FIRST BANCORP /PR/
For the period ended May 6, 2026. Filed Mar 25, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 6, 2026 · Filed Mar 25, 2026
Contents
APPENDIX A
First BanCorp Reconciliation of Non-GAAP Financial Measures
The Corporation has disclosed its reasons for disclosing non-GAAP financial measures in its Annual Report. See page 42 of the Annual Report — Non-GAAP Financial Measures and Reconciliations. In addition to those reasons, the Corporation is including non-GAAP financial measures in this Proxy Statement because their disclosure should enhance stockholders’ ability to compare the Corporation’s performance to that of the Corporation’s peers for purposes of evaluating executive compensation and because certain of the non-GAAP financial measures are relevant to the establishment of executive compensation.
Following are the reconciliations of the non-GAAP financial measures presented in this Proxy Statement:
Non-GAAP Pre-Tax, Pre-Provision Income as of December 31, 2025
| (in thousands) | December 31, 2025 ($) |
|---|---|
| Income before income taxes | $416,734 |
| Add: Provision for credit losses – expense | 85,961 |
| Less: FDIC special assessment reversal | (1,099) |
| Less: Employee retention credit | (2,358) |
| Adjusted pre-tax, pre-provision income – non-GAAP | $499,238 |
Non-GAAP Tangible Book Value per Common Share as of December 31, 2025
| (In thousands, except ratios and per share information) | December 31, 2025 |
|---|---|
| Tangible Equity: | |
| Total equity - GAAP | $1,966,865 |
| Goodwill | (38,611) |
| Other intangible assets | (3,458) |
| Tangible common equity – non-GAAP | $1,924,796 |
| Common shares outstanding | |
| Tangible book value per common share – non-GAAP | $12.29 |
| Proxy Statement for the 2026 Annual Meeting of Stockholders | First BanCorp | 95 |
|---|
Non-GAAP Adjusted Tangible Book Value per Common Share as of December 31, 2025 as used for the 2023 Performance Shares Payout
| (In thousands, except per share information) | December 31, 2025 |
|---|---|
| Tangible common equity – non-GAAP | $1,924,796 |
| Less: Gain on extinguishment of debt – junior subordinated debentures | (1,605) |
| Less: Contingency collected from legal settlement | (3,600) |
| Add: FDIC special assessment expense | 6,311 |
| Less: Income tax impact of adjustments | (1,017) |
| Add: FDIC special assessment expense | 1,099 |
| Less: Income tax impact of adjustment | (412) |
| Add: FDIC special assessment expense (reversal) | (1,099) |
| Less: Employee retention credit | (2,358) |
| Add: accumulated other comprehensive losses | 354,550 |
| Less: DTA valuation allowance releases | (17,119)4 |
| Add: Income tax impact of adjustment | 412 |
| Dividend Adjustment | |
| Add: Dividends paid in excess of projected amount | 42,226 |
| Repurchase Adjustment | |
| Less: Amount of Shares repurchased below projected amount | (200,000) |
| Adjusted tangible common equity – non-GAAP | $2,102,184 |
| Common shares outstanding | 156,619 |
| Less: common shares repurchased below projected amount | (14,290) |
| Adjusted common shares outstanding | 142,329 |
| Adjusted tangible book value per common share – non-GAAP | $14.77 |
Non-GAAP Adjusted Diluted Earnings Per Share as of December 31, 2025
| (in thousands, except for share information) | December 31, 2025 |
|---|---|
| Net income – GAAP | $344,866 |
| Less: Employee retention credit | (2,358) |
| Less: FDIC special assessment reversal | (1,099) |
| Less: Income tax impact related to the enactment of Act 65-2025 | (16,553) |
| Add: Income tax impact of adjustments | 412 |
| Adjusted net income – non-GAAP | $325,268 |
| Weighted average shares outstanding | 160,739 |
| Diluted earnings per share – GAAP | $2.15 |
| Adjusted diluted earnings per share – non-GAAP | $2.02 |
| 4 | Of this amount $16.6 million was associated with the enactment of Act 65-2025. |
| 96 | First BanCorp | Proxy Statement for the 2026 Annual Meeting of Stockholders |
Non-GAAP Adjusted Efficiency Ratio as of December 31, 2025
| (in thousands, except ratios) | December 31, 2025 |
|---|---|
| Net interest income | $868,940 |
| Non-interest income | 131,878 |
| Non-interest expenses | 498,123 |
| Adjustments to Non-Interest Expenses: | |
| Employee retention credit | 2,358 |
| FDIC special assessment reversal | 1,099 |
| Total adjusted non-interest expenses | $501,580 |
| Efficiency ratio – GAAP | 49.77% |
| Adjusted Efficiency Ratio – non-GAAP | 50.12% |
| Proxy Statement for the 2026 Annual Meeting of Stockholders | First BanCorp | 97 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.