First BanCorp (the "Corporation") (NYSE:FBP), the bank holding company for FirstBank Puerto Rico ("FirstBank"), is aware that a lawsuit has been filed against it in the United States District Court for the Southern District of New York alleging claims relating to banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands. The Corporation and FirstBank categorically deny the claims alleged in the complaint and intend to vigorously defend against them.

First BanCorp and FirstBank are committed to maintaining the highest standards of compliance, governance, and ethical conduct. As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance program designed to meet its legal and regulatory obligations, and, as a matter of ongoing practice, works cooperatively with its regulators and, where appropriate, with law enforcement authorities in support of the integrity and potential misuse of the banking system.

The Corporation is reviewing the complaint and will respond through the appropriate legal channels. Given that litigation is pending, FirstBank will not be providing further comment at this time.

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.

First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol "FBP."

Forward-Looking Statements

This press release may contain "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, including statements regarding the Corporation’s and FirstBank’s intent to defend against the referenced litigation and the possible resolution of the matter. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed, including the inherent uncertainties of litigation. Additional information concerning these factors is included in the Corporation’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

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Media Contact:

Ginoris López-Lay, EVP

Strategy Management Group

(787) 729-8200 x.82989 | ginoris.lopezlay@firstbankpr.com

Investor Relations Contact:

Ramón Rodríguez, SVP

Corporate Strategy and Investor Relations

(787) 729-8200 x82179 | ramon.rodriguez@firstbankpr.com