October 21, 2021 -- 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. December 8, 2016 -- First BanCorp., the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors declared monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock. ____________ From the news release dated 7/30/2009 -- Mr. Beauchamp commented on the discontinuance of dividend payments. Considering the loss reported for this period, the Corporation has made the prudent, and very difficult, decision to suspend paying dividends on its common and preferred stock. We note that this is consistent with federal regulatory guidance and policy that states that a bank holding company should only pay dividends from current earnings.” Mr. Beauchamp continued, “In the long term interest of our shareholders, the Corporation's focus must be on maintaining a healthy capital position as the duration and depth of this recession is uncertain. To the extent the Corporation returns to profitability, we will consider reinstating the payment of dividends.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  First BanCorp, 7.125% Noncumulative Perpetual Monthly Income Preferred Stock, Series A, liquidation preference $25 per share, redeemable at the issuer's option on or after 4/30/2004 at $25.50 per share declining to $25 per share on 4/30/2006 plus declared and unpaid dividends, and with no stated maturity. Noncumulative distributions of 7.125% ($1.78125) per annum are paid monthly on the last day of each month to holders of record on the second business day preceding the payment (NOTE: the ex-dividend date is one business day prior to the record date). Missed dividends never have to be paid. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
OTOTCn OTOTCps	7.13% $1.78	$25.00 $25.00	Called for 11/30/2021 None	NR NF 1/20/2021	Last day of each month Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

Company's Online Information Links

HOME PAGE:     https://www.1firstbank.com/
Company's Investor Relations Information	Go to Investor Relations Information
Company's Online News Releases	Go to News Releases
Online Company Profile	Go to Online Profile

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Company's Email Address Links

Email Address	john.pelling@firstbankpr.com
Email Request Form on Website	Go to Email Form

Address and Phone Numbers

Address:   1519 Ponce de Leon Avenue, Stop 23, Santurce, PR 00908
Main Phone Number	787-729-8200
Fax Number	787-729-8205
Investor Relations   John B. Pelling III	787-729-8003   Ext: 162
Toll Free Phone Number	888-448-2511

CEO - Aurelio Alemán-Bermudez

CFO - Orlando Berges