First BanCorp. is a Puerto Rico financial holding company and the bank holding company for FirstBank Puerto Rico. News about FBP commonly centers on quarterly earnings, deposit and loan trends, provision for credit losses, regulatory capital levels, common stock dividends, share repurchases, and credit-rating actions tied to its banking franchise.
The company’s operating activities include consumer banking, mortgage banking, commercial and corporate banking, treasury and investments, United States operations, and Virgin Islands operations, with Puerto Rico representing its primary market. Corporate updates also include annual meeting matters and executive leadership disclosures.
First BanCorp. (FBP) reported a strong fourth quarter of 2020 with a net income of $50.1 million, or $0.23 per diluted share, up from $28.6 million in the previous quarter. The year-end net income totaled $102.3 million, a decrease from $167.4 million in 2019 due to COVID-related credit loss reserves. Total loan originations reached $4.4 billion, while organic core deposits grew by $2.0 billion, with the BSPR acquisition contributing $4.1 billion in deposits. Adjusted pre-tax, pre-provision income increased by 6% to $299.8 million for 2020.
First BanCorp (NYSE: FBP) announced a quarterly cash dividend increase to $0.07 per share, up from $0.05. This dividend, reflecting a boost of $0.02, is payable on March 12, 2021, for shareholders on record as of February 26, 2021. The annualized rate now stands at $0.28 per common share. CEO Aurelio Alemán expressed satisfaction with the dividend increase, attributing it to strong current and projected earnings as the company advances its business strategy.
First BanCorp. (NYSE: FBP) has announced it will report its financial results for Q4 and the full year ended December 31, 2020, before the market opens on January 29, 2021. A conference call and live webcast are set for 10:00 a.m. Eastern time on the same day. Investors can access the webcast through the company’s website, with dial-in options available for phone listeners. The replay will be archived on the website until January 29, 2022, and a telephone replay will be offered until March 1, 2021.
First BanCorp. (NYSE: FBP) declared monthly cash dividends on its Series A through E Noncumulative Perpetual Monthly Income Preferred Stock. The dividends include:
- Series A: 7.125% annual rate, $0.14843750 per share, record date January 28, 2021, payment date February 1, 2021.
- Series B: 8.35% annual rate, $0.17395800 per share, record date January 15, 2021, payment date February 1, 2021.
- Series C: 7.40% annual rate, $0.15416670 per share, record date January 15, 2021, payment date February 1, 2021.
- Series D: 7.25% annual rate, $0.15104167 per share, record date January 15, 2021, payment date February 1, 2021.
- Series E: 7.00% annual rate, $0.14583330 per share, record date January 15, 2021, payment date February 1, 2021.