First BanCorp PR Increases Dividend by 13%, Reinforcing Shareholder Value Commitment

First BanCorp. Reinforces Commitment to Shareholder Value with Increased Dividend

First BanCorp., the parent company of FirstBank Puerto Rico, announces a significant increase in its quarterly cash dividend, raising it to $0.18 per share. This represents a 13% increase, or an additional $0.02, compared to the previous dividend paid in December 2024. The new dividend translates to an annualized rate of $0.72 per common share, reflecting the company's ongoing dedication to enhancing shareholder value. The dividend will be payable on March 7, 2025, to shareholders recorded as of February 21, 2025.

Aurelio Alemán, President and CEO of First BanCorp., expresses satisfaction with this development, emphasizing the importance of returning value to shareholders through both dividends and a robust share buyback program. The increase not only showcases the company's solid financial footing but also reinforces its commitment to maintaining a competitive position within the financial services sector. With operations spanning Puerto Rico, the U.S. and British Virgin Islands, and Florida, First BanCorp. continues to diversify its offerings, which include subsidiaries like FirstBank Insurance Agency, LLC, and First Federal Finance, a small loans provider.

The announcement also includes forward-looking statements about future dividend payments, highlighting the company's optimistic outlook based on its strong capital position. First BanCorp. acknowledges the risks and uncertainties that could impact actual results, yet the prevailing performance metrics suggest a promising trajectory. This commitment to shareholder returns is likely to bolster investor confidence and enhance the company's reputation in a rapidly evolving financial landscape.

In addition to the dividend announcement, First BanCorp. underscores its proactive strategies in navigating the complexities of the financial industry. The company's diversified operations across various regions allow for a broader customer base and reduced exposure to localized economic fluctuations. As First BanCorp. continues to expand its services, it remains focused on sustainable growth and responsible financial management.

Overall, First BanCorp.'s recent dividend increase reflects its strong operational performance and strategic intent to prioritize shareholder interests, positioning the company favorably for future endeavors in the competitive banking sector.