First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that it has elected to redeem the following outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock (collectively, the “Series A through E Preferred Stock”) which represents all of its currently outstanding preferred stock:

The redemption date for each of the Series A through E Preferred Stock will be November 30, 2021 (the “Redemption Date”). The redemption price for each Series A through E Preferred Stock is $25.00 per share, plus an amount equal to any dividends that have accrued but not been paid for the then-current monthly dividend period to the Redemption Date. On and after the Redemption Date, no shares of the Series A through E Preferred Stock will be outstanding and dividends in respect of the Series A through E Preferred Stock will no longer accrue.

Holders of record of the Series A through E Preferred Stock will receive official notice of the redemption in accordance with the provisions of the Corporation’s Certificate of Designation for each series.

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 repurchase of outstanding shares. 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, its Quarterly Reports on Form 10-Q and its 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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