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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2022
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY [Text Block] | NOTE 17 – STOCKHOLDERS’ EQUITY Stock Repurchase Programs During the first quarter of 2022 the Corporation completed the $ 300 million stock repurchase program approved by the Board of Directors on April 26, 2021 by purchasing though open market transactions 3,409,697 shares of common stock at an average price of $ 14.66 for a total purchase price of approximately $ 50 million. On April 27, 2022, the Corporation announced that its Board of Directors approved a stock repurchase program, under which the Corporation may repurchase up to $ 350 million of its outstanding common stock, which commenced in the second quarter of 2022. Repurchases under the program may be executed through open market purchases, accelerated share repurchases and/or privately negotiated transactions or plans, including plans complying with Rule 10b5-1 under the Exchange Act. The Corporation’s common stock repurchase program is 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 repurchase program may be modified, suspended, or terminated at any time at the Corporation’s discretion. The program does not obligate the Corporation to acquire any specific number of shares and does not have an expiration date. Under this stock repurchase program, the Corporation repurchased during the year ended December 31, 2022, 16,003,674 shares of common stock through open market transactions at an average purchase price of $ 14.06 per share for a total price of approximately $ 225 million. As of December 31, 2022, the Corporation has remaining authorization to repurchase approximately $ 125 million of common stock. During the year ended December 31, 2022, First BanCorp. repurchased 19,413,371 shares for a total purchase price of approximately $ 275 million under all stock repurchase programs. The shares received are held as treasury stock. Common Stock The following table shows the change in shares of common stock outstanding for the years ended December 31, 2022, 2021 and 2020: Total Number of Shares 2022 2021 2020 Common stock outstanding, beginning balance 201,826,505 218,235,064 217,359,337 Common stock repurchased (1) (19,619,178) (16,954,841) (51,814) Common stock reissued/issued under stock-based compensation plan 516,840 628,768 930,627 Restricted stock forfeited (15,108) (82,486) (3,086) Common stock outstanding, ending balances 182,709,059 201,826,505 218,235,064 (1) For 2022, 2021 and 2020 includes 205,807 , 214,374 and 51,814 shares, respectively, of common stock surrender to cover officers' payroll and income taxes. For the years ended December 31, 2022, 2021 and 2020, total cash dividends declared on shares of common stock amounted to $ 88.2 million, $ 65.4 million, and $ 43.8 million, respectively. On February 9, 2023 the Corporation announced that its Board of Directors had declared a quarterly cash dividend of $ 0.14 per common share, which represents an increase of 17 % or $ 0.02 per common share compared to its most recent dividend paid in December 2022. The dividend is payable on March 10, 2023 to shareholders of record at the close of business on February 24, 2023 . The Corporation intends to continue to pay quarterly dividends on common stock. However, the Corporation’s common stock dividends, including the declaration, timing, and amount, remain subject to consideration and approval by the Corporation’s Board Directors at the relevant times. Preferred Stock The Corporation has 50,000,000 authorized shares of preferred stock with a par value of $ 1.00 , redeemable at the Corporation’s option, subject to certain terms. This stock may be issued in series and the shares of each series have such rights and preferences as are fixed by the Board of Directors when authorizing the issuance of that particular series. On November 30, 2021, the Corporation redeemed all of its 1,444,146 then outstanding shares of Series A through E Preferred Stock for its liquidation value of $ 25 per share totaling $ 36.1 million. The difference between the liquidation value and net carrying value was $ 1.2 million, which was recorded as a reduction to retained earnings in 2021. The redeemed preferred stock shares were not listed on any securities exchange or automated quotation system. No shares of preferred stock have been subsequently issued or were outstanding during the year ended December 31, 2022. For the years ended December 31, 2021 and 2020, total cash dividends paid on shares of preferred stock amounted to $ 2.5 million and $ 2.7 million, respectively. Treasury Stock The following table shows the change in shares of treasury stock for the years ended December 31, 2022, 2021 and 2020. Total Number of Shares 2022 2021 2020 Treasury stock, beginning balance 21,836,611 4,799,284 4,744,384 Common stock repurchased (1) 19,619,178 16,954,841 51,814 Common stock reissued under stock-based compensation plan (516,840) - - Restricted stock forfeited 15,108 82,486 3,086 Treasury stock, ending balances 40,954,057 21,836,611 4,799,284 (1) For 2022, 2021 and 2020 includes 205,807 , 214,374 and 51,814 shares, respectively, of common stock surrender to cover officers' payroll and income taxes. FirstBank Statutory Reserve (Legal Surplus) The Puerto Rico Banking Law of 1933, as amended (the “Puerto Rico Banking Law”), requires that a minimum of 10 % of FirstBank’s net income for the year be transferred to a legal surplus reserve until such surplus equals the total of paid-in-capital on common and preferred stock. Amounts transferred to the legal surplus reserve from retained earnings are not available for distribution to the Corporation without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The Puerto Rico Banking Law provides that, when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of the expenditures over receipts must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the legal surplus reserve, as a reduction thereof. If the legal surplus reserve is not sufficient to cover such balance in whole or in part, the outstanding amount must be charged against the capital account and the Bank cannot pay dividends until it can replenish the legal surplus reserve to an amount of at least 20% of the original capital contributed. During the years ended December 31, 2022 and 2021, $ 30.9 million and $ 28.3 million, respectively, was transferred to the legal surplus reserve. FirstBank’s legal surplus reserve, included as part of retained earnings in the Corporation’s consolidated statements of financial condition, amounted to $ 168.5 million and $ 137.6 million as of December 31, 2022 and 2021, respectively.

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