First BanCorp (FBP) boosts Q1 2026 EPS 21% with strong margins and capital returns

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Q: 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.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

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

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, and 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

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Understanding 8-K Material Events →

Accepted by SEC EDGAR 04/22/2026 - 09:31 AM

FAQ

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.

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))

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)

the Exchange Act.

☐

Item 2.02

Results of Operations and Financial Condition.

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

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.

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.

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

First

BanCorp,

commented:

“We

began

the

year

with

another

quarter

strong

operating

results,

delivering

consistent

performance

across

our

franchise.

Earnings

per

increased 21%

year-over-year,

reflecting strong

revenue generation

and

disciplined

expense

management,

which

translated

into

return

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

from

the

prior

quarter

and

from

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

consumers.

Our

thoughtful

and

consistent

approach

capital

deployment

resulted in a net

payout ratio of 92% during the

quarter achieved through share

buybacks

and

dividends.

Our

disciplined

approach

capital

allocation,

responsible growth, and ongoing execution of our omnichannel strategy continue

position

First

BanCorp

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

2025

included

reversal

$1.1

million

($0.7

million

after-tax)

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

the

continued deployment

cash

flows

from lower-yielding

investment securities

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

delinquency

the

consumer

loan

portfolios,

partially

offset

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

$34.4

million.

The increase

was driven

$3.6

million

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

$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

(“CET1”) capital,

tier

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

Non-GAAP

Disclosures

Non-GAAP

Financial Measures

for

the

definition

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:

$4.1

million

decrease

interest

income

commercial

and

construction

loans,

driven

$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

lower

interest

rates

the

downward

repricing

variable-rate

loans.

Also,

the

fourth

quarter

2025

included

$0.8

million

interest

income

and

$0.5

million

prepayment

penalty

connection

with

the

payoffs

$12.0

million

nonaccrual

commercial

mortgage

loan

and

$23.8

million

construction

loan,

respectively,

both

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

based

other

indexes.

For

the

quarter

ended

March

31,

2026,

the

average

one-month

SOFR

decreased

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.

$2.7

million

decrease

interest

income

consumer

loans

and

finance

leases,

due

$1.7

million

decrease

associated

with

the

effect

two

less

days

the

first

quarter

2026,

and

$1.0

million

decrease

associated

with

$36.1 million decline in the average balance.

Partially offset by:

●

$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

approximately

$0.6

million

associated

with

lower

interest

rates

paid

the

first

quarter

2026,

$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

$66.4 million net

reduction in the

average balance. The

average cost of

interest-bearing checking

and saving accounts

the first quarter

of 2026 decreased

4 basis points

to 1.21%

when compared

to the previous

quarter,

driven by a

decrease

the

cost

government

deposits.

Excluding

government

deposits,

the

average

cost

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

$0.9

million

decrease

interest

expense

time

deposits,

excluding

brokered

CDs,

mainly

due

$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:

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:

$1.6

million

decrease

interest

income

from

interest-bearing

cash

balances,

mainly

due

$1.1

million

decrease

associated

with

$108.6

million

decrease

the

average

balances,

which

consisted

primarily

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

the first quarter of

2026 based on the

prior year’s production

of insurance policies.

Other variances included

a $0.8 million increase

realized

gains

from

purchased

income

tax

credits

reported

part

other

non-interest

income,

partially

offset

$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:

●

$2.1

million

increase

employees’

compensation

and

benefits

expenses,

driven

$1.5

million

increase

payroll

taxes, and

a $1.8

million

increase in

stock-based

compensation expense,

mostly for

stock grants

during the

first quarter

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.

●

$1.1

million

increase

the

FDIC

deposit

insurance

expense

driven

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.

●

$0.4

million

decrease

credit

and

debit

card

processing

expenses,

mainly

due

$1.1

million

debit

card

expense

reimbursements

recognized

during

the

first

quarter

2026,

partially

offset

$0.7

million

increase

driven

higher

transactional volumes.

First BanCorp. Announces Earnings for the Quarter Ended March

31, 2026

– Page 6 of 27

INCOME TAXES

The

Corporation

recorded

income

tax

expense

$25.5

million

for

the

first

quarter

2026,

compared

$20.2

million

for

the

fourth

quarter

2025.

The

increase

income

tax

expense

was

driven

higher

pre-tax

income

and

adjustment

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

21.6%

for

the

fourth

quarter

2025.

March

31,

2026,

the

Corporation

had

net

deferred

tax

asset

$143.6

million,

net

valuation

allowance

$75.9

million,

compared

net

deferred

tax

asset

$149.0

million,

net

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%

Nonaccrual loans to total loans

0.67%

0.70%

0.74%

0.78%

Non-performing assets to total assets

0.57%

0.60%

0.62%

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

$5.3

million

$108.8

million

March

31,

2026,

driven

$4.8

million

decrease

nonaccrual

loans.

Nonaccrual

commercial

and

construction

loans

decreased

$2.0

million,

driven

$1.2

million

repayment

C&I

loan

the

Puerto

Rico

region

the

food

retail

industry,

and

$0.6

million

charge-off

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

$1.1

million.

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

2025,

mostly

associated

with

$10.0

million

C&I

loan

the

Puerto

Rico

region

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

$5.4

million

$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

early

delinquency

(i.e.,

30-89

days

past

due

accruing

loans,

defined

regulatory

reporting

instructions)

amounted

$110.5

million

March

31,

2026,

decrease

$34.5

million,

compared

$145.0

million

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)

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

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

the

ACL

for

consumer

loans,

which

decreased

$2.6

million,

driven

improvements

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

the

Middle

East.

addition,

the

ACL

for

commercial

and

construction

loans

decreased

$1.8

million,

mainly

due

improvements

the

projections

the

unemployment

rate

and

the

CRE

price

index,

net

aforementioned

qualitative

reserves,

partially offset by

renewals and refinancings.

Meanwhile, the ACL for

residential mortgage loans increased

by $0.5 million, driven

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

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

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

lower

loan

growth

than

the

quarter,

partially

offset

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%

Construction

-0.02%

-0.50%

-0.02%

Commercial mortgage

0.08%

0.01%

-0.02%

-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)

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

annualized

net

charge-offs

and

are

not

necessarily

indicative

the

results

expected

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

March

31,

2026,

the

ACL

for

off-balance

sheet

credit

exposures

increased

$3.1

million,

compared

$3.0

million

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

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

the

Puerto

Rico

region.

terms

geography,

the

decline

consisted

$112.9

million

decrease

in the

Puerto Rico

region, driven

by the

aforementioned

decrease

in consumer

loans and

lower utilization

of C&I

lines

credit, mainly

in automotive

lending,

partially

offset

by increase

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

the

fourth

quarter

2025

totaling

$114.7

million

and

the

aforementioned

lower utilization

lines

credit.

Total

loan

originations

the

Florida

region

amounted

$228.4

million

the

first

quarter

2026,

compared

$295.8

million

the

fourth

quarter

2025.

The

$67.4

million

decrease

total

loan

originations

was

mainly

$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

the

Virgin

Islands

region

amounted

$170.9

million

the

first

quarter

2026,

compared

$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

$138.1

million

government

line

credit

during

the

first

quarter

2026,

which

$108.1

million

was

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

the fair

value

of available

-for-sale

debt

securities

attributable

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

$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:

$146.3 million decrease in government deposits, driven by a decline

of $134.2 million in the Puerto Rico region.

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:

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

such

deposits

consists

$115.4

million

increase

interest-bearing

deposits,

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

available-for-sale

debt

securities

due

changes

market

interest

rates

recognized

part

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

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

$107.7

million

$550.9

million

March

31,

2026.

When

adding

$2.3

billion

free

high-quality

liquid

securities

that

could

liquidated

or pledged

within

one

day,

total

core

liquidity

amounted

$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.

addition

the

aforementioned

available

credit

from

the

FHLB,

the

Corporation

also

maintains

borrowing

capacity

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)

non-GAAP

basis,

the

Corporation’s

tangible

common

equity

ratio

increased

10.11%

March

31,

2026,

compared

10.08%

December

31,

2025.

Refer

Non-GAAP

Disclosures-

Non-GAAP

Financial

Measures

for

the

definition

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)

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)

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,

decrease

$0.3

million

compared

$297.8

million

December

31,

2025.

March

31,

2026,

approximately $211.5

million of the exposure consisted of

loans and obligations of municipalities in

Puerto Rico that are supported

assigned

property

tax

revenues

and

for

which,

most

cases,

the

good

faith,

credit,

and

unlimited

taxing

power

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

loan

extended

affiliate

the

Puerto

Rico

Electric

Power

Authority

and

$32.4

million

loans

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

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

municipalities

Puerto

Rico

included

$79.8

million

financing

arrangements

with

Puerto

Rico

municipalities

that

were

issued

bond

form

but

underwritten

loans

with

features

that

are

typically

found

commercial

loans.

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

Indirect Exposure

March

31,

2026

and

December

31,

2025,

the

Corporation

had

$2.4

billion

and

$2.5

billion,

respectively,

public

sector

deposits

Puerto

Rico.

Approximately

20%

the

public

sector

deposits

March

31,

2026

were

from

municipalities

and

municipal

agencies

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,

March

31,

2026,

the

outstanding

balance

construction

loans

funded

through

conduit

financing

structures

support the

federal programs

of Low-Income

Housing Tax

Credit combined

with other

federal programs

amounted to

$81.6 million,

compared

$92.4

million

December

31,

2025.

The

main

objective

these

programs

spur

development

new

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,

well

the

reconciliation

the

non-GAAP

financial

measure

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

items

that

management

believes

are

not

reflective

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

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

2026

and

fourth

quarter

2025,

respectively,

result

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

2.97

basis

points,

removing

the

previously

established

extended

assessment

period

provisions,

and

providing

offsets

regular

quarterly

deposit

insurance

assessments

aggregate

collections

exceed

actual

losses.

This

update

follows

the

FDIC’s

2023

final

rule,

which

initially

imposed

the

special

assessment

recover

certain

estimated losses incurred by

the Deposit Insurance Fund

following the failures of

certain financial institutions in

the first half

2023.

The

FDIC

deposit

special

assessment

reflected

the

condensed

consolidated

statements

income

part

“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

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

Statement of

Financial Condition

– Tangible

Common Equity

(Non-GAAP)

for a

reconciliation

the

Corporation’s

total

stockholders’

equity

and

total

assets

accordance

with

GAAP

the

non-GAAP

financial

measures

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

conjunction

with

other

traditional

bank

capital

ratios

compare

the

capital

adequacy

banking

organizations

with

significant

amounts

goodwill

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

supplement

the

Corporation’s

financial

statements

presented

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

non-GAAP

performance

metric

that

management

uses

and

believes

that

investors

may

find

useful

analyzing

underlying

performance

trends,

particularly

times

economic

stress,

including

result

natural

catastrophes

health

epidemics.

Adjusted

pre-tax,

pre-provision

income,

defined

management,

represents

income

before

income

taxes

adjusted

exclude

the

provisions

for

credit

losses

loans,

unfunded

loan

commitments

and

debt

securities.

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

for

reconciliation

the

Corporation’s

net

interest

income

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

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)

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

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

accessed

via

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

the

web

site

least

minutes

prior

the

call

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

phrases

“expect,”

“anticipate,”

“intend,”

“should,”

“would,”

“will,”

“plans,”

“forecast,”

“believe,”

and

similar

expressions

are

meant

identify

“forward-looking

statements”

within

the

meaning

Section

27A

of the

Securities

Act

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

the

date

hereof,

and

advises

readers

that

any

such

forward-looking

statements

are

not

guarantees

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

fully

discussed

Part

Item

1A,

“Risk

Factors”

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,

implied

by,

such

forward-looking

statements: the

effect

changes

the

interest

rate

environment

and

inflation

levels

the

level,

composition

and

performance

the

Corporation’s

assets

and

liabilities,

and

corresponding effects

on the

Corporation’s

net interest

income, net

interest margin,

loan originations,

deposit attrition,

overall results

operations,

and

liquidity

position;

volatility

the

financial

services

industry,

which

could

result

in,

among

other

things,

bank

deposit

runoffs,

liquidity

constraints,

and

increased regulatory

requirements

and

costs;

the

effect

continued

changes in

the fiscal,

monetary

and

trade

policies

and

regulations

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

the

Corporation;

uncertainty

the

ability

FirstBank

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

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

identify

and

prevent

cyber-security

incidents,

such

data

security

breaches,

ransomware,

malware,

“denial

service”

attacks,

“hacking,”

identity

theft,

and

state-sponsored

cyberthreats,

and

the

occurrence of

and response to

any incidents

that occur,

which may

result in misuse

or misappropriation

of confidential

or proprietary

information,

disruption,

damage

our

systems

those

third-party

service

providers

which

rely,

increased

costs

and

losses and/

adverse

effects

our

reputation;

general

competitive

factors

and

other

market

risks

as well

the

implementation

existing

planned

strategic growth

opportunities,

including

risks,

uncertainties,

and

other

factors

events

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,

certified

June

2025,

the

oversight

board

established

the

Puerto

Rico

Oversight,

Management,

and

Economic

Stability

Act,

any

revisions

it,

our

clients

and

loan

portfolios,

and

any

potential

impact

future

economic

political

developments

and

tax

regulations

Puerto

Rico;

the

impact

changes

accounting

standards,

or determinations

and assumptions

in applying

those standards,

and of

forecasts of

economic

variables considered

for the

determination

the

ACL;

the

ability

FirstBank

realize

the

benefits

its

net

deferred

tax

assets;

the

ability

FirstBank

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

conflict

from

neighboring

countries

our

region),

terrorist

attacks,

other

catastrophic

external

events, including impacts

of such events

on general economic

conditions and on

the Corporation’s

assumptions regarding forecasts

economic

variables;

the

risk

that

additional

portions

the

unrealized

losses

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

applicable

legislative,

tax,

regulatory

changes

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

staffing

U.S.

governmental

agencies,

the

effects

U.S.

federal

government

shutdowns

and

political

impasses,

and

uncertainties

regarding

the

U.S.

debt

ceiling

and

federal

budget,

the

Corporation’s

financial

condition

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

adequate;

the

risk

that

the

FDIC

may

further

increase

the

deposit

insurance

premium

and/or

require

further

special

assessments,

causing

additional

increase

the

Corporation’s

non-interest

expenses;

any

First BanCorp. Announces Earnings for the Quarter Ended March

31, 2026

– Page 19 of 27

need

recognize

impairments

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

Directors

from

declaring

dividends;

and

uncertainty

whether

FirstBank

will

able

continue

satisfy

its

regulators

regarding,

among

other

things,

its

asset

quality,

liquidity

plans,

maintenance

capital

levels,

and

compliance

with

applicable

laws,

regulations

and

requirements.

The

Corporation

does

not

undertake

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

of common

stock

trade

the

New

York

Stock

Exchange

under

the

symbol

FBP.

Additional

information

about

First

BanCorp.

may

found

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

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

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

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

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

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

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,

December 31,

March 31,

December 31,

March 31,

2026

2025

2026

2025

2026

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

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%

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

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

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

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

13,124

Other assets

(1)

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

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

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

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

Commercial mortgage

(522)

(53)

C&I

(309)

(14)

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%

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)

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.”

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

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

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

First BanCorp (FBP) boosts Q1 2026 EPS 21% with strong margins and capital returns

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

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

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

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

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

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

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

Filing Exhibits & Attachments

Press Releases

Other Documents

First BanCorp (FBP) boosts Q1 2026 EPS 21% with strong margins and capital returns

Rhea-AI Filing Summary

Positive

Negative

Insights

Banking sector equity analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

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

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

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

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

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

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

Filing Exhibits & Attachments

Press Releases

Other Documents