Financial Results FYE 2015 & 4Q 2015

2 Forward-Looking Statements This presentation contains “forward-looking statements” concerning First BanCorp’s (the “Corporation”) future economic performance. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “expect,” “anticipate,” “look forward,” “should,” “believes” and similar expressions are meant to identify “forward-looking statements” within the meaning of Section 27A of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbor created by such section. The Corporation wishes to caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date made, and to advise readers that various factors, including, but not limited to, uncertainty about whether the Corporation and FirstBank Puerto Rico (“FirstBank” or “the Bank”) will be able to fully comply with the written agreement dated June 3, 2010 that the Corporation entered into with the Federal Reserve Bank of New York (the “FED”) and the order dated June 2, 2010 (the “Order”)that FirstBank entered into with the FDIC and the Office of the Commissioner of Financial Institutions of Puerto Rico that, among other things, require FirstBank to maintain certain capital levels and reduce its special mention, classified, delinquent and non-performing assets; the risk of being subject to possible additional regulatory actions; uncertainty as to the availability of certain funding sources, such as retail brokered CDs; the Corporation’s reliance on brokered CDs and its ability to obtain, on a periodic basis, approval from the FDIC to issue brokered CDs to fund operations and provide liquidity in accordance with the terms of the Order; the risk of not being able to fulfill the Corporation’s cash obligations or resume paying dividends to the Corporation’s stockholders in the future due to the Corporation’s inability to receive approval from the FED to receive dividends from FirstBank or FirstBank’s failure to generate sufficient cash flow to make a dividend payment to the Corporation; the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and their impact on the credit quality of the Corporation’s loans and other assets, including the Corporation’s construction and commercial real estate loan portfolios, which have contributed and may continue to contribute to, among other things, the high levels of non-performing assets, charge-offs and the provision expense and may subject the Corporation to further risk from loan defaults and foreclosures; adverse changes in general economic conditions in the United States and in Puerto Rico, including the interest rate scenario, market liquidity, housing absorption rates, real estate prices and disruptions in the U.S. capital markets, which may reduce interest margins, impact funding sources and affect demand for all of the Corporation’s products and services and the value of the Corporation’s assets; an adverse change in the Corporation’s ability to attract new clients and retain existing ones; a decrease in demand for the Corporation’s products and services and lower revenues and earnings because of the continued recession in Puerto Rico and the current fiscal problems and budget deficit of the Puerto Rico government; uncertainty about regulatory and legislative changes for financial services companies in Puerto Rico, the United States and the U.S. and British Virgin Islands, which could affect the Corporation’s financial performance and could cause the Corporation’s actual results for future periods to differ materially from prior results and anticipated or projected results; uncertainty about the effectiveness of the various actions undertaken to stimulate the United States economy and stabilize the United States’ financial markets, and the impact such actions may have on the Corporation’s business, financial condition and results of operations; changes in the fiscal and monetary policies and regulations of the federal government, including those determined by the Federal Reserve System, the FDIC, government-sponsored housing agencies and regulators in Puerto Rico and the U.S. and British Virgin Islands; the risk of possible failure or circumvention of controls and procedures and the risk that the Corporation’s risk management policies may not be adequate; the risk that the FDIC may further 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 expense; risks of not being able to recover the assets pledged to Lehman Brothers Special Financing, Inc.; the impact on the Corporation’s results of operations and financial condition associated with acquisitions and dispositions; a need to recognize additional impairments on financial instruments or goodwill relating to acquisitions; risks that downgrades in the credit ratings of the Corporation’s long-term senior debt will adversely affect the Corporation’s ability to access necessary external funds; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the Corporation’s businesses, business practices and cost of operations; and general competitive factors and industry consolidation. The Corporation does not undertake, and specifically disclaims any obligation, to update any “forward-looking statements” to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by the federal securities laws. Investors should refer to the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of such factors and certain risks and uncertainties to which the Corporation is subject.

Agenda Fiscal Year & Fourth Quarter 2015 Highlights Aurelio Alemán, President & Chief Executive Officer Fiscal Year & Fourth Quarter 2015 Results of Operations Orlando Berges, Executive Vice President & Chief Financial Officer Questions & Answers 3

Fiscal Year 2015 & Fourth Quarter Results Key Highlights 4

Fiscal Year 2015 Highlights During 2015 the Corporation achieved significant milestones in its successful turnaround strategy: Recognized an income tax benefit of $302.9 million in the Q4 2014 related to the reversal of a significant portion of the valuation allowance recorded against the deferred tax assets of FirstBank. Received notification from the FDIC that the Consent Order under which FirstBank had been operating since 2010 was terminated effective April 2015. Acquired 10 Puerto Rico branches of Doral Bank, assumed approximately $522 million in deposits related to such branches and purchased approximately $325 million in performing residential mortgage loans through an alliance with a local bank. First BanCorp released its 2015 Dodd -Frank Act Stress Testing Results which show that even in a severely adverse economic environment capital ratios exceed both the regulatory minimum required ratios mandated under Basel III and the well-capitalized thresholds throughout the nine-quarter time horizon. Completed a bulk sale of commercial and construction loans with a book value of $147.5 million, comprised mostly of non-performing and adversely classified loans. The Corporation originated and renewed $3.4 billion in loans across its diversified geographies and lines of business. Year-over-year improvement in operating metrics: Total NPAs declined by $107 million in 2015 and Inflows to nonperforming decreased $133 million compared to 2014 Deposits, net of government and brokered, increased $472 million compared to 2014, Puerto Rico deposits increased $685 million. Brokered certificates of deposit (CDs) decreased by $790 million during 2015. Achieved important market share gains in deposits, branches, mortgages, POS, ATM’s and transaction services while sustaining our loan portfolios share in main market. Solidified our presence in Florida and Eastern Caribbean markets. Net Income of $21.3 million compared to $393.9 million in 2014, which included the $302.9 million impact of the DTA. Non-GAAP pre-tax income adjusted for items not arising from normal operation and certain unusual items increased to $101.6 million in 2015 from $98.6 million in 2014. Due to the macro events in Puerto Rico, financial results were adversely impacted through OTTI adjustments and increased provisioning on government related exposure during the second half of 2015. 5

6 Profitability RNet income of $15.0 million, or $0.07 per diluted share, compared to $14.8 million in 3Q 2015. Net interest income & non interest income (excluding one time items) increased compared to 3Q 2015. Adjusted pre-tax, pre-provision income of $50.6 million, compared to $50.5 million for 3Q 2015. Asset Quality Total NPAs declined by $7.3 million; NPAs/assets 4.85% as of December 31, 2015. Inflows to nonperforming of $42.0 million compared to $50.8 million in 3Q 2015. Provision for loan and lease losses of $33.6 million. Provision increased by $2.4 million due largely to a $19.2 million increase in the reserve for qualitative adjustment factors related to Puerto Rico Government exposure. Core Deposits Deposits, net of government and brokered, remained relatively flat at $6.7 billion with a slight decline in Florida and the Virgin Islands. Total cost of deposits, net of brokered, increased 1 basis point to 0.62%. Brokered certificates of deposit (CDs) decreased by $170.6 million in 4Q 2015. Government deposits declined by $169.6 million as expected in 4Q 2015. Capital 4Q 2015 capital position: Total Risk Based Capital Ratio of 20.0%; Tier 1 Ratio Risk Based Capital Ratio of 16.9%; and Leverage Ratio of 12.2%. Book value per common share of $7.71 compared to $7.74 in 3Q 2015. Tangible book value per common share of $7.47 compared to $7.50 in 3Q 2015.

7 Loan Originations* ($ millions) Loan Portfolio ($ millions) 3,011 3,332 3,328 3,330 3,345 1,983 1,937 1,899 1,862 1,827 123 124 121 164 156 4,145 4,092 3,870 3,946 3,946 77 82 80 35 36 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015$9,339 $9,567 154 153 197 179 174 235 221 235 234 231 12 9 14 4 4 490 398 420 437 447 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 $880 $891 $777 Residential Mortgage Consumer & Finance Leases Construction Commercial Loans HFS Fourth Quarter: Commercial portfolio remained stable despite a $20 million transfer to OREO due to an increase in origination volume. $15.8 million increase in the residential mortgage loan portfolio primarily reflected in the Florida region. Solid origination and renewal activity of $880 million continues to sustain our loan portfolio levels. Fiscal Year 2015: Performing loan portfolio grew 1% year-over-year. Puerto Rico loan portfolio contracted 3% in 2015, due in large part to the bulk sale transaction. Florida loan portfolio grew 15% and VI loan portfolio increased 13% compared to 2014. Solidified 2nd position in mortgage originations in Puerto Rico improving from 16% at FYE 2014 to 20% market share in FYE 2015. Despite a challenging market environment, we continue to achieve results through our regional diversification: * Including refinancing and draws from existing revolving and non-revolving commitments. Fourth Quarter & FY2015 Highlights: LOAN PORTFOLIO $9,298 $866 $9,337 $854 $9,310

8 Total Deposit Composition (%) Core Deposits* ($ millions) 2,841 3,203 3,139 3,079 3,081 1,263 1,390 1,346 1,438 1,360 2,092 2,225 2,194 2,189 2,227 401 451 495 743 573 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 * Core deposits are total deposits excluding brokered CDs. $6,597 $7,269 Interest Bearing 64% Non-Interest Bearing 14% Brokered CDs 22% Fourth Quarter: Non-brokered deposits, excluding government deposits, decreased $38 million in 4Q 2015 . Reduced reliance on brokered deposits by $171 million compared to 3Q 2015. As previously reported, in 3Q 2015, we received $183.5 million in temporary deposits from a municipal agency related to property tax collections. As expected, these deposits were reduced by $137.2 million during 4Q 2015. Core deposits stable; continue reducing reliance on brokered deposits Fourth Quarter & FY2015 Highlights: DEPOSIT MIX Retail Commercial CDs & IRAs Public Funds $7,174 $7,449 $7,241 Fiscal Year 2015: Non-brokered deposits, excluding government deposits, increased $471 million compared to 2014. Reliance on brokered deposits declined $790 million in 2015. Puerto Rico non-brokered deposits, excluding government deposits, increased $685 million compared to 2014. Non-interest bearing deposits increased to 14% of total deposits compared to 10% at the end of 2014.

9 Fourth Quarter 2015 Highlights: PR GOVERNMENT EXPOSURE Total outstanding exposure to the Puerto Rico Government was $382 million with a book value of $361 million as of 4Q 2015, down from $371 million as of 3Q 2015. Investment portfolio outstanding principal of $65.6 million, being carried on books at $28.2 million. Largest government exposure to municipalities supported by assigned tax revenues. In addition, there is $129 million of indirect exposure to the Tourism Development Fund supporting hotel projects. Any inability of the TDF to honor its payment guaranty, for which it has been making payments since 2012, may result in an adverse impact to asset quality metrics. Government tax revenues generated on these projects continue to substantially exceed payments made by the TDF. During 4Q 2015, we recorded a $19.2 million increase in provision for loan losses related to adjustments to qualitative factors applied to direct and indirect commercial loans extended to the Puerto Rico Government (excluding loans to municipalities). We also increased the specific reserve by $1.4 million for an impaired government exposure. ($ in millions) Investment Portfolio49.7$ Central Government:18.9$ 2 loans11.97.0Public Corporations:92.6$ 2 loans71.1CRE - Operating Revenues21.5Municipalities:199.5$ 10 loans199.5Total Direct Government Exposure360.7$ Government UnitSource of RepaymentTotal OutstandingProperty Tax RevenuesCommonwealth AppropriationsCRE & Commonwealth AppropriationsPREPA Fuel LineGovernment UnitTime DepositsTransaction AccountsTotalMunicipalities19.1$ 109.1$ 128.2$ Municipal Agency- 46.3 46.3 Public Agencies30.7 174.9 205.6 Public Corporations- 6.2 6.2 Total Deposits49.8$ 336.5$ 386.3

10 Fourth Quarter ResultsResults of Operations

11 Results of Operations: FOURTH QUARTER FINANCIAL HIGHLIGHTS ($ in thousands, except per share data) Select Financial Information 4Q 20153Q 2015Variance4Q 2014Interest income151,640$ 149,812$ 1,828$ 158,293$ Interest expense26,427 24,883 1,544 29,141 Net interest income125,213 124,929 284 129,152 Provision for loan and lease losses33,633 31,176 2,457 23,872 Non-interest income19,201 18,989 212 18,065 Loss on investments & impairments(3,033) (231) (2,802) (172) Gain on sale of merchant business7,000 - 7,000 - Total non-interest income23,168 18,758 4,410 17,893 Personnel expense39,176 37,284 1,892 33,854 Occupancy and equipment expense14,639 15,248 (609) 14,763 Insurance and supervisory fees8,775 6,590 2,185 7,864 REO expense3,941 4,345 (404) 3,655 Other operating expenses29,495 29,810 (315) 33,583 Total non-interest expense96,026 93,277 2,749 93,719 Pre-tax income (loss)18,722 19,234 (512) 29,454 Income tax (expense) benefit(3,755) (4,476) 721 301,324 Net income (loss)14,967$ 14,758$ 209$ 330,778$ Select Financial InformationAdjusted Pre-tax, pre-provision income50,631$ 50,497$ 134$ 50,687$ Fully diluted EPS0.07$ 0.07$ -$ 1.56$ Book value per share7.71$ 7.74$ (0.03)$ 7.68$ Tangible book value per share7.47$ 7.50$ (0.03)$ 7.45$ Common stock price3.25$ 3.56$ (0.31)$ 5.87$ Net Interest Margin (GAAP)4.07%4.19%(0.12%)4.18%Efficiency ratio64.7%64.9%(0.20%)63.7%

12 Key Highlights Net Interest Income ($ millions) $129.2 $125.6 $126.5 $124.9 $125.2 4.18% 4.18% 4.18% 4.19% 4.07% 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income increased $0.3 million in 4Q 2015. This increase was mainly due to: oA $1.5 million increase in interest income on securities driven by lower prepayments; and oA $1.3 million increase in interest income on commercial and construction loans. This increase was partially offset by: oA $1.0 million decrease in interest income on consumer loans driven by the $38.2 million decrease in the average volume of loans, primarily auto loans. oA $1.5 million decrease in interest expense primarily driven by: oa $0.4 million increase in interest expense on non-brokered CDs, primarily associated with the $68.8 million increase in the average balance; oa $0.4 million increase in interest expense related to the $130.0 million of FHLB; and oa $0.4 million increase in interest expense on brokered CDs. GAAP NIM decreased 12 basis points to 4.07% largely driven by the $405 million increase in average of cash and money market investments. Results of Operations: NET INTEREST INCOME

13 Key Highlights Cost of Deposits (%) 0.81% 0.77% 0.73% 0.74% 0.75% 0.70% 0.66% 0.61% 0.61% 0.62% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Interest Bearing Deposits (%) Total Deposits (%) Cost of total deposits, excluding brokered CDs, increased 1 basis point to 0.62%. The average rate paid on non-brokered interest-bearing deposits increased by 1 basis point to 0.75% during the 4Q. Brokered CDs declined by $170.6 million during 4Q 2015. Results of Operations: COST OF FUNDS

14 Key Highlights Non-Interest Income* ($ millions) 4.2 4.6 5.2 5.1 5.5 4.5 3.6 4.8 4.3 4.6 9.3 11.1 10.1 9.4 9.2 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Other Mortgage Banking Service Charges on Deposits* Non interest income excludes equity losses of unconsolidated entities, OTTI, HFS bulk sale impact and bargain purchase gain. Excluding the $3.0 million OTTI charge on Puerto Rico Government debt securities and the $7.0 million pre-tax gain on sale of merchant business, adjusted non-interest income increased $0.4 million, due to: oA $0.3 million increase in revenues on mortgage banking; oA $0.4 million increase in service charges on deposit accounts; and oA $0.2 million decline due to a decrease in fees from merchant transactions due to the sale of merchant contracts to Evertec, offset by an increase in credit/debit cards and ATM fees. $19.2 $17.9 $19.3 Results of Operations: NON-INTEREST INCOME $20.1 $18.8

15 Results of Operations: OPERATING EXPENSES Non-interest expenses increased by $2.7 million in 4Q 2015 to $96.0 million. Excluding non-recurring expense of 2.2 million related to the voluntary early retirement program reflected in employees’ compensation and benefits, non-interest expenses increased by $0.5 million, due to: A $2.2 million increase in the FDIC insurance premium expense as the 2014 fourth quarter earnings rolled out of the core earnings to average assets ratio component of the assessment that considers four quarters of earnings; and A $0.4 million increase in the sales and use tax expense, primarily as a result of the new 4% sales and use tax. This reduction was partially offset by a reduction of $0.6 million in occupancy and equipment and a $0.5 million decrease in printing and mailing costs. ($ in millions)4Q 20153Q 2015% ChangeCredit related expenses7.3$ 6.6$ 10%Compensation & benefits37.0 37.3 -1%Occupancy & equipment14.6 15.2 -4%Credit & debit card processing expenses4.0 4.3 -7%Taxes other than income3.5 3.1 13%Other professional fees2.9 3.9 -27%Deposit insurance prem & supervisory8.8 6.6 33%Business promotion4.3 4.1 6%All other expenses11.5 12.2 -6%Non-GAAP operating expenses93.8$ 93.3$ 1%Voluntary early retirement program 2.2 - Total operating expenses, as reported96.0$ 93.3$ 3%

16 Non-Performing Assets ($ millions) Total non-performing loans, including non-performing loans held for sale, decreased by $29.8 million, or 6%. NPAs declined $7.3 million in 4Q 2015. New non-performing loan inflows amounted to $42.0 million compared to inflows of $50.8 million in 3Q 2015. NPAs decreased by $7.3 million to $610 million or 4.85% of assets: Results of Operations: ASSET QUALITY Q-o-Q Change in NPAs Migration Trend ($ millions) 1,639 1,551 1,506 1,239 1,233 1,208 1,184 1,138 1,119 1,066 1,008 976 683 506 498 496 522 565 560 524 564 464 473 443 150 150 163 163 172 176 188 194 213 242 251 260 256 151 147 175 154 138 130 138 136 133 137 159 159 148 95 80 55 55 55 55 55 55 48 8 8 9.5% 5.6% 5.7% 5.1% 4.8% 4.9% Loans HFI Repossessed Assets & Other NPLs HFS NPAs / Assets$1,790 $610 $716 $617 - 66% Loan4 Q3Q$% Portfolio 20152015Change ChangeResidential $169$175($6)(3%) Consumer $31 $31($1)(2%)C&I and CRE$188  $211 ($22)(11%) Construction $55$56($1)(2%) Loans HFS$8$8$01%Total NPLs$451$481($30)(6%)REO & Repo$159$137$2216%Total NPAs$610$617($7)(1%)Loan4Q3Q$%Portfolio20152015ChangeChangeResidential$20$27($7)(26%)Consumer$14$13$16%$8$10($2)(22%)$42$51($9)(17%) Commercial & Construction Total Migration

17 Key Highlights Net Charge-Offs ($ millions) 7 5 3 5 5 19 16 11 14 12 2 8 62 5 5 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Residential Consumer Commercial Construction$22 Total net charge-offs for 3Q 2015 were $22 million, or 0.95% of average loans, compared to $24 million in 3Q 2015. Allowance coverage ratio of 2.60% as of December 31, 2015 compared to 2.46% as of September 30, 2015. The ratio of the allowance to NPLs held for investment was 54.36% as of December 31, 2015 compared to 48.44% as of September30, 2015. $27 $29 Commercial NPLs (Includes HFS) *Net Carrying Amount = % of unpaid principal balance net of reserves and accumulated charge-offs. Results of Operations: NET CHARGE-OFFS $79 $24 ProductBook ValueAccum. Charge-offsReservesNet Carrying Amount *C&I$137.1$32.6$16.571.1%Const.62.8 89.5 0.9 40.6%CRE51.3 23.7 3.8 63.4%Total$251.2$145.8$21.257.9%

18 Results of Operations: FISCAL 2015 FINANCIAL HIGHLIGHTS ($ in thousands, except per share data) Select Financial Information FY 2015FY 2014VarianceInterest income605,569$ 633,949$ (28,380)$ Interest expense103,303 115,876 (12,573) Net interest income502,266 518,073 (15,807) Provision for loan and lease losses172,045 109,530 62,515 Non-interest income77,399 68,753 8,646 Loss on investments & impairments(16,517) (126) (16,391) Gain on sale of merchant business7,000 - 7,000 Bargain purchase gain13,443 - 13,443 Equity in loss of unconsolidated entity- (7,279) 7,279 Total non-interest income81,325 61,348 19,977 Personnel expense150,059 135,422 14,637 Occupancy and equipment expense59,295 58,290 1,005 Insurance and supervisory fees29,021 39,131 (10,110) REO expense15,788 20,596 (4,808) Other operating expenses129,667 124,814 4,853 Total non-interest expense383,830 378,253 5,577 Pre-tax income (loss)27,716 91,638 (63,922) Income tax (expense) benefit(6,419) 300,649 (307,068) Net income (loss)21,297$ 392,287$ (370,990)$ Select Financial InformationAdjusted Pre-tax, pre-provision income204,300$ 206,958$ (2,658)$ Fully diluted EPS0.10$ 1.87$ (1.77)$ Book value per share7.71$ 7.68$ 0.03$ Tangible book value per share7.47$ 7.45$ 0.02$ Common stock price3.25$ 5.87$ (2.62)$ Net Interest Margin (GAAP)4.15%4.20%(0.05%)Efficiency ratio65.8%65.3%0.49%

19 ($ in millions) Select Financial Information Results of Operations: NON-GAAP ADJUSTED PRE-TAX INCOME FYE 2015FYE 2014Pre-tax GAAP Income27.7$ 91.6$ Adjustments for Items not arising from normal operations & certain unusual items:Net interest income: Prepayment penalty collected- (2.5) (2.5) Provision for Loan & Lease Losses Bulk sale of loans46.9 - Qualitive factors adjustment for general allowance on government exposure19.2 - 66.1 - Non-interest income: Bargain purchase gain on Doral acquisition(13.4) - Gain on sale of merchant contracts(7.0) - OTTI adjustments15.9 - Bulk sale impact0.6 Equity in loss on unconsolidated entity- 7.3 (3.9) 7.3 Non-interest expense: Doral acquisition and conversion costs4.6 - Doral excess interim servicing costs2.4 - Voluntary early retirement program2.2 - Bulk sale related expenses1.2 Consulting fees on special projects1.3 - Costs for mortgage portfolios acquired from Doral- 1.2 Branch consolidation and restructuring- 1.0 11.7 2.2 Non-GAAP pre-tax income adjusted for items not arising from normal operation and certain unusual items101.6$ 98.6$

20 Results of Operations: CAPITAL POSITION Capital Ratios (%) Total stockholders’ equity amounted to $1.7 billion as of December 31, 2015, a decrease of $6.8 million from September 30, 2015, mainly driven by a decrease of $23.1 million in other comprehensive income mainly attributable to the $20.5 million decrease in the fair value of U.S. agency MBS and debt securities and the $5.9 million decrease in the fair value of Puerto Rico Government investment securities. This was partially offset by net income of $15.0 million. Capital Ratios (%) 20.0% 12.2% 16.9% 12.8% 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Total Risk-Based Capital Tier-1 Leverage Tier-1 Common Tangible Common

21 Fiscal Year 2015 & Fourth Quarter Results Q & A

22 Fourth Quarter Results exhibits

23 Results of Operations: KEY MARGIN DRIVERS Q4 vs. Q3 Change in Average Interest Earning Assets & Interest Bearing Liabilities * On a tax equivalent basis and excluding valuations $ Δ in % Δ in AverageAverageVolumeRateAverage total investments380,935$ 0.07%2,468$ Average loans & leases:Residential mortgage loans12,133 (0.06%)(370) Construction loans(3,139) (0.00%)(31) C&I and commercial mortgage loans24,166 0.16%1,875 Finance leases(1) (0.04%)(23) Consumer loans(38,182) 0.03%(948) Total average loans(5,023) 0.02%503 Average total interest-earning assets375,912 (0.06%)2,971 Interest-bearing liabilities:Brokered CDs(15,654) 0.07%(369) Other interest-bearing deposits132,813 0.02%(505) Other borrowed funds36,957 0.00%(287) Average total interest-bearing liabilities249,442 0.04%(1,544) Increase (decrease) in net interest income *1,427$ Net InterestIncomeChangesExhibits

24 NPLS HELD FOR INVESTMENT - MIGRATION Residential MortgageCommercial MortgageCommercial & IndustrialConstructionConsumerTotalBeginning balance174,555$ 68,979$ 141,855$ 55,971$ 31,275$ 472,635$ Plus: Additions to non-performing20,154 4,298 3,409 401 13,779 42,041 Less: Non-performing loans transferred to OREO(8,429) (19,407) (519) (456) (1,001) (29,812) Non-performing loans charged-off(3,721) (1,874) (3,569) (183) (9,255) (18,602) Loans returned to accrual status / collections(13,161) (1,142) (4,124) (1,098) (4,046) (23,571) Transfer from Loand Held for Sale- 81 - - - 81 Reclassification(398) 398 - - - 0 Ending balance169,001$ 51,333$ 137,051$ 54,636$ 30,752$ 442,773$ Residential MortgageCommercial MortgageCommercial & IndustrialConstructionConsumerTotalBeginning balance175,035$ 95,088$ 143,935$ 16,118$ 33,397$ 463,573$ Plus: Additions to non-performing27,392 4,530 5,756 57 13,055 50,790 Less: Non-performing loans transferred to OREO(10,833) (866) (2,531) (102) - (14,332) Non-performing loans charged-off(2,790) (3,522) (805) (70) (11,759) (18,946) Loans returned to accrual status / collections(14,249) (26,123) (4,324) (37) (3,418) (48,151) Transfer from Loand Held for Sale- - 40,005 - 40,005 Non-performing loans sold- (128) (176) - - (304) Ending balance174,555$ 68,979$ 141,855$ 55,971$ 31,275$ 472,635$ December 31, 2015September 30, 2015

25 Use of Non-GAAP Financial Measures Basis of Presentation Use of Non-GAAP Financial Measures This presentation may contain non-GAAP financial measures. Non-GAAP financial measures are set forth 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 to the comparable GAAP financial measure, can be found in the text or in the attached tables to the earnings release. 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. Tangible assets are total assets less goodwill, core deposit intangibles, and other intangibles, such as the purchased credit card 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. 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 manner in which 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. (In thousands, except ratios and per share information)December 31,September 30,June 30,March 31,December 31,20152015201520152014Total equity - GAAP $ 1,694,134 $ 1,700,950 $ 1,668,220 $ 1,705,750 $ 1,671,743 Preferred equity (36,104)(36,104)(36,104)(36,104) (36,104)Goodwill (28,098)(28,098)(28,098)(28,098)(28,098) Purchased credit card relationship (13,319) (14,087) (14,854) (15,622) (16,389)Core deposit intangible (9,166) (9,725)(10,283)(10,914) (5,420)Tangible common equity $ 1,607,447 $ 1,612,936 $ 1,578,881 $ 1,615,012 $ 1,585,732 Total assets - GAAP $ 12,573,019 $ 12,820,989 $ 12,578,813 $ 13,147,919 $ 12,727,835 Goodwill(28,098)(28,098)(28,098)(28,098)(28,098)Purchased credit card relationship (13,319) (14,087) (14,854) (15,622) (16,389)Core deposit intangible (9,166) (9,725)(10,283) (10,914)(5,420)Tangible assets $ 12,522,436 $ 12,769,079 $ 12,525,578 $ 13,093,285 $ 12,677,928 Common shares outstanding 215,089 214,982 214,694 213,827 212,985 Tangible common equity ratio12.84%12.63%12.61%12.33%12.51%Tangible book value per common share7.47$ 7.50$ 7.35$ 7.55$ 7.45$ Tangible Equity:Tangible Assets:

26 Use of Non-GAAP Financial Measures Basis of Presentation Use of Non-GAAP Financial Measures This presentation may contain non-GAAP financial measures. Non-GAAP financial measures are set forth 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 to the comparable GAAP financial measure, can be found in the text or in the attached tables to the earnings release. Adjusted Pre-Tax, Pre-Provision Income Adjusted pre-tax, pre-provision income is a non-GAAP performance metric that management believes is useful in analyzing underlying performance trends, particularly in times of economic stress. Adjusted pre-tax, pre-provision income, as defined by management, represents net income (loss) excluding income tax expense (benefit), the provision for loan and lease losses, gains on sale and OTTI of investment securities, fair value adjustments on derivatives, equity in earnings or loss of unconsolidated entity up until the second quarter of 2014 when the value of the investment became zero as well as certain items identified as unusual, non-recurring or non-operating. In addition, from time to time, adjusted pre-tax, pre-provision income will reflect the omission of revenue or expense items that management judges to be outside of ordinary banking activities or of items that, while they may be associated with ordinary banking activities, are so unusually large that management believes that a complete analysis of the Corporation’s performance requires consideration also of adjusted pre-tax, pre-provision income that excludes such amounts. Pre-Tax, Pre-Provision Income(Dollars in thousands)December 31,September 30,June 30,March 31,December 31,20152015201520152014Income (loss) before income taxes 18,722$ $ 19,234 $ (43,918)33,678$ 29,454$ Add: Provision for loan and lease losses33,633 31,17674,26632,970 23,872 Add: Net loss on investments and impairments3,033 231 13,097 156 172 Less: Unrealized loss (gain) on derivative instruments 5 (144) - - (265) Less: Gain on sale of merchant contracts(7,000) - - - - Less: Prepayment penalty collected on a commercial mortgage loan - - - - (2,546) Less: Bargain purchase gain on assets acquired/deposits assumed from Doral - - - (13,443) - Add: Non-recurring expenses for acquisition of loans/assumption of deposits from Doral- - 2,562 2,084 - Add: Loss on a commercial mortgage loan held for sale and certain other real estate owned (OREO) properties included in the bulk sale of assets - - 802 - - Add: Voluntary early retirement program expenses2,238 - - - - Add: Bulk sale of assets related expenses- - 918 - - Adjusted pre-tax, pre-provision income50,631$ 50,497$ 47,727$ 55,445$ 50,687$ Change from most recent prior quarter-amount134$ 2,770$ (7,718)$ 4,758$ (63)$ Change from most recent prior quarter-percentage0.3%5.8%-13.9%9.4%-0.1%Quarter Ended