FIRST BANCORP /PR/ Business Summary

First BanCorp (NYSE: FBP) is a diversified financial holding company that generates approximately 86% of its revenue through net interest income, supported by a $13 billion loan portfolio and a robust investment securities strategy. The company operates through three core segments: Commercial and Consumer Banking (Puerto Rico), which serves as its primary deposit and lending engine; Mortgage Banking, focused on residential originations and secondary market sales; and the Virgin Islands and Florida operations, which provide geographic diversification and a foothold in the high-growth Southeastern U.S. market. Within the Puerto Rican banking sector, First BanCorp is the second-largest institution by assets, positioned as a formidable mid-cap competitor to the market leader Popular, Inc. (BPOP) and the smaller OFG Bancorp (OFG), while competing with regional players like Ameris Bancorp (ABCB) and Hancock Whitney (HWC) in its Florida expansion. The leadership team is anchored by Aurelio Alemán, who has served as President and CEO since 2009, steering the bank through its post-2008 recapitalization and the $1.1 billion acquisition of Banco Santander Puerto Rico. The current executive suite includes Executive Vice President and CFO Orlando Berges, who is scheduled to retire in June 2026, and his designated successor, Said Ortiz, the current Chief Accounting Officer with nearly two decades of experience at firms like Ernst & Young. The board is chaired by Roberto R. Herencia, an industry veteran with a pedigree from BMO Financial Group and Midwest Bancorp. Backed by major institutional investors such as BlackRock, Vanguard, and Wellington Management, the management team is currently executing a 2026 capital strategy focused on returning nearly 100% of annual earnings to shareholders via an 11% dividend increase and a $200 million share repurchase program.