FIRST BANCORP PR

Management’s Report on Internal Control

To the Stockholders

and Board of Directors of First BanCorp.:

(the “Corporation”)

reporting is

a process

designed and

effected

by those

charged

with

governance,

and

other

personnel,

to

provide

the

of

and the preparation of reliable

financial statements in accordance

with accounting principles generally

accepted in the United States of

America

(“GAAP”).

The

control

over

those

and

that:

(1) pertain to the

maintenance of records

that, in reasonable detail,

accurately and fairly reflect

the transactions and dispositions

of the

assets

of

the

Corporation;

(2) provide

that

are

as

to

permit

the

preparation

of

in

with

GAAP,

and

that

receipts

and

of

the

are

being

made

only

in

with

of

and

of

the

Corporation;

and

(3) provide

prevention,

or timely

detection and

correction

of unauthorized

acquisition,

use, or

disposition of

assets that

could

have a material effect on the financial statements.

Because of

its inherent

reporting may

not prevent,

or detect

and correct

misstatements.

Also,

of

any

of

to

future

periods

are

subject

to

the

risk

that

may

become

inadequate

because of changes in conditions, or that the degree of compliance with the policies

and procedures may deteriorate.

is

for

and

control

over

reporting.

assessed

the

of

the

control

over

as

of

2023,

based

on

the

set

forth

by

the

of

Sponsoring

Organizations

of

the

Treadway

(COSO)

in

Control-

Integrated

Framework

(2013).

Based

on

that

that,

as

of

31,

2023,

the

internal control over financial reporting is effective based

on the criteria established in Internal Control-Integrated Framework (2013).

The

registered

public

firm,

Crowe LLP,

has

audited

of the

internal control over financial reporting as of December 31, 2023, as stated in

their report dated February 28, 2024.

/s/

President and Chief Executive Officer

Date: February 28, 2024

/s/

Orlando Berges

Orlando Berges

Executive Vice President

and Chief Financial Officer

Date: February 28, 2024