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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 13 – STOCKHOLDERS’ EQUITY Stock Repurchase Programs 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. 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. During the first quarter of 2024, the Corporation repurchased 3,006,551 shares of common stock through open market transactions at an average price of $ 16.63 for a total cost of approximately $ 50.0 million under this stock repurchase program. As of March 31, 2024, the Corporation has remaining authorization to repurchase approximately $ 100.0 million of common stock, which it expects to execute through the end of the third quarter of 2024. The Corporation’s holding 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 changes in shares of common stock outstanding for the quarters ended March 31, 2024 and 2023: Total Number of Shares Quarter Ended March 31, 2024 2023 Common stock outstanding, beginning of year 169,302,812 182,709,059 Common stock repurchased (1) (3,142,589) (3,865,375) Common stock reissued under stock-based compensation plan 548,729 970,429 Restricted stock forfeited (1,905) (25,415) Common stock outstanding, end of period 166,707,047 179,788,698 (1) For the quarters ended March 31, 2024 and 2023 includes 136,038 and 287,835 shares, respectively, of common stock surrendered to cover officers' payroll and income taxes. For the quarters ended March 31, 2024 and 2023, total cash dividends declared on shares of common stock amounted to $ 26.9 million ($ 0.16 per share) and $ 25.4 million ($ 0.14 per share), respectively. On April 25, 2024 , the Corporation’s Board of Directors declared a quarterly cash dividend of $ 0.16 per common share. The dividend is payable on June 14, 2024 to shareholders of record at the close of business on May 30, 2024 . 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 Corporation’s Board of Directors 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 March 31, 2024 and December 31, 2023. Treasury Stock The following table shows the changes in shares of treasury stock for the quarters ended March 31, 2024 and 2023. Total Number of Shares Quarter Ended March 31, 2024 2023 Treasury stock, beginning of year 54,360,304 40,954,057 Common stock repurchased 3,142,589 3,865,375 Common stock reissued under stock-based compensation plan (548,729) (970,429) Restricted stock forfeited 1,905 25,415 Treasury stock, end of period 56,956,069 43,874,418 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 $ 199.6 million as of each of March 31, 2024 and December 31, 2023. There were no transfers to the legal surplus reserve during the quarter ended March 31, 2024.

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