First BanCorp. (the "Corporation") (NYSE:FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors approved the following capital actions:

A new stock repurchase program of up to $225 million of the Corporation's outstanding common stock that we expect to execute thru the end of the 3rd quarter of 2024;
The declaration of a quarterly cash dividend of $0.14 per share on its outstanding common stock. The dividend is payable on September 8, 2023 to shareholders of record at the close of business on August 24, 2023.

The Corporation expects to repurchase during the second half of 2023 approximately $150 million of the Corporation's outstanding common stock, of which $75 million relate to the remaining amount of the previously approved stock repurchase program that was resumed in July 2023. Aurelio Alemán, President and Chief Executive Officer, stated, "Our balance sheet and capital ratios remain strong, with ratios significantly above 'well capitalized' thresholds. We intend to continue to use a balanced approach to deploy capital generated by our operations to both support growth and financial soundness, and to distribute capital to shareholders in the form of dividends and stock repurchases."

Repurchases under the program may be executed through open market purchases, accelerated share repurchases and/or privately negotiated transactions or plans, including Rule 10b5-1 plans, and will be conducted in accordance with applicable legal and regulatory requirements. The Corporation's common stock repurchase program will be subject to various factors, including the Corporation's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, and general market conditions. The repurchase program may be modified, extended, suspended, or terminated at any time at the Corporation's discretion. Any repurchased shares are expected to be held as treasury shares.

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 is First Federal Finance Limited Liability Company, a small loans company. 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 pay dividends on the Corporation's Common Stock in any future periods. Forward-looking statements involve known and unknown risks, uncertainties and contingencies that may cause actual results to differ materially from the expectations 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 most recent Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. The Corporation undertakes no 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 securities laws.

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