First Bancorp P R Stock Price, News & Analysis

First BanCorp (NYSE: FBP) has announced a $350 million stock repurchase program and a 20% increase in its quarterly cash dividend to $0.12 per share. The repurchase program will take place over the next four quarters, reflecting the Corporation's confidence in its strong capital position. The dividend increase will be effective for shareholders of record as of May 25, 2022, with payment on June 10, 2022. These capital actions aim to enhance shareholder value and reinforce the Corporation's commitment to strategic capital allocation.

First BanCorp (NYSE: FBP), parent company of FirstBank Puerto Rico, has released its inaugural Environmental, Social and Governance (ESG) Report for 2021. The report covers governance, responsible business practices, and community engagement. CEO Aurelio Aleman emphasized the bank's commitment to investing in people and communities. Additionally, the Board approved a Sustainability Policy to guide their ESG activities. The report aligns with Sustainability Accounting Standards Board and United Nations Sustainable Development Goals, demonstrating First BanCorp's commitment to sustainability.

First BanCorp (NYSE: FBP) announced it will report its financial results for the first quarter ending March 31, 2022, before the market opens on April 28, 2022. A conference call to discuss the results is scheduled for 10:00 a.m. Eastern Time the same day, broadcasted live through the company’s investor relations website. A replay of the webcast will be available for one year, and a telephone replay will be accessible for one month. First BanCorp operates FirstBank Puerto Rico and has a presence in Puerto Rico, the U.S., British Virgin Islands, and Florida.

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.