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 $350 million of the Corporation’s outstanding common stock that we expect to be executed, at management’s discretion, throughout 2027, subject to market conditions; this approval is in addition to the approximately $38.3 million remaining under the stock repurchase program announced on October 22, 2025;
- The declaration of a quarterly cash dividend of $0.25 per share on its outstanding common stock, which represents an increase of 25% compared to its most recent dividend paid in September 2026. The dividend is payable on December 11, 2026 to shareholders of record at the close of business on November 27, 2026.
Aurelio Alemán, President and Chief Executive Officer, stated, “We are pleased to announce that our Board of Directors approved a new stock repurchase program and a 25% increase in our quarterly dividend, reflecting the strength of our strong financial performance and disciplined capital management. Our approach will remain opportunistic, with repurchase activity calibrated to market conditions, valuation, and alternative capital deployment opportunities, while targeting capital levels that remain consistent with our long-term operating objectives.”
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 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 stock 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. 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 and to repurchase shares of its Common Stock under the stock repurchase program, including the amount and timing of any such repurchases, 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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