FIRST BANCORP /PR/ Q3 FY25 Results

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%. 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. 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.”