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	Annual Dividend Rate (%)	Monthly Dividend Per Share	Outstanding Shares	Record Date	Payment Date
A	7.125%	$0.14843750	197,386	July 29, 2021	August 2, 2021
B	8.35%	$0.17395800	296,146	July 15, 2021	August 2, 2021
C	7.40%	$0.15416670	249,852	July 15, 2021	August 2, 2021
D	7.25%	$0.15104167	285,522	July 15, 2021	August 2, 2021
E	7.00%	$0.14583330	415,240	July 15, 2021	August 2, 2021

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 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. 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.

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First BanCorp. Announces Payment of Dividends on Preferred Stock