First BanCorp. Announces Payment of Dividends on Preferred Stock

Rhea-AI Summary

First BanCorp. (NYSE: FBP) has declared monthly cash dividends on its Series A through E Noncumulative Perpetual Monthly Income Preferred Stock. The dividends, effective for November 2021, are as follows:

• Series A: 7.125% annual rate, $0.14843750 per share, 197,386 shares.
• Series B: 8.35% annual rate, $0.17395800 per share, 296,146 shares.
• Series C: 7.40% annual rate, $0.15416670 per share, 249,852 shares.
• Series D: 7.25% annual rate, $0.15104167 per share, 285,522 shares.
• Series E: 7.00% annual rate, $0.14583330 per share, 415,240 shares.

The shares will be redeemed on November 30, 2021, after which dividends will cease.

Positive

• Declared monthly cash dividends on Series A through E preferred stock.
• Dividend rates range from 7.00% to 8.35%, providing attractive income for shareholders.
• Positive cash flow indicated by the ability to maintain dividend payments.

Negative

• Redemption of preferred stock may indicate capital restructuring or lower future availability of dividends.

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)	(b)	(c)
A	7.125%	$0.14843750	197,386	November 26, 2021	November 30, 2021
B	8.35%	$0.17395800	296,146	November 15, 2021	November 30, 2021
C	7.40%	$0.15416670	249,852	November 15, 2021	November 30, 2021
D	7.25%	$0.15104167	285,522	November 15, 2021	November 30, 2021
E	7.00%	$0.14583330	415,240	November 15, 2021	November 30, 2021

As previously announced, the Corporation is redeeming the Preferred Stock on November 30, 2021 (the “Redemption Date”). On and after the Redemption Date, no shares of Preferred Stock will be outstanding and dividends in respect of the Series A through E Preferred Stock will no longer accrue.

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/20211105005822/en/

First BanCorp.

Orlando Berges

Chief Financial Officer

787-729-8170

orlando.berges@firstbankpr.com

Source: First BanCorp.

FAQ

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

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

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

The payment date for the preferred stock dividends is November 30, 2021.

What is the annual dividend rate for Series B preferred stock of First BanCorp (FBP)?

The annual dividend rate for Series B is 8.35%.

When will First BanCorp (FBP) cease payment on its preferred stock dividends?

Dividends will cease after the redemption date of November 30, 2021.

What is the total number of outstanding shares for Series E preferred stock of First BanCorp (FBP)?

There are 415,240 outstanding shares for Series E.