2

1First BanCorp Financial Results Fourth Quarter and Full Year

2025 January 27, 2026 1

Forward Looking Statements This presentation contains “forward

-looking statements” concerning the Corporation’s future economic,

operational and financial performance. The words or phrases

“expect,” “anticipate,” “intend,” “should,” “would,” “will,” “plans,”

“forecast,” “believe” and similar expressions are meant to identify

“forward-looking statements” within the meaning of Section 27A

of the Securities Act of 1933, as amended, and Section 21E

of the Securities Exchange Act of 1934, as amended, and are

subject to the safe harbor created by such sections. The Corporation cautions

readers not to place undue reliance on any such forward

-looking statements, which speak only as of the date hereof, and advises readers

that any such forward-looking statements are not guarantees of future

performance and involve certain risks, uncertainties, estimates

and assumptions by us that are difficult to predict. Various

factors, some of which are beyond our control, including, but not

limited to, the uncertainties more fully discussed in Part I, Item

1A, “Risk Factors” of the Corporation’s Annual Report on Form

10-K for the year ended December 31, 2024, and the following, could

cause actual results to differ materially from those expressed in,

or implied by, such forward-looking statements: the effect

of the current global interest rate environment (including the potential for

ongoing reductions in interest rates) and inflation levels on the level, composition

and performance of the Corporation’s assets and liabilities, and

corresponding effects on the Corporation’s net interest income,

net interest margin, loan originations, deposit attrition, overall

results of operations, and liquidity position; the effects

of changes in the interest rate environment, including any adverse

change in the Corporation’s ability to attract and retain clients and

gain acceptance from current and prospective customers for new

products and services,

including those related to the offering of digital banking and financial

services; volatility in the financial services industry, which could

result in, among other things, bank deposit runoffs, liquidity

constraints, and increased regulatory requirements and costs; uncertainty

as to the ability of FirstBank to retain its core deposits and generate

sufficient cash flow through its wholesale funding sources, which

may require us to sell investment securities at a loss; adverse

changes in general political and economic conditions in Puerto Rico,

the U.S., and the U.S. and British Virgin Islands, including in

the interest rate environment, unemployment rates, market liquidity,

housing absorption rates, real estate markets and U.S. capital

markets; general competitive factors and other market risks as well as

the implementation of existent or planned strategic growth opportunities,

including risks, uncertainties, and other factors or events related

to any business acquisitions, dispositions, strategic partnerships,

strategic operational investments including system conversions, and

any anticipated efficiencies or other expected results related

thereto; the impact of litigation or the threat of litigation, including

any settlements or judgements against the Corporation, and the

potential resulting

adverse publicity or other reputational harm; uncertainty as

to the implementation of the debt restructuring plan of Puerto

Rico and the Fiscal Plan for Puerto Rico as certified on June 6, 2025

by the Financial Oversight and Management Board for Puerto

Rico, or any revisions to it, on our clients and loan portfolios, and

any potential impact from future economic or political developments

and tax regulations in Puerto Rico; the impact of government financial

assistance for hurricane recovery and other disaster relief

on economic activity in Puerto Rico; the timing of sales of properties from

our other real estate owned (“OREO”) portfolio; the impacts

of applicable legislative, tax or regulatory changes on the Corporation’s

financial condition or performance; and the effect of

continued changes in the fiscal, monetary, and trade policies

and regulations of the U.S. federal government, the Puerto Rico government

and other governments. The Corporation does not undertake and

specifically disclaims any obligation to update any “forward

-looking statements” to reflect occurrences or unanticipated events

or circumstances after the date of such statements, except as required

by the federal securities laws. Non-GAAP Financial Measures

In addition to the Corporation’s financial information presented

in accordance with GAAP, management uses certain “non-GAAP”

financial measures” within the meaning of Regulation G promulgated

by the SEC, to clarify and enhance understanding of past perform

ance and prospects for the future. Please refer to pages

15-18 for a reconciliation of GAAP to non-GAAP measures and calculations.

Agenda 1 4Q 2025 – Quarter Highlights Aurelio Alemán, President

and Chief Executive Officer 2 4Q 2025 – Results of Operations

Orlando Berges, Executive Vice President and Chief Financial Officer

3 4Q 2025 – Questions and Answers 3

Fourth Quarter 2025 Financial Performance Highlights Profitability Net

income of $87.1 million ($0.55 per diluted share), compared

to $100.5 million ($0.63 per diluted share) in 3Q 2025 Record net interest

income of $222.8 million, up 2.2% when compared to 3Q 2025

On a non-GAAP basis, record adjusted pre-tax, pre-provision

income of $129.2 million, up 6.4% when compared to 3Q 2025 Sustained

track record of expense management discipline resulting in efficiency

ratio of 49.3% vs. 50.2% in 3Q 2025 Balance Sheet Total

loans grew by $80.8 million reaching $13.1 billion (0.6% vs. prior

quarter) mainly reflecting growth across commercial

segments Core deposits, other than brokered and fully collateralized

government deposits, increased by $266.5 million (2.1% vs. prior quarter)

Fully collateralized government deposits decreased by $422.6 million

to $3.0 billion Asset Quality Non-performing assets (“NPA”)

ratio decreased to 0.60% and annualized net charge-offs to average

loans increased by 1 bp to 0.63% Allowance for credit losses (“ACL”)

coverage ratio on loans and leases increased by 1 bp to 1.90% Liquidity

and Capital Total available liquidity sources of approximately

$6.3 billion or 1.3x of uninsured deposits (excluding fully collateralized

govt. deposits) Repurchased $50.0 million in common stock and declared

$28.3 million in common stock dividends; CET1 remains strong and

above well-capitalized levels at 16.8% On a non-GAAP basis,

tangible book value per share grew by 4.2% to $12.29 and

tangible common equity ratio reached 10.1% 4

2025 - Another Year of Strong Performance and Consistent Returns

2025 Highlights and Strategic Priorities for 2026 2026 Outlook

and Priorities Stable economic backdrop on the back of an encouraging

labor market and reconstruction efforts Remain focused on

delivering ~3% to 5% organic loan growth, sustaining a 52% efficiency

ratio, maintaining strong profitability, and returning close

to 100% of annual earnings back to shareholders Continue our franchise

investments towards improving interaction with customers by providing

a seamless experience through multiple channels Operating Environment2

Record Financial Results and Top-Quartile Profitability 1 Balance

Sheet Strength and Strong Capital Returns 2 Consistent Omnichannel

Strategy Execution 3 Net Income $345 million +15% YoY EPS

$2.15 +19% YoY Total Revenues $1.0 billion +7%

YoY Return on Assets 1.8% Improved 23 bps YoY

TBVPS $12.29 +24% YoY Net Payout Ratio ~95% ~100% of

adj. earnings(1) CET1 16.8% Improved 44 bps YoY Total

Loans $13.1 billion +3% YoY Branch Sales per

Employee +11% YoY Self-Service Channel Use 95% of deposit

transactions Active Digital Users +5% YoY Branch Avg.

Waiting Time -20% YoY (1) Non-GAAP financial

measure. Please refer to the calculation and management’s reason

for using this measure on page Slides

15-18 titled “Fourth Quarter 2025 - Use of Non-GAAP Financial

Measures.” (2) Sources: Puerto Rico Planning Board, Bureau of Labor

Statistics (BLS), Discover Puerto Rico, PR Department of Labor,

PR Department of Economic Development and Commerce (DDEC),

Central Office for Recovery, Reconstruction and Resiliency

(COR3) | (3) Preliminary figure 5

Results of Operations 6

Fourth Quarter 2025 Discussion of Results Income Statement and

Selected Financial Data • 40 2025 I Variance Í FY 2025 I ($

in thousands, except per share data and financial ratios) Interest

income $ 285,158 $ 282,743 s 2,415 $ 279,728 $ 1,123,15 S 1,095,153

Interest expense 62,390 64,827 _2,437) 70,461 254,216 287,674

Net interest income 222,768 217,916 4,852 209,267 868,940

807,479 Provision for credit losses 22,971 17,593 5,378 20,904

85,961 59,921 Total non-interest income 34,400 30,794 3,606

32,199 131,878 130,722 Personnel expense 63,196 59,761 3,435

59,652 245,152 235,695 Occupancy and equipment expense

21,797 22,185 G88) 22,771 88,909 88,427 Professional service

fees 13,111 11,903 1,208 11,810 48,109 49,455 FDIC deposit

insurance %1 2,236 01,275) 2,236 7,668 9,818 Net (gain )

loss on OREO operations (838) 1,033 01,871) (1,074) (1,525) (,474)

Other non-interest expenses 28,643 27,776 867 29,138 109,810

111,152 Total non-interest expenses 126,870 124,894 1,976

124,533 498,123 487,073 Pre-tax income 107,327 106,223

1,104 %,029 416,734 391,207 Income tax expense 20,226 5,697

14,529 20,328 71,868 92,483 Net income $ 87,101 $ 100,526 s (13,425)

$ 75,701 S 344,866 s 298,724 Selected Financial Data: Adjusted

pre-tax, pre-provision income Non-GAAP) 129,199 121,458 7,741

116,933 499,238 452,227 Adjusted net income (Non-GAAP)

86,414 81,615 4,799 75,701 325,268 299,41 1 Fully diluted EPS

0.55 0.63 (0.08) 0.46 2.15 1.81 Adjusted fully diluted EPS (Non-GAAP)

0.55 0.51 0.04 0.46 2.02 1.81 Tangible book value per

share 12.29 11.79 0.50 9.91 12.29 9.91 Common stock price as of

end of period 20.73 22.05 (1.32) 18.59 20.73 18.59 Dividend payout

ratio 32.40% 28.52% 3.88% 34.47% 33.40% 35.25% Net Interest

Margin (GAAP) 4.68% 4.57% 0.11% 4.33% 4.58% 4.25%

Efficiency ratio (GAAP) 49.33% 50.22% -0.89% 51.57% 49.77%

51.92% Adjusted ROAA (Non-GAAP) 1.80% 1.70% 0.10% 1.56%

1.71% 1.58% Non-GAAP Reconciliation – Selected Data(1) 4Q25

Adjusted Tangible Common Equity Ratio 10.1% 1.6%

11.7% 4Q25 TCE Ratio AOCL Impact Adj. TCE Rato 4Q25

Adjusted Tangible Book Value per Share 12.30% 2.22%

14.51% 4Q25 TCE TBVPS AOCL Impact Adj. TBVPS 4Q25 Adjusted

ROACE 17.8% 2.9% 15.0% 4Q25 TOACE AOCL Impact

Adj. ROACE (1) Non-GAAP financial measures. Please refer

to the calculation and management’s reason for using these measures

on page Slides 15-18 titled “Fourth Quarter 2025 - Use

of Non-GAAP Financial Measures.” 7

Fourth Quarter 2025 Profitability Dynamics Net Interest Income ($MM)

$209.3 $212.4 $215.9 $217.9 $222.8 4.33% 4.52% 4.56% 4.57%

4.68% Q424 1Q25 2Q25 3Q25 4Q25 Net Interest Income ($)

Net Interest Margin (GAAP %) Evolution of Loan Yields and

Cost of Funds(1) 7.71% 7.75% 7.64% 7.62% 7.55% 6.10% 6.22% 6.18%

6.11% 6.09% 1.61% 1.53% 1.46% 1.51% 1.46% Q424 1Q25 2Q25

3Q25 4Q25 Loan Yields Cost of Funds Key Highlights Net interest

income amounted to $222.8 million,

an increase of $4.9 million vs. the prior quarter; the increase

primarily reflects: A $2.5 million decrease in interest expense mostly

due to lower average balances on interest-bearing checking

and savings accounts and lower rates paid during the quarter particularly

on government deposits, partially offset by an increase

in interest expense on non-brokered time deposits due to higher average

balances A $1.6 million net increase in interest income on investments and

cash balances due to purchases of higher yielding investments

replacing lower yielding securities resulting in a 33-bps improvement

in yield, partially offset by a decrease in interest income from

lower cash balances and the reduction in fed funds rate, and a $0.8 million

net increase in interest income on loans mostly due to higher

average balances of commercial and residential mortgage loans Net

interest margin increased during the quarter by 11 basis point to

4.68%, mostly reflecting the improvement from the deployment

of cash flows from lower yielding securities to higher yielding

interest-earning assets and the decrease in the cost of interest-bearing

non-maturity deposits (mostly public funds), partially offset by

downward repricing on variable-rate commercial loans; NIM expansion

included 3 bps associated with interest income collected on a

nonaccrual commercial loan and a prepayment penalty on

a loan cancellation (1) Average cost of

funds include cost of all interest-bearing deposits, non-interest-bearing

deposits, and wholesale funding 8

Fourth Quarter 2025 Profitability Dynamics Non-Interest Income ($MM)

$32.2 $35.7 $31.0 $30.8 $34.4 $19.3 $22.9 $17.7 $17.7 $20.3 $3.2

$3.2 $3.4 $3.4 $4.2 $9.7 $9.6 $9.8 $9.8 $9.9 Q424 1Q25 2Q25

3Q25 4Q25 Other Mortgage Banking Service Charges on Deposits

Non-Interest Expenses ($MM) $124.5 $1,233.0 $123.3 $124.9 $126.9

$59.6 $62.1 $60.1 $59.8 $63.2 $65.0 $61.4 $63.2 $63.2 $63.5 -$0.1

-$0.5 $0.0 $1.9 $0.2 Q424 1Q25 2Q25 3Q25 4Q25 Credit

Related Payroll Related Other Operating Expenses Key Highlights

Non-interest income of $34.4 million, compared to $30.8 million

in prior quarter; the $3.6 million increase was driven by: A

$2.3 million increase in other income, mostly related to $1.8 million

in gains from purchased income tax credits A $0.9 million

increase in revenues from mortgage banking activities due to higher

gains on sales from improved spreads and higher volume of

sales A $0.7 million increase in debit and credit card processing

income driven by higher transactional fee income Key Highlights Non-interest

expenses of $126.9 million,

up $2.0 million vs. prior quarter due to: A $3.4 million increase

in payroll-related expenses, of which $2.3 million was attributable

to the employee retention credit recognized in 3Q 2025 A $2.1

million increase in business promotion expenses due to seasonal marketing

efforts and a $1.2 million increase in professional fees mostly associated

with ongoing IT projects Partially offset by a $1.9 million improvement

in results of REO operations mainly due to the $2.8 million valuation adjustment

recorded in 3Q 2025 and a decrease in the FDIC deposit insurance

expense of $1.3 million Efficiency ratio relatively stable at 49%, below

the 52% operating target 9

Fourth Quarter 2025 Asset Quality Non-Performing Assets ($MM)

Repossessed Assets and Other Non-Performing Loans NPAs/Assets

$118.3 $129.4 $128.0 $119.4 $114.1 $30.8 $30.9 $27.9

$23.2 $21.5 0.61% 0.68% 0.68% 0.62% 0.60% $87.5 $98.5 $100.1

$96.3 $92.6 Q424 1Q25 2Q25 3Q25 4Q25 Repossessed Assets

and Other Consumer Residential Construction Commercial

$118.3 $129.4 $128.0 $119.4 $114.1 $30.8 $30.9 $27.9 $23.2

$21.5 $22.8 $22.8 $20.3 $20.7 $21.4 $31.9 $30.8 $30.8 $28.9 $29.2

$1.4 $1.4 $5.7 $5.6 $5.5 $31.4 $43.5 $43.3 $41.1 $36.4 Q424 1Q25

2Q25 3Q25 4Q25 Total non-performing assets decreased

by $5.3 million to $114.1 million or 0.60% of total assets Decrease

in non-performing assets was driven by a $12.0 million payoff of a commercial

mortgage loan in Florida, a $3.1 million payoff of a Puerto Rico

C&I loan, and a $1.8 million decrease in OREO balances, partially

offset by the inflow of two C&I loans in the Puerto Rico region that

in aggregate amounted to $11.9 million Inflows to non-accrual

loans held for investment

were $46.2 million, an increase of $14.0 million when compared

to the prior quarter, mostly driven by the inflow of the above-referenced

Puerto Rico C&I loans, a $1.2 million increase in residential mortgage inflows,

and a $0.7 million increase in consumer loan inflows Loans in

early delinquency (i.e., 30-89 days past due accruing loans) amounted

to $145.0 million,

an increase of $2.1 million vs. 3Q 2025, mostly related to a net

increase of $7.0 million in consumer loans, primarily in auto loans,

partially offset by the $6.0 million past due C&I loan in Florida

that was restored to “current” status in 4Q 2025 10

Fourth Quarter 2025 ACL and Capital Evolution of ACL ($MM) and ACL

on Loans to Total Loans (%) $4.5 $4.4 $4.6 $4.0 $4.5 $248.4

$251.7 $253.2 $251.0 $253.5 $243.9 $247.3 $248.6 $247.0 $249.0

1.91% 1.95% 1.93% 1.89% 1.90% Q424 1Q25 2Q25 3Q25

4Q25 Off-BS Credit Exposure & Debt Securities Loans ACL

on Loans/Loans Capital Ratios (%) 18.0 16.3 16.3 11.1 8.4

18.0 16.6 16.6 11.2 9.1 17.9 16.6 16.6 11.4 9.6 17.9 16.7 16.7

11.5 9.7 18.0 16.8 16.8 11.6 10.1 Q424 1Q25 2Q25 3Q25

4Q25 Total Risk-Based Capital Tier-1 Capital Tier-1

Common Leverage Tangible Common Key Highlights The

allowance for credit losses (ACL) on loans and leases was $249.0

million, up $2.0 million vs. prior quarter; the ratio of the ACL on

loans and finance leases to total loans held for investment increased

to 1.90% Variance was mainly related to a $3.1 million increase

in the ACL for commercial and residential mortgage loans mostly due to

portfolio growth, partially offset by a $1.1 million decrease

in the consumer ACL due to improved macroeconomic variables Net charge

-offs of $20.4 million,

0.63% of average loans, compared to $19.9 million or 0.62%

in prior quarter, increase mostly driven by slightly higher unsecured

consumer charge-offs and a $0.3 million recovery from a construction

loan in Florida in 3Q25 Key Highlights Total stockholders’

equity amounted to $2.0 billion, an increase of $48.8 million vs.

the prior quarter, driven by earnings generated during the quarter

and the $38.3 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 Partially offset by $50.0 million in common

stock repurchases and $28.3 million in common stock dividends

declared during the fourth quarter All regulatory ratios remain

significantly above “well-capitalized” levels 11

4Q 2025 Financial Results Appendix and Non-GAAP Financial Measures

Fourth Quarter 2025 Appendix – Balance Sheet Highlights Loan Portfolio

- $MM $12,762 $12,690 $12,880 $13,061 $13,142 Loans HFS $15

$15 $10 $13 $17 Commercial $5,932 $5,862 $6,018 $6,163 $6,243

Consumer $3,758 $3,741 $3,747 $3,736 $3,709 Construction $228

$234 $245 $260 $266 Residential $2,829 $2,838 $2,859 $2,889

$2,908 4Q24 1Q25 2Q25 3Q25 4Q25 Total Deposits (excluding

Brokered CDs) - $MM $16,393 $16,340 $16,027 $16,233 $16,077

Public Funds $3,525 $3,443 $3,371 $3,438 $3,016 CD& IRAS

$2,704 $2,779 $2,888 $3,055 $3,122 Commercial $5,218 $5,120

$4,897 $4,879 $5,019 Retail $4,946 $4,998 $4,871 $4,861 $4,920

4Q24 1Q25 2Q25 3Q25 4Q25 Public Funds Distribution - $MM

Public Corp/Agencies US Govt. Municipalities $3,016 PR $2,548

84% $469 Other -16% 4Q24 $1,918 (75%) $583 (23%) $47 (2%)

Loan Originations - $MM(1) $1,654 $1,177 $1,414 $1,371 $1,392

Consumer $284 $276 $283 $267 $261 Credit Cards $116 $102 $108

$104 $105 Residential $133 $114 $127 $132 $129 Construction

$60 $49 $35 $35 $29 Commercial $1,060 $636 $861 $833

$869 4Q24 1Q25 2Q25 3Q25 4Q25 Composition of Deposit Portfolio

vs. Available Liquidity - $MM(2) $16,233 $16,077 $5,375

$5,549 NIB 33% 35% $10,858 $10,528 IB 67% 65% 3Q25

4Q25 Insured $8,271 (51%) Uninsured $4,790 (30%) Public

Funds $3,016 (19%) $4,790 $6,351 $659 Cash & Equivalents $1,937

Free Liquid Securities $1,119 FHB Availability $2,636 Fed Line

3Q25 4Q25 (1) Loan Originations include refinancing and renewals,

as well as credit card utilization activity (2) Uninsured deposits exclude

public funds which are fully collateralized 13

Fourth Quarter 2025 Appendix - NPL Migration 40 2025 Residential

Mortgage Commercial Commercial & _ Construction Industrial

Consumer Total Beginning balance $ 28,866 S 21,437 S 19,650

$ 5,591 S 20,717 S 96,261 Plus: Additions to non-performing 4,254

101 12,326 - 29,517 46,198 Less: Non-performing loans transferred

to OREO (66) - (83) - (4,324) (4,473) Non-performing loans charged

-off (2) (92) 062) - (17,087) (17,343) Loans returned to accrual status

/ collections (3,883) (13,064) (3,689) (55) (7,389) (28,080) Ending

balance S 29,169 S 8,382 S 28,042 S 5,536 S 21,434 S 92,563 30

2025 Residential Mortgage Commercial Commercial & _ Construction

Industrial Consumer Total Beginning balance S 30,790 S

22,905 S 20,349 S 5,718 S 20,336 S 100,098 Plus: Additions to

non-performing 3,131 155 134 - 28,788 32,208 Less: Non-performing

loans transferred to OREO (243) - - - (4,981) (5,224) Non-performing

loans charged-off (26) - (137) - (16,707) (16,870) Loans returned to

accrual status / collections (4,786) (1,623) (696) (127) (6,719) (13,951)

Ending balance S28,866 S 21,437 S 19,650 S 5,591 S 20,717 S 96,261

Fourth 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. (In thousands, except ratios and per share

information) 40 2025 3Q2025 20 2025 1Q2025 4Q2024 Tangible

Equity: Total common equity - GAAP Goodwill Other intangible

assets $ 1,966,865 (38,611) (3,458) $ 1,918,045 (38,611)

(3,676) $ 1,845,455 (38,611) (4,535) $ 1,779,342 (38,611) (5,715)

$ 1,669,236 (38,611) (6,967) Tangible common equity (Non

-GAAP) $ 1,924,796 $ 1,875,758 $ 1,802,309 $ 1,735,016 $ 1,623,658

Tangible Assets: Total assets - GAAP Goodwill

Other intangible assets $ 19,132,892 (38,611) (3,458) $ 19,321,335

(38,611) (3,676) $ 18,897,529 (38,611) (4,535) $ 19,106,983 (38,611)

(5,715) $ 19,292,921 (38,611) (6,967) Tangible assets (Non-GAAP)

$ 19,090,823 $ 19,279,048 $ 18,854,383 $ 19,062,657 $ 19,247,343

Common shares outstanding 156,619 159,135 161,508 163,104

163,869 Tangible common equity ratio (Non-GAAP) Tangible

book value per common share (Non-GAAP) $ 10.08% 12.29

$ 9.73% 11.79 $ 9.56% 11.16 $ 9.10% 10.64 $ 8.44% 9.91 15

Fourth 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. (S in thousands)

Quarterly Results Full Year Results 1 40 2025 É 3Q2025 20

2025 1Q2025 4Q2024 FY 2025 FY 2024 Income before

income taxes S 107,327 S 106,223 S 102,885 S 100,299 S 96,029 S 416,734

S 391,207 Add: Provision for credit losses expense 22,971 17,593

20,587 24,810 20,904 85,961 59,921 Add: FDIC special assessment

(reversal) expense (1,099) - - - - (1,099) 1,099 Less: Employee

retention credit - (2,358) -

- - _(2,358) - Adjusted pre-tax, pre-provision income S 129,199 S 121,458

S 123,472 S 125,109 S 116,933 S 499,238 S 452,227 Change

from most recent prior period (amount) S 7,741 s (2,014) S (1,637)

S 8,176 S 5,302 S 47,011 S (7,255) Change from most recent prior

period (percentage) 6.4% -1.6% -1.3% 7.0% 4.7% 10.4% -1.6% 16

Fourth 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, 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 December

31, 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. 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 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. FDIC Special Assessment

Expense - A benefit of $1.1 million ($0.7 million after-tax)

was recorded for the quarter and year ended December

31, 2025, related to amendments to the

FDIC special assessment collection terms. On December 16, 2025, the

FDIC issued an interim final rule amending the collection terms

of the special assessment, including reducing the collection rate

in the eighth collection quarter from 3.36 basis points to 2.97

basis points, eliminating the extended assessment

period provisions, and providing offsets to regular quarterly

deposit insurance assessments if aggregate collections exceed

actual losses. As a result of these changes, the Corporation recorded

a reversal of the charges of $1.1 million ($0.7 million after-tax) that were

recorded for the year ended December 31, 2024, in connection with

the FDIC special assessment imposed to cover expected

losses incurred by the Deposit Insurance Fund following the failures of

certain financial institutions in the first half of 2023. Quarterly

Results Full Year FY 2025 Results FY 2024 • 4Q2025 I 3Q2025

2Q 2025 1Q2025 4Q2024 (In thousands, except pershare

information) Net income, as reported (GAAP) S 87,101 S 100,526

S 80,180 S 77,059 S 75,701 S 344,866 S 298,724 Adjustments: Employee

retention credit - (2,358) - - - (2,358) - FDIC special as 5 es sm ent

(reversal) expense (1,099) - - - - (1,099) 1,099 Income tax

impact related to the enactment of Act 65-2025 - (16,553) - - - (16,553)

- Income tax impact of adjustments 412 - - - - 412 (412) Adjusted

net income (Non-GAAP) S 86,414 S 81,615 S 80,180 S 77,059

S 75,701 S 325,268 S 299,411 Weighted-average diluted shares

outstanding 157,675 160,087 161,513 163,749 163,893 160,739

165,268 Earnings per share - diluted (GAAP) S 0.55 S 0.63

S 0.50 S 0.47 S 0.46 S 2.15 S 1.81 Adjusted earnings per share

- diluted (non-GAAP) S 0.55 S 0.51 S 0.50 S 0.47 S 0.46 S 2.02

S 1.81 Average assets S 19,081,259 S 19,028,792 S 19,041,206

S 19,107,102 S 19,217,363 S 19,064,421 S 18,961,356 Average

assets adjusted for Special Items S 19,081,259 S

19,027,151 S 19,041,206 S 19,107,102 S 19,217,363 S 19,059,241 S

18,961,356 Return on average assets (GAAP) 1.81% 2.10% 1.69%

1.64% 1.56% 1.81% 1.58% Adjusted return on average

assets (non-GAAP) 1.80% 1.70% 1.69% 1.64% 1.56% 1.71% 1.58%

Fourth 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 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. As of December 2025 Tangible Common Equity s 1,924,796

Add: AOCL AFS Debt Securities 347,190 Adjusted Tangible

Common Equity s 2,271,986 Tangible Assets s 19,090,823 Add:

AOCL AFS Debt Securities 347,190 Adjusted Tangible

Assets s 19,438,013 Adjusted Tangible Common Equity Ratio

11.69% Common Shares Outstanding 156,619 Adjusted Tangible

Book Value Per Common Share s 14.51 • 40 2025 (Average)

• Average Common Equity s 1,936,808 Add: Average

AOCL AFS Debt Securities 368,222 Adjusted Common Equity s 2,305,030

Net Income s 87,101 Adjusted Return on Average Common

Equity 14.99% ; 18

1First BanCorp 19