First BanCorp. Increases Quarterly Cash Dividend on Common Shares by 43%
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SAN JUAN, Puerto Rico – (BUSINESS WIRE) – First BanCorp. (the “Company”) (NYSE: FBP), the banking holding company of FirstBank Puerto Rico, today announced that its board of directors has declared a quarterly cash dividend of $ 0.10 per share, which represents an increase of 43% or $ 0.03 per common share. compared to its last dividend paid in September 2021. The dividend is payable on December 10, 2021 to shareholders of record at the close of business on November 26, 2021.
“We are pleased to announce an increase in the quarterly cash dividend payment on the Company’s common shares from $ 0.07 to $ 0.10 per share starting in the fourth quarter of 2021. The dividend, accompanied by our program repurchase fund, continues to demonstrate the strength of our balance sheet and our commitment to increasing shareholder value, ”said Aurelio Alemán, President and CEO of Corporation.
The increase in the quarterly dividend level equals an annualized dividend of $ 0.40 per common share.
About First BanCorp.
First BanCorp. is the parent company of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the United States, the 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. The common shares of First BanCorp. are traded on the New York Stock Exchange under the symbol “FBP”.
This press release may contain “forward-looking statements” regarding the Company. The words or expressions “expect”, “anticipate”, “intend”, “intend”, “intend”, “should”, “should”, “believe” and Similar expressions are intended 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 sphere security created by these articles. These forward-looking statements include, without limitation, statements regarding the ability of the Company to declare dividends on the common and preferred shares of the Company in future periods. Such statements are subject to known and unknown risks, uncertainties and contingencies which 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, without limitation, the factors described in the Company’s annual report on Form 10-K, in its quarterly reports on Form 10-Q and in other documents filed with the SEC. . The Company does not undertake, and specifically disclaims any obligation, to update “forward-looking statements” to reflect unforeseen events or circumstances after the date of such statements, except as required by federal securities laws. .
Source: First BanCorp.