FBP - First BanCorp to implement $225M buyback program

2023-07-24 08:19:38 ET

First BanCorp ( NYSE: FBP ) said Monday it has been approved by its board to buy up to $225M of its common stock in a series of transactions that are expected to last through the end of Q3 2024.

The Puerto Rico-based lender expects to buy back some $150M of stock during the second half of 2023, of which $75M relate to the remaining amount of the previously approved stock repurchase program that was resumed in July 2023.

"Our balance sheet and capital ratios remain strong, with ratios significantly above 'well capitalized' thresholds," said First BanCorp President and CEO Aurelio Alemán.

In addition, the company has declared a quarterly cash dividend of $0.14 per share, in line with the previous payout.

More on First BanCrop:

• Archives of First BanCorp's balance sheets
• First BanCorp: Earnings Likely To Dip Despite Loan Growth

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