First BanCorp. Announces Payment of Dividends on Preferred Stock

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):

Series

Monthly Dividend Per Share

Outstanding Shares

Record Date

Payment Date

A

$0.14843750

197,386

December 27, 2019 December 31, 2019
B

$0.17395800

296,146

December 15, 2019 December 31, 2019
C

$0.15416670

249,852

December 15, 2019 December 31, 2019
D

$0.15104167

285,522

December 15, 2019 December 31, 2019
E

$0.14583330

415,240

December 15, 2019 December 31, 2019

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. First BanCorps 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 Corporations ability to declare dividends on the Corporations Preferred Stock in any future periods. 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 Corporations 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.

First BanCorp.

John B. Pelling III

Investor Relations Officer

787-729-8003

[email protected]