# EDGAR Filing Document

**Accession Number:** 0001057706
**File Stem:** 0001140361-25-039026
**Filing Date:** 2025-10
**Character Count:** 170656
**Document Hash:** 6b18bdf828c2d1ee0a7606cdc6f5ad6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-039026.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001140361-25-039026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BANCORP /PR/
- **CENTRAL INDEX KEY:** 0001057706
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 660561882
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14793
- **FILM NUMBER:** 251411674

**BUSINESS ADDRESS:**
- **STREET 1:** 1519 PONCE DE LEON AVE
- **STREET 2:** SANTURCE
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908-0146
- **BUSINESS PHONE:** 7877298200

**MAIL ADDRESS:**
- **STREET 1:** 1519 PONCE DE LEON AVE
- **STREET 2:** PO BOX 9146
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908-0146

?xml version='1.0' encoding='ASCII'?

------

### 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): October 23, 2025

## First BanCorp.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Puerto Rico**<br>| **001-14793**<br>| **66-0561882**<br>|
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **1519 Ponce de Leon Ave.**<br>**P.O. Box 9146**<br>**San Juan, Puerto Rico** | <br> **00908-0146**<br>|
| **(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<br> Symbol(s) | Name of each exchange on which <br> registered |
| Common Stock ($0.10 par value)<br>| FBP<br>| New York Stock Exchange<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On October 23, 2025, 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 September 30, 2025. 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 September 30, 2025 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. As announced in a press release dated September 23, 2025, the call may be accessed via a live Internet webcast at 10:00 a.m. Eastern time on Thursday, October 23, 2025, through the Corporation's investor relations website: www.fbpinvestor.com or through the dial-in telephone number 833-470-1428 or 646-844-6383. The participant access code is 304501.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

<u> Exhibit </u> <u> Description of Exhibit </u> <br>

---

| | |
|:---|:---|
| 99.1 | Press Release dated October 23, 2025 - First BanCorp Announces Earnings for the quarter ended September 30, 2025 |
| 99.2 | First BanCorp Conference Call Presentation – Financial Results for the quarter ended September 30, 2025 |
| 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
<u> Exhibit </u> <u> Description of Exhibit </u> <br>

---

| | |
|:---|:---|
| [99.1](ef20057545_ex99-1.htm) | Press Release dated October 23, 2025 - First BanCorp Announces Earnings for the quarter ended September 30, 2025 |
| [99.2](ef20057545_ex99-2.htm) | First BanCorp Conference Call Presentation – Financial Results for the quarter ended September 30, 2025 |
| 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: October 23, 2025 | **First BanCorp.** | **First BanCorp.** |
|  | By: | /s/ Orlando Berges |
|  | Name: | Orlando Berges |
|  | Title: | EVP and Chief Financial Officer |

---

------

## Exhibit 99.1

------

**Exhibit 99.1**<br>

**** <br> ![](image0.jpg)

#### FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 2025

**SAN JUAN, Puerto Rico – October 23, 2025** – 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 $100.5 million, or $0.63 per diluted share, for the third quarter of 2025, compared to $80.2 million, or $0.50 per diluted share, for the second quarter of 2025, and $73.7 million, or $0.45 per diluted share, for the third quarter of 2024.<br>

---

| | |
|:---|:---|
|  | ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |
| ***Aurelio Alemán, President and Chief Executive Officer of First BanCorp, commented:** "We delivered another quarter of exceptional financial performance underscored by record net interest income, disciplined loan growth, and well-managed asset quality. Adjusted for non-recurring special items, diluted earnings per share and pre-tax, pre-provision income were up by 13% and 9%, respectively, when compared to the prior year resulting in a very strong adjusted return on average assets of 1.70%.*<br>*Our strong capital position enabled us to continue supporting our clients during the quarter. Total loans grew by $181 million, or 5.6% linked quarter annualized, surpassing the $13 billion loan portfolio threshold for the first time since 2010. Core customer deposits increased by $139 million, or 4.4% linked quarter annualized, reflecting healthy growth in non-interest-bearing accounts and time deposits. Credit continues to behave in line with expectations, with stable consumer charge-offs, healthy commercial credit trends, and a reduction in non-performing loans.*<br>*Our earnings performance translated into growth across all capital ratios, while continuing to grow loans organically and repurchasing $50 million in shares of common stock. We are generating significant organic capital and are well-positioned to continue returning any excess to shareholders in the form of buybacks and dividends. As disclosed yesterday, we were very pleased that our board authorized another buyback program of up to $200 million. Our operating environment remains stable despite continuing uncertainty with respect to fiscal and monetary policies in the US. We will stay focused on execution and the things we can control as we continue our journey towards growing our franchise and delivering value to our shareholders. We feel very proud of our team's accomplishments throughout 2025 and look forward to a strong end of the year."* |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q3 '25** | **Q2 '25** | **Q3 '24** | **YTD '25** | **YTD '24** |
|  | **Financial Highlights (1)** | **Financial Highlights (1)** | **Financial Highlights (1)** | **Financial Highlights (1)** | **Financial Highlights (1)** |
| Net interest income | $217916 | $215859 | $202064 | $646172 | $598212 |
|  Provision for credit losses | 17593 | 20587 | 15245 | 62990 | 39017 |
| Non-interest income | 30794 | 30950 | 32502 | 97478 | 98523 |
| Non-interest expenses | 124894 | 123337 | 122935 | 371253 | 362540 |
|  Income before income taxes | 106223 | 102885 | 96386 | 309407 | 295178 |
| Income tax expense | 5697 | 22705 | 22659 | 51642 | 72155 |
| **Net income** | $100526 | $80180 | $73727 | $257765 | $223023 |
|  | **Selected Financial Data (1)** | **Selected Financial Data (1)** | **Selected Financial Data (1)** | **Selected Financial Data (1)** | **Selected Financial Data (1)** |
| Net interest margin | 4.57% | 4.56% | 4.25% | 4.55% | 4.21% |
| Efficiency ratio | 50.22% | 49.97% | 52.41% | 49.92% | 52.03% |
|  Diluted earnings per share | $0.63 | $0.50 | $0.45 | $1.59 | $1.35 |
|  Adj. diluted earnings per share<sup>(2)</sup> | $0.51 | $0.50 | $0.45 | $1.48 | $1.35 |
| Book value per share | $12.05 | $11.43 | $10.38 | $12.05 | $10.38 |
|  Tangible book value per share<sup>(2)</sup> | $11.79 | $11.16 | $10.09 | $11.79 | $10.09 |
|  Return on average equity | 21.36% | 17.79% | 18.31% | 19.07% | 19.52% |
|  Adj. return on average equity<sup>(2)</sup> | 17.36% | 17.79% | 18.31% | 17.68% | 19.57% |
| Return on average assets | 2.10% | 1.69% | 1.55% | 1.81% | 1.57% |
|  Adj. return on average assets<sup>(2)</sup> | 1.70% | 1.69% | 1.55% | 1.68% | 1.58% |

---

#### Results for the Third Quarter of 2025 compared to the Second Quarter of 2025<br>

---

| | |
|:---|:---|
| Profitability | **Net income –** $100.5 million, or $0.63 per diluted share compared to $80.2 million, or $0.50 per diluted share. Net income for the third quarter of 2025 included a $2.3 million benefit in payroll taxes related to the Employee Retention Credit ("ERC") and a one-time reversal of approximately $16.6 million in valuation allowance related to deferred tax assets primarily associated with net operating loss ("NOL") carryforwards at the holding company level ("Special Items").<br> **Income before income taxes** **–** $106.2 million compared to $102.9 million.<br> **Adjusted pre-tax, pre-provision income (Non-GAAP)**<sup>(2)</sup> **–** $121.5 million compared to $123.5 million.<br> **Net interest income –** $217.9 million compared to $215.9 million. The increase includes approximately $1.3 million associated with the effect of an additional day in the third quarter of 2025. Net interest margin increased to 4.57%, compared to 4.56%.<br> **Provision for credit losses –** $17.6 million compared to $20.6 million. The decrease in provision was mainly related to a $2.2 million net benefit in the residential mortgage loan portfolio driven by updates in historical loss experience and improvements in the projection of the unemployment rate, partially offset by loan growth in the commercial and industrial ("C&I") and residential mortgage loan portfolios.<br> **Non-interest income –** $30.8 million compared to $31.0 million.<br> **Non-interest expenses** – $124.9 million compared to $123.3 million. The increase in non-interest expenses was driven by a $2.8 million valuation adjustment recorded in a commercial other real estate owned ("OREO") property in the Virgin Islands region, partially offset by the aforementioned $2.3 million ERC. The efficiency ratio was 50.22%, compared to 49.97%.<br> **Income taxes** – $5.7 million compared to $22.7 million. The decrease in income tax expense was driven by the aforementioned one-time reversal of approximately $16.6 million in valuation allowance. |
| **Balance**<br> **Sheet**<br>| **Total loans –** increased by $181.4 million to $13.1 billion, driven by a $159.6 million increase in commercial and construction loans, of which $109.9 million was in the Puerto Rico region and $53.5 million was in the Florida region. Total loan originations, other than credit card utilization activity, was $1.3 billion, down $39.2 million, mainly in commercial and construction loans.<br> **Core deposits (other than brokered and government deposits) –** increased by $138.7 million to $12.8 billion, mainly in the Puerto Rico region.<br> **Government deposits (fully collateralized) –** increased by $66.5 million to $3.4 billion, mainly in the Puerto Rico region.<br> **Brokered certificates of deposits ("CDs")** – increased by $101.8 million to $628.3 million.<br>|
| **Asset**<br> **Quality**<br>| **Allowance for credit losses ("ACL") coverage ratio –** amounted to 1.89%, compared to 1.93%.<br> **Annualized net charge-offs to average loans ratio** increased to 0.62%, compared to 0.60%.<br> **Non-performing assets –** decreased by $8.6 million to $119.4 million, driven by a $5.1 million decrease in the OREO portfolio balance, which includes a $2.8 million valuation adjustment recorded in a commercial OREO property in the Virgin Islands region, and a $3.8 million reduction in nonaccrual loans. |
| **Liquidity**<br> **and**<br> **Capital**<br>| **Liquidity –** Cash and cash equivalents amounted to $899.6 million, compared to $736.7 million. When adding $1.5 billion of free high-quality liquid securities that could be liquidated or pledged within one day and $1.1 billion in available lending capacity at the Federal Home Loan Bank ("FHLB"), available liquidity amounted to 18.10% of total assets, compared to 17.58%.<br> **Capital –** Repurchased $50.0 million in common stock and declared $28.7 million in common stock dividends. Capital ratios exceeded required regulatory levels. The Corporation's estimated total capital, common equity tier 1 ("CET1") capital, tier 1 capital, and leverage ratios were 17.93%, 16.67%, 16.67%, and 11.52%, respectively, as of September 30, 2025. On a non-GAAP basis, the tangible common equity ratio<sup>(2)</sup> increased to 9.73%, when compared to 9.56%, and includes, among other things, a $48.8 million increase in the fair value of available-for-sale debt securities due to changes in market interest rates. |
|  | (1) In thousands, except per share information and financial ratios.<br> (2) Represents non-GAAP financial measures. Refer to *Non-GAAP Disclosures - Non-GAAP Financial Measures* for the definition of and additional information about these non-GAAP financial measures.<br>|

---

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 2 **of 27**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| (Dollars in thousands) | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| **Net Interest Income** |  |  |  |  |  |
| Interest income | $282743 | $278190 | $277065 | $279728 | $274675 |
| Interest expense | 64827 | 62331 | 64668 | 70461 | 72611 |
| Net interest income | $217916 | $215859 | $212397 | $209267 | $202064 |
| **Average Balances** |  |  |  |  |  |
| Loans and leases | $12876239 | $12742809 | $12632501 | $12584143 | $12354679 |
|  Total securities, other short-term investments and interest-bearing cash balances | 6037726 | 6245844 | 6444016 | 6592411 | 6509789 |
| Average interest-earning assets | $18913965 | $18988653 | $19076517 | $19176554 | $18864468 |
| Average interest-bearing liabilities | $11669135 | $11670411 | $11749011 | $11911904 | $11743122 |
| **Average Yield/Rate** |  |  |  |  |  |
|  Average yield on interest-earning assets - GAAP | 5.93% | 5.88% | 5.89% | 5.79% | 5.78% |
|  Average rate on interest-bearing liabilities - GAAP | 2.20% | 2.14% | 2.23% | 2.35% | 2.45% |
| Net interest spread - GAAP | 3.73% | 3.74% | 3.66% | 3.44% | 3.33% |
| Net interest margin - GAAP | 4.57% | 4.56% | 4.52% | 4.33% | 4.25% |

---

Net interest income amounted to $217.9 million for the third quarter of 2025, an increase of $2.0 million, compared to $215.9 million for the second quarter of 2025, which includes approximately $1.3 million associated with the effect of an additional day in the third quarter of 2025. The increase in net interest income reflects the following:

• A $4.6 million increase in interest income on loans, consisting of:

A $3.8 million increase in interest income on commercial and construction loans, of which $2.2 million was associated with a $126.5 million increase in the average balance and $1.2 million was associated with the effect of an additional day in the third quarter of 2025.<br>

As of September 30, 2025, the interest rate on approximately 51% of the Corporation's commercial and construction loans was tied to variable rates, with 33% based upon SOFR of 3 months or less, 10% based upon the Prime rate index, and 8% based on other indexes. For the quarter ended September 30, 2025, the average one-month SOFR decreased 4 basis points and the three-month SOFR decreased 10 basis points, compared to the second quarter of 2025. Effective on September 17, 2025, the Prime rate decreased 25 basis points.

A $0.5 million increase in interest income on residential mortgage loans.<br>

A $0.3 million increase in interest income on consumer loans and finance leases, mainly due to a $0.7 million increase associated with the effect of an additional day in the third quarter of 2025, partially offset by a $0.4 million decrease associated with a $12.0 million decrease in the average balance.<br>

Partially offset by:

• A $2.5 million increase in interest expense on interest-bearing liabilities, as further explained below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $2.7 million increase in interest expense on interest-bearing deposits, consisting of: |

---

A $1.9 million increase in interest expense on time deposits, excluding brokered CDs, mainly due to a $161.8 million increase in the average balance and a $0.3 million increase associated with the effect of an additional day in the third quarter of 2025. The average cost of time deposits, excluding brokered CDs and public sector deposits, increased by 2 basis points during the third quarter of 2025.<br>

A $0.9 million increase in interest expense on brokered CDs, mainly due to a $94.2 million increase in the average balance. The average cost of brokered CDs decreased 15 basis points during the third quarter of 2025.<br>

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 3 **of 27**

Partially offset by:

A $0.1 million decrease in interest expense on interest-bearing checking and savings accounts, mainly due to a decrease of approximately $1.1 million associated with a $241.8 million reduction in the average balance, offset by a $0.7 million increase associated with higher interest rates paid in the third quarter of 2025, primarily on public sector deposits, and $0.3 million associated with the effect of an additional day in the third quarter of 2025. The average cost of interest-bearing checking and saving accounts, excluding public sector deposits, remained stable at 0.72% in the third quarter of 2025, when compared to the previous quarter. Meanwhile, the average cost of public sector interest-bearing checking and saving accounts increased by 16 basis points during the third quarter of 2025.<br>

Partially offset by:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $0.2 million decrease in interest expense on borrowings, driven by the full quarter effect of the $11.1 million redemption of trust-preferred securities ("TruPS") in June 2025. |

---

• A $0.1 million decrease in interest income on investment securities and interest-bearing cash balances, a net effect of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $2.3 million increase in interest income on debt securities, mainly due to $585.4 million in purchases of higher-yielding available-for-sale debt securities with an average yield of 4.45% during the third quarter of 2025, as well as the full-quarter impact of purchases made during the second quarter of 2025, replacing maturities of lower-yielding debt securities, resulting in a 16 basis points improvement in yield. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $2.2 million decrease in interest income from interest-bearing cash balances, primarily driven by a $199.3 million decrease in the average balances, which consisted primarily of deposits maintained at the Federal Reserve Bank (the "FED"). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $0.2 million decrease in other investment securities, driven by a decrease in the quarterly FHLB dividend payments. |

---

Net interest margin for the third quarter of 2025 was 4.57%, a one basis point increase when compared to the second quarter of 2025, mostly reflecting the change in asset mix associated with the deployment of cash flows from lower-yielding investment securities to fund loan growth and purchases of higher-yielding investment securities, which was almost entirely offset by the increase in the cost of funds of interest-bearing non-maturity deposits, primarily public sector deposits, and higher average balances on time deposits.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| (In thousands) |  |  |  |  |  |
| Service charges and fees on deposit accounts | $9811 | $9756 | $9640 | $9748 | $9684 |
| Mortgage banking activities | 3309 | 3401 | 3177 | 3183 | 3199 |
| Insurance commission income | 2618 | 2538 | 5805 | 2274 | 3003 |
| Card and processing income | 11682 | 11880 | 11475 | 12155 | 11768 |
| Other non-interest income | 3374 | 3375 | 5637 | 4839 | 4848 |
| Non-interest income | $30794 | $30950 | $35734 | $32199 | $32502 |

---

Non-interest income decreased by $0.2 million to $30.8 million for the third quarter of 2025, compared to $31.0 million for the second quarter of 2025, driven by a decrease in debit and credit card processing income mainly related to lower transactional volumes, partially offset by $0.2 million in merchant referral income recorded during the third quarter of 2025.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 4 **of 27**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| (In thousands) |  |  |  |  |  |
| Employees' compensation and benefits | $59761 | $60058 | $62137 | $59652 | $59081 |
| Occupancy and equipment | 22185 | 22297 | 22630 | 22771 | 22424 |
| Business promotion | 3884 | 3495 | 3278 | 5328 | 4116 |
| Professional service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collections, appraisals and other credit-related fees | 856 | 634 | 598 | 956 | 688 |
| &nbsp;&nbsp;&nbsp; Outsourcing technology services | 8107 | 8324 | 7921 | 7499 | 7771 |
| &nbsp;&nbsp;&nbsp; Other professional fees | 2940 | 2651 | 2967 | 3355 | 4079 |
| Taxes, other than income taxes | 6092 | 5712 | 5878 | 5994 | 5665 |
| FDIC deposit insurance | 2236 | 2235 | 2236 | 2236 | 2164 |
| Other insurance and supervisory fees | 1344 | 1566 | 1551 | 1967 | 2092 |
| Net loss (gain) on OREO operations | 1033 | (591) | (1129) | (1074) | (1339) |
| Credit and debit card processing expenses | 7889 | 7747 | 5110 | 7147 | 7095 |
| Communications | 2294 | 2208 | 2245 | 2251 | 2170 |
| Other non-interest expenses | 6273 | 7001 | 7600 | 6451 | 6929 |
| &nbsp;&nbsp;&nbsp; Total non-interest expenses | $124894 | $123337 | $123022 | $124533 | $122935 |

---

Non-interest expenses amounted to $124.9 million in the third quarter of 2025, an increase of $1.6 million, from $123.3 million in the second quarter of 2025. Non-interest expenses for the third quarter of 2025 include the following:

• A $1.6 million unfavorable variance in net loss (gain) on OREO operations mainly due to the aforementioned $2.8 million valuation adjustment, which was recorded in connection with ongoing litigation which could result in a potential loss of title of a commercial OREO property in the Virgin Islands region, partially offset by higher net realized gains from the sale of OREO properties in the Puerto Rico region.

• A $0.3 million decrease in employees' compensation and benefits expenses attributable to the $2.3 million ERC, net of $0.3 million in related commissions, partially offset by $1.8 million associated with the effect of annual salary merit increases and an additional working day in the third quarter of 2025.

On a non-GAAP basis, excluding the impact of the ERC (as detailed in the *Non-GAAP Disclosures – Special Items* section), adjusted non-interest expenses increased by $3.9 million.

#### INCOME TAXES
The Corporation recorded an income tax expense of $5.7 million for the third quarter of 2025, compared to $22.7 million for the second quarter of 2025. The decrease in income tax expense was driven by the aforementioned one-time reversal of approximately $16.6 million in valuation allowance related to deferred tax assets primarily associated with NOL carryforwards at the holding company level. The reversal follows the enactment of Act 65-2025, which allows domestic limited liability companies owned by legal entities to elect to be treated as disregarded entities for tax purposes. For further details on the implications of Act 65-2025, refer to the *Non-GAAP Disclosures* – *Special Items* section.

The Corporation's estimated annual effective tax rate, excluding discrete items, decreased to 22.2% for the third quarter of 2025. The decrease in the estimated annual effective tax rate was primarily related to a higher proportion of exempt to taxable income. As of September 30, 2025, the Corporation had a net deferred tax asset of $146.9 million, net of a valuation allowance of $80.8 million, compared to a net deferred tax asset of $134.8 million, net of a valuation allowance of $103.3 million as of June 30, 2025.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 5 **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) | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| Nonaccrual loans held for investment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential mortgage | $28866 | $30790 | $30793 | $31949 | $31729 |
| &nbsp;&nbsp;&nbsp; Construction | 5591 | 5718 | 1356 | 1365 | 4651 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage | 21437 | 22905 | 23155 | 10851 | 11496 |
| &nbsp;&nbsp;&nbsp; Commercial and industrial ("C&I") | 19650 | 20349 | 20344 | 20514 | 18362 |
| &nbsp;&nbsp;&nbsp; Consumer and finance leases | 20717 | 20336 | 22813 | 22788 | 23106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonaccrual loans held for investment | $96261 | $100098 | $98461 | $87467 | $89344 |
| OREO | 9343 | 14449 | 15880 | 17306 | 19330 |
| Other repossessed property | 12234 | 11868 | 13444 | 11859 | 8844 |
| Other assets <sup>(1)</sup> | 1579 | 1576 | 1599 | 1620 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-performing assets <sup>(2)</sup> | $119417 | $127991 | $129384 | $118252 | $119085 |
| Past due loans 90 days and still accruing <sup>(3)</sup> | $28891 | $29535 | $37117 | $42390 | $43610 |
|  Nonaccrual loans held for investment to total loans held for investment | 0.74% | 0.78% | 0.78% | 0.69% | 0.72% |
| Nonaccrual loans to total loans | 0.74% | 0.78% | 0.78% | 0.69% | 0.72% |
| Non-performing assets to total assets | 0.62% | 0.68% | 0.68% | 0.61% | 0.63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $5.0 million as of September 30, 2025 (June 30, 2025 - $4.9 million; March 31, 2025 - $5.7 million; December 31, 2024 - $6.2 million; September 30, 2024 - $6.5 million).

&nbsp;&nbsp;&nbsp;&nbsp;(3) These include rebooked loans, which were previously pooled into Government National Mortgage Association ("GNMA") securities, amounting to $3.8 million as of September 30, 2025 (June 30, 2025 - $5.5
 million; March 31, 2025 - $6.4 million; December 31, 2024 - $5.7 million; September 30, 2024 - $6.6 million). Under the GNMA program, the Corporation has the option but not the obligation to repurchase loans that meet GNMA's specified
 delinquency criteria. For accounting purposes, the loans subject to the repurchase option are required to be reflected on the financial statements with an offsetting liability.

Variances in credit quality metrics:

• Total non-performing assets decreased by $8.6 million to $119.4 million as of September 30, 2025, driven by a $5.1 million decrease in the OREO portfolio balance mainly due to a $2.8 million valuation adjustment recorded in a commercial OREO property in the Virgin Islands region and sales of residential OREO properties in the Puerto Rico region; and a $3.8 million decrease in nonaccrual loans, mainly in the residential mortgage and commercial mortgage loan portfolios.

• Inflows to nonaccrual loans held for investment were $32.2 million in the third quarter of 2025, a decrease of $2.2 million, compared to inflows of $34.4 million in the second quarter of 2025. Inflows to nonaccrual commercial and construction loans were $0.3 million in the third quarter of 2025, a decrease of $4.9 million, compared to inflows of $5.2 million in the second quarter of 2025, driven by the inflow of a $4.3 million construction loan in the Puerto Rico region during the second quarter of 2025. Inflows to nonaccrual residential mortgage loans were $3.1 million in the third quarter of 2025, a decrease of $1.8 million, compared to inflows of $4.9 million in the second quarter of 2025. Inflows to nonaccrual consumer loans were $28.8 million in the third quarter of 2025, an increase of $4.5 million, compared to inflows of $24.3 million in the second quarter of 2025, mainly in auto loans. See *Early Delinquency* below for additional information.

• Adversely classified commercial loans increased by $7.9 million to $101.2 million as of September 30, 2025, driven by the downgrade of a $10.0 million C&I loan in the Puerto Rico region.

#### Early Delinquency
Total loans held for investment in early delinquency (i.e., 30-89 days past due accruing loans, as defined in regulatory reporting instructions) amounted to $142.9 million as of September 30, 2025, an increase of $8.9 million, compared to $134.0 million as of June 30, 2025, driven by a $7.6 million increase in commercial and construction loans due to a $6.0 million past due C&I loan in the Florida region.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 6 **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 third and second quarters of 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** | **Quarter Ended September 30, 2025** |
| | **Loans and Finance Leases** | **Loans and Finance Leases** | **Loans and Finance Leases** | **Loans and Finance Leases** | | **Debt Securities** | **Debt Securities** | |
| (Dollars in thousands) | **Residential** <br> **Mortgage**<br> **Loans** | **Commercial and** <br> **Construction**<br> **Loans** | **Consumer**<br> **Loans and** <br> **Finance Leases** | **Total Loans and** <br> **Finance Leases** | **Unfunded**<br> **Loans** <br> **Commitments** | **Held-to-**<br> **Maturity** | **Available-**<br> **for-Sale** | **Total ACL** |
|  **Allowance for Credit Losses** | **Residential** <br> **Mortgage**<br> **Loans** | **Commercial and** <br> **Construction**<br> **Loans** | **Consumer**<br> **Loans and** <br> **Finance Leases** | **Total Loans and** <br> **Finance Leases** | **Unfunded**<br> **Loans** <br> **Commitments** | **Held-to-**<br> **Maturity** | **Available-**<br> **for-Sale** | **Total ACL** |
|  Allowance for credit losses, beginning balance | $42448 | $66656 | $139474 | $248578 | $3367 | $765 | $513 | $253223 |
|  Provision for credit losses - (benefit) expense | (2208) | 1602 | 18876 | 18270 | (756) | (67) | 146 | 17593 |
| Net recoveries (charge-offs) | 32 | 322 | (20212) | (19858) | - | - | (1) | (19859) |
|  Allowance for credit losses, end of period | $40272 | $68580 | $138138 | $246990 | $2611 | $698 | $658 | $250957 |
|  Amortized cost of loans and finance leases | $2889081 | $6423479 | $3736124 | $13048684 |  |  |  |  |
|  Allowance for credit losses on loans to amortized cost | 1.39% | 1.07% | 3.70% | 1.89% |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** | **Quarter Ended June 30, 2025** |
| | **Loans and Finance Leases** | **Loans and Finance Leases** | **Loans and Finance Leases** | **Loans and Finance Leases** | | **Debt Securities** | **Debt Securities** | |
| (Dollars in thousands) | **Residential**<br> **Mortgage**<br> **Loans** | **Commercial and** <br> **Construction**<br> **Loans** | **Consumer**<br> **Loans and**<br> **Finance Leases** | **Total Loans and** <br> **Finance Leases** | **Unfunded**<br> **Loans** <br> **Commitments** | **Held-to-**<br> **Maturity** | **Available-<br> for-Sale** | **Total ACL** |
|  **Allowance for Credit Losses** | **Residential**<br> **Mortgage**<br> **Loans** | **Commercial and** <br> **Construction**<br> **Loans** | **Consumer**<br> **Loans and**<br> **Finance Leases** | **Total Loans and** <br> **Finance Leases** | **Unfunded**<br> **Loans** <br> **Commitments** | **Held-to-**<br> **Maturity** | **Available-<br> for-Sale** | **Total ACL** |
|  Allowance for credit losses, beginning balance | $41640 | $64024 | $141605 | $247269 | $3080 | $843 | $516 | $251708 |
|  Provision for credit losses - expense (benefit) | 793 | 1808 | 17780 | 20381 | 287 | (78) | (3) | 20587 |
|  Net recoveries (charge-offs) | 15 | 824 | (19911) | (19072) | - | - | - | (19072) |
|  Allowance for credit losses, end of period | $42448 | $66656 | $139474 | $248578 | $3367 | $765 | $513 | $253223 |
|  Amortized cost of loans and finance leases | $2859158 | $6263833 | $3747011 | $12870002 |  |  |  |  |
|  Allowance for credit losses on loans to amortized cost | 1.48% | 1.06% | 3.72% | 1.93% |  |  |  |  |

---

*Allowance for Credit Losses for Loans and Finance Leases*

** 

<br> As of September 30, 2025, the ACL for loans and finance leases was $247.0 million, a decrease of $1.6 million, from $248.6 million as of June 30, 2025. The ratio of the ACL for loans and finance leases to total loans held for investment was 1.89% as of September 30, 2025, compared to 1.93% as of June 30, 2025.

The decrease was mainly related to the ACL for residential mortgage loans, which decreased by $2.1 million, driven by updated historical loss experience used for determining the ACL estimate resulting in a downward revision of estimated loss severities and lower required reserve levels and improvements in the projection of the unemployment rate, partially offset by loan growth. Also, the ACL for consumer loans decreased by $1.4 million, driven by improvements in macroeconomic variables, mainly in the projection of the unemployment rate, and reductions in the unsecured loan portfolio volumes, partially offset by updated historical loss experience used for determining the ACL estimate in the unsecured loan portfolio. Meanwhile, the ACL for commercial and construction loans increased by $1.9 million, mainly due to C&I loan portfolio growth.

The provision for credit losses on loans and finance leases was $18.3 million for the third quarter of 2025, compared to $20.4 million in the second quarter of 2025, as detailed below:

• Provision for credit losses for the residential mortgage loan portfolio was a net benefit of $2.2 million for the third quarter of 2025, compared to an expense of $0.8 million for the second quarter of 2025. The $3.0 million decrease in provision expense was driven by the aforementioned factors.

• Provision for credit losses for the commercial and construction loan portfolios was an expense of $1.6 million for the third quarter of 2025, relatively flat, when compared to an expense of $1.8 million for the second quarter of 2025.

• Provision for credit losses for the consumer loan and finance lease portfolios was an expense of $18.9 million for the third quarter of 2025, compared to an expense of $17.8 million for the second quarter of 2025. The $1.1 million increase in provision expense was driven by higher reserve requirements resulting from the aforementioned updated historical loss experience, partially offset by the aforementioned improvements in macroeconomic variables.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 7 **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** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| Residential mortgage | -0.00% | -0.00% | 0.00% | 0.04% | -0.01% |
| Construction | -0.50% | -0.02% | -0.02% | -0.17% | -0.02% |
| Commercial mortgage | -0.02% | -0.01% | -0.01% | -0.01% | -0.01% |
| C&I | 0.01% | -0.09% | -0.01% | 0.02% | 0.15% |
| Consumer loans and finance leases | 2.16% | 2.12% | 2.31% <sup>(1)</sup> <br>| 2.59% | 2.46% |
| &nbsp;&nbsp;&nbsp; Total loans | 0.62% | 0.60% | 0.68% <sup>(1)</sup> <br>| 0.78% | 0.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The net charge-offs for the quarter ended March 31, 2025 included $2.4 million in recoveries associated with the bulk sale of fully charged-off consumer loans and finance leases. These recoveries
 reduced the ratios of consumer loans and finance leases and total net charge-offs to related average loans for the quarter ended March 31, 2025 by 25 basis points and 8 basis points, respectively.

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

Net charge-offs were $19.9 million for the third quarter of 2025, or an annualized 0.62% of average loans, compared to $19.1 million, or an annualized 0.60% of average loans, in the second quarter of 2025. The $0.8 million increase in net charge-offs was driven by $0.8 million in C&I net recoveries in the Puerto Rico region during the second quarter of 2025 and a $0.3 million increase in consumer loans and finance leases net charge-offs, mainly auto loans, partially offset by a $0.3 million recovery associated with a construction loan in the Florida region during the third quarter of 2025.

*Allowance for Credit Losses for Unfunded Loan Commitments*

As of September 30, 2025, the ACL for off-balance sheet credit exposures decreased to $2.6 million, compared to $3.4 million as of June 30, 2025.

*Allowance for Credit Losses for Debt Securities*

As of September 30, 2025, the ACL for debt securities was $1.4 million, of which $0.7 million was related to Puerto Rico municipal bonds classified as held-to-maturity, compared to $1.3 million and $0.8 million, respectively, as of June 30, 2025.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 8 **of 27**

#### STATEMENT OF FINANCIAL CONDITION
Total assets were approximately $19.3 billion as of September 30, 2025, up $423.8 million from June 30, 2025.

The following variances within the main components of total assets are noted:

• A $162.9 million increase in cash and cash equivalents, mainly related to the overall increase in deposits and the net cash repayments of investment securities, partially offset by loan growth, capital deployment actions, and the repayment at maturity of a $30.0 million FHLB advance.

• A $66.8 million increase in investment securities, driven by purchases during the third quarter of 2025 of $396.0 million in U.S. Treasury bills at an average yield of 4.09% and $189.4 million in U.S. agencies' residential MBS at an average yield of 5.18%, and a $48.8 million increase in the fair value of available-for-sale debt securities attributable to changes in market interest rates, partially offset by repayments of $568.0 million, of which $412.6 million were associated with matured securities.

• A $181.4 million increase in total loans. On a portfolio basis, the variance consisted of increases of $159.6 million in commercial and construction loans and $32.6 million in residential mortgage loans, partially offset by a $10.8 million decrease in consumer loans. In terms of geography, the growth consisted of increases of $125.6 million in the Puerto Rico region and $60.2 million in the Florida region, partially offset by a decrease of $4.4 million in the Virgin Islands region. The increase in commercial and construction loans was driven by a $109.9 million increase in the Puerto Rico region, reflecting the origination of three C&I term loans, each in excess of $15.0 million, that increased the portfolio balance by $51.7 million; and higher utilization of C&I lines of credit. The Florida region increased $53.5 million, driven by a $56.0 million increase in commercial mortgage loans, of which $20.7 million was related to the origination of a term loan.

Total loan originations, including refinancings, renewals, and draws from existing commitments (excluding credit card utilization activity), amounted to $1.3 billion in the third quarter of 2025, a decrease of $39.2 million compared to the second quarter of 2025.

Total loan originations in the Puerto Rico region amounted to $946.6 million in the third quarter of 2025, compared to $978.5 million in the second quarter of 2025. The $31.9 million decline in total loan originations was mainly related to decreases of $28.3 million in commercial and construction loan originations and $16.4 million in consumer loan originations, partially offset by an increase of $12.8 million in residential mortgage loan originations.

Total loan originations in the Virgin Islands region decreased by $16.5 million to $28.2 million in the third quarter of 2025, compared to $44.8 million in the second quarter of 2025, mainly in commercial and construction loan originations.

Total loan originations in the Florida region amounted to $291.8 million in the third quarter of 2025, compared to $282.6 million in the second quarter of 2025. The $9.2 million increase in total loan originations was driven by a $16.9 million increase in commercial and construction loan originations, partially offset by a decrease of $6.5 million in residential mortgage loan originations.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 9 **of 27**

Total liabilities were approximately $17.4 billion as of September 30, 2025, an increase of $351.2 million from June 30, 2025.

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

• Total deposits increased by $307.0 million consisting of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $138.7 million increase in deposits, excluding brokered CDs and government deposits, consisting of increases of $174.4 million in the Puerto Rico region and $11.4 million in the Florida region, partially offset by a $47.1 million decrease in the Virgin Islands region. The increase was primarily in interest-bearing deposits, of which $166.7 million was in time deposits, partially offset by a $45.3 million decrease in non-maturity deposits. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $66.5 million increase in government deposits, mainly related to an $86.6 million increase in the Puerto Rico region, of which $82.9 million was in time deposits, partially offset by an $18.3 million decrease in the Virgin Islands region. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | A $101.8 million increase in brokered CDs in the Florida region. The increase consists of $169.0 million of new issuances with average maturities of approximately 1.2 years and an all-in cost of 4.07%, partially offset by maturing brokered CDs amounting to $67.2 million with an all-in cost of 4.68% that were paid off during the third quarter of 2025. |

---

• A $74.2 million increase in other liabilities, mainly associated with a $67.7 million increase in unsettled investment trades related to purchases of U.S. agencies MBS during the third quarter of 2025, which are set to settle in the fourth quarter of 2025.

Partially offset by:

• A $30.0 million decrease in borrowings related to the aforementioned repayment of a $30.0 million FHLB advance that matured during the third quarter of 2025.

Total stockholders' equity amounted to $1.9 billion as of September 30, 2025, an increase of $72.6 million from June 30, 2025, driven by the net income generated in the third quarter of 2025 and a $48.8 million increase in the fair value of available-for-sale debt securities due to changes in market interest rates recognized as part of accumulated other comprehensive loss, partially offset by $50.0 million in common stock repurchases at an average price of $21.00 and $28.7 million in common stock dividends declared in the third quarter of 2025.

As of September 30, 2025, capital ratios exceeded the required regulatory levels for bank holding companies and well-capitalized banks. The Corporation's estimated CET1 capital, tier 1 capital, total capital and leverage ratios under the Basel III rules were 16.67%, 16.67%, 17.93%, and 11.52%, respectively, as of September 30, 2025, compared to CET1 capital, tier 1 capital, total capital, and leverage ratios of 16.61%, 16.61%, 17.87%, and 11.41%, respectively, as of June 30, 2025.

Meanwhile, estimated CET1 capital, tier 1 capital, total capital and leverage ratios of our banking subsidiary, FirstBank, were 15.48%, 16.23%, 17.48%, and 11.20%, respectively, as of September 30, 2025, compared to CET1 capital, tier 1 capital, total capital and leverage ratios of 15.45%, 16.20%, 17.46%, and 11.13%, respectively, as of June 30, 2025.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 10 **of 27**

Liquidity

Cash and cash equivalents increased by $162.9 million to $899.6 million as of September 30, 2025. When adding $1.5 billion of free high-quality liquid securities that could be liquidated or pledged within one day, total core liquidity amounted to $2.4 billion as of September 30, 2025, or 12.64% of total assets, compared to $2.3 billion, or 12.17% of total assets as of June 30, 2025. In addition, as of September 30, 2025, the Corporation had $1.1 billion available for credit with the FHLB based on the value of the collateral pledged with the FHLB. As such, the basic liquidity ratio (which includes cash, free high-quality liquid assets such as U.S. government and government-sponsored enterprises' obligations that could be liquidated or pledged within one day, and available secured lines of credit with the FHLB to total assets) was approximately 18.10% as of September 30, 2025, compared to 17.58% as of June 30, 2025.

In addition to the aforementioned available credit from the FHLB, the Corporation also maintains borrowing capacity at the FED Discount Window Program. The Corporation had approximately $2.7 billion available for funding under the FED's Borrower-In-Custody Program as of September 30, 2025. In the aggregate, as of September 30, 2025, the Corporation had $6.2 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 $16.2 billion as of September 30, 2025, compared to $16.0 billion as of June 30, 2025, which includes $3.4 billion in government deposits that are fully collateralized as of each of those periods. Excluding fully collateralized government deposits and FDIC-insured deposits, as of September 30, 2025, the estimated amount of uninsured deposits was $4.6 billion, which represents 28.36% of total deposits, compared to $4.5 billion, or 28.10% of total deposits, as of June 30, 2025. Refer to Table 11 in the accompanying tables (Exhibit A) for additional information about the deposits composition.

#### Tangible Common Equity (Non-GAAP)

On a non-GAAP basis, the Corporation's tangible common equity ratio increased to 9.73% as of September 30, 2025, compared to 9.56% as of June 30, 2025, driven by quarterly earnings less dividends and repurchases of common stock and a $48.8 million increase in the fair value of available-for-sale debt securities, partially offset by an increase in tangible assets. Refer to *Non-GAAP Disclosures- Non-GAAP Financial Measures* for the definition of and additional information about this non-GAAP financial measure.

The following table presents a reconciliation of the Corporation's tangible common equity and tangible assets to the most comparable GAAP items as of the indicated dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| (In thousands, except ratios and per share information) |  |  |  |  |  |
| **Tangible Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total common equity - GAAP | $1918045 | $1845455 | $1779342 | $1669236 | $1700885 |
| &nbsp;&nbsp;&nbsp; Goodwill | (38611) | (38611) | (38611) | (38611) | (38611) |
| &nbsp;&nbsp;&nbsp; Other intangible assets | (3676) | (4535) | (5715) | (6967) | (8260) |
| &nbsp;&nbsp;&nbsp; **Tangible common equity - non-GAAP** | $**1875758** | $**1802309** | $**1735016** | $**1623658** | $**1654014** |
| **Tangible Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total assets - GAAP | $19321335 | $18897529 | $19106983 | $19292921 | $18859170 |
| &nbsp;&nbsp;&nbsp; Goodwill | (38611) | (38611) | (38611) | (38611) | (38611) |
| &nbsp;&nbsp;&nbsp; Other intangible assets | (3676) | (4535) | (5715) | (6967) | (8260) |
| &nbsp;&nbsp;&nbsp; **Tangible assets - non-GAAP** | $**19279048** | $**18854383** | $**19062657** | $**19247343** | $**18812299** |
| &nbsp;&nbsp;&nbsp; **Common shares outstanding** | **159135** | **161508** | **163104** | **163869** | **163876** |
| &nbsp;&nbsp;&nbsp; **Tangible common equity ratio - non-GAAP** | 9.73<br>**%** | 9.56<br>**%** | 9.10<br>**%** | 8.44<br>**%** | 8.79<br>**%** |
| &nbsp;&nbsp;&nbsp; **Tangible book value per common share - non-GAAP** | $11.79 | $11.16 | $10.64 | $9.91 | $10.09 |

---

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 11 **of 27**

#### Exposure to Puerto Rico Government
*Direct Exposure*

As of September 30, 2025, the Corporation had $295.8 million of direct exposure to the Puerto Rico government, its municipalities, and public corporations, an increase of $8.9 million compared to $286.9 million as of June 30, 2025, mainly due to a $33.1 million increase in the portfolio balance of three loans to municipalities, partially offset by multiple repayments. As of September 30, 2025, approximately $211.3 million of the exposure consisted of loans and obligations of municipalities in Puerto Rico that are supported by assigned property tax revenues and for which, in most cases, the good faith, credit, and unlimited taxing power of the applicable municipality have been pledged to their repayment, and $42.0 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 $8.7 million in a loan extended to an affiliate of the Puerto Rico Electric Power Authority and $31.0 million in loans to public corporations 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 $2.8 million (fair value of $1.6 million as of September 30, 2025), included as part of the Corporation's available-for-sale debt securities portfolio. This residential pass-through MBS issued by the PRHFA is collateralized by certain second mortgages and had an unrealized loss of $1.2 million as of September 30, 2025, of which $0.3 million is due to credit deterioration.

The aforementioned exposure to municipalities in Puerto Rico included $79.3 million of financing arrangements with Puerto Rico municipalities that were issued in bond form but underwritten as loans with features that are typically found in commercial loans. These bonds are accounted for as held-to-maturity debt securities.

*Indirect Exposure*

As of each of September 30, 2025 and June 30, 2025, the Corporation had $2.9 billion of public sector deposits in Puerto Rico. Approximately 23% of the public sector deposits as of September 30, 2025 were from municipalities and municipal agencies in Puerto Rico, and 77% were from public corporations, the Puerto Rico central government and agencies, and U.S. federal government agencies in Puerto Rico.

Additionally, as of September 30, 2025, the outstanding balance of construction loans funded through conduit financing structures to support the federal programs of Low-Income Housing Tax Credit ("LIHTC") combined with other federal programs amounted to $78.3 million, compared to $69.7 million as of June 30, 2025. The main objective of these programs is to spur development in new or rehabilitated and affordable rental housing. PRHFA, as program subrecipient and conduit issuer, issues tax-exempt obligations which are acquired by private financial institutions and are required to co-underwrite with PRHFA a mirror construction loan agreement for the specific project loan to which the Corporation will serve as ultimate lender but where the PRHFA will be the lender of record. The total amount of unfunded loan commitments related to these loans as of September 30, 2025 was $74.7 million.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 12 **of 27**

NON-GAAP DISCLOSURES

This press release contains GAAP financial measures and non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation's business and understand the performance of the Corporation. The Corporation may utilize these non-GAAP financial measures as guides in its budgeting and long-term planning process. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the tables in or attached to this press release. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.

Certain non-GAAP financial measures, such as adjusted non-interest expenses, adjusted income tax expense, adjusted net income, adjusted diluted earnings per share, adjusted average equity, adjusted return on average equity, adjusted average assets, adjusted return on average assets, and adjusted pre-tax, pre-provision income, exclude the effect of items that management believes are not reflective of core operating performance (the "Special Items"). Other non-GAAP financial measures include net interest income, interest rate spread, and net interest margin each presented on a tax-equivalent basis; tangible common equity; tangible book value per common share; and certain capital ratios. These measures should be read in conjunction with the accompanying tables (Exhibit A), which are an integral part of this press release, and the Corporation's other financial information that is presented in accordance with GAAP.

#### Special Items
The financial results for the quarter ended September 30, 2025 and nine-month periods ended September 30, 2025 and 2024 included the following Special Items:

<u>Quarter and Nine-Month Period Ended September 30, 2025</u>

*Enactment of Act 65-2025*

On July 17, 2025, the Government of Puerto Rico enacted Act 65-2025 which, among other things, allows domestic limited liability companies owned by legal entities to elect to be treated as disregarded entities for tax purposes. As a result of this change, during the third quarter of 2025, the Corporation reversed approximately $16.6 million in valuation allowance related to deferred tax assets primarily associated with NOL carryforwards at the holding company level. This reversal reflects the Corporation's expectation of realizing these tax benefits under the new election established by the Act. As of September 30, 2025, the remaining valuation allowance related to deferred tax assets associated with NOL carryforwards at the holding company level was approximately $1.0 million.<br>

*Employee Retention Credit ("ERC")*

During the third quarter of 2025, the Corporation recognized a $2.3 million ERC, net of $0.3 million in related commissions. This amount is reflected in the condensed consolidated statements of income as part of "employees' compensation and benefits" expenses. This credit was established under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act to support businesses that retained employees during the COVID-19 pandemic. The credit recorded during the third quarter of 2025 is tax exempt for Puerto Rico tax purposes.<br>

<u>Nine-Month Period Ended September 30, 2024</u>

*FDIC Special Assessment Expense*

Charges of $1.1 million ($0.7 million after-tax, calculated based on the statutory tax rate of 37.5%) were recorded for the nine-month period ended September 30, 2024 to increase the special assessment imposed by the FDIC in connection with losses to the Deposit Insurance Fund associated with protecting uninsured deposits following the failures of certain financial institutions during the first half of 2023. The FDIC deposit special assessment is reflected in the condensed consolidated statements of income as part of "FDIC deposit insurance" expenses.<br>

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 13 **of 27**

Non-GAAP Financial Measures

*Tangible Common Equity Ratio and Tangible Book Value per Common Share*

The tangible common equity ratio and tangible book value per common share are non-GAAP financial measures that management believes are generally used by the financial community to evaluate capital adequacy. Tangible common equity is total common equity less goodwill and other intangible assets. Tangible assets are total assets less goodwill and other intangible assets. Tangible common equity ratio is tangible common equity divided by tangible assets. Tangible book value per common share is tangible assets divided by common shares outstanding. Refer to *Statement of Financial Condition - Tangible Common Equity (Non-GAAP)* for a reconciliation of the Corporation's total stockholders' equity and total assets in accordance with GAAP to the non-GAAP financial measures of tangible common equity and tangible assets, respectively. Management uses and believes that many stock analysts use the tangible common equity ratio and tangible book value per common share in conjunction with other more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase method of accounting for mergers and acquisitions. Accordingly, the Corporation believes that disclosure of these financial measures may be useful to investors. Neither tangible common equity nor tangible assets, or the related measures, should be considered in isolation or as a substitute for stockholders' equity, total assets, or any other measure calculated in accordance with GAAP. Moreover, the manner in which the Corporation calculates its tangible common equity, tangible assets, and any other related measures may differ from that of other companies reporting measures with similar names.

*Adjusted Net Income, Adjusted Non-Interest Expenses, and Adjusted Income Tax Expense*

To supplement the Corporation's financial statements presented in accordance with GAAP, the Corporation uses, and believes that investors benefit from disclosure of, non-GAAP financial measures that reflect adjustments to net income, non-interest expenses, and income tax expense to exclude Special Items.

*Adjusted Pre-Tax, Pre-Provision Income*

Adjusted pre-tax, pre-provision income is a non-GAAP performance metric that management uses and believes that investors may find useful in analyzing underlying performance trends, particularly in times of economic stress, including as a result of natural catastrophes or health epidemics. Adjusted pre-tax, pre-provision income, as defined by management, represents income before income taxes adjusted to exclude the provisions for credit losses on loans, unfunded loan commitments and debt securities. In addition, from time to time, earnings are also adjusted for certain items that management believes are not reflective of core operating performance, which are regarded as Special Items.

*Net Interest Income on a Tax-Equivalent Basis*

Net interest income, interest rate spread, and net interest margin are reported on a tax-equivalent basis in order to provide to investors additional information about the Corporation's net interest income that management uses and believes should facilitate comparability and analysis of the periods presented. The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a marginal income tax rate. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. Refer to Table 4 in the accompanying tables (Exhibit A) for a reconciliation of the Corporation's net interest income on a tax-equivalent basis. Management believes that it is a standard practice in the banking industry to present net interest income, interest rate spread, and net interest margin on a fully tax-equivalent basis. This adjustment puts all earning assets, most notably tax-exempt securities and tax-exempt loans, on a common basis that management believes facilitates comparison of results to the results of peers.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 14 **of 27**

#### NET INCOME AND RECONCILIATION TO ADJUSTED NET INCOME (NON-GAAP)
The following table reconciles, for the third quarter of 2025 and nine-month periods ended September 30, 2025 and 2024, net income to adjusted net income, adjusted earnings per diluted share, adjusted average equity, adjusted return on average equity, adjusted average assets, and adjusted return on average assets, which are non-GAAP financial measures that exclude the significant Special Items discussed in the *Non-GAAP Disclosures - Special Items* section, and shows, for the second quarter of 2025 and third quarter of 2024, net income, earnings per diluted share, return on average equity, and return on average assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
|  (In thousands, except per share information) |  |  |  |  |  |
| Net income, as reported (GAAP) | $100526 | $80180 | $73727 | $257765 | $223023 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Employee retention credit | (2358) | - | - | (2358) | - |
| &nbsp;&nbsp;&nbsp; FDIC special assessment expense | - | - | - | - | 1099 |
| &nbsp;&nbsp;&nbsp; Income tax impact related to the enactment of Act 65-2025 | (16553) | - | - | (16553) | - |
| &nbsp;&nbsp;&nbsp; Income tax impact of adjustments <sup>(1)</sup> | - | - | - | - | (412) |
| Adjusted net income (Non-GAAP) | $81615 | $80180 | $73727 | $238854 | $223710 |
|  Weighted-average diluted shares outstanding | 160087 | 161513 | 163872 | 161770 | 165730 |
| Earnings per share - diluted (GAAP) | $0.63 | $0.50 | $0.45 | $1.59 | $1.35 |
|  Adjusted earnings per share - diluted (non-GAAP) | $0.51 | $0.50 | $0.45 | $1.48 | $1.35 |
| Average equity | $1866839 | $1807256 | $1597558 | $1807108 | $1522292 |
| Adjusted average equity <sup>(2)</sup> | $1865198 | $1807256 | $1597558 | $1806555 | $1522721 |
| Return on average equity (GAAP) | 21.36% | 17.79% | 18.31% | 19.07% | 19.52% |
|  Adjusted return on average equity (non-GAAP) | 17.36% | 17.79% | 18.31% | 17.68% | 19.57% |
| Average assets | $19028792 | $19041206 | $18883374 | $19058747 | $18875397 |
| Adjusted average assets <sup>(2)</sup> | $19027151 | $19041206 | $18883374 | $19058194 | $18875397 |
| Return on average assets (GAAP) | 2.10% | 1.69% | 1.55% | 1.81% | 1.57% |
|  Adjusted return on average assets (non-GAAP) | 1.70% | 1.69% | 1.55% | 1.68% | 1.58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See *Non-GAAP Disclosures - Special Items* above for a discussion of the individual tax impact related to the above adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Adjusted to account for the average effect of Special Items.

#### INCOME BEFORE INCOME TAXES AND RECONCILIATION TO ADJUSTED PRE-TAX, PRE-PROVISION INCOME (NON-GAAP)

The following table reconciles income before income taxes to adjusted pre-tax, pre-provision income for the last five quarters and for the nine-month periods ended September 30, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| (Dollars in thousands) |  |  |  |  |  |  |  |
|  Income before income taxes | $106223 | $102885 | $100299 | $96029 | $96386 | $309407 | $295178 |
|  Add: Provision for credit losses expense | 17593 | 20587 | 24810 | 20904 | 15245 | 62990 | 39017 |
|  Add: FDIC special assessment expense | - | - | - | - | - | - | 1099 |
|  Less: Employee retention credit | (2358) | - | - | - | - | (2358) | - |
| &nbsp;&nbsp;&nbsp; Adjusted pre-tax, pre-provision income <sup>(1)</sup> | $121458 | $123472 | $125109 | $116933 | $111631 | $370039 | $335294 |
|  Change from most recent prior period (amount) | $(2014) | $(1637) | $8176 | $5302 | $(1505) | $34745 | $(14191) |
|  Change from most recent prior period (percentage) | -1.6% | -1.3% | 7.0% | 4.7% | -1.3% | 10.4% | -4.1% |

---

------

(1) Non-GAAP financial measure. See *Non-GAAP Disclosures* above for the definition and additional information about this non-GAAP financial measure.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 15 **of 27**

Conference Call / Webcast Information

First BanCorp.'s senior management will host an earnings conference call and live webcast on Thursday, October 23, 2025, at 10:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast through the Corporation's investor relations website, <u>fbpinvestor.com</u><u>,</u> or through a dial-in telephone number at (833) 470-1428 or (646) 844-6383. The participant access code is 304501. The Corporation recommends that listeners go to the web site at least 15 minutes prior to the call to download and install any necessary software. Following the webcast presentation, a question and answer session will be made available to research analysts and institutional investors. A replay of the webcast will be archived in the Corporation's investor relations website, <u>fbpinvestor.com</u><u>,</u> until October 23, 2026. A telephone replay will be available one hour after the end of the conference call through November 22, 2025, at (866) 813-9403. The replay access code is 909621.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 16 **of 27**

#### Safe Harbor

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 17 **of 27**

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S., and the British Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp.'s shares of common stock trade on the New York Stock Exchange under the symbol FBP. Additional information about First BanCorp. may be found at <u>www.1firstbank.com</u>.

###

#### First BanCorp.
Ramon Rodriguez

Senior Vice President

Corporate Strategy and Investor Relations

<u>ramon.rodriguez@firstbankpr.com</u>

(787) 729-8200 Ext. 82179

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 18 **of 27**

**EXHIBIT A** 

#### Table 1 – Condensed Consolidated Statements of Financial Condition

#### <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **September 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  (In thousands, except for share information) |  |  |  |
|  **ASSETS** |  |  |  |
|  Cash and due from banks | $897877 | $735384 | $1158215 |
|  Money market investments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Time deposit with another financial institution | 750 | 500 | 500 |
| &nbsp;&nbsp;&nbsp; Other short-term investments | 943 | 826 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total money market investments | 1693 | 1326 | 1200 |
|  Available-for-sale debt securities, at fair value (ACL of $658 as of September 30, 2025, $513 as of June 30, 2025; and $521 as of December 31, 2024) | 4598303 | 4496803 | 4565302 |
| Held-to-maturity debt securities, at amortized cost, net of ACL of $698 as of September 30, 2025; $765 as of June 30, 2025; and $802 as of December 31, 2024 (fair value of $269,253 as of September 30, 2025; $299,846 as of June 30, 2025 and $308,040 as of December 31, 2024) | 272665 | 306521 | 316984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt securities | 4870968 | 4803324 | 4882286 |
|  Equity securities | 44390 | 45202 | 52018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment securities | 4915358 | 4848526 | 4934304 |
| Loans held for investment, net of ACL of $246,990 as of September 30, 2025; $248,578 as of June 30, 2025; and $243,942 as of December 31, 2024 | 12801694 | 12621424 | 12502614 |
|  Mortgage loans held for sale, at lower of cost or market | 12546 | 9857 | 15276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans, net | 12814240 | 12631281 | 12517890 |
|  Accrued interest receivable on loans and investments | 66109 | 71548 | 71881 |
|  Premises and equipment, net | 126968 | 128425 | 133437 |
|  OREO | 9343 | 14449 | 17306 |
|  Deferred tax asset, net | 146926 | 134772 | 136356 |
|  Goodwill | 38611 | 38611 | 38611 |
|  Other intangible assets | 3676 | 4535 | 6967 |
|  Other assets | 300534 | 288672 | 276754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $19321335 | $18897529 | $19292921 |
|  **LIABILITIES** |  |  |  |
|  Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-interest-bearing deposits | $5374894 | $5343588 | $5547538 |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 11486153 | 11210450 | 11323760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 16861047 | 16554038 | 16871298 |
|  Advances from the FHLB | 290000 | 320000 | 500000 |
|  Other borrowings | - | - | 61700 |
|  Accounts payable and other liabilities | 252243 | 178036 | 190687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17403290 | 17052074 | 17623685 |
|  **STOCKHOLDERSʼ EQUITY** |  |  |  |
| Common stock, $0.10 par value, 223,663,116 shares issued (September 30, 2025 - 159,134,896 shares outstanding; June 30, 2025 - 161,507,795 shares outstanding; and December 31, 2024 - 163,868,877 shares outstanding) | 22366 | 22366 | 22366 |
|  Additional paid-in capital | 961441 | 959629 | 964964 |
|  Retained earnings | 2209198 | 2137421 | 2038812 |
| Treasury stock, at cost (September 30, 2025 - 64,528,220 shares; June 30, 2025 - 62,155,321 shares; and December 31, 2024 - 59,794,239 shares) | (882504) | (832671) | (790350) |
|  Accumulated other comprehensive loss | (392456) | (441290) | (566556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholdersʼ equity | 1918045 | 1845455 | 1669236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholdersʼ equity | $19321335 | $18897529 | $19292921 |

---

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 19 **of 27**

#### Table 2 – Condensed Consolidated Statements of Income

#### <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| (In thousands, except per share information) |  |  |  |  |  |
| **Net interest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | $282743 | $278190 | $274675 | $837998 | $815425 |
| &nbsp;&nbsp;&nbsp; Interest expense | 64827 | 62331 | 72611 | 191826 | 217213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 217916 | 215859 | 202064 | 646172 | 598212 |
| **Provision for credit losses - expense (benefit):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Loans | 18270 | 20381 | 16470 | 63488 | 41317 |
| &nbsp;&nbsp;&nbsp; Unfunded loan commitments | (756) | 287 | (1041) | (532) | (1177) |
| &nbsp;&nbsp;&nbsp; Debt securities | 79 | (81) | (184) | 34 | (1123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses - expense | 17593 | 20587 | 15245 | 62990 | 39017 |
| &nbsp;&nbsp;&nbsp; Net interest income after provision for credit losses | 200323 | 195272 | 186819 | 583182 | 559195 |
| **Non-interest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Service charges and fees on deposit accounts | 9811 | 9756 | 9684 | 29207 | 29071 |
| &nbsp;&nbsp;&nbsp; Mortgage banking activities | 3309 | 3401 | 3199 | 9887 | 9500 |
| &nbsp;&nbsp;&nbsp; Card and processing income | 11682 | 11880 | 11768 | 35037 | 34603 |
| &nbsp;&nbsp;&nbsp; Other non-interest income | 5992 | 5913 | 7851 | 23347 | 25349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest income | 30794 | 30950 | 32502 | 97478 | 98523 |
| **Non-interest expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Employees' compensation and benefits | 59761 | 60058 | 59081 | 181956 | 176043 |
| &nbsp;&nbsp;&nbsp; Occupancy and equipment | 22185 | 22297 | 22424 | 67112 | 65656 |
| &nbsp;&nbsp;&nbsp; Business promotion | 3884 | 3495 | 4116 | 10657 | 12317 |
| &nbsp;&nbsp;&nbsp; Professional service fees | 11903 | 11609 | 12538 | 34998 | 37645 |
| &nbsp;&nbsp;&nbsp; Taxes, other than income taxes | 6092 | 5712 | 5665 | 17682 | 16202 |
| &nbsp;&nbsp;&nbsp; FDIC deposit insurance | 2236 | 2235 | 2164 | 6707 | 7582 |
| &nbsp;&nbsp;&nbsp; Net loss (gain) on OREO operations | 1033 | (591) | (1339) | (687) | (6400) |
| &nbsp;&nbsp;&nbsp; Credit and debit card processing expenses | 7889 | 7747 | 7095 | 20746 | 20453 |
| &nbsp;&nbsp;&nbsp; Other non-interest expenses | 9911 | 10775 | 11191 | 32082 | 33042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | 124894 | 123337 | 122935 | 371253 | 362540 |
| Income before income taxes | 106223 | 102885 | 96386 | 309407 | 295178 |
| Income tax expense | 5697 | 22705 | 22659 | 51642 | 72155 |
| **Net income** | $100526 | $80180 | $73727 | $257765 | $223023 |
| **Net income attributable to common stockholders** | $100526 | $80180 | $73727 | $257765 | $223023 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $0.63 | $0.50 | $0.45 | $1.60 | $1.35 |
| &nbsp;&nbsp;&nbsp; Diluted | $0.63 | $0.50 | $0.45 | $1.59 | $1.35 |

---

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 20 **of 27**

#### Table 3 – Selected Financial Data

#### <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **(Shares in thousands)** | | | | | |
| **Per Common Share Results:** | | | | | |
| &nbsp;&nbsp;&nbsp; Net earnings per share - basic | $0.63 | $0.50 | $0.45 | $1.60 | $1.35 |
| &nbsp;&nbsp;&nbsp; Net earnings per share - diluted | $0.63 | $0.50 | $0.45 | $1.59 | $1.35 |
| &nbsp;&nbsp;&nbsp; Cash dividends declared | $0.18 | $0.18 | $0.16 | $0.54 | $0.48 |
| &nbsp;&nbsp;&nbsp; Average shares outstanding | 159291 | 160884 | 163059 | 161023 | 165041 |
| &nbsp;&nbsp;&nbsp; Average shares outstanding diluted | 160087 | 161513 | 163872 | 161770 | 165730 |
| &nbsp;&nbsp;&nbsp; Book value per common share | $12.05 | $11.43 | $10.38 | $12.05 | $10.38 |
| &nbsp;&nbsp;&nbsp; Tangible book value per common share <sup>(1)</sup> | $11.79 | $11.16 | $10.09 | $11.79 | $10.09 |
| &nbsp;&nbsp;&nbsp; Common stock price: end of period | $22.05 | $20.83 | $21.17 | $22.05 | $21.17 |
| **Selected Financial Ratios (In Percent):** |  |  |  |  |  |
| **Profitability:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return on average assets | 2.10 | 1.69 | 1.55 | 1.81 | 1.57 |
| &nbsp;&nbsp;&nbsp; Return on average equity | 21.36 | 17.79 | 18.31 | 19.07 | 19.52 |
| &nbsp;&nbsp;&nbsp; Interest rate spread <sup>(2)</sup> | 3.90 | 3.89 | 3.42 | 3.86 | 3.39 |
| &nbsp;&nbsp;&nbsp; Net interest margin <sup>(2)</sup> | 4.74 | 4.71 | 4.34 | 4.70 | 4.31 |
| &nbsp;&nbsp;&nbsp; Efficiency ratio <sup>(3)</sup> | 50.22 | 49.97 | 52.41 | 49.92 | 52.03 |
| **Capital and Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average total equity to average total assets | 9.81 | 9.49 | 8.46 | 9.48 | 8.06 |
| &nbsp;&nbsp;&nbsp; Total capital | 17.93 | 17.87 | 18.25 | 17.93 | 18.25 |
| &nbsp;&nbsp;&nbsp; Common equity Tier 1 capital | 16.67 | 16.61 | 16.18 | 16.67 | 16.18 |
| &nbsp;&nbsp;&nbsp; Tier 1 capital | 16.67 | 16.61 | 16.18 | 16.67 | 16.18 |
| &nbsp;&nbsp;&nbsp; Leverage | 11.52 | 11.41 | 10.96 | 11.52 | 10.96 |
| &nbsp;&nbsp;&nbsp; Tangible common equity ratio <sup>(1)</sup> | 9.73 | 9.56 | 8.79 | 9.73 | 8.79 |
| &nbsp;&nbsp;&nbsp; Dividend payout ratio | 28.52 | 36.12 | 35.39 | 33.73 | 35.52 |
| &nbsp;&nbsp;&nbsp; Basic liquidity ratio <sup>(4)</sup> | 18.10 | 17.58 | 18.43 | 18.10 | 18.43 |
| &nbsp;&nbsp;&nbsp; Core liquidity ratio <sup>(5)</sup> | 12.64 | 12.17 | 13.32 | 12.64 | 13.32 |
| &nbsp;&nbsp;&nbsp; Loan to deposit ratio | 77.46 | 77.80 | 76.21 | 77.46 | 76.21 |
| &nbsp;&nbsp;&nbsp; Uninsured deposits, excluding fully collateralized deposits, to total deposits <sup>(6)</sup> | 28.36 | 28.10 | 29.25 | 28.36 | 29.25 |
| **Asset Quality:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allowance for credit losses for loans and finance leases to total loans held for investment | 1.89 | 1.93 | 1.98 | 1.89 | 1.98 |
| &nbsp;&nbsp;&nbsp; Net charge-offs (annualized) to average loans outstanding | 0.62 | 0.60 | 0.78 | 0.63 | 0.61 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses for loans and finance leases to net charge-offs | 92.00 | 106.86 | 68.61 | 105.04 | 73.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-performing assets to total assets | 0.62 | 0.68 | 0.63 | 0.62 | 0.63 |
| &nbsp;&nbsp;&nbsp; Nonaccrual loans held for investment to total loans held for investment | 0.74 | 0.78 | 0.72 | 0.74 | 0.72 |
| &nbsp;&nbsp;&nbsp; Allowance for credit losses for loans and finance leases to total nonaccrual loans held for investment | 256.58 | 248.33 | 276.46 | 256.58 | 276.46 |
| &nbsp;&nbsp;&nbsp; Allowance for credit losses for loans and finance leases to total nonaccrual loans held for investment, excluding residential estate loans | 366.48 | 358.66 | 428.70 | 366.48 | 428.70 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-GAAP financial measures reported on a tax-equivalent basis. Refer to *Non-GAAP Disclosures* and Table 4 below for additional information and a reconciliation
 of this measure.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-interest expenses to the sum of net interest income and non-interest income.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Exclude insured deposits not covered by federal deposit insurance.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 21 **of 27**

Table 4 – Reconciliation of Net Interest Income on a Tax-Equivalent Basis

The following table reconciles net interest income in accordance with GAAP on a tax-equivalent basis for the third and second quarters of 2025, the third quarter of 2024, and the nine-month periods ended September 30, 2025 and 2024, respectively. The table also reconciles net interest spread and net interest margin to these items on a tax-equivalent basis.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  (Dollars in thousands) | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Net Interest Income** |  |  |  |  |  |
|  Interest income - GAAP | $282743 | $278190 | $274675 | $837998 | $815425 |
|  Tax-equivalent adjustment | 8244 | 7144 | 4528 | 21620 | 14207 |
|  Interest income on a tax-equivalent basis - non-GAAP | $290987 | $285334 | $279203 | $859618 | $829632 |
|  Interest expense - GAAP | $64827 | $62331 | $72611 | $191826 | $217213 |
|  Net interest income - GAAP | $217916 | $215859 | $202064 | $646172 | $598212 |
|  Net interest income on a tax-equivalent basis - non-GAAP | $226160 | $223003 | $206592 | $667792 | $612419 |
|  **Average Balances** |  |  |  |  |  |
|  Loans and leases | $12876239 | $12742809 | $12354679 | $12751409 | $12278724 |
|  Total securities, other short-term investments and interest-bearing cash balances | 6037726 | 6245844 | 6509789 | 6241039 | 6642446 |
|  Average interest-earning assets | $18913965 | $18988653 | $18864468 | $18992448 | $18921170 |
|  Average interest-bearing liabilities | $11669135 | $11670411 | $11743122 | $11695894 | $11816378 |
|  Average assets <sup>(1)</sup> | $19028792 | $19041206 | $18883374 | $19058747 | $18875397 |
|  Average non-interest-bearing deposits | $5309212 | $5402655 | $5341589 | $5378807 | $5333838 |
|  **Average Yield/Rate** |  |  |  |  |  |
|  Average yield on interest-earning assets - GAAP | 5.93% | 5.88% | 5.78% | 5.90% | 5.74% |
|  Average rate on interest-bearing liabilities - GAAP | 2.20% | 2.14% | 2.45% | 2.19% | 2.45% |
|  Net interest spread - GAAP | 3.73% | 3.74% | 3.33% | 3.71% | 3.29% |
|  Net interest margin - GAAP | 4.57% | 4.56% | 4.25% | 4.55% | 4.21% |
|  Average yield on interest-earning assets on a tax-equivalent basis - non-GAAP | 6.10% | 6.03% | 5.87% | 6.05% | 5.84% |
|  Average rate on interest-bearing liabilities | 2.20% | 2.14% | 2.45% | 2.19% | 2.45% |
|  Net interest spread on a tax-equivalent basis - non-GAAP | 3.90% | 3.89% | 3.42% | 3.86% | 3.39% |
|  Net interest margin on a tax-equivalent basis - non-GAAP | 4.74% | 4.71% | 4.34% | 4.70% | 4.31% |

---

------

(1) Includes, among other things, the ACL on loans and finance leases and debt securities, as well as unrealized gains and losses on available-for-sale debt securities.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 22 **of 27**

Table 5 – Quarterly Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-Equivalent Basis)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Volume** | **Average Volume** | **Average Volume** | **Interest Income** <sup>(1)</sup> **/ Expense** | **Interest Income** <sup>(1)</sup> **/ Expense** | **Interest Income** <sup>(1)</sup> **/ Expense** | **Average Rate** <sup>(1)</sup> | **Average Rate** <sup>(1)</sup> | **Average Rate** <sup>(1)</sup> |
| **Quarter Ended** | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **June 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** | **2024** |
| (Dollars in thousands) |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| Money market and other short-term investments | $871290 | $1070545 | $645398 | $9695 | $11897 | $8782 | 4.41% | 4.46% | 5.40% |
| Government obligations <sup>(2)</sup> | 1838314 | 1839445 | 2520133 | 9779 | 7519 | 8458 | 2.11% | 1.64% | 1.33% |
| MBS | 3281983 | 3289215 | 3290547 | 18801 | 17979 | 13830 | 2.27% | 2.19% | 1.67% |
| FHLB stock | 25777 | 26114 | 33985 | 495 | 645 | 804 | 7.62% | 9.91% | 9.39% |
| Other investments | 20362 | 20525 | 19726 | 123 | 174 | 73 | 2.40% | 3.40% | 1.47% |
| &nbsp;&nbsp;&nbsp; Total investments <sup>(3)</sup> | 6037726 | 6245844 | 6509789 | 38893 | 38214 | 31947 | 2.56% | 2.45% | 1.95% |
| Residential mortgage loans | 2873549 | 2854624 | 2816343 | 42203 | 41674 | 41505 | 5.83% | 5.86% | 5.85% |
| Construction loans | 250280 | 245906 | 195001 | 6058 | 5839 | 4417 | 9.60% | 9.52% | 8.99% |
| C&I and commercial mortgage loans | 6014997 | 5892848 | 5616658 | 104631 | 100758 | 102763 | 6.90% | 6.86% | 7.26% |
| Finance leases | 897982 | 903286 | 885807 | 17403 | 17693 | 17290 | 7.69% | 7.86% | 7.74% |
| Consumer loans | 2839431 | 2846145 | 2840870 | 81799 | 81156 | 81281 | 11.43% | 11.44% | 11.35% |
| &nbsp;&nbsp;&nbsp; Total loans <sup>(4) (5)</sup> | 12876239 | 12742809 | 12354679 | 252094 | 247120 | 247256 | 7.77% | 7.78% | 7.94% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | $18913965 | $18988653 | $18864468 | $290987 | $285334 | $279203 | 6.10% | 6.03% | 5.87% |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| Time deposits | $3352163 | $3190402 | $3057918 | $28590 | $26747 | $27768 | 3.38% | 3.36% | 3.60% |
| Brokered CDs | 581946 | 487787 | 600319 | 6414 | 5491 | 7656 | 4.37% | 4.52% | 5.06% |
| Other interest-bearing deposits | 7421017 | 7662793 | 7429163 | 26341 | 26400 | 28280 | 1.41% | 1.38% | 1.51% |
| Advances from the FHLB | 313152 | 320000 | 500000 | 3472 | 3518 | 5672 | 4.40% | 4.41% | 4.50% |
| Other borrowings | 857 | 9429 | 155722 | 10 | 175 | 3235 | 4.63% | 7.44% | 8.24% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | $11669135 | $11670411 | $11743122 | $64827 | $62331 | $72611 | 2.20% | 2.14% | 2.45% |
| Net interest income |  |  |  | $226160 | $223003 | $206592 |  |  |  |
| Interest rate spread |  |  |  |  |  |  | 3.90% | 3.89% | 3.42% |
| Net interest margin |  |  |  |  |  |  | 4.74% | 4.71% | 4.34% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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* and Table 4 above for additional information and a reconciliation of this measure.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Government obligations include debt issued by government-sponsored agencies.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Unrealized gains and losses on available-for-sale debt securities are excluded from the average volumes.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Average loan balances include the average of non-performing loans.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Interest income on loans includes $3.8 million, $3.7 million, and $3.2 million, for the quarters ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively, of income from prepayment
 penalties and late fees related to the Corporation's loan portfolio.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 23 **of 27**

Table 6 – Year-to-Date Statement of Average Interest-Earning Assets and Average Interest-Bearing Liabilities (On a Tax-Equivalent Basis)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Volume** | **Average Volume** | **Interest Income** <sup>(1)</sup> **/ Expense** | **Interest Income** <sup>(1)</sup> **/ Expense** | **Average Rate** <sup>(1)</sup> | **Average Rate** <sup>(1)</sup> |
| **Nine-Month Period Ended** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| (Dollars in thousands) |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| Money market and other short-term investments | $1016762 | $615679 | $33797 | $25096 | 4.44% | 5.43% |
| Government obligations <sup>(2)</sup> | 1882541 | 2607706 | 24268 | 26458 | 1.72% | 1.35% |
| MBS | 3293288 | 3366866 | 54277 | 43407 | 2.20% | 1.72% |
| FHLB stock | 28159 | 34217 | 1930 | 2476 | 9.16% | 9.64% |
| Other investments | 20289 | 17978 | 544 | 383 | 3.58% | 2.84% |
| &nbsp;&nbsp;&nbsp; Total investments <sup>(3)</sup> | 6241039 | 6642446 | 114816 | 97820 | 2.46% | 1.96% |
| Residential mortgage loans | 2856813 | 2811447 | 125361 | 122664 | 5.87% | 5.81% |
| Construction loans | 242893 | 219601 | 17493 | 13909 | 9.63% | 8.44% |
| C&I and commercial mortgage loans | 5905687 | 5550259 | 305145 | 302758 | 6.91% | 7.27% |
| Finance leases | 900998 | 874508 | 52950 | 51672 | 7.86% | 7.87% |
| Consumer loans | 2845018 | 2822909 | 243853 | 240809 | 11.46% | 11.36% |
| &nbsp;&nbsp;&nbsp; Total loans <sup>(4) (5)</sup> | 12751409 | 12278724 | 744802 | 731812 | 7.81% | 7.94% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | $18992448 | $18921170 | $859618 | $829632 | 6.05% | 5.84% |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| Time deposits | $3198226 | $2984413 | $80805 | $78766 | 3.38% | 3.52% |
| Brokered CDs | 518195 | 675226 | 17366 | 25926 | 4.48% | 5.11% |
| Other interest-bearing deposits | 7591571 | 7497046 | 80309 | 85708 | 1.41% | 1.52% |
| Advances from the FHLB | 366703 | 500000 | 12180 | 16892 | 4.44% | 4.50% |
| Other borrowings | 21199 | 159693 | 1166 | 9921 | 7.35% | 8.28% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | $11695894 | $11816378 | $191826 | $217213 | 2.19% | 2.45% |
| Net interest income |  |  | $667792 | $612419 |  |  |
| Interest rate spread |  |  |  |  | 3.86% | 3.39% |
| Net interest margin |  |  |  |  | 4.70% | 4.31% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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* and Table 4 above for additional information and a reconciliation of this measure.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Government obligations include debt issued by government-sponsored agencies.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Unrealized gains and losses on available-for-sale debt securities are excluded from the average volumes.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Average loan balances include the average of non-performing loans.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Interest income on loans includes $12.9 million and $9.5 million for the nine-month periods ended September 30, 2025 and 2024, respectively, of income from prepayment penalties and late fees related to
 the Corporation's loan portfolio. The results for the nine-month period ended September 30, 2025 include 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 September 30, 2025 – Page** 24 **of 27**

Table 7 – Loan Portfolio by Geography

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  (In thousands) |  |  |  |  |
|  Residential mortgage loans | $2214658 | $152360 | $522063 | $2889081 |
|  Commercial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Construction loans | 221146 | 14167 | 24550 | 259863 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage loans | 1692248 | 72933 | 784194 | 2549375 |
| &nbsp;&nbsp;&nbsp; C&I loans | 2292945 | 158471 | 1162825 | 3614241 |
|  Commercial loans | 4206339 | 245571 | 1971569 | 6423479 |
|  Finance leases | 899668 | - | - | 899668 |
|  Consumer loans | 2762719 | 67900 | 5837 | 2836456 |
| &nbsp;&nbsp;&nbsp; Loans held for investment | 10083384 | 465831 | 2499469 | 13048684 |
|  Mortgage loans held for sale | 12546 | - | - | 12546 |
| &nbsp;&nbsp;&nbsp; Total loans | $10095930 | $465831 | $2499469 | $13061230 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  (In thousands) |  |  |  |  |
|  Residential mortgage loans | $2190283 | $153611 | $515264 | $2859158 |
|  Commercial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Construction loans | 191610 | 12875 | 40865 | 245350 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage loans | 1700173 | 74058 | 728244 | 2502475 |
| &nbsp;&nbsp;&nbsp; C&I loans | 2204658 | 162342 | 1149008 | 3516008 |
|  Commercial loans | 4096441 | 249275 | 1918117 | 6263833 |
|  Finance leases | 901256 | - | - | 901256 |
|  Consumer loans | 2772532 | 67354 | 5869 | 2845755 |
| &nbsp;&nbsp;&nbsp; Loans held for investment | 9960512 | 470240 | 2439250 | 12870002 |
|  Mortgage loans held for sale | 9857 | - | - | 9857 |
| &nbsp;&nbsp;&nbsp; Total loans | $9970369 | $470240 | $2439250 | $12879859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  (In thousands) |  |  |  |  |
|  Residential mortgage loans | $2166980 | $156225 | $505226 | $2828431 |
|  Commercial loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Construction loans | 181607 | 2820 | 43969 | 228396 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage loans | 1800445 | 67449 | 698090 | 2565984 |
| &nbsp;&nbsp;&nbsp; C&I loans | 2192468 | 133407 | 1040163 | 3366038 |
|  Commercial loans | 4174520 | 203676 | 1782222 | 6160418 |
|  Finance leases | 899446 | - | - | 899446 |
|  Consumer loans | 2781182 | 69577 | 7502 | 2858261 |
| &nbsp;&nbsp;&nbsp; Loans held for investment | 10022128 | 429478 | 2294950 | 12746556 |
|  Loans held for sale | 14558 | 434 | 284 | 15276 |
| &nbsp;&nbsp;&nbsp; Total loans | $10036686 | $429912 | $2295234 | $12761832 |

---

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 25 **of 27**

Table 8 – Non-Performing Assets by Geography

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  (In thousands) | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  Nonaccrual loans held for investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential mortgage | $12088 | $6529 | $10249 | $28866 |
| &nbsp;&nbsp;&nbsp; Construction | 4635 | 956 | - | 5591 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage | 1984 | 7228 | 12225 | 21437 |
| &nbsp;&nbsp;&nbsp; C&I | 18822 | 632 | 196 | 19650 |
| &nbsp;&nbsp;&nbsp; Consumer and finance leases | 20008 | 694 | 15 | 20717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonaccrual loans held for investment | 57537 | 16039 | 22685 | 96261 |
|  OREO | 8460 | 883 | - | 9343 |
|  Other repossessed property | 12160 | 74 | - | 12234 |
|  Other assets <sup>(1)</sup> | 1579 | - | - | 1579 |
| &nbsp;&nbsp;&nbsp; Total non-performing assets <sup>(2)</sup> | $79736 | $16996 | $22685 | $119417 |
|  Past due loans 90 days and still accruing <sup>(3)</sup> | $27900 | $855 | $136 | $28891 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  (In thousands) | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  Nonaccrual loans held for investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential mortgage | $12967 | $6987 | $10836 | $30790 |
| &nbsp;&nbsp;&nbsp; Construction | 4760 | 958 | - | 5718 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage | 2360 | 8170 | 12375 | 22905 |
| &nbsp;&nbsp;&nbsp; C&I | 19506 | 642 | 201 | 20349 |
| &nbsp;&nbsp;&nbsp; Consumer and finance leases | 19791 | 527 | 18 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonaccrual loans held for investment | 59384 | 17284 | 23430 | 100098 |
|  OREO | 10834 | 3615 | - | 14449 |
|  Other repossessed property | 11789 | 79 | - | 11868 |
|  Other assets <sup>(1)</sup> | 1576 | - | - | 1576 |
| &nbsp;&nbsp;&nbsp; Total non-performing assets <sup>(2)</sup> | $83583 | $20978 | $23430 | $127991 |
|  Past due loans 90 days and still accruing <sup>(3)</sup> | $29054 | $481 | $- | $29535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  (In thousands) | **Puerto Rico** | **Virgin Islands** | **United States** | **Total** |
|  Nonaccrual loans held for investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential mortgage | $16854 | $6555 | $8540 | $31949 |
| &nbsp;&nbsp;&nbsp; Construction | 403 | 962 | - | 1365 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage | 2716 | 8135 | - | 10851 |
| &nbsp;&nbsp;&nbsp; C&I | 19595 | 919 | - | 20514 |
| &nbsp;&nbsp;&nbsp; Consumer and finance leases | 22538 | 205 | 45 | 22788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonaccrual loans held for investment | 62106 | 16776 | 8585 | 87467 |
|  OREO | 13691 | 3615 | - | 17306 |
|  Other repossessed property | 11637 | 219 | 3 | 11859 |
|  Other assets <sup>(1)</sup> | 1620 | - | - | 1620 |
| &nbsp;&nbsp;&nbsp; Total non-performing assets <sup>(2)</sup> | $89054 | $20610 | $8588 | $118252 |
|  Past due loans 90 days and still accruing <sup>(3)</sup> | $39307 | $3083 | $- | $42390 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Residential pass-through MBS issued by the PRHFA held as part of the available-for-sale debt securities portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes PCD loans previously accounted for under ASC Subtopic 310-30 for which the Corporation made the accounting policy election of maintaining pools of loans as "units of account" both at the time
 of adoption of CECL on January 1, 2020 and on an ongoing basis for credit loss measurement. These loans will continue to be excluded from nonaccrual loan statistics as long as the Corporation can reasonably estimate the timing and
 amount of cash flows expected to be collected on the loan pools. The portion of such loans contractually past due 90 days or more amounted to $5.0 million as of September 30, 2025 (June 30, 2025 - $4.9 million; December 31, 2024 -
 $6.2 million).

&nbsp;&nbsp;&nbsp;&nbsp;(3) These include rebooked loans, which were previously pooled into GNMA securities, amounting to $3.8 million as of September 30, 2025 (June 30, 2025 - $5.5 million; December 31, 2024 - $5.7 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.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 26 **of 27**

Table 9 – Allowance for Credit Losses on Loans and Finance Leases

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** |  | **September 30, 2024** |
| (Dollars in thousands) |  |  |  |  |  |  |
|  Allowance for credit losses on loans and finance leases, beginning of period | $248578 | $247269 | $254532 | $243942 |  | $261843 |
|  Provision for credit losses on loans and finance leases expense | 18270 | 20381 | 16470 | 63488 |  | 41317 |
|  Net recoveries (charge-offs) of loans and finance leases: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Residential mortgage | 32 | 15 | 76 | 29 |  | (213 |
| &nbsp;&nbsp;&nbsp; Construction | 313 | 13 | 11 | 340 |  | 35 |
| &nbsp;&nbsp;&nbsp; Commercial mortgage | 117 | 51 | 41 | 208 |  | 474 |
| &nbsp;&nbsp;&nbsp; C&I | (108 | 760 | (1226 | 729 |  | 3974 |
| &nbsp;&nbsp;&nbsp; Consumer loans and finance leases (1) | (20212 | (19911 | (22908 | (61746 |) <sup>(1)</sup> <br>| (60434 |
| Net charge-offs (1) | (19858 | (19072 | (24006 | (60440 |) <sup>(1)</sup> <br>| (56164 |
|  Allowance for credit losses on loans and finance leases, end of period | $246990 | $248578 | $246996 | $246990 |  | $246996 |
|  Allowance for credit losses on loans and finance leases to period end total loans held for investment | 1.89 | 1.93 | 1.98 | 1.89 | % | 1.98 |
|  Net charge-offs (annualized) to average loans outstanding during the period | 0.62 | 0.60 | 0.78 | 0.63 | % | 0.61 |
|  Provision for credit losses on loans and finance leases to net charge-offs during the period | 0.92 | 1.07 | 0.69 | 1.05 | x | 0.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For the nine-month period ended September 30, 2025, includes recoveries totaling $2.4 million associated with the bulk sale of fully charged-off consumer loans and finance leases, compared to recoveries
 of $10.0 million associated with the bulk sale of fully charged-off consumer loans and finance leases for the nine-month period ended September 30, 2024.

Table 10 – Annualized Net (Recoveries) Charge-Offs to Average Loans

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Residential mortgage | -0.00% | -0.00% | -0.01% | -0.00% | 0.01% |
| Construction | -0.50% | -0.02% | -0.02% | -0.19% | -0.02% |
| Commercial mortgage | -0.02% | -0.01% | -0.01% | -0.01% | -0.03% |
| C&I | 0.01% | -0.09% | 0.15% | -0.03% | -0.17% |
|  Consumer loans and finance leases | 2.16% | 2.12% | 2.46% | 2.20% <sup>(1)</sup> <br>| 2.18% <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp; Total loans | 0.62% | 0.60% | 0.78% | 0.63% <sup>(1)</sup> <br>| 0.61% <sup>(1)</sup> <br>|

---

(1) The aforementioned recoveries associated with the bulk sales of fully charged-off consumer loans and finance leases reduced the ratios of consumer loans and finance leases and total net
 charge-offs to related average loans by 8 basis points and 3 basis points, respectively, for the nine-month period ended September 30, 2025; and by 36 basis points and 11 basis points, respectively, for the nine-month period ended September
 30, 2024.

------

**First BanCorp. Announces Earnings for the Quarter Ended September 30, 2025 – Page** 27 **of 27**

Table 11 – Deposits

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **September 30, 2025** | **June 30, 2025** | **December 31, 2024** |
| (In thousands) |  |  |  |
| Time deposits | $3495256 | $3246545 | $3007144 |
| Interest-bearing saving and checking accounts | 7362588 | 7437358 | 7838498 |
| Non-interest-bearing deposits | 5374894 | 5343588 | 5547538 |
| Total deposits, excluding brokered CDs <sup>(1)</sup> | 16232738 | 16027491 | 16393180 |
| Brokered CDs | 628309 | 526547 | 478118 |
| &nbsp;&nbsp;&nbsp; Total deposits | $16861047 | $16554038 | $16871298 |
| &nbsp;&nbsp;&nbsp; Total deposits, excluding brokered CDs and government deposits | $12794558 | $12655875 | $12867789 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of each of September 30, 2025 and June 30, 2025, government deposits amounted to $3.4 billion, compared to $3.5 billion as of December 31, 2024.

------

## Exhibit 99.2

------

**Exhibit 99.2**<br>

**** <br> ![](ef20057545_ex99-2slide1.jpg)

Financial ResultsThird Quarter 2025October 23, 2025

------

![](ef20057545_ex99-2slide2.jpg)

------

![](ef20057545_ex99-2slide3.jpg)

Agenda 1 3Q 2025 – Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 2 3Q 2025 – Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer 3 3Q 2025 – Questions and Answers

------

![](ef20057545_ex99-2slide4.jpg)

Third Quarter 2025 Financial Performance Highlights Balance Sheet Total loans grew by $181.4 million reaching $13.1 billion (1.4% vs. prior quarter) mainly reflecting growth across commercial segments Core deposits, other than brokered and fully collateralized government deposits, increased by $138.7 million to $12.8 billion Fully collateralized government deposits increased by $66.5 million to $3.4 billion Non-performing assets ("NPA") ratio decreased to 0.62% and annualized net charge-offs to average loans increased by 2 bps to 0.62% Allowance for credit losses ("ACL") coverage ratio on loans and leases decreased by 4 bps to 1.89% Asset Quality Total available liquidity sources of approximately $6.2 billion or 1.3x of uninsured deposits Repurchased $50.0 million in common stock and declared $28.7 million in common stock dividends; CET1 remains strong and above well-capitalized levels at 16.7% On a non-GAAP basis, tangible book value per share grew by 5.6% to $11.79 and tangible common equity ratio reached 9.7% Liquidity and Capital Profitability Net income of $100.5 million ($0.63 per diluted share), compared to $80.2 million ($0.50 per diluted share) in 2Q 2025 Record net interest income of $217.9 million, compared to $215.9 million in 2Q 2025 and up 8% year-over-year On a non-GAAP basis, adjusted pre-tax, pre-provision income of $121.5 million, up 9% on a year-over-year basis Sustained track record of expense management discipline resulting in efficiency ratio of 50%, flat vs. 2Q 2025

------

![](ef20057545_ex99-2slide5.jpg)

Franchise Highlights and Operating Environment Adj. ROAA(1): 1.70% Adj. ROACE(1): 14.15% 1 CET1 Ratio:16.7% ACL Coverage: 1.89% 2 6% Growth in Tangible Book Value 3 PR Economic Activity Index (EAI)(2) 1Q20 2Q20 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 YoY Change PR Payroll Employment (Thousands) 2Q20 4Q21 4Q22 4Q23 4Q24 1Q25 2Q25 3Q25\* Unemployment Rate (SA) PR Disaster Relief Funds Disbursed Per Year(3) (1) Non-GAAP financial measure. Please refer to the calculation and management's reason for using this measure on slide 19 titled "Third Quarter 2025 - Use of Non-GAAP Financial Measures." (2) Puerto Rico Economic Development Bank (EDB) and Bureau of Labor Statistics. Average data points (3) www.recovery.pr.gov and Recovery Support Function Leadership Group (RSFLG) - https://recovery.fema.gov/rsflg-monthly-data. \*Average for July and August 2025. YTD as of August, of each year ($ millions) 3Q 2025 Franchise Highlights and Priorities Operating Environment Operating Environment Stable business activity and economic conditions despite fiscal and monetary policy uncertainty in the US Resilient labor market (5.5% unemployment rate as of August 2025) and strong tourism activity (SJU passenger traffic up 4.9% year-to-date vs. prior year) Tariffs impacting auto industry-wide sales (-7.0% reduction in retail auto sales year-to-date) Business Highlights Encouraging loan origination activity up 7% year-to-date when compared to prior year supported by well-balanced regional and business line diversification Successful execution of omnichannel strategy evidenced by an 8% annual rise in digital active users over the last 5 years coupled with a steady reduction in branch active customers Actively deploying AI and automation to streamline credit operations, accelerate underwriting, and elevate customer service while enhancing fraud detection/prevention capabilities and automating routine tasks to drive operational efficiency 2022 $162 $1,964 2023 $191 $1,901 2024 2025 $1,311 $2,127 $2,092 $1,877 2021 $547 $1,029(55%) $848(45%) FEMA (PA Only) HUD (CDBG) Strategic Priorities Selectively grow market share in core business segments while sustaining operational leverage and safeguarding asset quality Continue our franchise investments towards improving interaction with customers by providing a seamless experience through multiple channels Deploy excess capital in a manner that best suits the long-term interest of the franchise Fiona-Related

------

![](ef20057545_ex99-2slide6.jpg)

Results of Operations

------

![](ef20057545_ex99-2slide7.jpg)

Third Quarter 2025 Discussion of Results 3Q25 Adjusted Tangible Common Equity Ratio (ex. Special Items) 3Q25 Adjusted Tangible Book Value per Share (ex. Special Items) 3Q25 Adjusted ROACE (ex. Special Items) 3Q25 TCE Ratio AOCL Impact Adj. TCE Ratio Special Items 0.09% 3Q25 TBVPS AOCL Impact Adj. TBVPS Special Items $0.12 3Q25 ROACE AOCL Impact Special Items Adj. ROACE (1) Non-GAAP financial measures. Please refer to the calculation and management's reason for using these measures on slides 16-19 titled "Third Quarter 2025 - Use of Non-GAAP Financial Measures." Income Statement and Selected Financial Data Non-GAAP Reconciliation – Selected Data(1)

------

![](ef20057545_ex99-2slide8.jpg)

Third Quarter 2025 Profitability Dynamics Net Interest Income ($MM) 4.25% 3Q24 4.33% 4Q24 4.52% 1Q25 4.56% 2Q25 4.57% 3Q25 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income amounted to $217.9 million, an increase of $2.0 million vs. the prior quarter, which includes $1.3 million associated with the effect of one additional day in the quarter. The increase primarily reflects: A $4.6 million increase in interest income on total loans due to higher average balances and the effect of one additional day in the quarter and a $2.1 million increase in interest income from investment securities resulting from an improvement in yields which was offset by a $2.2 million decrease in interest income from a reduction in cash balances A $2.5 million increase in interest expense mostly due to higher average balances of both brokered and non-brokered time deposits, an increase of 6 basis points in the cost of funds and the effect of one additional day in the quarter Net interest margin increased during the quarter by 1 basis point to 4.57%, mostly reflecting the change in asset mix associated to the deployment of cash flows from lower yielding securities to higher yielding interest-earning assets which was almost entirely offset by the increase in the cost of funds of non-maturity public funds and higher balances of time deposits Key Highlights Evolution of Loan Yields and Cost of Funds(1) (1) Cost of funds include cost of all interest-bearing deposits, non-interest-bearing deposits, and wholesale funding 3Q24 4Q24 1Q25 2Q25 3Q25 6.14% 6.10% 6.22% 6.18% 6.11% Loan Yields Cost of Funds

------

![](ef20057545_ex99-2slide9.jpg)

Third Quarter 2025 Profitability Dynamics Non-Interest Expenses ($MM) Non-Interest Income ($MM) 100 -20 0 80 120 140 $64.5 3Q24 -$0.1 $65.0 4Q24 -$0.5 $61.4 -$0.7 $0.0 $63.2 2Q25 $1.9 $63.2 1Q25 $122.9 $124.5 $123.0 $123.3 $124.9 3Q25 Credit Related Payroll Related Other Operating Expenses $3.2 3Q24 $3.2 4Q24 $3.2 1Q25 2Q25 3Q25 $32.5 $32.2 $35.7 $31.0 $30.8 Other Mortgage Banking Service Charges on Deposits Non-interest expenses of $124.9 million, up $1.6 million vs. prior quarter mainly due to: A $1.6 million net loss on OREO operations mainly due to a $2.8 million valuation adjustment recorded as part of ongoing litigation which could result in a potential loss of title of a commercial OREO property in the Virgin Islands, partially offset by gains on the sale of properties in Puerto Rico A $0.3 million decrease in employees' compensation and benefits expenses attributable to a $2.3 million employee retention credit received in 3Q 2025 that offset a $1.8 million increase resulting from annual merit increases and an additional day in the quarter Efficiency ratio relatively stable at 50%, below the 52% operating target Key Highlights Key Highlights Non-interest income of $30.8 million, compared to $31.0 million in prior quarter; the $0.2 million decrease was driven by: A decrease in debit and credit card processing income due to lower transactional volumes Partially offset by an increase in merchant referral income recorded during the quarter

------

![](ef20057545_ex99-2slide10.jpg)

Third Quarter 2025 Asset Quality Non-Performing Assets ($MM) Decrease in non-performing assets was driven by a $3.8 million decrease in nonaccrual loans and a $5.1 million reduction in OREO balances mainly due to the $2.8 million valuation adjustment recorded in a commercial OREO in the Virgin Islands Inflows to non-accrual loans held for investment were $32.2 million, a decrease of $2.2 million when compared to the prior quarter, mostly related to a decrease of $4.9 million in inflows of commercial and construction loans and a reduction of $1.8 million in inflows of nonaccrual residential loans, partially offset by a $4.5 million increase in consumer inflows to nonaccrual Loans in early delinquency (i.e., 30-89 days past due accruing loans) amounted to $142.9 million, an increase of $8.9 million vs. 2Q 2025, mostly related to a net increase of $7.6 million in commercial loans, particularly a $6.0 million past due C&I loan in Florida Total non-performing assets decreased by $8.6 million to $119.4 million or 0.62% of total assets 0.63% 3Q24 0.61% 4Q24 0.68% 1Q25 0.68% 2Q25 $119.1 $118.3 $129.4 $128.0 3Q25 $119.4 0.62% Repossessed Assets and Other Loans HFI NPAs/Assets $4.0 3Q24 $1.4 4Q24 $1.4 1Q25 $5.7 2Q25 $119.0 $118.3 $129.4 $128.0 3Q25 $119.4 $5.6 Repossessed Assets and Other Consumer Residential Construction Commercial

------

![](ef20057545_ex99-2slide11.jpg)

Third Quarter 2025 ACL and Capital Total stockholders' equity amounted to $1.9 billion, an increase of $72.6 million vs. the prior quarter, driven by a $48.8 million increase in the fair value of available-for-sale debt securities due to changes in market rates recognized as part of accumulated other comprehensive loss and the earnings generated during the quarter Partially offset by $28.7 million in common stock dividends declared during the quarter and $50.0 million in common stock repurchases All regulatory ratios remain significantly above "well-capitalized" levels Evolution of ACL ($MM) and ACL on Loans to Total Loans (%) Capital Ratios (%) The allowance for credit losses (ACL) on loans and leases was $247.0 million, down $1.6 million vs. prior quarter; the ratio of the ACL on loans and finance leases to total loans held for investment decreased to 1.89% Reduction was mainly related to a $2.1 million decrease in the mortgage ACL based on updated historical loss experience and a $1.4 million decrease in the consumer ACL associated with better unemployment rate projections and lower portfolio balances Net charge-offs of $19.9 million, 0.62% of average loans, compared to $19.1 million or 0.60% in prior quarter, increase mostly driven by lower commercial loan recoveries and slightly higher consumer charge-offs Key Highlights Key Highlights $0.0 1.72% 2019 2.61% Day-1 CECL 1.98% 3Q24 1.93% 2Q25 1.89% 3Q25 $155.0 $248.0 $252.1 $253.2 $251.0 Off-BS Credit Exposure & Debt Securities Loans ACL on Loans/Loans 16.2 3Q24 4Q24 1Q25 2Q25 3Q25 Total Risk-Based Capital Tier-1 Capital Tier-1 Common Leverage Tangible Common

------

![](ef20057545_ex99-2slide12.jpg)

3Q 2025 Financial Results Appendix and Non-GAAP Financial Measures

------

![](ef20057545_ex99-2slide13.jpg)

Third Quarter 2025 Appendix – Balance Sheet Highlights Loan Portfolio - $MM Loan Originations - $MM(1) Total Deposits (excluding Brokered CDs) - $MM Composition of Deposit Portfolio vs. Available Liquidity - $MM(2) $13 $207 3Q24 $15 $228 4Q24 $15 $234 1Q25 $10 $245 2Q25 $13 $260 3Q25 Loans HFS Commercial Consumer Construction Residential $12,459 $12,762 $12,690 $12,880 $13,061 $117 $45 3Q24 $133 $60 4Q24 $114 $49 1Q25 $127 $35 2Q25 $132 $35 3Q25 Consumer Credit Cards Residential Construction Commercial $1,303 $1,654 $1,177 $1,414 $1,371 3Q24 4Q24 1Q25 2Q25 3Q25 Public Funds CDs & IRAs Commercial Retail $15,827 $16,393 $16,340 $16,027 $16,233 Loan Originations include refinancing and renewals, as well as credit card utilization activity Uninsured deposits exclude public funds which are fully collateralized $5,375(33%) $10,858(67%) 3Q25 NIB IB $16,233 $8,191(51%) $4,604(28%) $3,438(21%) Insured Uninsured Public Funds Uninsured Deposits Available Liquidity $6,175 Cash & Equivalents Free Liquid Securities FHLB Availability Fed Line Commercial Loan Portfolio Distribution - $MM $2,549(41%) $3,614(59%) 3Q25 CRE C&I $6,163 $3,614(59%) $430(7%) $52(1%) $2,067(33%) C&I Office CRE (PR) Office CRE (US) Other CRE CRE Maturities < 12 Months ($MM) Retail Office Industrial Hotel Multifamily Other $257 $109 5.89% 5.53% 5.66% 5.45% 5.57% 6.34% Weighted Avg. Rate

------

![](ef20057545_ex99-2slide14.jpg)

Third Quarter 2025 Appendix - Puerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 3Q 2025, the Corporation had $295.8 million of direct exposure and $78.3 million of indirect exposure to the Puerto Rico government, its municipalities and public corporations 86% of direct government exposure is to municipalities in Puerto Rico, which are supported by assigned property tax revenues or by one or more specific sources of municipal revenues As of 3Q 2025 and 2Q 2025, the Corporation had $2.9 billion of public sector deposits in Puerto Rico Approximately 23% were from municipalities and municipal agencies in Puerto Rico and 77% were from public corporations, the Puerto Rico central government and agencies, and U.S. federal government agencies in Puerto Rico

------

![](ef20057545_ex99-2slide15.jpg)

Third Quarter 2025 Appendix - NPL Migration

------

![](ef20057545_ex99-2slide16.jpg)

Third Quarter 2025 Appendix - 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.

------

![](ef20057545_ex99-2slide17.jpg)

Third Quarter 2025 Appendix - Use of Non-GAAP Financial Measures Basis of Presentation: Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation's business and understand the performance of the Corporation. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the attached tables to this earnings presentation. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Adjusted Pre-Tax, Pre-Provision Income Adjusted pre-tax, pre-provision income is a non-GAAP performance metric that management uses and believes that investors may find useful in analyzing underlying performance trends, particularly in times of economic stress, including as a result of natural catastrophes or health epidemies. Adjusted pre-tax, pre-provision income, as defined by management, represents income before income taxes adjusted to exclude the provision for credit losses expense, as well as certain items that management believes are not reflective of core operating performance.

------

![](ef20057545_ex99-2slide18.jpg)

Third Quarter 2025 Appendix - Use of Non-GAAP Financial Measures Special Items Certain non-GAAP financial measures, such as adjusted non-interest expenses, adjusted income tax expense, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted return on average equity, and adjusted pre-tax, pre-provision income, exclude the effect of items that management believes are not reflective of core operating performance (the "Special Items"). The financial results for the quarter ended September 30, 2025, included the following Special Items: Enactment of Act 65-2025 - On July 17, 2025, the Government of Puerto Rico enacted Act 65-2025 which, among other things, allows domestic limited liability companies owned by legal entities to elect to be treated as disregarded entities for tax purposes. As a result of this change, during the third quarter of 2025, the Corporation reversed approximately $16.6 million in valuation allowance related to deferred tax assets primarily associated with NOL carryforwards at the holding company level. This reversal reflects the Corporation's expectation of realizing these tax benefits under the new election established by the Act. As of September 30, 2025, the remaining valuation allowance related to deferred tax assets associated with NOL carryforwards at the holding company level was approximately $1.0 million. Employee Retention Credit ("ERC") - During the third quarter of 2025, the Corporation recognized a $2.3 million ERC, net of $0.3 million in related commissions. This amount is reflected in the condensed consolidated statements of income as part of "employees' compensation and benefits" expenses. This credit was established under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act to support businesses that retained employees during the COVID-19 pandemic. The credit recorded during the third quarter of 2025 is tax exempt for Puerto Rico tax purposes.

------

![](ef20057545_ex99-2slide19.jpg)

Third Quarter 2025 Appendix - Use of Non-GAAP Financial Measures Basis of Presentation: Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures enhances the ability of analysts and investors to analyze trends in the Corporation's business and understand the performance of the Corporation. Where non-GAAP financial measures are used, the most comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the most comparable GAAP financial measure, can be found in the text or in the attached tables to this earnings presentation. Any analysis of these non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Adjusted Tangible Common Equity Ratio Adjusted tangible common equity, which is total common equity less goodwill and other intangibles, after exclusion of net unrealized losses on available-for-sale debt securities recognized as part of accumulated other comprehensive loss 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 and Special Items, divided by common shares outstanding. Adjusted Return on Average Common Equity Ratio Adjusted 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 and Special Items.

------

![](ef20057545_ex99-2slide20.jpg)

------