EL7.AI
StocksMedium•22 October 2026•
3 min read

First BanCorp Raises Dividend 25%, Approves $350 Million Share Buyback

Key Facts

1The board approved a new common share repurchase program of up to $350 million.
2The company raised its quarterly cash dividend by 25% compared with the last dividend paid.
3The new cash dividend was set at $0.25 per common share.
4The new authorization adds to about $38.3 million remaining under the previous repurchase program.
5The company's net income was about $96.1 million in the second quarter of 2026.

First BanCorp's board approved a 25% increase in the quarterly cash dividend on common shares compared with the last dividend paid, according to a company statement published via Business Wire. The board set the new dividend at $0.25 per common share as part of measures to return capital to shareholders. The measures also included approval of a new common share repurchase program of up to $350 million, alongside the increased cash payment to shareholders. First BanCorp is the holding company for FirstBank Puerto Rico, according to the description in an official company statement. The holding company's shares trade on the New York Stock Exchange under the ticker FBP.

The new repurchase authorization adds to about $38.3 million that remained under the company's previous program at the time of the announcement, according to the capital actions statement. Chief Executive Aurelio Alemán linked the decision to what he described as "disciplined capital management," in management's explanation of the board-approved move. The repurchase program's terms allow the company to modify or extend it at its discretion during the authorization period. The company also reserves the right to suspend or terminate the program under the same terms set out in its official statement. First BanCorp said it expects to hold repurchased shares as "treasury stock."

The capital actions follow net income of about $96.1 million in the second quarter of 2026, according to the company's earnings statement filed with the U.S. Securities and Exchange Commission. For comparison with the immediately preceding period, net income was $88.8 million in the first quarter of the same year. On capital, the results showed a common equity tier 1 capital ratio of about 16.96% at the end of June 2026. The previous cash dividend on common shares had been set at $0.20 per share, according to the earlier dividend announcement published via Business Wire. That dividend was payable on September 11, 2026, and served as the basis for the company's comparison of the announced increase.

For the nearest announced date, First BanCorp scheduled a call and webcast to discuss its financial results on October 22, 2026, according to its statement announcing the earnings discussion. The call and webcast are scheduled to begin at 10:00 a.m. Eastern Time, according to the timing announced by the company. The new cash dividend is payable to shareholders of record at the close of business on November 27, 2026, according to the capital actions statement. The company set December 11, 2026, as the payment date for eligible shareholders. The company expects to execute the new share repurchase program during 2027, subject to management's discretion and market conditions.