Financial Results3Q 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 that Hurricanes Fiona and Ian will have on the economy in the regions impacted, both positive and negative, for the Corporation’s commercial and retail customers, which will depend on the extent to which rebuilding efforts and disaster relief money stimulate economic activity and the ultimate effect on loan collection, 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 duration of the COVID-19 pandemic and its impact 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 16-18 for a reconciliation of GAAP to non-GAAP measures and calculations for the quarter ended September 30, 2022.

Agenda 3Q 2022 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 3Q 2022 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers

Third Quarter 2022Performance Highlights Profitability Net income of $74.6 million ($0.40 per diluted share) compared to $74.7 million ($0.38 per diluted share) in 2Q 2022 On a non-GAAP basis, adjusted pre-tax, pre-provision income of $122.4 million, compared to $118.8 million in 2Q 2022 Net interest income increased to $207.9 million, compared to $196.2 million in 2Q 2022; margin expanded by 31 bps to 4.31% Provision for credit losses of $15.8 million, compared to $10.0 million in 2Q 2022 Non-performing assets (NPA) decreased by $4.2 million to $143.3 million as of 3Q 2022, compared to $147.5 million as of 2Q 2022; NPAs stand at 0.78% of total assets The ratio of the ACL for loans and finance leases to total loans held for investment was 2.28% as of 3Q 2022 compared to 2.25% as of 2Q 2022 Asset Quality Continued to return capital to shareholders demonstrating the strength of our balance sheet and our commitment to increasing shareholder value Executed $75 million in common stock repurchases during 3Q 2022; repurchased approximately $225.0 million of common stock during 2022 Ample capital position with a Common Equity Tier-1 ratio of 16.7% in 3Q 2022 Capital

Third Quarter 2022balance Sheet Metrics – Loans and Deposits Total loans grew by $81.3 million to $11.3 billion driven by an increase of $112.8 million in consumer loans, partially offset by a $31.1 million reduction in residential mortgage loans and a $0.4 million decrease in commercial and construction loans Commercial and construction loans, excluding a $31.5 million reduction in Small Business Administration Paycheck Protection Program (“PPP”) loans, increased by $31.1 million Loan originations (other than credit card utilization activity) amounted to $1.1 billion, down $234.0 million during the quarter mainly related to lower commercial and consumer loan originations and renewals Deposits (net of brokered CDs and government deposits) decreased by $530.3 million to $13.6 billion as of 3Q 2022 Loan Originations include refinancing and renewals, as well as credit card utilization activity Core Deposits exclude brokered CDs Loan Portfolio ($MM) Loan Originations ($MM)1 4Q 2021 $139 Commercial (Ex. PPP) $31 $124 $170 $35 $12 $218 3Q 2021 $115 $145 Construction $28 $112 $90 1Q 2022 $23 $49 $11,311 2Q 2022 $18 3Q 2022 Loans HFS Residential Consumer PPP $11,171 $11,096 $11,126 $11,229 $32 Credit Cards 2Q 2022 3Q 2021 $24 $20 Residential 4Q 2021 1Q 2022 $47 $22 3Q 2022 Consumer Construction Commercial $1,201 $1,431 $1,187 $1,484 $1,249 Core Deposits ($MM)2 3Q 2022 Key Highlights Public Funds 1Q 2022 3Q 2021 CDs & IRAs $17,066 4Q 2021 2Q 2022 3Q 2022 Commercial Retail $17,876 $17,684 $17,250 $16,524

Third Quarter 2022Operating Environment and Franchise Highlights Core Franchise Highlights Record pre-tax pre-provision income of $122.4 million, up 3.0% vs 2Q 2022 and 18.2% vs 3Q 2021 Strong expense management culture; lowest efficiency ratio among peers Executed $75 million in common stock repurchases during 3Q 2022; repurchased approximately $225.0 million of common stock during 2022 Ample capital position to continue growing franchise and delivering value to shareholders Launched new institutional brand initiative underlining our expanded franchise and our social commitment to the communities we serve Uncertain global macro mitigated by strong tailwinds in PR Progress on Omnichannel Strategy Digital engagement continued to improve with Retail Digital Banking active users growing by 6.7% year-over-year Increased adoption of recently launched mobile Business Digital Banking application and small business lending platform Captured over 40% of all deposit transactions through digital and self-service channels 2 3 Steady improvement in labor market dynamics; payroll employment reaching decade high in August 2022; up 4.6% year-over-year Economic Activity Index sustaining upward trend albeit at a slower pace; July 2022 print 1.7% above same month last year Remaining obligated disaster recovery and pandemic funding (~$50 billion); over $1.3 billion in disaster relief funds have been disbursed during the first eight months of 2022 (139% above the same period in 2021)1 Secretary of Energy appointed to lead federal effort to support the development of a more resilient power grid in PR should accelerate infrastructure spending 1 4Q19 +4.1% +1.2% -4.3% -0.9% Jul-22 +4.9% 1Q20 3Q20 -9.2% 2Q20 -6.1% 4Q20 -0.7% 1Q21 +8.8% 2Q21 +6.2% 3Q21 4Q21 1Q22 +2.8% +1.7% 2Q22 +2% YoY Change PR Economic Activity Index (EAI) 1Source: Recovery Support Function Leadership Group, https://recovery.fema.gov/rsflg-monthly-data

Results of Operations

Third Quarter 2022 HighlightsDiscussion of Results Income Statement Selected Financial Data

Third Quarter 2022 HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 3.60% 3.61% 1Q22 3Q21 4Q21 3.81% 4.00% 2Q22 3Q22 4.31% Net Interest Margin (GAAP %) Net Interest Income ($) Net interest income increased by 6.0% to $207.9 million, compared to $196.2 million in 2Q 2022 primarily due to: $12.4 million higher interest income on loans related to the upward repricing of variable-rate commercial loans and higher average balances of consumer loans $1.8 million higher income on interest-bearing cash balances held at the Fed and securities due to the increase in the Fed funds rate Partially offset by $2.3 million higher interest expense related to overall higher rates paid on interest bearing deposits during 3Q 2022 Net interest margin expanded to 4.31% compared to 4.00% in 2Q 2022 mainly due to repricing of assets previously mentioned and the change in asset mix to higher yielding earning assets $30.4 3Q21 2Q22 1Q22 $29.9 4Q21 $32.9 $30.9 3Q22 $29.7 Other Mortgage Banking Service Charges on Deposits Non-interest income decreased by $1.2 million to $29.7 million for the third quarter of 2022, compared to $30.9 million for the second quarter of 2022 A reduction of $0.6 million in mortgage banking revenues due to a lower volume of sales A $0.6 million decrease in fees associated with the passing of Hurricane Fiona through Puerto Rico, comprised of $0.1 million in waived fees and $0.5 million in transactional fee income reductions in point-of-sale terminals (“POS”) and merchant transactions

Third Quarter 2022 HighlightsProfitability Dynamics 100 95 -5 120 60 0 70 80 105 90 85 65 110 75 115 -$0.8 $108.3 3Q22 $62.1 $0.0 $0.2 $0.0 3Q21 -$0.8 $56.9 $114.0 1Q22 -$0.4 $62.4 $0.0 $1.9 $0.2 $57.4 2Q22 4Q21 $111.5 $106.7 $115.2 $60.7 $2.3 Merger Related Credit Related Payroll Related Other Operating Expenses Non-interest expenses amounted to $115.2 million in 3Q 2022, an increase of $6.9 million from 2Q 2022; the increase reflects the following variances: A $1.6 million increase in employee compensation, a $0.8 million increase in business promotion expenses, a $0.3 million increase in occupancy costs, $0.6 million in credit and debit card processing costs and a $0.4 million decrease in net gains on OREO operations, among others $1.7 million in expense reversals during 2Q 2022 upon resolutions of matters previously accrued $0.4 million in hurricane related expenses including $0.3 million in donations to non-profit organizations in the most affected regions of Puerto Rico Non-Interest Expenses ($MM) 3Q 2021 1Q 2022 4Q 2021 2Q 2022 3Q 2022 Efficiency Ratio (%) Efficiency ratio slightly increased slightly during the quarter reaching 48.5% from 47.7 % last quarter We expect our efficiency ratio to gradually increase towards the 50% mark during the year as we continue normalizing of our levels of vacant positions and continue the execution of our technology and facilities capital projects

Third Quarter 2022 Highlightsasset Quality Non-Performing Assets ($ in Millions) $156 0.81% 3Q22 3Q21 0.76% 4Q21 0.79% 1Q22 0.76% 2Q22 0.78% $172 $158 $147 $143 Repossessed Assets and Other Loans HFI NPAs/Assets 3Q 2021 $11 $10 $3 $10 $6 $172 $3 4Q 2021 1Q 2022 $10 2Q 2022 $2 $2 3Q 2022 $158 $156 $143 $147 Repossessed Assets and Other Construction Consumer Commercial Residential Total non-performing assets decreased by $4.2 million to $143 million as of 3Q 2022 or 0.78% of total assets The decrease in NPAs was primarily driven by: A $3.0 million decrease in the OREO portfolio balance, mainly in the Puerto Rico region A $2.5 million decrease in nonaccrual commercial and construction loans mainly related to payoffs and paydowns received during the third quarter A $1.6 million decrease in nonaccrual residential mortgage loans, mainly related to $3.6 million of loans restored to accrual status and $1.9 million of collections, partially offset by inflows of $4.8 million Inflows to nonaccrual loans held for investment were $20.3 million, a $3.9 million increase compared to inflows of $16.4 million in the second quarter of 2022, mostly in the consumer portfolios related to the growth in the portfolios

Third Quarter 2022 HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $1.3 billion as of 3Q 2022, a decrease of $292.6 million from 2Q 2022; decrease was driven by: (1) the repurchase of 5.4 million shares of common stock for a total purchase price of approximately $75 million, and (2) a $270.9 million decrease in the fair value of available-for-sale debt securities recorded as part of Other comprehensive (loss) income in the consolidated statements of financial condition These variances were partially offset by earnings generated 3Q 2022 As of 3Q 2022, capital ratios exceeded the required regulatory levels for bank holding companies and well-capitalized banks Evolution of ACL ($ in Millions) and ACL on Loans to Total Loans (%) Capital Ratios $4 2.3% Day-1 CECL 2.6% 3Q 21 $280 $0 $8 $264 $0 2.5% 4Q 21 1.7% 2.2% 1Q 22 3Q 22 2.6% 2019 $9 2Q 22 2.3% $155 $248 $300 $260 $271 Off-BS Credit Exposure ACL on Loans/Loans Debt Securities Loans 17.9% 3Q 2022 20.7% 3Q 2021 20.5% 17.8% 10.4% 10.2% 17.6% 9.9% 10.1% 17.8% 17.5% 9.8% 4Q 2021 10.4% 20.2% 10.2% 17.5% 8.6% 1Q 2022 19.7% 17.0% 17.0% 16.7% 7.7% 19.4% 2Q 2022 16.7% 6.6% Tier-1 Capital Tier-1 Common Total Risk-Based Capital Tangible Common Leverage The allowance for credit losses (ACL) on loans and leases increased by $5.8 million during 3Q 2022 to $258 million The ratio of the ACL for loans and finance leases to total loans held for investment was 2.28% as of 3Q 2022, compared to 2.25% as of 2Q 2022

Exhibits

Third Quarter 2022 HighlightsPuerto Rico Government Exposure ($ in millions) As of 3Q 2022, the Corporation had $327.2 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $353.2 million as of 2Q 2022 87% of direct government exposure is to municipalities, which are supported by assigned property tax revenues or by one or more specific sources of municipal revenues Government Loans Government deposits As of 3Q 2022, the Corporation had $2.5 billion of public sector deposits in Puerto Rico, compared to $2.3 billion as of 2Q 2021 Approximately 25% is from municipalities in Puerto Rico and 75% is from public corporations, the Puerto Rico central government and agencies, and U.S. federal government agencies in Puerto Rico

Third Quarter 2022 Highlights NPL Migration

Third Quarter 2022 HighlightsUse 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 they will be helpful to an understanding of the Corporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the 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 generally used by the financial community to evaluate capital adequacy. Tangible common equity is total equity less preferred equity, goodwill, core deposit intangibles, and other intangibles, such as the purchased credit card relationship intangible and the insurance customer relationship intangible. Tangible assets are total assets less goodwill, core deposit intangibles, and other intangibles, such as the purchased credit card relationship intangible and the insurance customer relationship intangible. 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 disclosures of these financial measures may be useful also 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.

Third Quarter 2022 HighlightsUse 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 they will be helpful to an understanding of the Corporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation of the non-GAAP financial measure to the 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. The financial results for the third quarter of 2021 include the following significant items that management believes are not reflective of core operating performance, are not expected to reoccur with any regularity or may reoccur at uncertain times and in uncertain amounts (the “Special Items”): Quarter ended September 30, 2021 Merger and restructuring costs of $2.3 million ($1.4 million after-tax calculated based on the statutory rate of 37.5%) in connection with the Banco Santander Puerto Rico (“BSPR”) acquisition integration process and related restructuring initiatives. Merger and restructuring costs were primarily related to system conversions completed early in the third quarter of 2021 and other integration related efforts. Costs of $0.6 million ($0.4 million after-tax calculated based on the statutory tax rate of 37.5%) related to the COVID-19 pandemic response efforts, primarily costs related to additional cleaning, safety materials, and security measures The following table the reported net income to adjusted net income, a non-GAAP financial measure that excludes the Special Items identified above: