First Bancorp P R - FBP STOCK NEWS

First BanCorp. (NYSE: FBP) announced a quarterly cash dividend of $0.10 per share on its outstanding common stock. The dividend will be payable on March 11, 2022 to shareholders of record as of the close of business on February 25, 2022. This declaration reflects the Corporation's ongoing commitment to return value to its shareholders.

First BanCorp. reported a net income of $73.6 million, or $0.35 per diluted share, for Q4 2021, down from $75.7 million in Q3 2021. Annual net income reached $281.0 million, or $1.31 per diluted share, compared to $102.3 million in 2020. Adjusted pre-tax, pre-provision income rose 30.6% year-over-year to $391.5 million. Notably, non-performing assets decreased 46.1% year-over-year to $158.1 million. The bank repurchased 4.6 million shares in Q4 and aims for continued growth amid a positive economic backdrop.

First BanCorp (NYSE: FBP) announced it will report its fourth quarter financial results for 2021 on January 26, 2022, prior to market opening. A conference call for analysts and investors is scheduled for the same day at 10:00 a.m. Eastern time. The call will be accessible via the company's investor relations website or a dedicated phone line. A replay of the webcast will be available on the website until January 26, 2023. First BanCorp operates FirstBank Puerto Rico, with services in Puerto Rico, the U.S., and the British Virgin Islands.

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.

First BanCorp. (FBP) reported a third quarter net income of $75.7 million ($0.36 per diluted share), up from $70.6 million ($0.33) in Q2 2021. The results include a $12.1 million net benefit from credit loss provisions, though this is lower than the $26.2 million in Q2. The bank incurred $2.3 million in merger costs related to Banco Santander Puerto Rico. Despite a 0.99% annualized net charge-off to average loans ratio, non-performing assets dropped 32.5% to $172.4 million. Total deposits rose by $288.5 million, though total loans decreased by $249.0 million.

First BanCorp. (NYSE: FBP) declared a quarterly cash dividend of $0.10 per share, a 43% increase from the previous dividend of $0.07 paid in September 2021. This change reflects the corporation’s commitment to enhancing shareholder value and demonstrates strong balance sheet performance. The dividend is payable on December 10, 2021, to shareholders of record by November 26, 2021. The annualized dividend now stands at $0.40 per share.

First BanCorp. (NYSE: FBP) has announced the redemption of all its outstanding Series A through E Noncumulative Perpetual Monthly Income Preferred Stock, scheduled for November 30, 2021. The redemption price is $25.00 per share, plus any accrued but unpaid dividends. The total outstanding shares for each series include 197,386 for Series A, 296,146 for Series B, 249,852 for Series C, 285,522 for Series D, and 415,240 for Series E. Shareholders will receive official notice of the redemption in accordance with the Corporation's Certificate of Designation.

Banesco USA has appointed Calixto (Cali) Garcia-Velez as the new President and CEO, following the departure of Mario Oliva on October 12, 2021. The board expressed gratitude for Oliva's leadership over the past two years, during which significant progress was made. Garcia-Velez, a Miami native with extensive banking experience, aims to enhance the bank's growth in commercial, corporate, and consumer banking. He previously served as Executive VP at First BanCorp and held various roles at Citibank and Doral Bank, showcasing a strong track record in the banking sector.

First BanCorp. (NYSE: FBP) has announced that it will report its financial results for the third quarter ending September 30, 2021, on October 25, 2021, before the market opens. A conference call and live webcast will follow at 10:00 a.m. Eastern time on the same day. The call can be accessed via the company's investor relations website or through a designated dial-in number. A replay will be available for one year after the event. First BanCorp. is the parent of FirstBank Puerto Rico, with operations in Puerto Rico, the U.S., British Virgin Islands, and Florida.