First BanCorp. Announces Payment of Dividends on Preferred Stock

SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company
for FirstBank Puerto Rico, announced today that its Board of Directors
has declared the following monthly cash dividends on its outstanding
shares of Series A through E Noncumulative Perpetual Monthly Income
Preferred Stock (the “Preferred Stock”):

The Corporation’s ability to continue to declare and pay dividends on
the Preferred Stock is dependent on certain Federal regulatory
considerations, including the guidelines of the Federal Reserve Board
regarding capital adequacy and dividends and on the Corporation’s
agreement with the Federal Reserve Bank of New York (the “Federal
Reserve”) to obtain regulatory approval to pay dividends to stockholders.

Although there is no assurance that any dividends will be declared on
the Corporation’s Preferred Stock in any future periods, the Corporation
intends to continue to request the Federal Reserve’s approval to enable
it to continue to pay the monthly dividends on its Preferred Stock.

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 are First
Federal Finance Limited Liability Company and First Express, Inc., both
small loan companies, and FirstBank Puerto Rico Securities Corp., a
broker-dealer subsidiary. First BanCorp’s shares of common stock trade
on the New York Stock Exchange under the symbol “FBP.”

Safe Harbor

This press release may contain “forward-looking statements” concerning
the Corporation. The words or phrases “expect,” “anticipate,” “intend,”
“look forward,” “should,” “would,” “believes” and similar expressions
are meant to identify “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, and are subject to
the safe harbor created by such sections. Such forward-looking
statements include, but are not limited to, statements regarding the
Corporation’s ability to declare dividends on the Corporation’s
Preferred Stock in any future periods and the Corporation’s intention to
request the Federal Reserve’s approval to enable it to continue to pay
the monthly dividends on its Preferred Stock once regulatory approvals
expire. Such statements are subject to known and unknown risks,
uncertainties and contingencies that may cause actual results to differ
materially from the expectations, intentions, beliefs, plans, estimates
or predictions of the future expressed or implied by such
forward-looking statements. These risks, uncertainties and contingencies
include, but are not limited to the factors described in the
Corporation’s Annual Report on Form 10-K, in its Quarterly Reports on
Form 10-Q and in other filings with the SEC. 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.

Contacts

First BanCorp.
John B. Pelling III
Investor Relations
Officer
787-729-8003
[email protected]