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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2023
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 14 – STOCKHOLDERS’ EQUITY Stock Repurchase Programs During the third quarter of 2023, the Corporation repurchased 5,392,458 shares of common stock at an average price of $ 13.91 for a total cost of $ 75 million which completed the $ 350 million stock repurchase program approved by the Board of Directors on April 27, 2022. For the nine-month period ended September 30, 2023, the Corporation repurchased 8,969,998 shares at an average price of $ 13.94 for a total cost of $ 125 million under this stock repurchase program. 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. Repurchases under the program 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 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 Corporation’s stock repurchase program does not obligate it to acquire any specific number of shares and does not have an expiration date. The stock repurchase program may be modified, suspended, or terminated at any time at the Corporation’s discretion. The Corporation repurchased no shares of common stock under the current repurchase authorization during the quarter ended September 30, 2023. 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 quarters and nine-month periods ended September 30, 2023 and 2022: Total Number of Shares Quarter Ended Nine-Month Period Ended September 30, September 30, 2023 2022 2023 2022 Common stock outstanding, beginning balance 179,756,622 191,626,336 182,709,059 201,826,505 Common stock repurchased (1) (5,393,236) (5,385,857) (9,258,611) (16,066,747) Common stock reissued under stock-based compensation plan 23,903 21,924 994,332 513,009 Restricted stock forfeited (963) (4,744) (58,454) (15,108) Common stock outstanding, ending balances 174,386,326 186,257,659 174,386,326 186,257,659 (1) For the quarter and nine-month period ended September 30, 2023 includes 778 and 288,613 shares, respectively, of common stock surrendered to cover plan participants' payroll and income taxes. For the quarter and nine-month period ended September 30, 2023, total cash dividends declared on shares of common stock amounted to $ 24.9 million and $ 75.6 million, respectively, compared to $ 22.7 million and $ 65.9 million, respectively, for the same periods in 2022. On October 31, 2023 , the Corporation announced that its Board declared a quarterly cash dividend of $ 0.14 per common share payable on December 8, 2023 to shareholders of record at the close of business on November 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 September 30, 2023 and December 31, 2022. Treasury Stock The following table shows the change in shares of treasury stock for the quarters and nine-month periods ended September 30, 2023 and 2022: Total Number of Shares Quarter Ended Nine-Month Period Ended September 30, September 30, 2023 2022 2023 2022 Treasury stock, beginning balance 43,906,494 32,036,780 40,954,057 21,836,611 Common stock repurchased 5,393,236 5,385,857 9,258,611 16,066,747 Common stock reissued under stock-based compensation plan (23,903) (21,924) (994,332) (513,009) Restricted stock forfeited 963 4,744 58,454 15,108 Treasury stock, ending balances 49,276,790 37,405,457 49,276,790 37,405,457 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 September 30, 2023 and December 31, 2022. There were no transfers to the legal surplus reserve during the first nine months of 2023.

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