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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2023
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 14 – STOCKHOLDERS’ EQUITY Stock Repurchase Programs On April 27, 2022, the Corporation announced that its Board approved a stock repurchase program that provides authorization to repurchase up to $ 350 million of its outstanding common stock, which commenced in the second quarter of 2022. As of June 30, 2023, the Corporation had remaining authorization to repurchase approximately $ 75 million of common stock. Furthermore, on July 24, 2023, the Corporation announced that its Board of Directors approved a new stock repurchase program, under which the Corporation may repurchase up to $ 225 million of its outstanding common stock, which it expects to execute through the end of the third quarter of 2024. The Corporation expects to repurchase approximately $ 150 million in common stock during the second half of 2023, of which $ 75 million relates to the remaining amount of the aforementioned $ 350 million stock repurchase program that was resumed in July 2023. Repurchases under the programs may be executed through open market purchases, accelerated share repurchases, and/or privately negotiated transactions or plans, including under plans complying with Rule 10b5-1 under the Exchange Act. The Corporation’s stock repurchase program s are 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 Corporation’s stock repurchase programs do not obligate it to acquire any specific number of shares and do not have an expiration date. The stock repurchase programs may be modified, suspended, or terminated at any time at the Corporation’s discretion. The Parent Company has no operations and depends on dividends, distributions and other payments from its subsidiaries to fund dividend payments, stock repurchases, and to fund all payments on its obligations, including debt obligations. Common Stock The following table shows the change in shares of common stock outstanding for the six-month periods ended June 30, 2023 and 2022: Total Number of Shares Six-Month Period Ended June 30, 2023 2022 Common stock outstanding, beginning balance 182,709,059 201,826,505 Common stock repurchased (1)(2) (3,865,375) (10,680,890) Common stock reissued under stock-based compensation plan 970,429 491,085 Restricted stock forfeited (57,491) (10,364) Common stock outstanding, ending balances 179,756,622 191,626,336 (1) For the six-month periods ended June 30, 2023 includes 3,577,540 shares of common stock repurchased in the open market during the first quarter of 2023 at an average price of $ 13.98 for a total purchase price of $ 50 million under the $ 350 million stock repurchase program announced on April 27, 2022. For the six-month period ended June 30, 2022 included 7,069,263 shares of common stock repurchased in the open market at an average price of $ 14.15 per share for a total purchase price of approximately $ 100 million under the $ 350 million stock repurchase program and 3,409,697 shares of common stock repurchased in the open market at an average price of $ 14.66 for a total purchase price of approximately $ 50 million under a prior publicly-announced $ 300 million stock repurchase program which was completed during the first quarter of 2022. (2) For the six-month periods ended June 30, 2023 and 2022 also includes 287,835 and 201,930 shares, respectively, of common stock surrendered to cover officers’ payroll and income taxes. For the quarter and six-month period ended June 30, 2023, total cash dividends declared on shares of common stock amounted to $ 25.3 million and $ 50.7 million, respectively, compared to $ 23.4 million and $ 43.3 million, respectively, for the same periods of 2022. On July 24, 2023 , the Corporation announced that its Board had declared a quarterly cash dividend of $ 0.14 per common share payable on September 8, 2023 to shareholders of record at the close of business on August 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 , 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 when authorizing the issuance of that particular series and are redeemable at the Corporation’s option. No shares of preferred stock were outstanding as of June 30, 2023 and December 31, 2022. Treasury Stock The following table shows the change in shares of treasury stock for the six-month periods ended June 30, 2023 and 2022. Total Number of Shares Six-Month Period Ended June 30, 2023 2022 Treasury stock, beginning balance 40,954,057 21,836,611 Common stock repurchased 3,865,375 10,680,890 Common stock reissued under stock-based compensation plan (970,429) (491,085) Restricted stock forfeited 57,491 10,364 Treasury stock, ending balances 43,906,494 32,036,780 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. 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 as of each June 30, 2023 and December 31, 2022. There were no transfers to the legal surplus reserve during the first half of 2023.

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