1. The Bank of America or JPMorgan Chase of Puerto Rico and Florida, offering comprehensive banking services.

2. A prominent regional bank for Puerto Rico, the US Virgin Islands, and Florida, akin to a smaller version of PNC or US Bank.

• Deposit Accounts: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Commercial Lending: Provides commercial and industrial loans, commercial real estate loans, and construction financing to businesses.
• Residential Mortgage Lending: Offers mortgage loans to individuals for the purchase or refinancing of homes.
• Consumer Lending: Includes personal loans, auto loans, and credit cards for individual customers.
• Wealth Management: Provides investment advisory, trust, and brokerage services to high-net-worth individuals and institutional clients.
• Treasury Management Services: Offers cash management, payment processing, and other financial solutions to businesses.

First BanCorp (FBP) is a bank holding company and, as such, primarily serves individuals and businesses rather than selling its services to other companies in a traditional B2B sense where those companies would be the "major customers" integrating or reselling FBP's offerings. Therefore, its customers are best described in categories.

First BanCorp serves the following categories of customers:

• Individuals/Retail Customers: This category includes individual consumers who utilize the bank's services for personal banking needs such as checking accounts, savings accounts, credit cards, mortgages, personal loans, and other consumer financial products.
• Commercial/Business Customers: This category encompasses small, medium, and large businesses that leverage First BanCorp's commercial banking services. These services typically include business checking and savings accounts, commercial loans, lines of credit, treasury management solutions, and other financial products tailored for corporate needs.
• Wealth Management/Private Banking Customers: This segment includes high-net-worth individuals, families, and institutional clients seeking more specialized financial services. These often involve investment management, trust services, financial planning, and private banking solutions.

• Fiserv, Inc. (FI)

Aurelio Alemán-Bermúdez, President and Chief Executive Officer

Aurelio Alemán-Bermúdez has served as President, Chief Executive Officer, and Director of First BanCorp since 2009. Prior to this, he was the Chief Operating Officer and Senior Executive Vice President of the company from 2005 to 2009, and Executive Vice President at FirstBank from 1998 to 2009. He also held the position of President for First Federal Finance Corp, FirstBank Insurance Agency, and First Leasing & Rental Corp. Earlier in his career, he worked at Citibank, N.A. from 1996 to 1998, where he was responsible for wholesale and retail automobile financing and retail mortgage business, and as Vice President at Chase Manhattan Bank, N.A. from 1990 to 1996, overseeing banking operations and technology for Puerto Rico and the Eastern Caribbean region. He was instrumental in the institution's recapitalization process in 2011 and served as president of the Puerto Rico Bank's Association from 2011 to 2013 and again from 2019 to 2021.

Orlando Berges-González, Executive Vice President and Chief Financial Officer

Orlando Berges-González has been the Executive Vice President and Chief Financial Officer of First BanCorp since August 2009. He also served as the Interim Chief Accounting Officer for the company between February 2020 and October 2021. Before joining First BanCorp, Mr. Berges-González was Executive Vice President of Administration at Banco Popular de Puerto Rico from 2004 to 2009 and a Regional Manager from 2001 to 2004. His earlier experience includes working at Popular Inc. as Chief Financial, Operations, and Administration Officer and Executive Vice President from 1998 to 2001.

Nayda Rivera-Batista, Chief Consumer Officer and Corporate Chief of Staff

Nayda Rivera-Batista assumed the role of Chief Consumer Officer and Corporate Chief of Staff in April 2025. Prior to this, she served as the Chief Risk Officer of the company from April 2006 to March 2025. She also held positions as Senior Vice President and General Auditor at First BanCorp. Ms. Rivera-Batista previously worked with PricewaterhouseCoopers, LLC.

Juan Carlos Pavia, Executive Vice President and Chief Operating Officer

Juan Carlos Pavia has been the Executive Vice President and Chief Operating Officer since August 2025. From 2021 to 2025, he served as Chief Credit Officer. Mr. Pavia brings over 15 years of experience within the banking industry, with expertise in Lending, Credit Risk, Current Expected Credit Losses (CECL), Workout, Operations, and Asset Based Lending. He has also held various leadership positions in other financial institutions in Puerto Rico and within the Government of Puerto Rico.

Roberto R. Herencia, Chairman

Roberto R. Herencia has served as Chairman of First BanCorp since 2011. He is also the President and Chief Executive Officer of BXM Holdings, an investment fund specializing in community bank investments, a role he has held since November 2010. From 2009 to 2010, Mr. Herencia was President and Chief Executive Officer of Midwest Banc Holdings Inc. and its subsidiary, Midwest Bank and Trust. He spent 17 years with Popular Inc., where he was an Executive Vice President and President of its subsidiary, Banco Popular North America. Earlier in his career, he worked for 10 years at The First National Bank of Chicago (now J.P. Morgan Chase) in various capacities, including Deputy Senior Credit Officer and Head of the Emerging Markets Division. Mr. Herencia has experience managing private equity-backed companies, having served as an independent director and chairman of the board of privately held Byline Bancorp and its subsidiary, Byline Bank, since June 2013, and as an independent director of privately held SKBHC Holdings LLC and its two subsidiary banks from 2010 to 2015. He was appointed by President Obama to serve on the Overseas Private Investment Corporation's Board of Directors in 2011.

The most significant clear emerging threat for First BanCorp (FBP) is the accelerating disruption from financial technology (fintech) companies. These include digital-only "neobanks," online lending platforms, and advanced payment processors. These entities leverage technology to offer more convenient, often lower-cost, and entirely digital banking services (deposits, loans, payments), appealing particularly to younger, tech-savvy demographics. This shift erodes the traditional customer base and revenue streams of conventional banks like FBP, which rely heavily on physical branches and established banking infrastructure. The ease of access and often superior user experience provided by fintech companies directly challenges FBP's ability to attract and retain customers, forcing continuous and significant investment in digital transformation to remain competitive.

• Net Interest Income (NII) Growth and Net Interest Margin (NIM) Expansion: First BanCorp has demonstrated consistent growth in its net interest income, which reached $217.9 million in the third quarter of 2025, an increase of $2 million from the previous quarter and 8% higher than the third quarter of 2024. The net interest margin for the quarter was 4.57%, a 1 basis point increase quarter-over-quarter, and has expanded by 32 basis points over the last four quarters. This expansion is partly attributed to the reinvestment of cash flows from the investment portfolio, which resulted in a 16 basis points expansion in investment portfolio yields. Future expectations include potential reductions in deposit costs as interest rates adjust, which could further bolster NIM.
• Loan Portfolio Growth: The company has experienced significant growth in its loan portfolio, which surpassed $13 billion in the third quarter of 2025 for the first time since 2010. This growth is diversified across commercial, construction, and residential lending. Specifically, the average balance of the residential portfolio grew by $19 million in the third quarter of 2025, and net interest income from commercial loans increased due to a $126 million rise in average balances. Analysts have also noted a 10% increase in the loan portfolio on a last-quarter annualized basis, driven by robust consumer and project-related inflows in Puerto Rico.
• Economic Recovery in Puerto Rico: A key driver for First BanCorp's future revenue growth is the ongoing economic recovery in Puerto Rico. This recovery is expected to stimulate commercial loan growth and overall economic activity in the region, which is the bank's primary market. Increased economic stability and development in Puerto Rico directly translate to higher demand for banking services and credit, thereby driving the company's revenue.

**Share Repurchases**

• First BanCorp authorized a new share repurchase program of up to $200 million in October 2025, expected to be executed through the end of the fourth quarter of 2026. This is in addition to approximately $38 million remaining under a stock repurchase program announced on July 22, 2024.
• The company repurchased $50.0 million in common stock during the third quarter of 2025.
• In April 2021, First BanCorp's Board of Directors approved a stock repurchase program allowing for the repurchase of up to $300 million of its outstanding stock, commencing from that quarter through June 30, 2022.

**Outbound Investments**

• In September 2020, First BanCorp completed the acquisition of Banco Santander de Puerto Rico for $1.3 billion in cash, which added $5.5 billion in assets to the company.