First BanCorp. Announces Payment of Dividends on Preferred Stock

Rhea-AI Summary

First BanCorp (NYSE: FBP) has declared monthly cash dividends for its Series A to E Noncumulative Perpetual Monthly Income Preferred Stock. The dividends are as follows:

• Series A: 7.125% annual rate; $0.1484 per share; 197,386 shares; record date August 27, 2021; payment date August 31, 2021.
• Series B: 8.35% annual rate; $0.1740 per share; 296,146 shares; record date August 15, 2021; payment date August 31, 2021.
• Series C: 7.40% annual rate; $0.1542 per share; 249,852 shares; record date August 15, 2021; payment date August 31, 2021.
• Series D: 7.25% annual rate; $0.1510 per share; 285,522 shares; record date August 15, 2021; payment date August 31, 2021.
• Series E: 7.00% annual rate; $0.1458 per share; 415,240 shares; record date August 15, 2021; payment date August 31, 2021.

Positive

• Declaring monthly cash dividends across all preferred stock series indicates strong cash flow and shareholder returns.
• Series B offers the highest yield at 8.35%, enhancing attractiveness for income-focused investors.

Negative

• Relatively high dividend yields may raise concerns over sustainability and long-term cash reserves.

First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors has declared the following monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock (the “Preferred Stock”):

Series	Annual Dividend Rate (%)	Monthly Dividend Per Share	Outstanding Shares	Record Date		Payment Date
A	7.125%	$0.14843750	197,386	August 27, 2021		August 31, 2021
B	8.35%	$0.17395800	296,146	August 15, 2021		August 31, 2021
C	7.40%	$0.15416670	249,852	August 15, 2021		August 31, 2021
D	7.25%	$0.15104167	285,522	August 15, 2021		August 31, 2021
E	7.00%	$0.14583330	415,240	August 15, 2021		August 31, 2021

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 and First Express, Inc., both small loan companies. 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 Preferred Stock in any future periods. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005099/en/

FAQ

What is the dividend amount for First BanCorp (FBP) Series A preferred stock?

The dividend amount for Series A is $0.14843750 per share.

When is the payment date for First BanCorp (FBP) preferred stock dividends?

The payment date for all preferred stock dividends is August 31, 2021.

What is the record date for the preferred stock dividends declared by First BanCorp (FBP)?

The record date varies by series; for Series A, it is August 27, 2021; for Series B, C, D, and E, it is August 15, 2021.

How often does First BanCorp (FBP) pay dividends on its preferred stock?

First BanCorp (FBP) pays monthly dividends on its preferred stock.

What are the annual dividend rates for the various preferred stock series of First BanCorp (FBP)?

The annual dividend rates are 7.125% for Series A, 8.35% for Series B, 7.40% for Series C, 7.25% for Series D, and 7.00% for Series E.