First BanCorp Announces Capital Actions
SAN JUAN, Puerto Rico, October 21, 2026--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."