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First BanCorp. Announces Payment of Dividends on Preferred Stock

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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 the following monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock (the “Preferred Stock”):

Series Monthly
Dividend Per
Share
Outstanding
Shares
Record Date Payment Date
A

$0.14843750

197,386

August 29, 2019

September 2, 2019

B

$0.17395800

296,146

August 15, 2019

September 2, 2019

C

$0.15416670

249,852

August 15, 2019

September 2, 2019

D

$0.15104167

285,522

August 15, 2019

September 2, 2019

E

$0.14583330

415,240

August 15, 2019

September 2, 2019

The Corporation’s ability to continue to declare and pay dividends on the Preferred Stock is dependent on certain Federal regulatory considerations, including the guidelines of the Federal Reserve Board regarding capital adequacy and dividends and on the Corporation’s agreement with the Federal Reserve Bank of New York (the “Federal Reserve”) to obtain regulatory approval to pay dividends to stockholders.

Although there is no assurance that any dividends will be declared on the Corporation’s Preferred Stock in any future periods, the Corporation intends to continue to request the Federal Reserve’s approval to enable it to continue to pay the monthly dividends on its Preferred Stock.

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 are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies, and FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

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