First BanCorp Q1 2026 earnings rise with 21% EPS growth

First BanCorp. reported strong results for the quarter ended March 31, 2026, with net income of $88.8 million and diluted EPS of $0.57, up from $77.1 million and $0.47 a year earlier.

Rhea-AI Filing Summary

First BanCorp. reported strong results for the quarter ended March 31, 2026, with net income of $88.8 million and diluted EPS of $0.57, up from $77.1 million and $0.47 a year earlier. Earnings per share rose 21% year-over-year, supported by record adjusted pre-tax, pre-provision income of $131.4 million and a net interest margin of 4.75%. Return on average assets was 1.89% and return on average equity was 17.92%, while the efficiency ratio improved to 49.14%. Total loans were $13.1 billion, down modestly by $38.2 million, and core customer deposits grew by $158.5 million. Credit quality remained solid, with non-performing assets at $108.8 million, or 0.57% of total assets, and an allowance for credit losses on loans and leases of 1.87%. Capital remained robust, with a CET1 ratio of 16.93% and a tangible common equity ratio of 10.11%, even after $50.0 million of share repurchases and $31.5 million in common dividends, for a net payout ratio of 92%.

Positive

• Earnings and profitability improved, with Q1 2026 net income of $88.8 million and diluted EPS of $0.57, a 21% year-over-year EPS increase, alongside a 4.75% net interest margin and 1.89% return on average assets.
• Capital and shareholder returns remained strong, as CET1 stood at 16.93% and the tangible common equity ratio at 10.11% while the company repurchased $50.0 million of stock and declared $31.5 million of dividends, resulting in a 92% net payout ratio.

Negative

• None.

Insights

Banking sector equity analyst

FBP posts higher earnings, strong margins, clean credit, and heavy capital return.

First BanCorp. delivered Q1 2026 net income of $88.8M and diluted EPS of $0.57, with EPS up 21% year-over-year. Net interest margin expanded to 4.75%, and adjusted pre-tax, pre-provision income reached a record $131.4M, showing resilient core profitability.

Asset quality indicators remained favorable. Non-performing assets fell to $108.8M, or 0.57% of total assets, while the allowance for credit losses on loans and leases stood at 1.87%. Net charge-offs were manageable at an annualized 0.65% of average loans, despite slightly higher commercial mortgage charge-offs.

Capital and liquidity stayed strong even with aggressive shareholder returns. The bank repurchased $50.0M of common stock and declared $31.5M of dividends, producing a 92% net payout ratio. Yet CET1 remained high at 16.93% and the tangible common equity ratio at 10.11%. Future filings will show whether management sustains this level of capital deployment while supporting targeted loan growth.

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, or exhibit attachments filed with this report.

Key Figures

Net income: $88.8M Diluted EPS: $0.57 Net interest margin: 4.75% +5 more

8 metrics

Net income $88.8M Quarter ended March 31, 2026

Diluted EPS $0.57 Quarter ended March 31, 2026

Net interest margin 4.75% Quarter ended March 31, 2026

Return on average assets 1.89% Quarter ended March 31, 2026

Return on average equity 17.92% Quarter ended March 31, 2026

Total loans held for investment $13.09B As of March 31, 2026

Core deposit increase $158.5M Change in core deposits in Q1 2026

CET1 capital ratio 16.93% As of March 31, 2026

Key Terms

net interest margin, efficiency ratio, allowance for credit losses, tangible common equity ratio, +2 more

6 terms

net interest margin financial

"Net interest margin 4.75% 4.68% 4.52%"

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 49.14% 49.33% 49.58%"

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

"Allowance for credit losses (“ACL”) coverage ratio – amounted to 1.87%, compared to 1.90%."

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.

tangible common equity ratio financial

"On a non-GAAP basis, the tangible common equity ratio (1) increased to 10.11%, compared to 10.08%."

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.

non-performing assets financial

"Non-performing assets – decreased by $5.3 million to $108.8 million, driven by a reduction in nonaccrual loans."

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.

FDIC special assessment regulatory

"Net income for the fourth quarter of 2025 included a reversal of $1.1 million related to the Federal Deposit Insurance Corporation (“FDIC”) special assessment."

A FDIC special assessment is a one-time or temporary charge the Federal Deposit Insurance Corporation can levy on insured banks to replenish the fund that protects depositors after unexpected losses. Think of it as an emergency invoice that raises a bank’s costs, which can reduce profits, eat into capital used for lending, and therefore matter to investors watching bank earnings, dividend capacity, and share price.

Earnings Snapshot

Net income: $88.8M

Q1 2026

Net income $88.8M +$11.7M vs Q1 2025

Diluted EPS $0.57 +21% YoY

Net interest income $221.0M +$8.6M vs Q1 2025

Adjusted pre-tax, pre-provision income $131.4M +$6.3M vs Q1 2025

Net interest margin 4.75% +23 bps vs Q1 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did First BanCorp (FBP) perform financially in Q1 2026?

First BanCorp posted net income of $88.8 million and diluted EPS of $0.57 for Q1 2026. This compares with $77.1 million and $0.47 a year earlier, reflecting 21% EPS growth driven by strong revenue and disciplined expense management.

What were First BanCorp (FBP)’s key profitability ratios for Q1 2026?

In Q1 2026, First BanCorp reported a net interest margin of 4.75%, a return on average assets of 1.89%, and a return on average equity of 17.92%. The efficiency ratio was 49.14%, indicating solid operating efficiency alongside strong earnings.

How strong was First BanCorp (FBP)’s asset quality in Q1 2026?

Asset quality remained solid, with non-performing assets of $108.8 million, equal to 0.57% of total assets. The allowance for credit losses on loans and finance leases was $245.1 million, representing 1.87% of total loans held for investment.

What happened to First BanCorp (FBP)’s loan and deposit balances in Q1 2026?

Total loans decreased modestly by $38.2 million to $13.1 billion, mainly from lower consumer balances. Core deposits, excluding brokered and government deposits, rose by $158.5 million to $13.2 billion, while fully collateralized government deposits fell by $146.3 million.

What capital and liquidity levels did First BanCorp (FBP) report for Q1 2026?

First BanCorp reported a CET1 ratio of 16.93%, total capital ratio of 18.19%, and a tangible common equity ratio of 10.11%. Available liquidity sources totaled about $6.5 billion, equal to roughly 134% of estimated uninsured deposits, excluding fully collateralized government balances.

How much capital did First BanCorp (FBP) return to shareholders in Q1 2026?

During Q1 2026, First BanCorp repurchased $50.0 million of common stock and declared $31.5 million in common dividends. Together these actions produced a net payout ratio of 92%, while capital ratios remained comfortably above well-capitalized regulatory thresholds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/22/2026 - 09:31 AM EDT Learn about SEC filing dates

false 0001057706 false false false false NYSE false 0001057706 2026-04-22 2026-04-22

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):

April 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 April 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

March 31, 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 March 31, 2026 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As announced

in a press release dated March 16, 2026, the call may be accessed via a live Internet webcast at 10:00 a.m. Eastern

time on Wednesday, April 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 5351564.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit

Description of Exhibit

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

March 31, 2026

99.2 First BanCorp Conference Call Presentation – Financial Results for the quarter ended March 31,

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 April 22, 2026 - First BanCorp Announces Earnings for the quarter ended March 31,

2026

99.2

First BanCorp Conference Call Presentation – Financial Results for the quarter ended March 31, 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: April 22, 2026

First BanCorp.

By: /s/ Orlando Berges

Name: Orlando Berges

Title: EVP and Chief Financial Officer

Exhibit 99.1

FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER ENDED MARCH 31, 2026

SAN JUAN, Puerto Rico – April 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 $88.8 million, or $0.57 per diluted share, for the first quarter of 2026, compared to $87.1 million, or

$0.55 per diluted share, for the fourth quarter of 2025, and $77.1 million, or $0.47 per diluted share, for the first quarter of 2025.

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

commented:

“We began the year with another quarter of strong operating

results, delivering consistent performance across our franchise. Earnings per

share increased 21% year-over-year, reflecting strong revenue generation and

disciplined expense management, which translated into a return on average

assets of 1.89%—our 17th consecutive quarter posting a ROAA above 1.5%.

Underlying revenue trends remained very strong during the quarter, with

pre‑tax, pre‑provision income reaching an all‑time high of $131 million, up 2%

from the prior quarter and 5% from a year ago. Core customer deposits

continued to grow, reinforcing the strength of our relationship‑driven franchise

while allowing us to proactively manage funding costs. Loan pipelines remain

healthy and continue to support our confidence in achieving our established loan

growth targets for the full year. Credit performance was strong, with stable

charge‑offs, record‑low levels of non‑performing assets, and very encouraging

early‑stage delinquency trends, which declined 24% from the prior quarter.

Supported by a resilient labor market and stable economic backdrop, we remain

focused on serving our customers across a range of environments while closely

monitoring key risks, including energy costs and their potential impact on

consumers. Our thoughtful and consistent approach to capital deployment

resulted in a net payout ratio of 92% during the quarter achieved through share

buybacks and dividends. Our disciplined approach to capital allocation,

responsible growth, and ongoing execution of our omnichannel strategy continue

to position First BanCorp to deliver sustainable long‑term value for all our

stakeholders.”

(In thousands)

Q1 '26

Q4 '25

Q1 '25

Financial Highlights

Net interest income

$

220,956

$

222,768

$

212,397

Provision for credit losses

17,273

22,971

24,810

Non-interest income

37,685

34,400

35,734

Non-interest expenses

127,105

126,870

123,022

Income before income taxes

114,263

107,327

100,299

Income tax expense

25,485

20,226

23,240

Net income

$

88,778

$

87,101

$

77,059

Selected Financial Data

Net interest margin

4.75%

4.68%

4.52%

Efficiency ratio

49.14%

49.33%

49.58%

Diluted earnings per share

$

0.57

$

0.55

$

0.47

Book value per share

$

12.72

$

12.56

$

10.91

Tangible book value per share

(1)

$

12.45

$

12.29

$

10.64

Return on average equity

17.92%

17.84%

17.90%

Return on average assets

1.89%

1.81%

1.64%

Results for the First Quarter of 2026 compared to the Fourth Quarter of 2025

Profitability

Net income –

$88.8 million, or $0.57 per diluted share compared to $87.1 million, or $0.55 per diluted share. Net income for the fourth quarter

of 2025 included a reversal of $1.1 million ($0.7 million after-tax) related to the Federal Deposit Insurance Corporation (“FDIC”) special

assessment.

Income before income taxes

–

$114.3 million compared to $107.3 million.

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

(1)

–

$131.4 million compared to $129.2 million.

Net interest income –

$221.0 million compared to $222.8 million. The decrease includes a reduction of $2.7 million associated with the effect of

two less days in the first quarter of 2026, $2.2 million associated to the downward repricing of variable-rate commercial loans and cash held at

the Federal Reserve Bank (“FED”), partially offset by the continued deployment of cash flows from lower-yielding investment securities to

higher-yielding assets and a decrease in the cost of interest-bearing deposits. Net interest margin increased to 4.75%, compared to 4.68%.

Provision for credit losses –

$17.3 million compared to $23.0 million. The provision reflects an improved projection on certain macroeconomic

variables and improvements in delinquency in the consumer loan portfolios, partially offset by higher qualitative reserves associated with

geopolitical uncertainty driven by, among other things, higher oil prices as a result of the conflict in the Middle East.

Non-interest income –

$37.7 million compared to $34.4 million. The increase was driven by $3.6 million in seasonal contingent insurance

commissions recorded in the first quarter of 2026.

Non-interest expenses

– remained relatively flat at $127.1 million, compared to $126.9 million in the previous quarter.

Income tax expense

– $25.5 million compared to $20.2 million, mainly due to higher pre-tax income and an adjustment in the fourth quarter of

2025 due to a lower than estimated annual effective tax rate.

Balance

Sheet

Total loans –

decreased by $38.2 million to $13.1 billion, driven by a reduction of $49.9 million in consumer loans, primarily in the auto loans

and finance leases portfolios in the Puerto Rico region. Total loan originations of $1.2 billion, down $143.0 million, mainly in commercial and

construction loans.

Core deposits (other than brokered and government deposits) –

increased by $158.5 million to $13.2 billion, mainly in interest-bearing

deposits in the Puerto Rico region.

Government deposits (fully collateralized) –

decreased by $146.3 million to $2.9 billion, mainly in the Puerto Rico region.

Brokered certificates of deposits (“CDs”)

– decreased by $86.5 million to $507.0 million.

Asset

Quality

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

amounted to 1.87%, compared to 1.90%.

Annualized net charge-offs to average loans ratio

increased to 0.65%, compared to 0.63%.

Non-performing assets –

decreased by $5.3 million to $108.8 million, driven by a reduction in nonaccrual loans across all portfolios.

Liquidity

and

Capital

Liquidity –

Cash and cash equivalents amounted to $550.9 million, compared to $658.6 million. When adding $2.3 billion of free high-quality

liquid securities that could be liquidated or pledged within one day and $1.0 billion in available lending capacity at the Federal Home Loan Bank

(“FHLB”), available liquidity amounted to 20.14% of total assets, compared to 19.39%.

Capital –

Repurchased $50.0 million in common stock and declared $31.5 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

18.19%, 16.93%, 16.93%, and 11.66%, respectively, as of March 31, 2026. On a non-GAAP basis, the tangible common equity ratio

(1)

increased

to 10.11%, compared to 10.08%.

(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 March 31, 2026

– Page 2 of 27

NET INTEREST INCOME

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

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(Dollars in thousands)

Net Interest Income

Interest income

$

279,849

$

285,158

$

282,743

$

278,190

$

277,065

Interest expense

58,893

62,390

64,827

62,331

64,668

Net interest income

$

220,956

$

222,768

$

217,916

$

215,859

$

212,397

Average Balances

Loans and leases

$

13,068,874

$

13,032,081

$

12,876,239

$

12,742,809

$

12,632,501

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

balances

5,776,844

5,871,091

6,037,726

6,245,844

6,444,016

Average interest-earning assets

$

18,845,718

$

18,903,172

$

18,913,965

$

18,988,653

$

19,076,517

Average interest-bearing liabilities

$

11,409,037

$

11,531,091

$

11,669,135

$

11,670,411

$

11,749,011

Average Yield/Rate

Average yield on interest-earning assets

6.02%

5.98%

5.93%

5.88%

5.89%

Average rate on interest-bearing liabilities

2.09%

2.15%

2.20%

2.14%

2.23%

Net interest spread

3.93%

3.83%

3.73%

3.74%

3.66%

Net interest margin

4.75%

4.68%

4.57%

4.56%

4.52%

Net interest income amounted to $221.0 million for the first quarter of 2026, a decrease of $1.8 million, compared to $222.8 million

for the fourth quarter of 2025, which includes a reduction of approximately $2.7 million associated with the effect of two less days in

the first quarter of 2026. The decrease in net interest income reflects the following:

●

A $6.5 million decrease in interest income on loans, driven by:

-

A $4.1 million decrease in interest income on commercial and construction loans, driven by a $2.2 million reduction

associated with the effect of two less days in the first quarter of 2026, and a $1.7 million decrease due to the effect of

lower interest rates on the downward repricing of variable-rate loans. Also, the fourth quarter of 2025 included $0.8

million of interest income and a $0.5 million prepayment penalty in connection with the payoffs of a $12.0 million

nonaccrual commercial mortgage loan and a $23.8 million construction loan, respectively, both in the Florida region.

These variances were partially offset by a $1.1 million increase associated with a $65.8 million increase in the average

balance.

As of March 31, 2026, the interest rate on approximately 51% of the Corporation’s commercial and construction loans

was tied to variable rates, with 32% based upon SOFR of 3 months or less, 12% based upon the Prime rate index, and

7% based on other indexes. For the quarter ended March 31, 2026, the average one-month SOFR decreased 24 basis

points, the average three-month SOFR decreased 15 basis points, and the average Prime rate decreased 27 basis points,

when compared to the fourth quarter of 2025.

-

A $2.7 million decrease in interest income on consumer loans and finance leases, due to a $1.7 million decrease

associated with the effect of two less days in the first quarter of 2026, and a $1.0 million decrease associated with a

$36.1 million decline in the average balance.

Partially offset by:

●

A

$3.3 million decrease in interest expense on interest-bearing deposits, consisting of:

-

A $1.5 million decrease in interest expense on interest-bearing checking and saving accounts, mainly due to a decrease

of approximately $0.6 million associated with lower interest rates paid in the first quarter of 2026, a $0.5 million

decrease driven by the effect of two less days in the first quarter of 2026, and a $0.4 million decrease associated with a

$66.4 million net reduction in the average balance. The average cost of interest-bearing checking and saving accounts in

the first quarter of 2026 decreased 4 basis points to 1.21% when compared to the previous quarter, driven by a decrease

in the cost of government deposits. Excluding government deposits, the average cost of interest-bearing checking and

saving accounts in the first quarter of 2026 was 0.66%, compared to 0.68% for the previous quarter.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 3 of 27

-

A $0.9 million decrease in interest expense on time deposits, excluding brokered CDs, mainly due to a $0.7 million

decrease associated with the effect of two less days in the first quarter of 2026.

-

A $0.9 million decrease in interest expense on brokered CDs, of which $0.7 million was associated with a $61.3 million

decline in the average balance.

●

A $1.2 million increase in interest income on investment securities and interest-bearing cash balances, a net effect of:

o

A $2.8 million increase in interest income on debt securities, mainly due to a 22 basis points improvement in yield

resulting from purchases of higher-yielding available-for-sale debt securities replacing maturities of lower-yielding

debt securities.

Partially offset by:

o

A $1.6 million decrease in interest income from interest-bearing cash balances, mainly due to a $1.1 million

decrease associated with a $108.6 million decrease in the average balances, which consisted primarily of cash

maintained at the FED, and a $0.5 million decrease associated with the reduction of the federal funds rate.

Net interest margin for the first quarter of 2026 was 4.75%, a 7 basis points increase when compared to the fourth quarter of 2025,

mostly reflecting the deployment of cash flows from lower-yielding investment securities to higher-yielding assets and the decrease in

the cost of interest-bearing deposits. These factors were partially offset by the downward repricing of variable-rate commercial loans

and a decrease of 3 basis points associated with the aforementioned interest income collected on a nonaccrual commercial loan and a

prepayment penalty during the fourth quarter of 2025.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 4 of 27

NON-INTEREST INCOME

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

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(In thousands)

Service charges and fees on deposit accounts

$

9,932

$

9,861

$

9,811

$

9,756

$

9,640

Mortgage banking activities

4,043

4,219

3,309

3,401

3,177

Insurance commission income

5,944

2,265

2,618

2,538

5,805

Card and processing income

11,758

12,353

11,682

11,880

11,475

Other non-interest income

6,008

5,702

3,374

3,375

5,637

Non-interest income

$

37,685

$

34,400

$

30,794

$

30,950

$

35,734

Non-interest income increased by $3.3 million to $37.7 million for the first quarter of 2026, compared to $34.4 million for the fourth

quarter of 2025, 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. Other variances included a $0.8 million increase in

realized gains from purchased income tax credits reported as part of other non-interest income, partially offset by a $0.6 million

decrease in debit and credit card processing income driven by higher transactional fee income from point-of-sale terminals during the

fourth quarter of 2025.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 5 of 27

NON-INTEREST EXPENSES

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

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(In thousands)

Employees’ compensation and benefits

$

65,299

$

63,196

$

59,761

$

60,058

$

62,137

Occupancy and equipment

22,063

21,797

22,185

22,297

22,630

Business promotion

3,555

5,944

3,884

3,495

3,278

Professional service fees:

Collections, appraisals and other credit-related fees

734

1,007

856

634

598

Outsourcing technology services

8,585

8,433

8,107

8,324

7,921

Other professional fees

3,593

3,671

2,940

2,651

2,967

Taxes, other than income taxes

6,184

6,272

6,092

5,712

5,878

FDIC deposit insurance

2,058

961

2,236

2,235

2,236

Other insurance and supervisory fees

1,206

1,327

1,344

1,566

1,551

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

(937)

(838)

1,033

(591)

(1,129)

Credit and debit card processing expenses

7,327

7,728

7,889

7,747

5,110

Communications

2,288

2,284

2,294

2,208

2,245

Other non-interest expenses

5,150

5,088

6,273

7,001

7,600

Total non-interest expenses

$

127,105

$

126,870

$

124,894

$

123,337

$

123,022

Non-interest expenses amounted to $127.1 million in the first quarter of 2026, an increase of $0.2 million, from $126.9 million in the

fourth quarter of 2025. Non-interest expenses for the first quarter of 2026 reflect the following significant variances:

●

A $2.1 million increase in employees’ compensation and benefits expenses, driven by a $1.5 million increase in payroll

taxes, and a $1.8 million increase in stock-based compensation expense, mostly for stock grants during the first quarter of

2026 for retirement-eligible employees, partially offset by a $1.3 million decrease in salary compensation mainly due to the

effect of two less working days in the first quarter of 2026.

●

A $1.1 million increase in the FDIC deposit insurance expense driven by the aforementioned $1.1 million reversal

recognized in the fourth quarter of 2025 related to the FDIC special assessment.

Partially offset by:

●

A $2.4 million decrease in business promotion expenses as a result of certain marketing efforts during the fourth quarter of

2025.

●

A $0.4 million decrease in credit and debit card processing expenses, mainly due to $1.1 million in debit card expense

reimbursements recognized during the first quarter of 2026, partially offset by a $0.7 million increase driven by higher

transactional volumes.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 6 of 27

INCOME TAXES

The Corporation recorded an income tax expense of $25.5 million for the first quarter of 2026, compared to $20.2 million for the

fourth quarter of 2025. The increase in income tax expense was driven by higher pre-tax income and an adjustment in the fourth

quarter of 2025 due to a lower than estimated annual effective tax rate.

For the year, the Corporation’s annual effective tax rate, excluding discrete items, was estimated at 21.9% for the first quarter of 2026,

compared to 21.6% for the fourth quarter of 2025. As of March 31, 2026, the Corporation had a net deferred tax asset of $143.6

million, net of a valuation allowance of $75.9 million, compared to a net deferred tax asset of $149.0 million, net of a valuation

allowance of $75.0 million as of December 31, 2025.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 7 of 27

CREDIT QUALITY

Non-Performing Assets

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

(Dollars in thousands)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Nonaccrual loans held for investment:

Residential mortgage

$

28,071

$

29,169

$

28,866

$

30,790

$

30,793

Construction

5,414

5,536

5,591

5,718

1,356

Commercial mortgage

7,442

8,382

21,437

22,905

23,155

Commercial and Industrial (“C&I”)

27,100

28,042

19,650

20,349

20,344

Consumer and finance leases

19,717

21,434

20,717

20,336

22,813

Total nonaccrual loans held for investment

$

87,744

$

92,563

$

96,261

$

100,098

$

98,461

OREO

6,344

7,522

9,343

14,449

15,880

Other repossessed property

13,124

12,389

12,234

11,868

13,444

Other assets

(1)

1,609

1,620

1,579

1,576

1,599

Total non-performing assets

(2)

$

108,821

$

114,094

$

119,417

$

127,991

$

129,384

Past due loans 90 days and still accruing

(3)

$

28,949

$

31,913

$

28,891

$

29,535

$

37,117

Nonaccrual loans held for investment to total loans held for investment

0.67%

0.71%

0.74%

0.78%

0.78%

Nonaccrual loans to total loans

0.67%

0.70%

0.74%

0.78%

0.78%

Non-performing assets to total assets

0.57%

0.60%

0.62%

0.68%

0.68%

(1)

Residential pass-through 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 $4.2 million as of March 31, 2026 (December 31, 2025 - $4.8 million; September 30, 2025 - $5.0 million; June 30, 2025 - $4.9 million; March 31, 2025 - $5.7

million).

(3)

These include rebooked loans, which were previously pooled into GNMA securities, amounting to $6.7 million as of March 31, 2026 (December 31, 2025 - $6.7 million; September 30, 2025 - $3.8 million; June 30,

2025 - $5.5 million; March 31, 2025 - $6.4 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 decreased by $5.3 million to $108.8 million as of March 31, 2026, driven by a $4.8 million

decrease in nonaccrual loans. Nonaccrual commercial and construction loans decreased by $2.0 million, driven by a $1.2

million repayment of a C&I loan in the Puerto Rico region in the food retail industry, and a $0.6 million charge-off of a

commercial mortgage loan in the Virgin Islands region. Nonaccrual consumer loans decreased by $1.7 million, mainly in the

auto loan portfolio, and nonaccrual residential mortgage loans decreased by $1.1 million. In addition, the OREO portfolio

balance decreased by $1.2 million, mainly attributable to the sale of residential properties in the Puerto Rico region, partially

offset by an increase of $0.7 million in other repossessed properties.

●

Inflows to nonaccrual loans held for investment were $34.3 million in the first quarter of 2026, a decrease of $11.9 million,

compared to inflows of $46.2 million in the fourth quarter of 2025. Inflows to nonaccrual commercial and construction loans

were $1.2 million in the first quarter of 2026, a decrease of $11.2 million, compared to inflows of $12.4 million in the fourth

quarter of 2025, mostly associated with a $10.0 million C&I loan in the Puerto Rico region in the telecommunications

industry. Inflows to nonaccrual residential mortgage loans were $3.4 million in the first quarter of 2026, a decrease of $0.9

million, compared to inflows of $4.3 million in the fourth quarter of 2025. Inflows to nonaccrual consumer loans were $29.7

million in the first quarter of 2026, an increase of $0.2 million, compared to inflows of $29.5 million in the fourth quarter of

2025. See

Early Delinquency

below

for additional information.

●

Adversely classified commercial and construction loans decreased by $5.4 million to $76.0 million as of March 31, 2026,

compared to $81.4 million as of December 31, 2025, driven by $3.8 million in repayments on three C&I loans, including the

aforementioned repayment of a nonaccrual C&I loan in the Puerto Rico 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 $110.5 million as of March 31, 2026, a decrease of $34.5 million, compared to $145.0 million as of

December 31, 2025, driven by a $31.0 million decrease in consumer loans, primarily in the auto loan portfolio.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 8 of 27

Allowance for Credit Losses

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

of 2026 and fourth quarter of 2025:

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%

Quarter Ended December 31, 2025

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

$

40,272

$

68,580

$

138,138

$

246,990

$

2,611

$

698

$

658

$

250,957

Provision for credit losses - expense

644

2,393

19,381

22,418

402

35

116

22,971

Net recoveries (charge-offs)

155

(53)

(20,473)

(20,371)

-

-

(11)

(20,382)

Allowance for credit losses, end of period

$

41,071

$

70,920

$

137,046

$

249,037

$

3,013

$

733

$

763

$

253,546

Amortized cost of loans and finance leases

$

2,908,302

$

6,508,178

$

3,708,876

$

13,125,356

Allowance for credit losses on loans to amortized cost

1.41%

1.09%

3.70%

1.90%

Allowance for Credit Losses for Loans and Finance Leases

As of March 31, 2026, the ACL for loans and finance leases was $245.1 million, a decrease of $3.9 million, from $249.0 million as of

December 31, 2025. The ratio of the ACL for loans and finance leases to total loans held for investment was 1.87% as of March 31,

2026, compared to 1.90% as of December 31, 2025.

The decrease was mainly related to the ACL for consumer loans, which decreased by $2.6 million, driven by improvements in

macroeconomic variables, mainly in the projection of the unemployment rate, and lower delinquency levels, partially offset by higher

qualitative reserves associated with geopolitical uncertainty driven by, among other things, higher oil prices as a result of the conflict

in the Middle East. In addition, the ACL for commercial and construction loans decreased by $1.8 million, mainly due to

improvements in the projections of the unemployment rate and the CRE price index, net of aforementioned qualitative reserves,

partially offset by renewals and refinancings. Meanwhile, the ACL for residential mortgage loans increased by $0.5 million, driven by

loan growth and the aforementioned geopolitical uncertainty, partially offset by an improvement in the unemployment rate.

The provision for credit losses on loans and finance leases was $17.2 million for the first quarter of 2026, compared to $22.4 million

in the fourth quarter of 2025, as detailed below:

●

Provision for credit losses on the commercial and construction loan portfolios was a net benefit of $1.0 million for the

first quarter of 2026, compared to an expense of $2.4 million for the fourth quarter of 2025. The net benefit recorded

during the first quarter of 2026 was driven primarily by the aforementioned improvement in macroeconomic variables.

●

Provision for credit losses on the consumer loan and finance lease portfolios was an expense of $18.0 million for the first

quarter of 2026, compared to an expense of $19.4 million for the fourth quarter of 2025. The $1.4 million decrease in

provision expense was driven by the aforementioned factors.

●

Provision for credit losses on the residential mortgage loan portfolio was an expense of $0.2 million for the first quarter

of 2026, compared to an expense of $0.6 million for the fourth quarter of 2025. The $0.4 million decrease in provision

expense was driven by lower loan growth than the previous quarter, partially offset by the aforementioned qualitative

reserves for the geopolitical uncertainty discussed above.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 9 of 27

Net Charge-Offs

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

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Residential mortgage

-0.03%

-0.02%

-0.00%

-0.00%

0.00%

Construction

-0.02%

-0.02%

-0.50%

-0.02%

-0.02%

Commercial mortgage

0.08%

0.01%

-0.02%

-0.01%

-0.01%

C&I

0.03%

0.00%

0.01%

-0.09%

-0.01%

Consumer loans and finance leases

2.23%

2.20%

2.16%

2.12%

2.31%

(1)

Total loans

0.65%

0.63%

0.62%

0.60%

0.68%

(1)

(1)

Includes $2.4 million in recoveries associated with the bulk sale of fully charged-off consumer loans and finance leases, which reduced the ratios of consumer loans and finance

leases and total net charge-offs to related average loans by 25 basis points and 8 basis points, respectively.

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 $21.1 million for the first quarter of 2026, or an annualized 0.65% of average loans, compared to $20.4 million,

or an annualized 0.63% of average loans, in the fourth quarter of 2025. The $0.7 million increase in net charge-offs was driven by a

$0.6 million charge-off associated with a nonaccrual commercial mortgage loan in the Virgin Islands region.

Allowance for Credit Losses for Unfunded Loan Commitments

As of March 31, 2026, the ACL for off-balance sheet credit exposures increased to $3.1 million, compared to $3.0 million as of

December 31, 2025.

Allowance for Credit Losses for Debt Securities

As of March 31, 2026, the ACL for debt securities was $1.5 million, of which $0.6 million was related to Puerto Rico municipal bonds

classified as held-to-maturity, compared to $1.5 million and $0.7 million, respectively, as of December 31, 2025.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 10 of 27

STATEMENT OF FINANCIAL CONDITION

Total assets were approximately $19.1 billion as of March 31, 2026, down $46.8 million from December 31, 2025. The following

variances within the main components of total assets are noted:

●

A $107.7 million decrease in cash and cash equivalents, mainly related to the net cash outflow for the purchase of investment

securities, capital deployment actions, and the overall decrease in deposits, partially offset by the net income generated in the

first quarter of 2026.

●

A $38.2 million decrease in total loans , driven by a $49.9 million decrease in consumer loans, of which $28.6 million was in

auto loans and finance leases in the Puerto Rico region. In terms of geography, the decline consisted of a $112.9 million

decrease in the Puerto Rico region, driven by the aforementioned decrease in consumer loans and lower utilization of C&I

lines of credit, mainly in automotive lending, partially offset by increase s of $47.2 million in the Florida region and $27.5

million in the Virgin Islands region.

Total loan originations, including refinancings, renewals, and draws from existing commitments, amounted to $1.2 billion in

the first quarter of 2026, a decrease of $143.0 million compared to the fourth quarter of 2025.

Total loan originations in the Puerto Rico region amounted to $848.9 million in the first quarter of 2026, compared to $1.1

billion in the fourth quarter of 2025. The decrease of $219.9 million in total loan originations was mainly related to a $192.7

million decrease in commercial and construction loans, of which $174.0 million was in C&I loans, driven by multiple term

loan originations in the fourth quarter of 2025 totaling $114.7 million and the aforementioned lower utilization of lines of

credit.

Total loan originations in the Florida region amounted to $228.4 million in the first quarter of 2026, compared to $295.8

million in the fourth quarter of 2025. The $67.4 million decrease in total loan originations was mainly related to a $66.5

million decrease in commercial and construction loan originations, of which $42.1 million was in commercial mortgage loan

originations and $23.5 million was in C&I loan originations.

Total loan originations in the Virgin Islands region amounted to $170.9 million in the first quarter of 2026, compared to

$26.6 million in the fourth quarter of 2025. The increase of $144.3 million in total loan originations was mainly related to the

origination of a $138.1 million government line of credit during the first quarter of 2026, of which $108.1 million was a

refinancing.

Partially offset by:

●

A $108.7 million increase in investment securities, driven by purchases during the first quarter of 2026 of $437.0 million in

U.S. agencies’ MBS and debentures at an average yield of 4.57%, partially offset by repayments of $322.2 million of U.S.

agencies’ MBS and debentures, of which $125.7 million was associated with matured securities, and a $6.2 million decrease

in the fair value of available -for-sale debt securities attributable to changes in market interest rates. In addition, during the

first quarter of 2026, $375.0 million in matured U.S. Treasury bills were replaced with $370.6 million in U.S. Treasury bills.

Total liabilities were approximately $17.1 billion as of March 31, 2026, a decrease of $47.2 million from December 31, 2025. The

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

●

Total deposits decreased by $74.3 million consisting of:

o

A

$146.3 million decrease in government deposits, driven by a decline of $134.2 million in the Puerto Rico region.

o

An $86.5 million decrease in brokered CDs in the Florida region. The decrease consisted of maturing brokered CDs

amounting to $119.6 million with an all-in cost of 4.42% that were paid off during the first quarter of 2026, partially

offset by $33.1 million of new issuances with original average maturities of approximately 1.2 years and an all-in

cost of 3.77%.

Partially offset by:

o

A $158.5 million increase in deposits, excluding brokered CDs and government deposits, consisting of increases of

$97.0 million in the Puerto Rico region, $37.8 million in the Virgin Islands region, and $23.7 million in the Florida

region. The increase in such deposits consists of a $115.4 million increase in interest-bearing deposits, of which

$73.1 million was in the Puerto Rico region, and a $43.1 million increase in non-interest-bearing deposits.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 11 of 27

Total stockholders’ equity amounted to $2.0 billion as of March 31, 2026, an increase of $0.4 million from December 31, 2025, driven

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

price of $20.75, $31.5 million in common stock dividends declared in the first quarter of 2026, and a $6.2 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 March 31, 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 16.93%,

16.93%, 18.19%, and 11.66%, respectively, as of March 31, 2026, compared to CET1 capital, tier 1 capital, total capital, and leverage

ratios of 16.76%, 16.76%, 18.01%, and 11.58% , respectively, as of December 31, 2025.

Meanwhile, estimated CET1 capital, tier 1 capital, total capital and leverage ratios of our banking subsidiary, FirstBank, were 15.76%,

16.51%, 17.77%, and 11.37%, respectively, as of March 31, 2026, compared to CET1 capital, tier 1 capital, total capital and leverage

ratios of 15.60%, 16.35%, 17.61%, and 11.30%, respectively, as of December 31, 2025.

Liquidity

Cash and cash equivalents decreased by $107.7 million to $550.9 million as of March 31, 2026. When adding $2.3 billion of free

high-quality liquid securities that could be liquidated or pledged within one day, total core liquidity amounted to $2.9 billion as of

March 31, 2026, or 14.66% of total assets, compared to $2.6 billion, or 13.54% of total assets as of December 31, 2025. In addition, as

of March 31, 2026, the Corporation had $1.0 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 20.14% as of March 31, 2026, compared to 19.39% as of December 31, 2025.

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 March 31, 2026. In the aggregate, as of March 31, 2026, the Corporation had $6.5 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 $16.1 billion as of each of March 31, 2026 and December 31,

2025, which included $2.9 billion and $3.0 billion, respectively, in government deposits that are fully collateralized. Excluding fully

collateralized government deposits and FDIC-insured deposits, the estimated amount of uninsured deposits was $4.8 billion as of each

of March 31, 2026 and December 31, 2025, which represents 30.12% and 29.79% of total deposits, respectively. Refer to Table 9 in

the accompanying tables (Exhibit A) for additional information about the deposits composition.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 12 of 27

Tangible Common Equity (Non-GAAP)

On a non-GAAP basis, the Corporation’s tangible common equity ratio increased to 10.11% as of March 31, 2026, compared to

10.08% as of December 31, 2025. 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:

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(In thousands, except ratios and per share information)

Tangible Equity:

Total common equity - GAAP

$

1,967,239

$

1,966,865

$

1,918,045

$

1,845,455

$

1,779,342

Goodwill

(38,611)

(38,611)

(38,611)

(38,611)

(38,611)

Other intangible assets

(3,240)

(3,458)

(3,676)

(4,535)

(5,715)

Tangible common equity - non-GAAP

$

1,925,388

$

1,924,796

$

1,875,758

$

1,802,309

$

1,735,016

Tangible Assets:

Total assets - GAAP

$

19,086,105

$

19,132,892

$

19,321,335

$

18,897,529

$

19,106,983

Goodwill

(38,611)

(38,611)

(38,611)

(38,611)

(38,611)

Other intangible assets

(3,240)

(3,458)

(3,676)

(4,535)

(5,715)

Tangible assets - non-GAAP

$

19,044,254

$

19,090,823

$

19,279,048

$

18,854,383

$

19,062,657

Common shares outstanding

154,694

156,619

159,135

161,508

163,104

Tangible common equity ratio - non-GAAP

10.11%

10.08%

9.73%

9.56%

9.10%

Tangible book value per common share - non-GAAP

$

12.45

$

12.29

$

11.79

$

11.16

$

10.64

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 13 of 27

Exposure to Puerto Rico Government

Direct Exposure

As of March 31, 2026, the Corporation had $297.5 million of direct exposure to the Puerto Rico government, its municipalities, and

public corporations, a decrease of $0.3 million compared to $297.8 million as of December 31, 2025. As of March 31, 2026,

approximately $211.5 million of the exposure consisted of loans and obligations of municipalities in Puerto Rico that are supported by

assigned property tax revenues and for which, in most cases, the good faith, credit, and unlimited taxing power of the applicable

municipality have been pledged to their repayment, and $42.3 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 $32.4 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 $2.7 million (fair value of $1.6 million as of March 31,

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 $1.1 million as of March 31, 2026, of which

$0.3 million is due to credit deterioration.

The aforementioned exposure to municipalities in Puerto Rico included $79.8 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 March 31, 2026 and December 31, 2025, the Corporation had $2.4 billion and $2.5 billion, respectively, of public sector

deposits in Puerto Rico. Approximately 20% of the public sector deposits as of March 31, 2026 were from municipalities and

municipal agencies in Puerto Rico, and 80% were from public corporations, the Puerto Rico central government and agencies, and

U.S. federal government agencies in Puerto Rico.

Additionally, as of March 31, 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 $81.6 million,

compared to $92.4 million as of December 31, 2025. 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 March 31, 2026 was $55.3 million.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 14 of 27

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 quarters ended March 31, 2026 and December 31, 2025 included the following Special Item:

FDIC Special Assessment Reversal

-

A benefit of $0.1 million ($0.1 million after-tax, calculated based on the statutory tax rate of 37.5%) and $1.1 million ($0.7

million after-tax) were recorded during the first quarter of 2026 and fourth quarter of 2025, respectively, as a result of

amendments to the FDIC special assessment collection terms. On December 16, 2025, the FDIC issued an interim final rule

amending the collection terms of the special assessment, which included reducing the collection rate in the eighth collection

quarter from 3.36 basis points to 2.97 basis points, removing the previously established extended assessment period

provisions, and providing offsets to regular quarterly deposit insurance assessments if aggregate collections exceed actual

losses. This update follows the FDIC’s 2023 final rule, which initially imposed the special assessment to recover certain

estimated losses incurred by the Deposit Insurance Fund following the failures of certain financial institutions in the first half

of 2023. The FDIC deposit special assessment is reflected in the condensed consolidated statements of income as part of

“FDIC deposit insurance” expenses.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 15 of 27

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 Table 4 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 March 31, 2026

– Page 16 of 27

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

The following table reconciles, for the first quarter of 2026 and fourth quarter of 2025, 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, and shows net income, for the first quarter of 2025.

Quarter Ended

March 31, 2026

December 31, 2025

March 31, 2025

(In thousands, except per share information)

Net income, as reported (GAAP)

$

88,778

$

87,101

$

77,059

Adjustment:

FDIC special assessment reversal

(92)

(1,099)

-

Income tax impact of adjustment

(1)

35

412

-

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

$

88,721

$

86,414

$

77,059

Weighted-average diluted shares outstanding

156,101

157,675

163,749

Earnings per share - diluted (GAAP)

$

0.57

$

0.55

$

0.47

Adjusted earnings per share - diluted (non-GAAP)

$

0.57

$

0.55

$

0.47

(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:

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(Dollars in thousands)

Income before income taxes

$

114,263

$

107,327

$

106,223

$

102,885

$

100,299

Add: Provision for credit losses expense

17,273

22,971

17,593

20,587

24,810

Less: FDIC special assessment reversal

(92)

(1,099)

-

-

-

Less: Employee retention credit

-

-

(2,358)

-

-

Adjusted pre-tax, pre-provision income

(1)

$

131,444

$

129,199

$

121,458

$

123,472

$

125,109

Change from most recent prior period (amount)

$

2,245

$

7,741

$

(2,014)

$

(1,637)

$

8,176

Change from most recent prior period (percentage)

1.7%

6.4%

-1.6%

-1.3%

7.0%

(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 March 31, 2026

– Page 17 of 27

Conference Call / Webcast Information

First BanCorp.’s senior management will host an earnings conference call and live webcast on Wednesday, April 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 5351564.

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

April 22, 2027. A telephone replay will be available one hour after the end of the conference call through May 22, 2026, at (800) 770-

2030. The replay access code is 5351564.

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 18 of 27

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 6, 2025, 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 March 31, 2026

– Page 19 of 27

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 March 31, 2026

– Page 20 of 27

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 March 31, 2026

– Page 21 of 27

EXHIBIT A

Table 1 – Condensed Consolidated Statements of Financial Condition

As of

March 31, 2026

December 31, 2025

(In thousands, except for share information)

ASSETS

Cash and due from banks

$

549,199

$

657,149

Money market investments:

Time deposit with another financial institution

1,000

750

Other short-term investments

700

700

Total money market investments

1,700

1,450

Available-for-sale debt securities, at fair value (ACL of $839 as of March 31, 2026 and $763 as of December 31, 2025)

4,668,697

4,554,032

Held-to-maturity debt securities, at amortized cost, net of ACL of $641 as of March 31, 2026 and $733 as of

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

256,881

264,563

Total debt securities

4,925,578

4,818,595

Equity securities

46,432

44,753

Total investment securities

4,972,010

4,863,348

Loans held for investment, net of ACL of $245,060 as of March 31, 2026 and $249,037 as of December 31, 2025

12,846,017

12,876,319

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

12,805

16,697

Total loans, net

12,858,822

12,893,016

Accrued interest receivable on loans and investments

67,722

71,351

Premises and equipment, net

127,865

126,920

OREO

6,344

7,522

Deferred tax asset, net

143,565

149,012

Goodwill

38,611

38,611

Other intangible assets

3,240

3,458

Other assets

317,027

321,055

Total assets

$

19,086,105

$

19,132,892

LIABILITIES

Deposits:

Non-interest-bearing deposits

$

5,554,751

$

5,549,416

Interest-bearing deposits

11,041,070

11,120,727

Total deposits

16,595,821

16,670,143

Advances from the FHLB

290,000

290,000

Accounts payable and other liabilities

233,045

205,884

Total liabilities

17,118,866

17,166,027

STOCKHOLDERSʼ EQUITY

Common stock, $0.10 par value, 223,663,116 shares issued (March 31, 2026 - 154,693,926 shares outstanding

and December 31, 2025 - 156,618,996 shares outstanding)

22,366

22,366

Additional paid-in capital

952,773

963,543

Retained earnings

2,325,256

2,268,011

Treasury stock, at cost (March 31, 2026 - 68,969,190 shares; and December 31, 2025 - 67,044,120 shares)

(972,438)

(932,505)

Accumulated other comprehensive loss

(360,718)

(354,550)

Total stockholdersʼ equity

1,967,239

1,966,865

Total liabilities and stockholdersʼ equity

$

19,086,105

$

19,132,892

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 22 of 27

Table 2 – Condensed Consolidated Statements of Income

Quarter Ended

March 31, 2026

December 31, 2025

March 31, 2025

(In thousands, except per share information)

Net interest income:

Interest income

$

279,849

$

285,158

$

277,065

Interest expense

58,893

62,390

64,668

Net interest income

220,956

222,768

212,397

Provision for credit losses - expense (benefit):

Loans

17,170

22,418

24,837

Unfunded loan commitments

107

402

(63)

Debt securities

(4)

151

36

Provision for credit losses - expense

17,273

22,971

24,810

Net interest income after provision for credit losses

203,683

199,797

187,587

Non-interest income:

Service charges and fees on deposit accounts

9,932

9,861

9,640

Mortgage banking activities

4,043

4,219

3,177

Card and processing income

11,758

12,353

11,475

Other non-interest income

11,952

7,967

11,442

Total non-interest income

37,685

34,400

35,734

Non-interest expenses:

Employees’ compensation and benefits

65,299

63,196

62,137

Occupancy and equipment

22,063

21,797

22,630

Business promotion

3,555

5,944

3,278

Professional service fees

12,912

13,111

11,486

Taxes, other than income taxes

6,184

6,272

5,878

FDIC deposit insurance

2,058

961

2,236

Net gain on OREO operations

(937)

(838)

(1,129)

Credit and debit card processing expenses

7,327

7,728

5,110

Other non-interest expenses

8,644

8,699

11,396

Total non-interest expenses

127,105

126,870

123,022

Income before income taxes

114,263

107,327

100,299

Income tax expense

25,485

20,226

23,240

Net income

$

88,778

$

87,101

$

77,059

Net income attributable to common stockholders

$

88,778

$

87,101

$

77,059

Earnings per common share:

Basic

$

0.57

$

0.56

$

0.47

Diluted

$

0.57

$

0.55

$

0.47

First BanCorp. Announces Earnings for the Quarter Ended March 31, 2026

– Page 23 of 27

Table 3 – Selected Financial Data

Quarter Ended

March 31, 2026

December 31, 2025

March 31, 2025

(Shares in thousands)

Per Common Share Results:

Net earnings per share - basic

$

0.57

$

0.56

$

0.47

Net earnings per share - diluted

$

0.57

$

0.55

$

0.47

Cash dividends declared

$

0.20

$

0.18

$

0.18

Average shares outstanding

155,262

156,792

162,934

Average shares outstanding diluted

156,101

157,675

163,749

Book value per common share

$

12.72

$

12.56

$

10.91

Tangible book value per common share

(1)

$

12.45

$

12.29

$

10.64

Common stock price: end of period

$

21.36

$

20.73

$

19.17

Selected Financial Ratios (In Percent):

Profitability:

Average yield on loans and leases

7.49

7.55

7.75

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

cash balances

2.69

2.51

2.25

Average yield on interest-earning assets

6.02

5.98

5.89

Average rate on interest-bearing liabilities

2.09

2.15

2.23

Average cost of funds

1.42

1.46

1.53

Interest rate spread

3.93

3.83

3.66

Interest rate spread - non-GAAP

(2)

4.18

4.04

3.79

Net interest margin

4.75

4.68

4.52

Net interest margin - non-GAAP

(2)

5.00

4.88

4.65

Return on average assets

1.89

1.81

1.64

Return on average equity

17.92

17.84

17.90

Efficiency ratio

(3)

49.14

49.33

49.58

Capital and Other:

Average total equity to average total assets

10.54

10.15

9.14

Total capital

18.19

18.01

17.96

Common equity Tier 1 capital

16.93

16.76

16.62

Tier 1 capital

16.93

16.76

16.62

Leverage

11.66

11.58

11.20

Tangible common equity ratio

(1)

10.11

10.08

9.10

Dividend payout ratio

34.98

32.40

38.06

Basic liquidity ratio

(4)

20.14

19.39

18.76

Core liquidity ratio

(5)

14.66

13.54

14.25

Loan to deposit ratio

78.96

78.84

75.44

Uninsured deposits, excluding fully collateralized deposits, to total deposits

(6)

30.12

29.79

28.44

Average Balances (In thousands):

Loan and leases

$

13,068,874

$

13,032,081

$

12,632,501

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

5,776,844

5,871,091

6,444,016

Interest-earning assets

$

18,845,718

$

18,903,172

$

19,076,517

Total assets

$

19,069,238

$

19,081,259

$

19,107,102

Interest-bearing liabilities

$

11,409,037

$

11,531,091

$

11,749,011

Non-interest-bearing deposits

5,441,443

5,419,990

5,425,836

Total funding sources

$

16,850,480

$

16,951,081

$

17,174,847

Total stockholders’ equity

$

2,009,137

$

1,936,808

$

1,745,899

Asset Quality:

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

held for investment

1.87

1.90

1.95

Net charge-offs (annualized) to average loans outstanding

0.65

0.63

0.68

Provision for credit losses for loans and finance leases

to net charge-offs

81.19

110.05

115.47

Non-performing assets to total assets

0.57

0.60

0.68

Nonaccrual loans held for investment to total loans held for investment

0.67

0.71

0.78

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

held for investment

279.29

269.05

251.13

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

held for investment, excluding residential estate loans

410.67

392.84

365.41

(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 Table 4 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 March 31, 2026

– Page 24 of 27

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

March 31,

December 31,

March 31,

March 31,

December 31,

March 31,

March 31,

December 31,

March 31,

2026

2025

2025

2026

2025

2025

2026

2025

2025

(Dollars in thousands)

Interest-earning assets:

Money market and other short-term investments

$

618,371

$

727,018

$

1,111,087

$

5,630

$

7,300

$

12,205

3.69%

3.98%

4.45%

Government obligations

(2)

1,467,672

1,595,962

1,971,327

11,426

11,211

6,970

3.16%

2.79%

1.43%

MBS

3,645,699

3,502,688

3,308,964

26,814

22,891

17,497

2.98%

2.59%

2.14%

FHLB stock

24,150

24,735

32,661

474

493

790

7.96%

7.91%

9.81%

Other investments

20,952

20,688

19,977

139

83

247

2.69%

1.59%

5.01%

Total investments

(3)

5,776,844

5,871,091

6,444,016

44,483

41,978

37,709

3.12%

2.84%

2.37%

Residential mortgage loans

2,911,731

2,904,714

2,841,918

43,249

42,960

41,484

6.02%

5.87%

5.92%

Construction loans

247,415

250,338

232,295

5,791

6,398

5,596

9.49%

10.14%

9.77%

C&I and commercial mortgage loans

6,225,066

6,156,312

5,806,929

101,920

105,174

99,756

6.64%

6.78%

6.97%

Consumer loans and finance leases

3,684,662

3,720,717

3,751,359

95,871

98,542

98,752

10.55%

10.51%

10.68%

Total loans

(4) (5)

13,068,874

13,032,081

12,632,501

246,831

253,074

245,588

7.66%

7.70%

7.88%

Total interest-earning assets

$

18,845,718

$

18,903,172

$

19,076,517

$

291,314

$

295,052

$

283,297

6.27%

6.19%

6.02%

Tax-equivalent adjustment

(11,465)

(9,894)

(6,232)

Interest income - GAAP

$

279,849

$

285,158

$

277,065

6.02%

5.98%

5.89%

Interest-bearing liabilities:

Time deposits

$

3,542,960

$

3,524,261

$

3,048,778

$

29,237

$

30,169

$

25,468

3.35%

3.40%

3.39%

Brokered CDs

555,938

617,217

483,774

5,759

6,644

5,461

4.20%

4.27%

4.58%

Other interest-bearing deposits

7,033,139

7,099,613

7,693,900

20,935

22,390

27,568

1.21%

1.25%

1.45%

Advances from the FHLB

277,000

290,000

468,667

2,962

3,187

5,190

4.34%

4.36%

4.49%

Other borrowings

-

-

53,892

-

-

981

0.00%

0.00%

7.38%

Total interest-bearing liabilities

$

11,409,037

$

11,531,091

$

11,749,011

$

58,893

$

62,390

$

64,668

2.09%

2.15%

2.23%

Net interest income / margin- non-GAAP

(1)

$

232,421

$

232,662

$

218,629

5.00%

4.88%

4.65%

Net interest income / margin - GAAP

$

220,956

$

222,768

$

212,397

4.75%

4.68%

4.52%

Net interest spread - non-GAAP

(1)

4.18%

4.04%

3.79%

Net interest spread - GAAP

3.93%

3.83%

3.66%

(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 $4.0 million, $4.4 million, and $5.4 million, for the quarters ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, of income from prepayment penalties and late

fees related to the Corporation’s loan portfolio. The results for the first quarter of 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 March 31, 2026

– Page 25 of 27

Table 5 – Loan Portfolio by Geography

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

Mortgage 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 March 31, 2026

– Page 26 of 27

Table 6 – Non-Performing Assets by Geography

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 $4.2 million as of March 31, 2026 (December 31, 2025 -

$4.8 million).

(3)

These include rebooked loans, which were previously pooled into GNMA securities, amounting to $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 March 31, 2026

– Page 27 of 27

Table 7 – Allowance for Credit Losses on Loans and Finance Leases

Quarter Ended

March 31, 2026

December 31, 2025

March 31, 2025

(Dollars in thousands)

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

$

249,037

$

246,990

$

243,942

Provision for credit losses on loans and finance leases expense

17,170

22,418

24,837

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

Residential mortgage

224

155

(18)

Construction

13

14

14

Commercial mortgage

(522)

(53)

40

C&I

(309)

(14)

77

Consumer loans and finance leases

(20,553)

(20,473)

(21,623)

(1)

Net charge-offs

(21,147)

(20,371)

(21,510)

(1)

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

$

245,060

$

249,037

$

247,269

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

loans held for investment

1.87%

1.90%

1.95%

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

0.65%

0.63%

0.68%

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

0.81x

1.10x

1.15x

(1)

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

Table 8 – Annualized Net (Recoveries) Charge-Offs to Average Loans

Quarter Ended

March 31, 2026

December 31, 2025

March 31, 2025

Residential mortgage

-0.03%

-0.02%

0.00%

Construction

-0.02%

-0.02%

-0.02%

Commercial mortgage

0.08%

0.01%

-0.01%

C&I

0.03%

0.00%

-0.01%

Consumer loans and finance leases

2.23%

2.20%

2.31%

(1)

Total loans

0.65%

0.63%

0.68%

(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 25 basis points and 8 basis points, respectively.

Table 9 – Deposits

As of

March 31, 2026

December 31, 2025

(In thousands)

Time deposits

$

3,482,968

$

3,562,331

Interest-bearing saving and checking accounts

7,051,091

6,964,841

Non-interest-bearing deposits

5,554,751

5,549,416

Total deposits, excluding brokered CDs

(1)

16,088,810

16,076,588

Brokered CDs

507,011

593,555

Total deposits

$

16,595,821

$

16,670,143

Total deposits, excluding brokered CDs and government deposits

$

13,219,627

$

13,061,068

(1)

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

Exhibit 99.2

1First BanCorp Financial Results First Quarter 2026 April 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, including 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 6, 2025 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 1Q 2026 – Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 2 1Q 2026 – Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer 3 1Q 2026 – Questions and Answers 3

First Quarter 2026 – Performance Highlights Profitability Net income of $88.8 million ($0.57 per diluted share), compared to $87.1 million ($0.55 per diluted share) in 4Q 2025 Net interest income decreased to $221.0 million but the margin grew by 7 basis points reaching 4.75% On a non-GAAP basis, record adjusted pre-tax, pre-provision income of $131.4 million, up 1.7% when compared to 4Q 2025 Consistent expense management discipline resulted in an efficiency ratio of 49.1% vs. 49.3% in 4Q 2025 Balance Sheet Total loans decreased slightly to $13.1 billion mainly driven by expected reductions in consumer loan balances in Puerto Rico Core deposits, other than brokered and fully collateralized government deposits, increased by $158.5 million (1.2% vs. prior quarter) Fully collateralized government deposits decreased by $146.3 million to $2.9 billion Asset Quality Non -performing assets (“NPA”) ratio decreased to 0.57% and annualized net charge-offs to average loans increased by 2 bps to 0.65% Allowance for credit losses (“ACL”) coverage ratio on loans and leases decreased by 3 bps to 1.87% Liquidity and Capital Loans in early delinquency (30-89 days past due) decreased by 24% to $110.5 million compared to $145.0 million in 4Q 2025 Total available liquidity sources of approximately $6.5 billion or 1.3x of uninsured deposits (excluding fully collateralized govt. deposits) Repurchased $50.0 million in common stock and declared $31.5 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 1.3% to $12.45 and tangible common equity ratio reached 10.11% 4

First Quarter 2026 – Strong Operating Results 1Q 2026 Franchise Highlights and Priorities 1 ROAA: 1.89% ROACE: 17.92% 2 NPA Ratio: 0.57% ACL Coverage: 1.87% 3 CET1 Ratio:16.9% Net Payout: 92% Operating Environment Stable economic backdrop on the back of an encouraging labor market (5.7% unemployment rate as of January 2026), encouraging reshoring activity, and reconstruction efforts Sector-specific tariffs impacting auto industry-wide sales; year-to-date retail auto sales ~19% lower than same period in 2025 (March 2025 auto sales impacted by pre-tariff frontloading effect) Business Highlights Linked-quarter loan originations declined by 10% but increased by 6% when compared to the first quarter of 2025; core customer deposits grew by 4.9% on a linked-quarter annualized basis Active digital banking users grew by 5% year -over-year, and over 95% of deposit transactions captured through digital and self-service channels 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 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 Continue our franchise and technology investments towards improving interaction with customers by providing a seamless experi ence through multiple channels, including an expanded branch network Operating Environment PR Economic Activity Index (EAI)(1) 120.7 111.1 128.8 127.6 127.6 127.9 128.3 127.9 -0.1% -7.8% 0.2% -1.3% -0.7% -0.5% -0.4% 0.2% 1Q20 2Q20 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Steady Economic Environment.

+0.4% Real GNP Growth in FY2025; latest EAI reading showing +0.2% YoY growth in 4Q 2025 and +0.3% in January 2026 Resilient Labor Market. Steady PR unemployment rate at 5.7% 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. 5

Results of Operations

Income Statement and Selected Financial Data I 10 2026 I vl 40n (0 F ($ in thousands, except per share data and financial ratios) Interest income S 279,849 S 285,158 $ (5,309) S 277,065 Interest expense 58,893 62,390 (3,497) 64,668 Net interest income 220,956 222,768 (1,812) 212,397 Provision for credit losses 17,273 22,971 (5,698) 24,8 10 Total non-interest income 37,685 34,400 3,285 35,734 Personnel expense 65,299 63,196 2,103 62,137 Occupancy and equipment expense 22,063 21,797 266 22,630 Professional service fees 12,912 13,111 (199) 11,486 FDIC deposit insurance 2,058 961 1,097 2,236 Net (gain) on OREO operations (937) (838) (99) (1,129) Other non-interest expenses 25,710 28,643 _2,933) 25,662 Total non-interest expenses 127,1 05 126,870 23 5 123,022 Pre-tax income 114,263 107,327 6,936 100,299 Income tax expense 25,485 20,226 5,259 23,240 Net i ncome $ 88,778 $ 87,101 $ 1,677 $ 77,059 Selected Financial Data: Adjusted pre-tax, pre-provision income (Non-GAAP) S 131,444 S 129,199 2,245 S 125,109 Fully diluted EPS S 0.57 S 0.55 0.02 S 0.47 Tangible bookvaue per share S 12.45 S 12.29 0.16 S 10.64 Common stock price as of end of period S 21.36 S 20.73 0.63 S 19.17 Dividend payout ratio 34.98% 32.40% 2.58% 38.06% Net interest Margin (GAAP) 4.75% 4.68% 0.07% 4.52% Efficiency ratio 49.14% 49.33% 0. 19% 49.58% ROAA 1.89% 1.81% 0.08% 1.64% Non-GAAP Reconciliation – Selected Data(1) 1Q26 Adjusted Tangible Common Equity Ratio 10.11% 1.64% 11.75% 1Q26 TCE Ratio AOCL Impact Adj. TCE Ratio 1Q26 Adjusted Tangible Book Value per Share $12.45 $2.28 $14.73 1Q26 TBVPS AOCL Impact Adj. TBVPS 1Q26 Adjusted ROACE 17.92% 2.53% 15.39% 1Q26 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 “First Quarter 2026 - Use of Non-GAAP Financial Measures.” 7

First Quarter 2026 – Profitability Dynamics Net Interest Income ($MM) $212.4 $215.9 $217.9 $222.8 $221.0 4.52% 4.56% 4.57% 4.68% 4.75% 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income ($) Net Interest Margin (GAAP %) Evolution of Loan Yields and Cost of Funds(1) 7.75% 7.64% 7.62% 7.55% 7.49% 6.22% 6.18% 6.11% 6.09% 6.07% 1.53% 1.46% 1.51% 1.46% 1.42% 1Q25 2Q25 3Q25 4Q25 1Q26 Loan Yields Cost of Funds Key Highlights Net interest income amounted to $221.0 million, a decrease of $1.8 million vs. the prior quarter; primarily reflecting the following: A $6.5 million decrease in interest income on loans related to 1) a $4.1 million reduction in interest income on commercial loans partially attributed to the effect of two less days in the quarter and the downward repricing of variable-rate loans, partially offset by an increase associated to higher average commercial balances, 2) a $2.7 million decrease in interest income on consumer loans attributed to the effect of two less days in the quarter and lower average consumer loan balances A $3.3 million decrease in interest expense mostly due to lower average balances on interest-bearing checking and savings accounts, lower rates paid during the quarter, and the effect of two less days in the quarter A $1.2 million increase in interest income on investments and cash balances due to purchases of higher yielding investments replacing lower yielding securities resulting in a 22-bps improvement in yield, partially offset by a decrease in interest income from lower cash balances and the reduction in fed funds rate Net interest margin increased during the quarter by 7 basis points to 4.75%, mostly reflecting the improvement from the deployment of cash flows from lower yielding securities to higher yielding interest -earning assets and the decrease in the cost of interest-bearing deposits, partially offset by downward repricing on variable-rate

commercial loans and a decrease of 3 bps associated with interest income collected on a nonaccrual commercial loan and a prepayment penalty during the fourth quarter of 2025 (1) Average cost of funds include cost of all interest-bearing deposits, non-interest-bearing deposits, and wholesale funding 8

First Quarter 2026 – Profitability Dynamics Non-Interest Income ($MM) $35.7 $31.0 $30.8 $34.4 $37.7 $22.9 $17.7 $17.7 $20.3 $23.7 $3.2 $3.4 $3.3 $4.2 $4.0 $9.6 $9.8 $9.8 $9.9 $9.9 1Q25 2Q25 3Q25 4Q25 1Q26 Other Mortgage Banking Service Charges on Deposits Key Highlights Non-interest income of $37.7 million, compared to $34.4 million in prior quarter; the $3.3 million increase was driven by: The $3.6 million in seasonal contingent commissions recorded as part of insurance commission income in the first quarter of 2026 based on the prior year’s production of insurance policies Non-Interest Expenses ($MM) $123.0 $123.3 $124.9 $126.9 $127.1 -$0.5 $0.0 $1.9 $0.2 -$0.2 $62.1 $60.1 $59.8 $63.2 $65.3 $61.4 $63.2 $63.2 $63.5 $62.0 1Q25 2Q25 3Q25 4Q25 1Q26 Credit Related Payroll Related Other Operating Expenses Key Highlights Non-interest expenses of $127.1 million, relatively flat vs. prior quarter due to: A $2.1 million increase in payroll-related expenses, which included seasonal increase in payroll taxes and increase in stock-based compensation expense Partially offset by a $2.4 million decrease on business promotion expenses due to certain marketing efforts during the fourth quarter and a $0.4 million decrease in credit and debit card processing expenses due to expenses reimbursed in the first quarter which were partially offset by higher transactional volumes Efficiency ratio relatively stable at 49%, below the 52% operating target 9

First Quarter 2026 – Asset Quality Repossessed Assets and Other Non-Performing Loans NPAs/Assets Non-Performing Assets ($MM) $129.4 $128.0 $119.4 $114.1 $108.8 $30.9 $27.9 $23.2 $21.5 $21.1 0.68% 0.68% 0.62% 0.60% 0.57% $98.5 $100.1 $69.3 $92.6 $87.7 1Q25 2Q25 3Q25 4Q25 1Q26 Repossessed Assets and Other Consumer Residential Construction Commercial $129.4 $128.0 $119.4 $114.1 $108.8 $30.9 $27.9 $23.2 $21.5 21.1. $22.8 $20.3 $20.7 $21.4 $19.7 $30.8 $30.8 $28.9 $29.2 $285.1 $1.4 $5.7 $5.6 $5.5 $5.4 $43.5 $43.3 $41.1 $36.4 $34.5 1Q25 2Q25 3Q25 4Q25 1Q26 Non-Performing Assets ($MM) – Distribution by Segment Total non-performing assets decreased by $5.3 million to $108.8 million or 0.57% of total assets Decrease in non-performing assets was driven by a $4.8 million decrease in nonaccrual loans across all segments and a $0.5 million net decrease in repossessed assets Inflows to non-accrual loans held for investment were $34.3 million, a decrease of $11.9 million when compared to the prior quarter, mostly driven by a decrease in commercial inflows of $11.2 million due the $10.0 million Puerto Rico C&I loan inflow in the fourth quarter, and a $0.9 million decrease in residential mortgage inflows, partially offset by a $0.2 million increase in consumer loan inflows Loans in early delinquency (i.e., 30-89 days past due accruing loans) amounted to $110.5 million, a decrease of $34.5 million vs. 4Q 2025, driven by a $31.0 million decrease in consumer loans, primarily in the auto loan portfolio 10

First Quarter 2026 – ACL and Capital Evolution of ACL ($MM) and ACL on Loans to Total Loans (%) $251.7 $253.2 $251.0 $253.5 $249.7 $4.4 $4.6 $4.0 $4.5 $4.6 $247.3 $248.6 $247.0 $249.0 $245.1 1.95% 1.93% 18.90% 1.90% 1.87% 1Q25 2Q25 3Q25 4Q25 1Q26 Off-BS Credit Exposure & Debt Securities Loans ACL on Loans/Loans Key Highlights The allowance for credit losses (ACL) on loans and leases was $245.1 million, down $3.9 million vs. prior quarter; the ratio of the ACL on loans and finance leases to total loans held for investment decreased to 1.87% 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 $21.1 million, 0.65% of average loans, compared to $20.4 million or 0.63% in prior quarter, increase mostly driven by a $0.6 million charge-off associated with a nonaccrual CRE loan in the Virgin Islands Capital Ratios (%) $18.0 $16.6 $16.6 $11.2 $9.1 $17.9 $16.6 $16.6 $11.4 $9.6 $17.9 $16.7 $16.7 $11.5 $9.7 $18.0 $16.8 $16.8 $11.6 $10.1 $18.2 $16.9 $16.9 $11.7 $10.1 1Q25 2Q25 3Q25 4Q25 1Q26 Total Risk-Based Capital Tier-1 Capital Tier-1 Common Leverage Tangible Common Key Highlights Total stockholders’ equity amounted to $2.0 billion, an increase of $0.4 million vs. the prior quarter, driven by earnings generated during the quarter Partially offset by $50.0 million in common stock repurchases, $31.5 million in common stock dividends declared during the quarter, and a $6.2 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

1Q 2026 Financial Results Appendix and Non-GAAP Financial Measures

First Quarter 2026 – Balance Sheet Highlights Loan Portfolio - $MM $12,690.0 $12,880.0 $13,061.0 $13,142.0 $13,104.0 Loans HFS $15 $10 $13 $17 $13 Commercial $5,862 $6,018 $6,163 $6,243 $6,322 Consumer $3,741 $3,747 $3,736 $3,709 $3,659 Construction $234 $245 $260 $260 $195 Residential $2,838 $2,859 $2,889 $2,908 $2,915 1Q25 2Q25 3Q25 4Q25 1Q26 Total Deposits (excluding Brokered CDs) - $MM $16 $16,027 $16,233 $16,077 $16,089 Public Funds $3,443 $3,371 $3,438 $3,016 $2,869 CDs & IRAs $2,779 $2,888 $3,055 $3,122 $3,179 Commercial $5,120 $4,897 $4,879 $5,019 $5,060 Retail $4,998 $4,871 $4,861 $4,920 $4,981 1Q25 2Q25 3Q25 4Q25 1Q26 Public Funds Distribution - $MM $2 -84% PR $448 Other -16% 1Q26 $1,876 $489 $56 -77% -20% -2% Public Corp/Agencies Municipalities US Govt. Loan Originations - $MM(1) $1,177 $1,414 $1,371 $1,391 $1,247 Consumer $276 $283 $267 $261 $253 Credit Card $102 $106 $104 $104 $95 Residential $114 $127 $132 $128 $116 Construction $49 $35 $35 $29 $14 Commercial $4,998 $861 $833 $869 $770 1Q25 2Q25 3Q25 4Q25 1Q26 Composition of Deposit Portfolio vs. Available Liquidity - $MM(2) $16,077 $16,089 $5,549 $5,555 -35% -35% NIB $10,528 $10,534 IB -65% -65% 4Q25 1Q26 $8,374 $4,846 $2,869 -51% -30% -18% Cash & Equivalents Free Liquid Securities PHLB Avaialbility Fed Line (1) Loan Originations include refinancing and renewals, as well as credit card utilization activity (2) Uninsured deposits exclude public funds which are fully collateralized 13

First 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) 10 2026 1 40 2025 3Q2025 20 2025 10 2025 Tangible Equity: Total common equity - GAAP s 1,967,239 S 1,966,865 S 1,918,045 S 1,845,455 S 1,779,342 Goodwill (38,611) (38,611) (38,611) (38,611) (38,611) Other intangible assets (3,240) (3,458) (3,676) (4,535) (5,715) Tangible common equity (Non-GAAP) $ 1,925,388 $ 1,924,796 $ 1,875,758 $ 1,802,309 $ 1,735,016 Tangible Assets: Total assets - GAAP s 19,086,105 S 19,132,892 S 19,321,335 S 18,897,529 S 19,106,983 Goodwill (38,611) (38,611) (38,611) (38,611) (38,611) Other intangible assets (3,240) (3,458) (3,676) (4,535) (5,715) Tangible assets (Non-GAAP) $ 19,044,254 $ 19,090,823 $ 19,279,048 $ 18,854,383 $ 19,062,657 Common shares outstanding 154,694 156,619 159,135 161,508 163,104 Tangible common equity ratio (Non-GAAP) 10.11% 10.08% 9.73% 9.56% 9.10% Tangible book value per common share (Non-GAAP) $ 12.45 $ 12.29 $ 11.79 $ 11.16 $ 10.64 14

First 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 cat astrophes 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 believes are not reflective of core operating performance. (S in thousands) Income before income taxes Add: Provision for credit losses expense Add: FDIC special assessment reversal Less: Employee retention credit Adjusted pre-tax, pre-provision income Change from most recent prior period (amount) Change from most recent prior period (percentage) Quarterly Results 10 2026 ! 40 2025 3Q2025 20 2025 1Q2025 S 114,263 S 107,327 S 106,223 S 102,885 S 100,299 17,273 22,971 17,593 20,587

24,810 (92) (1,099) - -s - - (-5 (2,358) - S 131,444 S 129,199 S 121,458 S 123,472 S 125,109 s 2,245 s 7,741 s (2,014) S (1,637) S 8,176 1.7% 6.4% -1.6% -1.3% 7.0% 15

First 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 Adju sted tangible common equity, which is total common equity less goodwill and other intangibles, after exclusion of net unreali zed losses on available-for-sale debt securities recognized as part of accumulated other comprehensive loss and Special Items, 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. Tangible Common Equity Add: AOCL AFS Debt Securities Adjusted Tangible Common Equity Tangible Assets Add: AOCL AFS Debt Securities Adjusted Tangible Assets Adjusted Tangible Common Equity Ratio Common Shares Outstanding Adjusted Tangible Book Value Per Common Share As of March 2026 S 1,925,388 353,358 $ 2,278,746 s 19,044,254 353,358 $ 19,397,612 11.75% 154,694 s 14.73 Average Common Equity Add: Average AOCL AFS Debt Securities Adjusted Average Common Equity Net Income Adjusted Return on Average Common Equity 1Q2026 (Average) S 2,009,137 330,659 $ 2,339,796 s 88,778 15.39% 16

Financial Results First Quarter 2026 April 22, 2026

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