First BanCorp is the holding company for FirstBank Puerto Rico, a full-service commercial bank headquartered in San Juan and the largest Puerto Rico-based bank by assets. FirstBank serves individuals, small businesses, corporations, and government entities across Puerto Rico, the USVI, BVI, and southern Florida through roughly 73 branches and digital channels. FirstBank offers standard retail and commercial banking products — checking and savings accounts, residential mortgages, auto loans, personal loans, credit cards, and commercial loans — with Puerto Rico operations driving the vast majority of deposits, loans, and revenues. Like most banks, FirstBank earns a spread between its cost of deposits and the yield on its loan and investment portfolios. Its deposit base is notable for low rate sensitivity, which expands margins in high-rate environments. FirstBank also holds a large legacy investment securities portfolio at low yields that is gradually repricing higher as securities mature, providing a durable tailwind to net interest income through at least 2026. The consumer lending book — auto, personal loans, and credit cards — carries high yields and is a meaningful margin contributor. FirstBank benefits from a tax-efficient structure through an International Banking Entity arrangement in Puerto Rico. Outside Puerto Rico, FirstBank operates a smaller and growing commercial banking presence in southern Florida. First BanCorp has been aggressively returning capital to shareholders through dividends and buybacks, having repurchased over 28% of shares outstanding since 2021.