FIRST BANCORP /PR/

This summary highlights certain information contained elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider. You should read the entire Proxy Statement carefully before voting.

Meeting Information and Availability of Proxy Materials

This Proxy Statement and the accompanying proxy card are being distributed and made available to stockholders on or about April 8, 2024.

How to Vote

Your vote is important. Even if you plan to virtually attend the Annual Meeting, we encourage you to vote in advance of the meeting. You may vote using one of the following voting methods, and if you were a stockholder as of the close of business on March 25, 2024.

PROPOSALS FOR YOUR VOTE AND VOTING RECOMMENDATIONS

2023 COMPANY PERFORMANCE

2023 Company Performance Highlights

2023 was an unprecedented and challenging year for the banking industry. Despite these challenges, we delivered another year of strong financial performance, including solid loan growth for our franchise and what we believe are strong profitability metrics. We continue to show how our institution adapts swiftly to changing market conditions and maintains consistent strength in the face of macroeconomic and industry headwinds. Responsible and value-driven capital allocation has allowed the Corporation to grow the franchise and invest for the future, while supporting our communities and colleagues, as well as returning capital to our stockholders through repurchases of the Corporation’s common stock par value $0.10 per share (the “Common Stock”) and payment of Common Stock dividends.

Some of the key corporate accomplishments during 2023 included the following:

Corporate Governance Highlights

Key statistics about our director nominees

Executive Compensation Highlights

Cautionary Note Regarding Forward-Looking Statements

The Corporation cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Proxy Statement or made by the Corporation, our management or our spokespeople involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Corporation’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Actual results may differ from those set forth in the forward-looking statements due to a variety of risk factors, including those contained in the Annual Report and the Corporation’s other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. 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.

Incorporation by Reference

Neither the Compensation and Benefits Committee Report nor the Audit Committee Report included herein shall be deemed soliciting material or filed with the SEC, and neither those reports nor the Annual Report shall be deemed incorporated by reference into any prior or future filings made by us under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), except to the extent that we specifically incorporate such information by reference.

In addition, this Proxy Statement includes our website address. This website address is intended to provide an inactive, textual reference only. The information on our website is not part of or incorporated by reference into this Proxy Statement.

1519 PONCE DE LEÓN AVENUE

SAN JUAN, PUERTO RICO 00908