Market Overview

First BanCorp Declares Quarterly Cash Dividend on Common Stock

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First BanCorp. (the "Corporation") (NYSE:FBP), the bank holding company
for FirstBank Puerto Rico, announced today that its Board of Directors
has declared a quarterly cash dividend of $0.03 per share on its
outstanding common stock. The dividend will be payable on June 14, 2019
to shareholders of record at the close of business on May 30, 2019.

The Corporation's ability to continue to declare and pay dividends on
the Common Stock is dependent on certain Federal regulatory
considerations, including the guidelines and regulations of the Federal
Reserve Board regarding capital adequacy and distributions and on the
Corporation's agreement with the Federal Reserve Bank of New York (the
"Federal Reserve") as to the payment of dividends to stockholders.

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, a small loan company, and
FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary.
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 Common
Stock in any future periods and the Corporation's intention to request
the Federal Reserve's approval to enable it to continue to pay quarterly
dividends on its Common Stock once regulatory approvals expire. 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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