The Financial Times’ The Banker Magazine Selects FirstBank Puerto Rico as “Bank of the Year - Puerto Rico”

Rhea-AI Summary

First BanCorp. (NYSE: FBP) has been awarded as Puerto Rico’s Bank of the Year - 2022 by The Banker, a publication owned by Financial Times. The recognition is attributed to the Bank's robust capital position, strong profitability, and leadership in the Puerto Rican market. Additionally, The Banker acknowledged the Bank’s advancements in digital banking and its support for clients during the COVID-19 pandemic. President and CEO Aurelio Alemán emphasized the Bank's commitment to its customers and communities, aiming for expanded market share and enhanced self-service digital offerings post the integration of over 150,000 customers.

Positive

• Awarded as Puerto Rico’s Bank of the Year - 2022 by The Banker, indicating strong market recognition.
• Highlighted leadership position in Puerto Rico's banking market, contributing positively to visibility and credibility.
• Robust capital position and high profitability levels compared to peers, enhancing investor confidence.
• Commitment to sustainability practices and improving digital banking offerings aligns with market trends and customer demands.

Negative

• None.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (the “Bank”), announced today that The Banker, a Financial Times international banking magazine, has selected the Bank as Puerto Rico’s Bank of the Year - 2022.

The Banker recognized the Bank’s leadership position within the Puerto Rico market as well as its strong fundamentals, robust capital position, and high profitability levels when compared to its peers. The Banker also highlighted the strides made by the Bank to enhance its digital banking offerings and supporting its clients during the COVID-19 pandemic, while embedding sustainability practices in its operations.

“We are thrilled to have been selected as Puerto Rico’s Bank of the Year. This award showcases the strength of our expanded franchise and the profound commitment placed by our institution on servicing our clients while supporting our communities and employing extensive efforts to operate a sustainable organization,” said Aurelio Alemán, President and CEO of the Corporation. “Following the successful integration of over 150,000 customers from the recently acquired operation, we are now focused on growing market share by leveraging our fortress balance sheet across all core business segments and continuing to improve and expand our digital self-service offerings all for the benefit of our shareholders, employees, clients, and the communities we serve.”

Founded in 1926, The Banker is a monthly international financial affairs publication owned by The Financial Times and is recognized as the world’s premier banking and financial resource for data and analysis of the banking industry. The Banker’s Bank of the Year award is contested by the world’s leading financial institutions, with winners chosen across Africa, Asia-Pacific, Central & Eastern Europe, the Middle East, America, and Western Europe. This marks the 23rd year of the rankings and awards.

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico is First Federal Finance Limited Liability Company, a small loan company. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20221202005213/en/

First BanCorp.

Ramon Rodríguez

Senior Vice President

Corporate Strategy and Investor Relations

(787) 729-8200 Ext. 82179

ramon.rodriguez@firstbankpr.com

Source: First BanCorp.