First BanCorp Announces Capital Actions
July 24 2023 - 8:00AM
Business Wire
First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding
company for FirstBank Puerto Rico, announced today that its Board
of Directors approved the following capital actions:
- A new stock repurchase program of up to $225 million of the
Corporation’s outstanding common stock that we expect to execute
thru the end of the 3rd quarter of 2024;
- The declaration of a quarterly cash dividend of $0.14 per share
on its outstanding common stock. The dividend is payable on
September 8, 2023 to shareholders of record at the close of
business on August 24, 2023.
The Corporation expects to repurchase during the second half of
2023 approximately $150 million of the Corporation’s outstanding
common stock, of which $75 million relate to the remaining amount
of the previously approved stock repurchase program that was
resumed in July 2023. Aurelio Alemán, President and Chief Executive
Officer, stated, "Our balance sheet and capital ratios remain
strong, with ratios significantly above 'well capitalized'
thresholds. We intend to continue to use a balanced approach to
deploy capital generated by our operations to both support growth
and financial soundness, and to distribute capital to shareholders
in the form of dividends and stock repurchases.”
Repurchases under the program may be executed through open
market purchases, accelerated share repurchases and/or privately
negotiated transactions or plans, including Rule 10b5-1 plans, and
will be conducted in accordance with applicable legal and
regulatory requirements. The Corporation’s common stock repurchase
program will be subject to various factors, including the
Corporation’s capital position, liquidity, financial performance
and alternative uses of capital, stock trading price, and general
market conditions. The repurchase program may be modified,
extended, suspended, or terminated at any time at the Corporation’s
discretion. Any repurchased shares are expected to be held as
treasury shares.
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 loans 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230724723567/en/
First BanCorp. Ramon Rodríguez Senior Vice President
Corporate Strategy and Investor Relations (787) 729-8200 Ext. 82179
ramon.rodriguez@firstbankpr.com
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