FIRST BANCORP, INC.

or every dollar of the employee’s contribution up to 6 % of the employee’s eligible compensation to be deposited as a lump sum subsequent to the Plan Year. These are called 401(k) Matching Contributions and 401(k) Additional Matching Contributions, respectively. Investment of participants’ and employer’s contributions are directed by participants into various investment options, which include several mutual funds and the common stock of First BanCorp., the Bank’s parent company. The Plan allows for rollover contributions from other qualified plans. The FirstBank 401(k) Retirement Plan for Residents of the U.S. Virgin Islands and the United States of America Notes to the Financial Statements December 31, 2025 and 2024 6 Participants with an age of 50 or older are permitted to make an additi

inistrative expenses directly associated with the Plan are paid using the Plan assets and then the expenses are allocated among all participants accounts. Vesting Participants are immediately vested in their contributions and the 401(k) Matching Contributions plus actual earnings thereon. The 401(k) Additional Matching Contribution is subject to the completion of at least three years of service for vesting. Notes receivable from Participants The Plan allows participants and their beneficiaries to borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of 50% of the participant’s vested account balance or $50,000. A maximum of one loan outstanding is permitted at any time. Interest rates on loans are generally calculated based on the prime rate plus 2 % as of the

to complete one year of service to be eligible to participate. Eligible employees who fail to initiate elective deferral contributions upon completing three months of service are automatically enrolled in the Plan, unless they elect to waive participation in the Plan by completing such waiver at least 30 days before the enrollment date. If the employee does not complete such waiver within the mentioned period, the employee will be automatically enrolled in the Plan. Effective March 1, 2025, the automatic enrollment initial pre-tax contribution is equivalent to 3 % of his/her period eligible compensation and will increase by 1 % per year up to a maximum of 6 % of the compensation as of the first day of each subsequent Plan Year. Prior to such date, the automatic enrollment initial pre-tax

l contributions 2,374,334 Total additions 6,202,597 Deductions from assets attributed to: Benefits and withdrawals paid to participants, including rollover distributions 3,434,466 Administrative expenses 33,485 Total deductions 3,467,951 Net increase in assets available for benefits 2,734,646 Net assets available for benefits: Beginning of the year 26,127,581 End of year $ 28,862,227 The accompanying notes are an integral part of these financial statements. The FirstBank 401(k) Retirement Plan for Residents of the U.S. Virgin Islands and the United States of America Notes to the Financial Statements December 31, 2025 and 2024 5 1. Description of the Plan Reporting Entity The accompanying financial statements include the assets of The FirstBank 401(k) Retirement Plan for Residents of the U.