis, yields on taxable and exempt assets are comparable. Refer to

Non-GAAP Disclosures - Non-GAAP Financial Measures

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 non-performing loans.

(5)

Interest income on loans includes $3.7 million, $4.0 million, and $3.7 million, for the quarters ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, of income from prepayment penalties and late fees

related to the Corporation’s loan portfolio.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 25 of 28

Table 5 – Year -to-Date Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-

Equivalent Basis, with GAAP reconciliation)

Average Volume

Interest Income

(1)

/ Expense

Average Rate

(1)

Six-Month Period Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(Dollars in thousands)

Interest-earning assets:

Money market and other short-term investments

$

578,910

$

1,090,704

$

10,599

$

24,102

3.69%

4.46%

Government obligations

(2)

1,425,018

1,905,022

26,402

14,489

3.74%

1.53%

MBS

3,738,285

3,299,035

57,825

35,476

3.12%

2.17%

FHLB stock

23,296

29,370

921

1,435

7.97%

9.85%

Other investments

21,704

20,253

276

421

2.56%

4.19%

Total investments

(3)

5,787,213

6,344,384

96,023

75,923

3.35%

2.41%

Residential mortgage loans

2,918,187

2,848,306

86,945

83,158

6.01%

5.89%

Construction loans

219,166

239,138

10,570

11,435

9.73%

9.64%

C&I and commercial mortgage loans

6,265,041

5,850,126

208,350

200,514

6.71%

6.91%

Consumer loans and finance leases

3,670,555

3,750,389

191,817

197,601

10.54%

10.62%

Total loans

(4) (5)

13,072,949

12,687,959

497,682

492,708

7.68%

7.83%

Total interest-earning assets - non-GAAP

(1)

$

18,860,162

$

19,032,343

$

593,705

$

568,631

6.35%

6.03%

Tax-equivalent adjustment

(26,146)

(13,376)

Interest income - GAAP

$

567,559

$

555,255

6.07%

5.88%

Interest-bearing liabilities:

Time deposits

$

3,520,261

$

3,119,981

$

57,657

$

52,215

3.30%

3.37%

Brokered CDs

542,165

485,792

11,173

10,952

4.16%

4.55%

Other interest-bearing deposits

7,076,383

7,678,261

43,294

53,968

1.23%

1.42%

Advances from the FHLB

251,547

393,923

5,348

8,708

4.29%

4.46%

Other borrowings

-

31,538

-

1,156

0.00%

7.39%

Total interest-bearing liabilities - GAAP

$

11,390,356

$

11,709,495

$

117,472

$

126,999

2.08%

2.19%

Net interest income / margin - non-GAAP

(1)

$

476,233

$

441,632

5.09%

4.68%

Net interest income / margin - GAAP

$

450,087

$

428,256

4.81%

4.54%

Net interest spread - non-GAAP

(1)

4.27%

3.84%

Net interest spread - GAAP

3.99%

3.69%

(1)

Non-GAAP financial measures reported on a tax-equivalent basis. The tax-equivalent yield was estimated 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. When adjusted to a tax-equivalent basis, yields on taxable and exempt assets are comparable. Refer to

Non-GAAP Disclosures - Non-GAAP Financial Measures

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 non-performing loans.

(5)

Interest income on loans includes $7.7 million and $9.1 million for the six-month periods ended June 30, 2026 and 2025, respectively, of income from prepayment penalties and late fees related to the Corporation's loan

portfolio. The results for the six-month period ended June 30, 2025 include a prepayment penalties associated with the payoff of a $73.8 million commercial mortgage loan and higher income from late fees in the consumer

loans and finance leases portfolios.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 26 of 28

Table 6 – Loan Portfolio by Geography

As of June 30, 2026

Puerto Rico

Virgin Islands

United States

Total

(In thousands)

Residential mortgage loans

$

2,247,503

$

144,769

$

534,895

$

2,927,167

Commercial loans:

Construction loans

189,736

11,975

2,919

204,630

Commercial mortgage loans

1,747,380

72,059

817,913

2,637,352

C&I loans

2,420,749

181,905

1,223,934

3,826,588

Commercial loans

4,357,865

265,939

2,044,766

6,668,570

Consumer loans and finance leases

3,591,388

63,763

6,335

3,661,486

Loans held for investment

10,196,756

474,471

2,585,996

13,257,223

Mortgage loans held for sale

15,056

418

-

15,474

Total loans

$

10,211,812

$

474,889

$

2,585,996

$

13,272,697

As of March 31, 2026

Puerto Rico

Virgin Islands

United States

Total

(In thousands)

Residential mortgage loans

$

2,231,306

$

147,082

$

536,510

$

2,914,898

Commercial loans:

Construction loans

178,810

14,167

2,290

195,267

Commercial mortgage loans

1,753,712

72,837

800,564

2,627,113

C&I loans

2,290,891

203,810

1,200,142

3,694,843

Commercial loans

4,223,413

290,814

2,002,996

6,517,223

Consumer loans and finance leases

3,587,266

65,834

5,856

3,658,956

Loans held for investment

10,041,985

503,730

2,545,362

13,091,077

Mortgage loans held for sale

12,805

-

-

12,805

Total loans

$

10,054,790

$

503,730

$

2,545,362

$

13,103,882

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

Commercial loans:

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

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

Loans held for investment

10,151,041

476,151

2,498,164

13,125,356

Loans held for sale

16,697

-

-

16,697

Total loans

$

10,167,738

$

476,151

$

2,498,164

$

13,142,053

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 27 of 28

Table 7 – Non-Performing Assets by Geography

As of June 30, 2026

(In thousands)

Puerto Rico

Virgin Islands

United States

Total

Nonaccrual loans held for investment:

Residential mortgage

$

12,462

$

4,592

$

6,356

$

23,410

Construction

4,441

1,022

-

5,463

Commercial mortgage

1,248

5,819

-

7,067

C&I

25,131

601

15,321

41,053

Consumer and finance leases

17,284

275

13

17,572

Total nonaccrual loans held for investment

60,566

12,309

21,690

94,565

OREO

5,401

659

879

6,939

Other repossessed property

10,699

104

-

10,803

Other assets

(1)

1,610

-

-

1,610

Total non-performing assets

(2)

$

78,276

$

13,072

$

22,569

$

113,917

Past due loans 90 days and still accruing

(3)

$

23,700

$

890

$

146

$

24,736

As of March 31, 2026

(In thousands)

Puerto Rico

Virgin Islands

United States

Total

Nonaccrual loans held for investment:

Residential mortgage

$

11,875

$

4,923

$

11,273

$

28,071

Construction

4,458

956

-

5,414

Commercial mortgage

1,581

5,861

-

7,442

C&I

26,010

611

479

27,100

Consumer and finance leases

19,316

356

45

19,717

Total nonaccrual loans held for investment

63,240

12,707

11,797

87,744

OREO

5,685

659

-

6,344

Other repossessed property

13,055

69

-

13,124

Other assets

(1)

1,609

-

-

1,609

Total non-performing assets

(2)

$

83,589

$

13,435

$

11,797

$

108,821

Past due loans 90 days and still accruing

(3)

$

28,078

$

871

$

-

$

28,949

As of December 31, 2025

(In thousands)

Puerto Rico

Virgin Islands

United States

Total

Nonaccrual loans held for investment:

Residential mortgage

$

12,637

$

5,407

$

11,125

$

29,169

Construction

4,581

955

-

5,536

Commercial mortgage

1,913

6,469

-

8,382

C&I

27,211

644

187

28,042

Consumer and finance leases

20,891

529

14

21,434

Total nonaccrual loans held for investment

67,233

14,004

11,326

92,563

OREO

6,661

861

-

7,522

Other repossessed property

12,216

173

-

12,389

Other assets

(1)

1,620

-

-

1,620

Total non-performing assets

(2)

$

87,730

$

15,038

$

11,326

$

114,094

Past due loans 90 days and still accruing

(3)

$

30,643

$

1,270

$

-

$

31,913

(1)

Residential pass-through MBS issued by the PRHFA held as part of the available-for-sale debt securities portfolio.

(2)

Excludes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans as “units of account” both at the time of

adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate

the timing and amount of cash flows expected to be collected on the loan pools. The portion of such loans contractually past due 90 days or more amounted to $3.6 million as of June 30, 2026 (March 31, 2026 - $4.2

million; December 31, 2025 - $4.8 million).

(3)

These include rebooked loans, which were previously pooled into GNMA securities, amounting to $4.6 million as of June 30, 2026 and $6.7 million as of each of March 31, 2026 and December 31, 2025. Under the

GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA's specified delinquency criteria. For accounting purposes, the loans subject to the repurchase option are

required to be reflected on the financial statements with an offsetting liability.

First BanCorp. Announces Earnings for the Quarter Ended June 30, 2026

– Page 28 of 28

Table 8 – Allowance for Credit Losses on Loans and Finance Leases

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(Dollars in thousands)

Allowance for credit losses on loans and finance leases, beginning of period

$

245,060

$

249,037

$

247,269

$

249,037

$

243,942

Provision for credit losses on loans and finance leases expense

15,958

17,170

20,381

33,128

45,218

Net (charge-offs) recoveries of loans and finance leases:

Residential mortgage

(79)

224

15

145

(3)

Construction

13

13

13

26

27

Commercial mortgage

155

(522)

51

(367)

91

C&I

(259)

(309)

760

(568)

837

Consumer loans and finance leases

(15,809)

(20,553)

(19,911)

(36,362)

(41,534)

(1)

Net charge-offs

(15,979)

(21,147)

(19,072)

(37,126)

(40,582)

(1)

Allowance for credit losses on loans and finance leases, end of period

$

245,039

$

245,060

$

248,578

$

245,039

$

248,578

Allowance for credit losses on loans and finance leases to period end total loans

loans held for investment

1.85%

1.87%

1.93%

1.85%

1.93%

Net charge-offs (annualized) to average loans outstanding during the period

0.49%

0.65%

0.60%

0.57%

0.64%

Provision for credit losses on loans and finance leases to net charge-offs during the period

1.00x

0.81x

1.07x

0.89x

1.11x

(1)

Includes recoveries totaling $2.4 million associated with the bulk sale of fully charged-off consumer loans and finance leases.

Table 9 – Annualized Net Charge-Offs (Recoveries) to Average Loans

Quarter Ended

Six-Month Period Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Residential mortgage

0.01%

-0.03%

-0.00%

-0.01%

0.00%

Construction

-0.03%

-0.02%

-0.02%

-0.02%

-0.02%

Commercial mortgage

-0.02%

0.08%

-0.01%

0.03%

-0.01%

C&I

0.03%

0.03%

-0.09%

0.03%

-0.05%

Consumer loans and finance leases

1.73%

2.23%

2.12%

1.98%

2.21%

(1)

Total loans

0.49%

0.65%

0.60%

0.57%

0.64%

(1)

(1)

The recoveries associated with the aforementioned bulk sale reduced the ratios of consumer loans and finance leases and total net charge-offs to related average loans by 13 basis points and 4 basis points,

respectively.

Table 10 – Deposits

As of

June 30, 2026

March 31, 2026

December 31, 2025

(In thousands)

Time deposits

$

3,535,375

$

3,482,968

$

3,562,331

Interest-bearing saving and checking accounts

7,190,703

7,051,091

6,964,841

Non-interest-bearing deposits

5,548,697

5,554,751

5,549,416

Total deposits, excluding brokered CDs

(1)

16,274,775

16,088,810

16,076,588

Brokered CDs

594,754

507,011

593,555

Total deposits

$

16,869,529

$

16,595,821

$

16,670,143

Total deposits, excluding brokered CDs and government deposits

$

13,237,929

$

13,219,627

$

13,061,068

(1)

As of June 30, 2026, March 31, 2026, and December 31, 2025, government deposits amounted to $3.0 billion, $2.9 billion, and $3.0 billion, respectively.

Exhibit 99.2

1First BanCorp Financial Results Second Quarter 2026 July 22, 2026

Forward Looking Statements This presentation contains “forward -looking statements” concerning the Corporation’s future economic, operational and financial performance. The words or phrases “expect,” “anticipate,” “intend,” “should,” “would,” “will,” “plans,” “forecast,” “believe” and similar expressions are meant to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by such sections. The Corporation cautions readers not to place undue reliance on any such forward -looking statements, which speak only as of 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, including, but not limited to, the uncertainties more fully discussed in Part I, Item 1A, “Risk Factors” of the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, and the following, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements: the effect of the current global interest rate environment (including the potential for ongoing reductions in interest rates) 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; the effects of changes in the interest rate environment, including any adverse change in the Corporation’s ability to attract and retain clients and gain acceptance from current and prospective customers for new products and services,

including those related to the offering of digital banking and financial services; volatility in the financial services industry, which could result in, among other things, bank deposit runoffs, liquidity constraints, and increased regulatory requirements and costs; uncertainty as to the ability of FirstBank to retain its core deposits and generate sufficient cash flow through its wholesale funding sources, which may require us to sell investment securities at a loss; 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, ongoing conflicts in the Middle East, such as the war in Iran); adverse changes in general political and economic conditions in Puerto Rico, the U.S., and the U.S. and British Virgin Islands, includi ng in the interest rate environment, unemployment rates, market liquidity, housing absorption rates, real estate markets and U.S. capital markets; general competitive factors and other market risks as well as the implementation of existent or planned strategic growth opportunities, including risks, uncertainties, and other factors or events related to any business acquisitions, dispositions, strategic partnerships, strategic operational investments including system conversions, and any anticipated efficiencies or other expected results related thereto; the impact of litigation or the threat of litigation, including any settlements or judgments against the Corporation, and the potential resulting liabilities, costs, negative publicity or other reputational harm; the effects of asserted and unasserted claims and the extent of available insurance coverage; uncertainty as to the implementation of the debt restructuring plan of Puerto Rico and the Fiscal Plan for Puerto Rico as certified on June 19, 2026 by the Financial Oversight and Management Board for Puerto Rico, or any revisions to it, on our clients

and loan portfolios, and any potential impact from future economic or political developments and tax regulations in Puerto Rico; the impact of government financial assistance for hurricane recovery and other disaster relief on economic activity in Puerto Rico; the timing of sales of properties from our other real estate owned (“OREO”) portfolio; the impacts of applicable legislative, tax or regulatory changes on the Corporation’s financial condition or performance; and the effect of continued changes in the fiscal, monetary, and trade policies and regulations of the U.S. federal government, the Puerto Rico government and other governments. The Corporation does not undertake and specifically disclaims any obligation to update any “forward-looking statements” to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by the federal securities laws. Non-GAAP Financial Measures In addition to the Corporation’s financial information presented in accordance with GAAP, management uses certain “non-GAAP” financial measures” within the meaning of Regulation G promulgated by the SEC, to clarify and enhance understanding of past performance and prospects for the future. Please refer to pages 14-16 for a reconciliation of GAAP to non-GAAP measures and calculations. 2

Agenda 1 2Q 2026 – Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 2 2Q 2026 – Results of Operations Said Ortiz, Executive Vice President and Chief Financial Officer 3 v2Q 2026 – Questions and Answers 3

Second Quarter 2026 – Performance Highlights Profitability Net income of $96.1 million ($0.62 per diluted share), compared to $88.8 million ($0.57 per diluted share) in 1Q 2026 Net interest income increased to $229.1 million, and the margin grew by 12 basis points reaching 4.87% On a non-GAAP basis, record adjusted pre-tax, pre-provision income of $137.5 million, up 4.6% when compared to 1Q 2026 Consistent expense management discipline resulted in an efficiency ratio of 48.1% vs. 49.1% in 1Q 2026 Balance Sheet Total loans increased by 5.2% on a linked-quarter annualized basis to $13.3 billion mainly driven by commercial growth in Puerto Rico Total deposits grew by $273.7 million during the quarter mainly driven by a $167.7 million increase in government deposits Core deposits, other than brokered and fully collateralized government deposits, increased by $18.3 million Asset Quality Non-performing assets (“NPA”) ratio slightly increased to 0.59%, primarily driven by a $14.8 million commercial inflow in Florida Annualized net charge-offs to average loans decreased by 16 bps to 0.49%, mostly due to a $4.7 million reduction in consumer loan net charge -offs Liquidity and Capital Total available liquidity sources of approximately $6.4 billion or 1.3x of uninsured deposits (excluding fully collateralized govt. deposits) Repurchased $50.0 million in common stock and declared $31.0 million in common stock dividends; CET1 remains strong and above well-capitalized levels at 16.9% On a non-GAAP basis, tangible book value per share grew by 1.8% to $12.68 and tangible common equity ratio was 10.08% 4

Second Quarter 2026 – Strong Operating Results 2Q 2026 Franchise Highlights and Priorities 1 ROAA: 2.02% ROACE: 19.49% 2 NPA Ratio: 0.59% ACL Coverage: 1.85% 3 CET1 Ratio:16.9% Net Payout: 84% Operating Environment Stable economic backdrop on the back of an encouraging labor market (5.6% unemployment rate as of May 2026), encouraging reshoring activity, and reconstruction efforts Sector-specific tariffs impacting auto industry-wide sales; nonetheless, industry starting to normalize with retail auto sales for June 2026 down 3% YoY after double-digit reductions in preceding five months Business Highlights Total loan originations were up by 21% when compared to the prior year; loan pipelines remain healthy and continue to support our confidence in achieving our established loan growth targets for the full year Active digital banking users grew by 6% year-over-year, and over 95% of deposit transactions captured through digital and self-service channels Continued to advance multichannel strategy that integrates strategically located branch network with digital tools to provide customers with a more agile, convenient, and seamless service experience Strategic Priorities Selectively grow market share in core business segments while sustaining operational leverage and safeguarding asset quality Remain focused on delivering 3%-5% organic loan growth, sustaining a 52% efficiency ratio, maintaining strong profitability, and returning close to 100% of annual earnings back to shareholders Deploying AI to enhance our capabilities and the way we serve our clients by focusing on automating routine tasks to drive operational efficiency and improve customer experience Operating Environment PR Economic Activity Index (EAI)(1)(2) YoY Change 120.7 111.1 127.6 127.6 127.9 128.3 127.9 127.1 127.1 -0.1% -785.0% -1.3% -0.7% -0.5% -0.4% 0.2% -0.4% -0.8% 1Q20 2Q20 4Q24

1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Steady Economic Environment. +0.4% Real GNP Growth in FY2025; latest unemployment rate at 5.6% Encouraging Reshoring Activity. Announced expansion plans equivalent to a $2.2B investment and +4K jobs committed in PR Disaster Recovery. Ongoing federal disbursements, mainly from FEMA and HUD (CDBG) to continue supporting reconstruction efforts and overall economy (1) Puerto Rico Economic Development Bank (EDB) and Bureau of Labor Statistics. | (2) *EAI data presented for 2Q26 is based on results for April and May 5

Results of Operations

Second Quarter 2026 – Discussion of Results Income Statement and Selected Financial Data 2Q 2026 1Q 2026 Variance 2Q 2025 ($ in thousands, except per sh are data and financial ratios) Interest income $287,710 $2,798,849 $7,861 $278,190 Interest expense 58,757 58,893 (314) 62,331 Net interest income 229,131 220,956 8,175 215,859 Provison for credit losses 17,333 17,273 60 20,587 Total non-interst income 35,732 37,685 (1,953) 30,950 Personnel expense 63,439 65,299 (1,860) 60,058 Occupancy and equipment expense 22,108 22,063 45 22,297 Professional service fees 13,116 12,912 204 11,609 FIC deposit insurance 2,167 2,058 109 2,235 Net (gain) on OREO operaations (842) (937) 95 (591) Other non-interest expenses 27,336 25,710 1,626 27,729 Total non-interst expenses 127,324 127,105 219 123,337 Pre-tax income 120,206 114,263 5,943 102,885 Income tax expense 24,052 25,485 (1,433) 22,705 Net income $96,154 $88,778 $7,376 $80,180 Selected Financial Data: Adjusted pre-tax, pre-provision income (Non-GAAP) $137,539 $13,444 $6,095 $123,471 Fully diluted EPS $0.62 $0.57 $0.05 $0.50 Tangible book value per share $12.68 $12.45 $0.23 $11.16 Common stock price as of tend of period $26.07 $21.36 $4.71 $20.83 Dividend payout ratio 31.92% 34.98% -3.06% 36.12% Net Interest Margin (GAAP) 4.87% 4.78% 0.12% 4.56% Efficiency raio 40.07% 49.14% -1.07% 49.97% ROAA 2.02% 1.89% 0.13% 1.69% Non-GAAP Reconciliation – Selected Data(1) 2Q26 Adjusted Tangible Common Equity Ratio 10.08% 1.66% 1.74% 2Q26 TCE Ratio AOCL Impact Adj. TCE Ratio 2Q26 Adjusted Tangible Book Value per Share $12.68 $2.23 $15.04 2Q26 TBVPS AOCL Impact Adj. TBVPS 2Q26 Adjusted ROACE 19.49% 2.95% 16.54% 2Q26 ROACE AOCL Impact Adj. ROACE (1) Non-GAAP financial measures. Please refer to the calculation and management’s reason for using

these measures on Slides 14-16 titled “Second Quarter 2026 - Use of Non-GAAP Financial Measures.” 7

Second Quarter 2026 – Profitability Dynamics Net Interest Income ($MM) $215.9 $217.9 $222.8 $221.0 $229.1 4.56% 4.57% 4.68% 4.75% 4.87% 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Income ($) Net Interest Margin (GAAP %) Key Highlights Net interest income amounted to $229.1 million, an increase of $8.1 million vs. the prior quarter; primarily reflecting the following: A $4.5 million net increase in interest income on investments and cash balances due to purchases of higher yielding investments replacing lower yielding securities and the acceleration of an unamortized purchase discount on municipal securities that were refinanced, partially offset by a decrease in interest income from lower cash balances A $3.3 million increase in interest income on loans related to 1) the acceleration of net deferred fees associated to a C&I refinancing and a $2.9 million increase in interest income on commercial loans partially attributed to the effect of one additional day in the quarter and 2) a $0.4 million increase in interest income on residential mortgage loans attributed to the payoff of a nonaccrual mortgage loan in Florida A $0.6 million decrease in interest expense due to lower FHLB average balances which was offset by a $0.3 million net increase in interest expense on interest-bearing deposits mostly due to higher rates on interest-bearing government deposits paid during the quarter Net interest margin increased during the quarter by 12 basis points to 4.87%, mostly related to the acceleration of the unamortized purchase discount and net deferred fees associated with the refinancings during the quarter, which contributed 7 bps to the NIM expansion, and the deployment of cash flows from lower-yielding investment securities to higher-yielding assets Evolution of Loan Yields and Cost of Funds(1) 7.64% 7.62% 7.55% 7.49% 7.51% 6.18% 6.11% 6.09% 6.07% 6.12% 1.46% 1.51% 1.46% 1.42% 1.39%

2Q25 3Q25 4Q25 1Q26 2Q26 Loan Yields Cost of Funds (1) Average cost of funds include cost of all interest-bearing deposits, non-interest -bearing deposits, and wholesale funding 8

Non-Interest Income ($MM) $31.0 $30.8 $34.4 $37.7 $35.7 $17.7 $17.7 $20.3 $23.7 $22.1 $3.4 $3.3 $4.2 $4.0 $3.7 $9.8 $9.8 $9.9 $9.9 $9.9 2Q25 3Q25 4Q25 1Q26 2Q26 Other Mortgage Banking Service Charges on Deposits Key Highlights Non-interest income of $35.7 million, compared to $37.7 million in prior quarter; the $2.0 million decrease was mainly due to: $3.6 million in seasonal contingent commissions recorded as part of insurance commission income in the first quarter of 2026 based on the prior year’s production of insurance policies Partially offset by a $0.8 million increase in debit and credit card processing income driven by higher transactional volumes during the second quarter of 2026 Non-Interest Expenses ($MM) $1,233.3 $124.9 $126.9 $127.1 $127.3 $0.0 $1.9 $0.2 -$0.2 $0.4 $60.1 $59.8 $63.2 $65.3 $634.0 $63.2 $63.2 $63.5 $62.0 $63.5 $9.8 $9.8 $9.9 $9.9 $9.9 2Q25 3Q25 4Q25 1Q26 2Q26 Credit Related Payroll Related Other Operating Expenses Key Highlights Non -interest expenses of $127.3 million, relatively flat vs. prior quarter due to: A $1.9 million net decrease in payroll expenses due to seasonal share-based compensation recorded in the first quarter and lower payroll taxes, which were partially offset by an increase in salary compensation mainly due to the effect of one additional day in the second quarter A $1.2 million increase in credit and debit card processing expenses, mainly due to higher transactional volumes and a $0.9 million increase in business promotion expenses recorded in the second quarter Efficiency ratio relatively stable at 48%, below the 52% operating target 9

Second Quarter 2026 – Asset Quality Non-Performing Assets ($MM) Repossessed Assets and Other Non-Performing Loans NPAs/Assets $128.0 $119.4 $114.1 $108.8 $113.9 $27.9 $23.2 $21.5 $21.1 $19.4 0.68% 0.62% 0.60% 0.57% 0.59% $100.1 $96.3 $92.6 $57.7 $94.6 2Q25 3Q25 4Q25 1Q26 2Q26 Non-Performing Assets ($MM) – Distribution by Segment Repossessed Assets and Other Consumer Residential Construction Commercial $128.0 $119.4 $114.1 $108.8 $113.9 $27.9 $23.2 $21.5 $21.1 $19.4 $20.3 $20.7 $21.4 $19.7 $17.6 $308.0 $28.9 $29.2 $28.1 $23.4 $5.7 $5.6 $5.5 $5.4 $5.5 $43.3 $41.1 $36.4 $34.5 $48.1 2Q25 3Q25 4Q25 1Q26 2Q26 Total non-performing assets increased by $5.1 million to $113.9 million or 0.59% of total assets Increase in non-performing assets was driven by a $6.8 million increase in nonaccrual loans primarily attributed to the inflow of a $14.8 million C&I loan in Florida, partially offset by reductions in nonaccrual residential mortgage and consumer loans, mainly auto and leases Inflows to non-accrual loans held for investment were $40.7 million, an increase of $6.4 million when compared to the prior quarter, mostly driven by the aforementioned Florida commercial loan inflow, partially offset by overall reductions in consumer and residential mortgage loan inflows Loans in early delinquency (i.e., 30-89 days past due accruing loans) amounted to $143.4 million, an increase of $32.9 million vs. 1Q 2026, driven by a $20.7 million increase in consumer loans, primarily in the auto loan portfolio 10

Second Quarter 2026 – ACL and Capital Evolution of ACL ($MM) and ACL on Loans to Total Loans (%) $253.2 $251.0 $253.5 $249.7 $251.0 $4.6 $4.0 $4.5 $4.6 $6.0 $248.6 $247.0 $249.0 $245.1 $245.0 1.93% 1.89% 1.90% 1.87% 1.85% 2Q25 3Q25 4Q25 1Q26 2Q26 Off-BS Credit Exposure & Debt Securities Loans ACL on Loans/Loans Key Highlights The allowance for credit losses (ACL) on loans and leases was $245.0 million, flat vs. prior quarter; the ratio of the ACL on loans and finance leases to total loans held for investment decreased to 1.85% Variance was mainly related to lower consumer and commercial ACL due to improved macroeconomic variables, partially offset an increase in the mortgage ACL mostly due to loan growth Net charge-offs of $16.1 million, 0.49% of average loans, compared to $21.1 million or 0.65% in prior quarter, decrease mostly driven by a $4.7 million reduction in consumer net charge-offs, primarily auto loans and leases Capital Ratios (%) 17.9 16.6 11.4 9.6 17.9 16.7 11.5 9.7 18 16.8 11.6 10.1 18.2 16.9 11.7 10.1 18.2 16.9 11.7 10.1 2Q25 3Q25 4Q25 1Q26 2Q26 Total Risk-Based Capital Tier-1 Common Leverage Tangible Common Key Highlights Total stockholders’ equity amounted to $2.0 billion, an increase of $9.6 million vs. the prior quarter, driven by earnings generated during the quarter Partially offset by $50.0 million in common stock repurchases, $31.0 million in common stock dividends declared during the quarter, and a $7.7 million decrease in the fair value of available-for-sale debt securities due to changes in market rates recognized as part of accumulated other comprehensive loss All regulatory ratios remain significantly above “well-capitalized” levels 11

2Q 2026 Financial Results Appendix and Non-GAAP Financial Measures

Second Quarter 2026 – Balance Sheet Highlights Loan Portfolio - $MM $12,880 $13,061 $13,142 $13,104 $13,273 Loans HFS $10 $13 $17 $13 $16 Commercial $20 $6,018 $6,163 $6,243 $6,322 Consumer $308 $3,747 $3,736 $3,709 $3,659 Construction $6 $245 $260 $266 $195 Retail $43 $2,859 $2,889 $2,908 $2,915 2Q25 3Q25 4Q25 1Q26 2Q26 Total Deposits (excluding Brokered CDs) - $MM $16,027 $16,233 $16,077 $16,089 $16,275 Public Funds $3,371 $3,438 $3,016 $2,869 $3,037 CDs & IRAs $2,888 $3,055 $3,122 $3,179 $3,241 Commercial $4,897 $4,879 $5,019 $5,060 $5,074 Retail $4,871 $4,861 $4,920 $4,981 $4,923 2Q25 3Q25 4Q25 1Q26 2Q26 Public Funds Distribution - $MM $3,037 $2,600 -86% $437 -14% 2Q26 Loan Originations - $MM(1) $1,414 $1,371 $1,391 $1,248 $1,718 Consumer $283 $267 $261 $253 $290 Credit Cards $108 $104 $104 $95 $103 Residential $127 $132 $128 $116 $134 Construction $35 $35 $29 $14 $36 Commercial $861 $833 $869 $770 $1,155 2Q25 3Q25 4Q25 1Q26 2Q26 Composition of Deposit Portfolio vs. Available Liquidity - $MM(2) $165,089 $16,275 $5,555 $5,549 -35% -34% $10,534 $10,726 -65% -66% 1Q26 2Q26 $165,089 $16,275 $5,555 $5,549 -35% -34% $10,534 $10,726 -65% -66% Ininsured Available Deposits Liquidity (1) Loan Originations include refinancings and renewals, as well as credit card utilization activity (2) Uninsured deposits exclude public funds which are fully collateralized 13

Second Quarter 2026 – Use of Non-GAAP Financial Measures Basis of Presentation: Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation’s business and understand the performance of the Corporation. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the attached tables to this earnings presentation. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented 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 intangibles. Tangible assets are total assets less goodwill and other intangibles. Management and many stock analysts use the tangible common equity ratio and tangible book value per common share in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase method of accounting for mergers and acquisitions. Accordingly, the Corporation believes that disclosure 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 way 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. (in thousands, except ratios and per share information 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Q2 2025 Tangible Equity: Total common equity - GAAP $1,976,833 $19,672,239 $1,966,865 $1,918,045 $1,845,455 Goodwill (38,611) (38,611) (38,611) (38,611) (38,611) Other intangible assets (3,022) (3,240) (3,458) (3,676) (4,535) Tangible common equity (Non-GAAP) $1,935,200 $1,925,388 $1,924,946 $1,875,758 $1,802,309 Tangible Assets: Total assets - GAAP $19,241,235 $19,086,105 $19,132,892 $19,321,335 $18,897,529 Goodwill (38,611) (38,611) (38,611) (38,611) (38,611) Other intangible assets (3,022) (3,240) (3,458) (3,676) (4,535) Tangible common equity (Non-GAAP) $19,199,602 $19,044,254 $19,090,823 $19,279,048 $18,854,383 Common shares outstanding 15,674 154,694 15,619 159,135 161,508 Tangible common equity ration (Non- GAAP) 10.08% 10.11% 10.08% 9.73% 9.56% Tangible book value per common share (Non-GAAP) $12.68 $12.45 $12.29 $11.79 $11.16 14

Second Quarter 2026 – Use of Non-GAAP Financial Measures Basis of Presentation: Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation’s business and understand the performance of the Corporation. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the attached tables to this earnings presentation. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Adjusted Pre-Tax, Pre-Provision Income Adjusted pre-tax, pre-provision income is a non-GAAP performance metric that management uses and believes that investors may find useful in analyzing underlying performance trends, particularly in times of economic stress, including as a result of natural catastrophes or health epidemies. Adjusted pre-tax, pre-provision income, as defined by management, represents income before income taxes adjusted to exclude the provision for credit losses expense, as well as certain items that management believe s are not reflective of core operating performance. (in thousands) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Q2 2025 Income before income taxes $120,206 $114,263 $107,327 $106,223 $102,885 Add: Provision for credit losses expense 17,333 17,273 22,971 17,593 20,587 Les: FDIC special assessment reversal — (92) (1,099) — — Less: Employee retention credit — — — (2,358) — Adjusted pre-tax, pre-provision income $137,539 $131,444 $129,199 $121,458 $123,472 Change from mos

tcertent prior period (amount) $6,095 $2,245 $7,741 -$2,014 -$1,637 Change from mos tcertent prior period (percentage) 4.6% 1.7% 6.4% -1.6% 1.3% 15

Second Quarter 2026 – Use of Non-GAAP Financial Measures Basis of Presentation: Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation’s business and understand the performance of the Corporation. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the attached tables to this earnings presentation. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Adjusted Tangible Common Equity Ratio Adjusted tangible common equity, which is total common equity less goodwill and other intangibles, after exclusion of net unrealized losses on available-for-sale debt securities recognized as part of accumulated other comprehensive loss, divided by adjusted tangible assets, which are total assets less goodwill and other intangible assets, after exclusion of the net unrealized losses on available-for-sale debt securities. Adjusted Tangible Book Value Per Share Adjusted tangible common equity, which is total common equity less goodwill and other intangibles, after exclusion of net unrealized losses on available-for-sale debt securities recognized as part of accumulated other comprehensive loss, divided by common shares outstanding. Adjusted Return on Average Common Equity Ratio Net income divided by adjusted average common equity, which is average total common equity, after exclusion of average net unrealized losses on available-for-sale debt securities recognized as part of

accumulated other comprehensive loss. As of June 2026 Tangible Common Equity $1,935,200 Add: AOCL AFS Debt Securities 361,089 Adjusted Tangible Common Equity $2,296,289 Tangibl eAssets $19,199,602 Add: AOCL AFS Debt Securities 361,089 Adjusted Tangible Assets $19,560,691 Adjusted Tangible Common Equity Ratio 11.74% Common Shares Outstanding $152,674 Adjusted Tangible Book Value Per Common Share $15.04 2Q 2026 (Average) Average Common Equity $1,978,553 Add: Average AOCL AFS Debt Securities 353,042 Adjusted Average Common Equity $2,331,596 Net Income $96,154 Adjusted Returnon Average Common Equity 16.54% 16

Financial Results Second Quarter 2026 July 22, 2026

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