First BanCorp. Announces Payment of Dividends on Preferred Stock

Rhea-AI Summary

First BanCorp. (NYSE: FBP) declared monthly cash dividends on its Series A through E Noncumulative Perpetual Monthly Income Preferred Stock. The dividends include:

• Series A: 7.125% annual rate, $0.14843750 per share, record date January 28, 2021, payment date February 1, 2021.
• Series B: 8.35% annual rate, $0.17395800 per share, record date January 15, 2021, payment date February 1, 2021.
• Series C: 7.40% annual rate, $0.15416670 per share, record date January 15, 2021, payment date February 1, 2021.
• Series D: 7.25% annual rate, $0.15104167 per share, record date January 15, 2021, payment date February 1, 2021.
• Series E: 7.00% annual rate, $0.14583330 per share, record date January 15, 2021, payment date February 1, 2021.

Positive

• Consistent dividend payments enhance shareholder income.
• The company demonstrates confidence by maintaining dividends across all preferred series.

Negative

• None.

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		January 28, 2021		February 1, 2021
B		8.35%		$0.17395800		296,146		January 15, 2021		February 1, 2021
C		7.40%		$0.15416670		249,852		January 15, 2021		February 1, 2021
D		7.25%		$0.15104167		285,522		January 15, 2021		February 1, 2021
E		7.00%		$0.14583330		415,240		January 15, 2021		February 1, 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/20210104005029/en/

FAQ

What is the dividend amount for Series A Preferred Stock of FBP?

The monthly dividend for Series A is $0.14843750 with an annual rate of 7.125%.

When is the payment date for Series B dividends of FBP?

The payment date for Series B dividends is February 1, 2021.

What are the record dates for the dividends announced by FBP?

Record dates vary: Series A is January 28, 2021; Series B, C, D, and E are January 15, 2021.

How frequently does FBP pay dividends on its Preferred Stock?

FBP pays dividends on its Preferred Stock monthly.

What is the total outstanding shares for Series E Preferred Stock of FBP?

The total outstanding shares for Series E are 415,240.