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First BanCorp Announces a 13% Increase in Quarterly Cash Dividend on Common Stock to $0.18 Per Share

1. FBP announces a quarterly dividend increase of 13% to $0.18 per share. 2. The new dividend reflects a strong capital position and consistent performance. 3. Dividend payment is scheduled for March 7, 2025, benefitting shareholders. 4. Annualized dividend reaches $0.72 per common share, enhancing shareholder value. 5. FBP remains committed to maximizing shareholder value through dividends and buybacks.

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Why Bullish?

The dividend increase typically signals increased profitability and stability, positively impacting stock value. Past examples indicate that higher dividends often lead to stock price appreciation.

How important is it?

The article focuses on an important increase in dividends, which directly affects shareholder value. Given its implications for FBP's valuation, it holds substantial relevance to investors.

Why Short Term?

Immediate positive market reactions are likely due to the dividend announcement. Historically, dividend increases have resulted in short-term stock price boosts for companies.

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FBP
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 $0.18 per share, which represents an increase of 13% or $0.02 per common share compared to its most recent dividend paid in December 2024. The dividend is payable on March 7, 2025 to shareholders of record at the close of business on February 21, 2025. “We are pleased to announce another increase to our common stock dividend. This, combined with our share buyback program, underscores our unwavering commitment to maximizing shareholder value. These actions are supported by our consistent long-term performance, strong capital position, and positive future outlook,” said Aurelio Alemán, President and CEO of the Corporation. The increased quarterly dividend level equates to an annualized dividend rate of $0.72 per common share. 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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