First BanCorp. Declares Quarterly Cash Dividend on Common Stock

Rhea-AI Summary

First BanCorp. (NYSE: FBP) has declared a quarterly cash dividend of $0.07 per share on its common stock. The payment date is set for September 10, 2021, for shareholders of record as of August 26, 2021. First BanCorp. serves as the bank holding company for FirstBank Puerto Rico and operates in Puerto Rico, Florida, and the Virgin Islands. The press release also indicates that future dividend declarations will depend on the Corporation's financial performance and market conditions, highlighting potential risks associated with future payouts.

Positive

• Quarterly cash dividend of $0.07 per share enhances shareholder returns.
• Demonstrates confidence in company’s financial stability.

Negative

• Future dividends are subject to risks and uncertainties, indicating potential inconsistencies in payouts.
• Forward-looking statements suggest dependency on market conditions for future dividend declarations.

First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors has declared a quarterly cash dividend of $0.07 per share on its outstanding common stock. The dividend is payable on September 10, 2021 to shareholders of record at the close of business on August 26, 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 Common and 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/20210729005988/en/

FAQ

What is the dividend amount declared by First BanCorp (FBP)?

First BanCorp has declared a dividend of $0.07 per share on its common stock.

When will the dividend for FBP be paid?

The dividend will be paid on September 10, 2021.

What is the record date for the dividend payment by First BanCorp?

The record date for the dividend payment is August 26, 2021.

How often does First BanCorp declare dividends?

First BanCorp declares dividends on a quarterly basis, subject to approval by the Board of Directors.

What are the risks associated with dividends declared by First BanCorp (FBP)?

Future dividends may be impacted by market conditions and the Corporation's financial performance, which introduces risks and uncertainties.