First BanCorp : August 2022 Investor Presentation

INVESTOR PRESENTATION

AUGUST 2022

FORWARD LOOKING STATEMENTS

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Corporation's future economic, operational and financial performance and can be identified by the words or phrases "expect," "anticipate," "intend," "should," "would," "will," "plans," "forecast," "believe" and similar expressions. First BanCorp (the "Corporation" ) cautions readers not to place undue reliance on such statements, which speak only as of the date made, and advises readers that 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 10-K for the year ended December 31, 2021 and the following, could cause actual results to differ materially from those expressed in, or implied by, such statements: the impact of rising interest rates and inflation on the Corporation, including a decrease in demand for new mortgage loan originations and refinancings, increased competition for borrowers, and an increase in non-interest expenses, which would have an impact on the Corporation's margins and may have an adverse impact on origination volumes and financial performance; uncertainties relating to the impact of the COVID-19 pandemic, actions taken by governmental authorities in response thereto, and the impact of the pandemic on the Corporation's business, operations, employees, credit quality, financial condition and net income; the Corporation's ability to identify and prevent cyber-security incidents; risks associated with the Corporation's acquisition of Banco Santander de Puerto Rico ("BSPR") and any future business acquisitions or dispositions; uncertainty as to the ultimate outcome of the recently approved debt restructuring plan of Puerto Rico ("Plan of Adjustment" or "PoA") and the 2022 Fiscal Plan for Puerto Rico as certified by the Financial Oversight and Management Board for Puerto Rico, or any revisions to it; changes in economic and business conditions, including those caused by the COVID-19 pandemic or other global or regional health crises as well as past or future natural disasters or geopolitical concerns, such as the ongoing conflict in Ukraine, that directly or indirectly affect the financial health of the Corporation's customer base; the impact of a resumption of the slowing economy and increased unemployment or underemployment ; uncertainty as to the availability of certain funding sources; the effect of a resumption of deteriorating economic conditions in the real estate markets and the consumer and commercial sectors and their impact on the credit quality of the Corporation's loans and other assets; the impact of changes in accounting standards or assumptions in applying those standards; the ability of FirstBank Puerto Rico ("FirstBank") to realize the benefits of its net deferred tax assets; the ability of FirstBank to generate sufficient cash flow to make dividend payments to the Corporation; adverse changes in general economic conditions in Puerto Rico, the U.S., the U.S. Virgin Islands, and the British Virgin Islands, and disruptions in the U.S. capital markets; the effect of changes in the interest rate environment, including the cessation of the London Interbank Offered Rate; an adverse change in the Corporation's ability to attract new clients, retain existing ones, 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 ; the risk that additional portions of the unrealized losses in the Corporation's investment portfolio are determined to be credit-related; uncertainty about legislative, tax or regulatory changes that affect financial services companies in Puerto Rico, the U.S., and the U.S. and British Virgin Islands; changes in the fiscal and monetary policies and regulations of the U.S. federal government and the Puerto Rico and other governments; the risk of possible failure or circumvention of the Corporation's internal controls and procedures and the risk that the Corporation's risk management policies may not be adequate; the risk that the Federal Deposit Insurance Corporation (the "FDIC") may increase the deposit insurance premium and/or require special assessments to replenish its insurance fund, causing an additional increase in the Corporation's non-interest expenses; the impact of any of these uncertainties on the Corporation's capital and declaration of dividends by the Corporation's Board of Directors; uncertainty as to whether FirstBank will be able to continue to satisfy its regulators regarding, among other things, its asset quality, liquidity plans, maintenance of capital levels and compliance with applicable laws, regulations, and related requirements; and general competitive factors and industry consolidation. The Corporation does not undertake, and specifically disclaims any obligation, to update any forward-looking statements after the date of such statements, except as required by law.

Non-GAAP Financial Measures

In addition to the Corporation's financial information presented in accordance with GAAP, management uses certain "non-GAAP" financial measures" within the meaning of Regulation G promulgated by the SEC, to clarify and enhance understanding of past performance and prospects for the future. Please refer to pages 19-21 for a reconciliation of GAAP to non-GAAP measures and calculations for the quarter ended June 30, 2022.

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INVESTMENT MERITS

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Strong Market Position & Scalable PlatformFully integrated and expanded franchise with a strong market position in a consolidated market with opportunities for enhanced market penetration while serving over 690,000 customers

Economic Recovery UnderwayPuerto Rico will continue to benefit from both pandemic relief and disaster recovery funding; over $50 billion in obligated funds are still pending to be disbursed over the next years

Fortress Balance SheetLiquidity, reserve coverage, and capital levels remain among the highest in the banking industry with ample coverage to weather the impact of disruptions caused by the pandemic

Strong Core PerformancePre-tax,pre-provision income increased by 26% to $230.6 million during the first 6 months of 2022 when compared to the same period in 2021

Value Driving Capital AllocatorCapital ratios remain among the highest in the banking industry; increased quarterly common dividend to $0.12/share in April 2022 and have repurchased $150 million through the second quarter 2022; $250 million in additional repurchases available under approved share repurchased program

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FRANCHISE OVERVIEW

• Founded in Puerto Rico in 1948
• Headquartered in San Juan, Puerto Rico with operations in Eastern Caribbean and Florida
• Second largest financial company in PR, with an attractive business mix and substantial loan market share in retail and commercial lending segments
• Florida presence with focus on serving southeast Florida region (Miami-Dade and Broward counties)
• One of the largest depository institution in the US Virgin Islands with over 30% deposit market share (net of government deposits)

Full-Service Banking Franchise Across Three Operating Regions

Puerto Rico Region

Revenue: 88%

Loan Portfolio: 79%

Total Deposits: 80%

Florida Region

Revenue: 9%

Loan Portfolio: 17%

Total Deposits: 10%

Eastern

Caribbean Region

Revenue: 3%

Loan Portfolio: 4%

Total Deposits: 10%

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PUERTO RICO MARKET SHARE*

Leading Banking Institution in Puerto Rico Across All Business Segments and Services / Channels

CORE DEPOSITS	TOTAL LOANS	COMMERCIAL LENDING	MORTGAGE ORIGINATIONS	BRANCHES	POS TRANSACTIONS ($)
10%	20%	6%		3%								7%		10%	20%
	24%							27%					23%
										33%
2ND		2ND			2ND			2ND		2ND	2ND
				70%							67%
		70%											70%
70%																70%
CREDIT CARDS	PERSONAL LOANS		AUTO & LEASING	SMALL LOANS (<$5K)	ATM TERMINALS (#)	ACH TRANSACTIONS (#)
6%												2%
24%	12%	18%	9%				21%					3%		4%	26%
							27%
										28%
2ND		3RD			2ND			2ND		2ND	2ND
70%												70%			70%			70%
	70%		70%
					FirstBank			Peers		Gap to Achieve 30% Market Share in Main Market

* Market share data as of 1Q 2022 and excludes balances/transactions related to credit unions. "Auto & Leases" and "Small Loans (<$5K)" segments include loans related to other non-depository institutions.

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