First BanCorp. Announces Payment of Dividends on Preferred Stock

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

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Outstanding

Shares

     

Record Date

     

Payment Date

(b) (c)
A $0.14843750 197,386 November 28, 2018 November 30, 2018
B $0.17395800 296,146 November 15, 2018 November 30, 2018
C $0.15416670 249,852 November 15, 2018 November 30, 2018
D $0.15104167 285,522 November 15, 2018 November 30, 2018
E $0.14583330 415,240 November 15, 2018 November 30, 2018
 

The Corporations 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 Corporations 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 Corporations Preferred Stock in any future periods, the Corporation intends to continue to request the Federal Reserves 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 BanCorps 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 Corporations ability to declare dividends on the Corporations Preferred Stock in any future periods and the Corporations intention to request the Federal Reserves approval to enable it to continue to pay the monthly dividends on its Preferred Stock once regulatory approvals expire. Such statements are subject to known and unknown risks, uncertainties and contingencies that may cause actual results to differ materially from the expectations, intentions, beliefs, plans, estimates or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to the factors described in the Corporations Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in other filings with the SEC. The Corporation does not undertake, and specifically disclaims any 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 the federal securities laws.

First BanCorp.
John B. Pelling III, 787-729-8003
Investor
Relations Officer
[email protected]

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