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Stockholders' equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note |
Stockholders' Equity | Note 20 – Stockholders’ equity The Corporation’s common stock ranks junior to all series of preferred stock as to dividend rights and / or as to rights on liquidation, dissolution or winding up of the Corporation. Dividends on preferred stock are payable if declared. The Corporation’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the Corporation fails to pay or set aside full dividends on the preferred stock for the latest dividend period. The ability of the Corporation to pay dividends in the future is limited by regulatory requirements, legal availability of funds, recent and projected financial results, capital levels and liquidity of the Corporation, general business conditions and other factors deemed relevant by the Corporation’s Board of Directors. The Corporation’s common stock trades on the Nasdaq Global Select Market (the “Nasdaq”) under the symbol BPOP. The 2003 Series A Preferred Stock are not listed on Nasdaq. Preferred stocks The Corporation has 30,000,000 shares of authorized preferred stock that may be issued in one or more series, and the shares of each series shall have such rights and preferences as shall be fixed by the Board of Directors when authorizing the issuance of that particular series. The Corporation’s shares of preferred stock at December 31, 2023 consisted of: ● 6.375 % non-cumulative monthly income preferred stock, 2003 Series A, no par value, liquidation preference value of $ 25 per share. Holders on record of the 2003 Series A Preferred Stock are entitled to receive, when, as and if declared by the Board of Directors of the Corporation or an authorized committee thereof, out of funds legally available, non-cumulative cash dividends at the annual rate per share of 6.375 % of their liquidation preference value, or $ 0.1328125 per share per month. These shares of preferred stock are perpetual, nonconvertible, have no preferential rights to purchase any securities of the Corporation and are redeemable solely at the option of the Corporation with the consent of the Board of Governors of the Federal Reserve System. The redemption price per share is $ 25.00 . The shares of 2003 Series A Preferred Stock have no voting rights, except for certain rights in instances when the Corporation does not pay dividends for a defined period. These shares are not subject to any sinking fund requirement. Cash dividends declared and paid on the 2003 Series A Preferred Stock amounted to $ 1.4 million for the years ended December 31, 2023, 2022 and 2021. Outstanding shares of 2003 Series A Preferred Stock amounted to 885,726 at December 31, 2023, 2022 and 2021. Common stock Dividends During the year 2023, cash dividends of $ 2.27 (2022 - $ 2.20 ; 2021 - $ 1.75 ) per common share outstanding were declared amounting to $ 163.7 million (2022 - $ 163.7 million; 2021 - $ 142.3 million) of which $ 44.7 million were payable to stockholders of common stock at December 31, 2023 (2022 - $ 39.5 million; 2021 - $ 35.9 million). The quarterly dividend of $ 0.62 per share declared to stockholders of record as of the close of business on December 7, 2023 , was paid on January 2, 2024 . On February 23, 2024, the Corporation’s Board of Directors approved a quarterly cash dividend of $ 0.62 per share on its outstanding common stock, payable on April 1, 2024 to stockholders of record at the close of business on March 14, 2024 . Accelerated share repurchase transaction (“ASR”) On August 24, 2022, the Corporation entered into a $ 231 million ASR transaction with respect to its common stock (the “August ASR Agreement”), which was accounted for as a treasury transaction. As a result of the receipt of the initial 2,339,241 shares, the Corporation recognized in stockholders’ equity approximately $ 185 million in treasury stock and $ 46 million as a reduction of capital surplus. The Corporation completed the transaction on December 7, 2022 and received 840,024 additional shares of common stock and recognized approximately $ 60 million as treasury stock with a corresponding increase in its capital surplus. In total the Corporation repurchase a total of 3,179,265 shares at an average purchased price of $ 72.6583 under the August ASR Agreement. On March 1, 2022, the Corporation announced that on February 28, 2022 it entered into a $ 400 million ASR transactions with respect to its common stock (the “March ASR Agreement”), which was accounted for as a treasury transaction. As a result of the receipt of the initial 3,483,942 shares, the Corporation recognized in stockholders’ equity approximately $ 320 million in treasury stock and $ 80 million as a reduction of capital surplus. The Corporation completed the transaction on July 12, 2022 and received 1,582,922 additional shares of common stock and recognized $ 120 million in treasury stock with a corresponding increase in its capital surplus. In total the Corporation repurchased a total of 5,066,864 shares at an average purchased price of $ 78.9443 under the March ASR Agreement. On May 3, 2021, the Corporation entered into a $ 350 million ASR transaction with respect to its common stock, which was accounted for as a treasury stock transaction. As a result of the receipt of the initial 3,785,831 shares, the Corporation recognized in stockholders’ equity approximately $ 280 million in treasury stock and $ 70 million as a reduction in capital surplus. The Corporation completed the transaction on September 9, 2021 and received 828,965 additional shares of common stock and recognized $ 61 million in treasury stock with a corresponding increase in capital surplus. In total, the Corporation repurchased a total of 4,614,796 shares at an average price of $ 75.8430 under the ASR Agreement. Statutory reserve The Banking Act of the Commonwealth of Puerto Rico requires that a minimum of 10% of BPPR’s net income for the year be transferred to a statutory reserve account until such statutory reserve equals the total of paid-in capital on common and preferred stock. Any losses incurred by a bank must first be charged to retained earnings and then to the reserve fund. Amounts credited to the reserve fund may not be used to pay dividends without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The failure to maintain sufficient statutory reserves would preclude BPPR from paying dividends. BPPR’s statutory reserve fund amounted to $ 908 million at December 31, 2023 (2022 - $ 863 million; 2021 - $ 786 million). During 2023, $ 45 million was transferred to the statutory reserve account (2022 - $ 77 million, 2021 - $ 78 million). BPPR was in compliance with the statutory reserve requirement in 2023, 2022 and 2021.

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