First Bancorp Declares Quarterly Cash Dividend on Common Stock

Rhea-AI Summary

First BanCorp. (NYSE: FBP) has declared a quarterly cash dividend of $0.12 per share on its common stock. This dividend is set to be paid on December 9, 2022, to shareholders on record as of November 25, 2022. The corporation operates FirstBank Puerto Rico and provides banking services across Puerto Rico, the U.S., British Virgin Islands, and Florida. The announcement highlights the company’s ongoing commitment to returning value to shareholders while maintaining operations in a diversified market.

Positive

• Quarterly cash dividend of $0.12 per share declared.
• Dividend payment date set for December 9, 2022.

Negative

• Risks associated with future dividend payments are noted, depending on financial performance.

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 a quarterly cash dividend of $0.12 per share on its outstanding common stock. The dividend is payable on December 9, 2022 to shareholders of record at the close of business on November 25, 2022.

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 is First Federal Finance Limited Liability Company, a small loan company. 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 pay dividends on the Corporation’s Common Stock in any future periods. Forward-looking statements involve known and unknown risks, uncertainties and contingencies that may cause actual results to differ materially from the expectations 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 most recent Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. The Corporation undertakes no 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 securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005075/en/

First BanCorp.

Ramon Rodríguez

Senior Vice President

Corporate Strategy and Investor Relations

(787) 729-8200 Ext. 82179

ramon.rodriguez@firstbankpr.com

Source: First BanCorp.

FAQ

What is the dividend amount declared by First BanCorp.?

The declared dividend amount is $0.12 per share.

When is the dividend payment date for First BanCorp.?

The dividend is payable on December 9, 2022.

What is the record date for First BanCorp.'s dividend?

The record date for the dividend is November 25, 2022.

Is the dividend from First BanCorp. sustainable?

The press release indicates that future dividends may depend on the corporation's financial performance.