First BanCorp. Announces Payment of Dividends on Preferred Stock

Rhea-AI Summary

First BanCorp. (NYSE: FBP) announced the declaration of monthly cash dividends for Series A through E Noncumulative Perpetual Monthly Income Preferred Stock. The dividends are as follows: Series A at $0.14843750, Series B at $0.17395800, Series C at $0.15416670, Series D at $0.15104167, and Series E at $0.14583330. The record date for Series A is September 28, 2021, while Series B, C, D, and E have a record date of September 15, 2021. All payments are scheduled for September 30, 2021.

Positive

• Monthly dividends declared on preferred stock enhance shareholder returns.
• Stable dividend rates of 7.125% to 8.35% reflect company confidence.

Negative

• None.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- 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			September 28, 2021			September 30, 2021
B			8.35%			$0.17395800			296,146			September 15, 2021			September 30, 2021
C			7.40%			$0.15416670			249,852			September 15, 2021			September 30, 2021
D			7.25%			$0.15104167			285,522			September 15, 2021			September 30, 2021
E			7.00%			$0.14583330			415,240			September 15, 2021			September 30, 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/20210903005045/en/

First BanCorp.

Orlando Berges

Chief Financial Officer

787-729-8170

orlando.berges@firstbankpr.com

Source: First BanCorp.

FAQ

What are the monthly dividends for FBP's preferred stocks?

The monthly dividends for FBP's preferred stocks are Series A at $0.14843750, Series B at $0.17395800, Series C at $0.15416670, Series D at $0.15104167, and Series E at $0.14583330.

When is the payment date for FBP's preferred stock dividends?

The payment date for all preferred stock dividends is September 30, 2021.

What is the record date for the preferred stock dividends of FBP?

The record date for Series A is September 28, 2021, while Series B, C, D, and E have a record date of September 15, 2021.

What is the range of annual dividend rates for FBP's preferred stocks?

The annual dividend rates for FBP's preferred stocks range from 7.00% to 8.35%.