Here are a few brief analogies for First BanCorp (FBP):

• It's like **PNC Bank** or **Truist Financial** for Puerto Rico and the U.S. Virgin Islands, offering a full range of consumer and commercial banking services.
• Think of it as the **Bank of America** or **Wells Fargo** for the Caribbean, but on a smaller, regional scale focused on Puerto Rico, the U.S. Virgin Islands, and Florida.

• Commercial Loans: Provides financing for commercial real estate, construction projects, and floor plans for businesses.
• Residential Mortgage Loans: Offers origination, sale, and servicing of various residential mortgage products, including home equity loans and lines of credit.
• Consumer Loans: Supplies auto, boat, and personal loans, as well as credit cards and lines of credit for individual clients.
• Deposit Products: Includes interest-bearing and non-interest-bearing checking and savings accounts, individual retirement accounts (IRAs), money market accounts, and certificates of deposit (CDs).
• Cash and Business Management Services: Delivers services such as cash management, business management, remote data capture, and automated clearing house (ACH) transactions for commercial clients.
• Treasury and Investment Services: Offers funding and liquidity management solutions to support the bank's operations.
• Finance Leasing: Provides financial leasing options for various assets.
• Insurance Agency Services: Acts as an agency to offer various insurance products.
• Internet Banking: Enables clients to manage their accounts and conduct transactions online.

First BanCorp (FBP) primarily serves a diverse base of customers rather than a few major corporate clients. As a bank, its customer base is broad, encompassing individuals, businesses, and institutional clients across its operational regions.

The company serves the following categories of customers:

1. Individuals (Retail/Consumer Clients): This category includes customers who utilize services such as auto, boat, and personal loans, credit cards, various deposit products (checking, savings, IRAs, retail CDs), residential mortgages, and home equity loans.
2. Commercial Clients (Businesses): This segment includes businesses and corporations that rely on First BanCorp for commercial real estate and construction loans, floor plan financing, cash and business management services, and other specialized commercial lending products.
3. Institutional Clients: This category encompasses various institutional entities that engage with the bank for services like the acquisition and sale of mortgages in secondary markets, funding and liquidity management (Treasury and Investments segment), and other financial services tailored for institutional needs.

Aurelio Aleman-Bermudez, President, Chief Executive Officer, and Director

Aurelio Aleman-Bermudez was appointed CEO of First BanCorp in September 2009, bringing over 16 years of tenure in this role. He also serves as President and Director of the company. His previous leadership roles include CEO at FirstMortgage and President at First Leasing & Rental Corp. Additionally, he holds positions as Chairman & CEO of several First BanCorp subsidiaries, including FirstBank Puerto Rico Securities Corp., First Trade, Inc., First Management of Puerto Rico LLC, Grupo Empresas Servicios Financieros, Inc., First Resolution Co., First Federal Finance Corp., and FirstBank Insurance Agency, Inc. Earlier in his career, he served as Vice President at both The Chase Manhattan Bank NA and Citibank NA.

Orlando Berges, Executive Vice President and Chief Financial Officer

Orlando Berges has served as Executive Vice President and Chief Financial Officer of First BanCorp since August 2009. He is slated to retire effective June 30, 2026, and will then enter into a temporary consulting agreement with the Corporation. Berges is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Puerto Rico Society of Certified Public Accountants. He played a pivotal role in First BanCorp's transformation, which included orchestrating a $520 million recapitalization after the 2008 financial crisis and guiding the company through significant acquisitions and integrations. Prior to joining First BanCorp, he was Executive Vice President of Administration at Banco Popular de Puerto Rico, overseeing finance, operations, real estate, and administrative functions across Puerto Rico and U.S. markets. He also served as Interim Chief Accounting Officer for First BanCorp from February 2020 to October 2021.

Said Ortiz, Senior Vice President and Chief Accounting Officer (Incoming Executive Vice President and Chief Financial Officer)

Said Ortiz is set to become Executive Vice President and Chief Financial Officer of First BanCorp effective July 1, 2026. He currently holds the position of Senior Vice President and Chief Accounting Officer, a role he has held since October 2021. Ortiz joined First BanCorp in 2013 and has accumulated over 19 years of experience in accounting, auditing, and financial management. He is a Certified Public Accountant. His professional background includes leadership roles at global public accounting firms, where he served as Senior Manager at EY and Audit Manager at KPMG International.

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

Nayda Rivera-Batista was appointed Executive Vice President and Chief Consumer Officer, as well as Corporate Chief of Staff, effective April 1, 2025. In this capacity, she is responsible for leading and overseeing the Mortgage, Unsecured Consumer Lending, Auto, Leasing, and Insurance lines of business, in addition to managing the Corporation's human capital strategic plan. Previously, she served as Executive Vice President and Chief Risk Officer from April 2006 to March 2025. Ms. Rivera-Batista possesses over 20 years of combined experience in public company auditing, accounting, financial reporting, internal controls, corporate governance, risk management, and regulatory compliance. Before joining First BanCorp, she spent six years at PricewaterhouseCoopers, LLC, where she audited public and private companies. She is a Certified Public Accountant, a Certified Internal Auditor, and certified in financial forensics.

Juan Carlos Pavia, Executive Vice President and Chief Operating Officer

Juan Carlos Pavia assumed the role of Executive Vice President and Chief Operating Officer of First BanCorp effective August 1, 2025. Prior to this, he served as Executive Vice President and Chief Credit Officer from 2021 to 2025. Mr. Pavía joined First BanCorp in 2014. He has more than 15 years of experience in the banking industry, with expertise in Lending, Credit Risk, Current Expected Credit Losses (CECL), Workout, Operations, and Asset Based Lending. He earned his bachelor's degree in business administration from The George Washington University in 2003.

The key risks to First BanCorp (FBP) are:

1. Economic and Political Conditions in Puerto Rico and the U.S., including Labor Shortages: First BanCorp's operations are concentrated in Puerto Rico, the U.S. Virgin Islands, British Virgin Islands, and Florida, making it highly susceptible to the economic and political stability of these regions. A deterioration in these conditions, including widespread labor shortages, can negatively impact loan demand, asset quality, credit costs, and the ability of commercial clients to meet loan obligations. Labor constraints also increase the bank's own wage costs and can create staffing gaps, affecting service quality and operational risks.

2. Interest Rate and Inflation Pressure: As a financial institution, First BanCorp's net interest income is directly influenced by changes in interest rates and inflation. Significant fluctuations can impact the spread between interest earned on assets and interest paid on liabilities, thereby affecting profitability.

3. Regulatory and Compliance Demands: The company operates under extensive supervision from U.S. and Puerto Rico regulators. Evolving and complex regulatory and compliance requirements, including those related to consumer protection and FDIC special assessments, pose a continuous risk due to potential increased costs and penalties for non-compliance.

The clear emerging threat for First BanCorp is the growing competition from digital-first banks (neobanks) and various financial technology (fintech) companies. These competitors leverage technology to offer a range of banking services, including deposit accounts, personal loans, auto loans, mortgages, and payment solutions, often with lower overhead costs, enhanced digital user experiences, and potentially more competitive rates compared to traditional branch-based banks. This trend directly challenges First BanCorp's core business segments, such as Consumer (Retail) Banking, Mortgage Banking, and aspects of Commercial and Corporate Banking, by attracting customers who prioritize digital convenience and efficient online services over physical branch interactions.

For First BanCorp (FBP), the addressable markets for its main products and services vary by region. Detailed market sizes are available for Puerto Rico and Florida, while information for the U.S. Virgin Islands is more limited, and data for the British Virgin Islands is not readily available.

Puerto Rico Operations

• Residential Mortgage Market: The total amount of residential mortgage loans across all financial institutions in Puerto Rico was approximately US$10.97 billion in the third quarter of 2024. More broadly, Puerto Rico's residential real estate sector was valued at around US$265.54 billion in 2025, with the overall real estate market reaching US$346.11 billion in 2025. This market is projected to grow at a compound annual growth rate (CAGR) of 3.01% through 2029, potentially reaching US$389.68 billion.
• Commercial Lending Market: The local banking sector in Puerto Rico holds an overwhelmingly large market share, approximately 95%, of commercial lending loan balances. Commercial loan portfolios in Puerto Rico have shown increases between 2023 and 2025.
• Consumer Lending Market: The personal loan portfolio in Puerto Rico experienced a significant increase of 16.4% between 2023 and 2025. In 2024, auto loans grew by 6.8% and credit card businesses saw an increase of 4.7%. Local credit unions are notable players, holding about 35% of the personal unsecured loan business, and, along with federal credit unions and auto financing companies, they account for at least 30% of outstanding auto loan balances.
• Overall Lending Market: Total loan balances in Puerto Rico's banking industry rose to $39.9 billion in the fourth quarter of 2020. Loan balances grew by 5.8% in 2024 and by 4.9% in the first nine months of 2025.

Florida Operations

• Residential Mortgage Market: Florida's housing market recorded 256,977 home sales in 2022, with an average home price of $402,500 and an average mortgage of $346,762. In 2024, new home loans booked totaled $87.1 billion, representing 220,450 new home loans. Foreign buyers contributed significantly, with more than $53 billion in purchase volume and nearly 85,000 transactions in the latest reported year.
• Commercial Lending Market: The commercial leasing industry in Florida is estimated to be $15.1 billion in 2026. Florida's commercial lending market is considered one of the most active and competitive in the U.S.
• Consumer Lending Market: The digital lending market in Florida was valued at $4.35 billion in 2019 and is projected to reach $13.89 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.
• Overall Banking Market: Florida is home to 86 major banks with over $291 billion in-state assets. Deposits in Florida branches amounted to $831 billion. Small business loans in Florida totaled $52.9 billion.

U.S. Virgin Islands Operations

• Lending Market: The U.S. Small Business Administration (SBA) approved 22 loans for businesses in the U.S. Virgin Islands, totaling over $9.8 million in Fiscal Year 2024. In Fiscal Year 2025, SBA guaranteed lending reached $20.6 million, an increase of more than 200%. Note that these figures represent SBA-guaranteed loans, which are a subset of the overall commercial and consumer lending markets in the region. Broader market size data for residential mortgages, commercial lending, or consumer lending for the U.S. Virgin Islands is not available from the provided sources.

British Virgin Islands Operations

• No specific addressable market size data for main products or services was found for the British Virgin Islands.

Share Repurchases

• First BanCorp's Board of Directors approved a new stock repurchase program of up to $200 million on October 22, 2025, expected to run through the end of Q4 2026. This is in addition to approximately $38 million remaining under a July 22, 2024 repurchase program.
• In 2025, the Corporation repurchased $150.0 million in common stock.
• A share repurchase program announced on July 22, 2024, was completed by August 5, 2025, with the company buying back 3,816,449 shares for a total of US$71.78 million.

Capital Expenditures

• In the fourth quarter of 2025, First Bancorp P R invested $4.1 million in capital expenditures, an increase of 42.5% from the previous quarter, primarily funding long-term assets and infrastructure.