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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2024
STOCKHOLDERS' EQUITY [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 15 – STOCKHOLDERS’ EQUITY Repurchase Programs On July 24, 2023, the Corporation announced that its Board approved a stock repurchase program, under which the Corporation may repurchase up to $ 225 million of its outstanding common stock (the “2023 stock repurchase program”). Furthermore, on July 22, 2024, the Corporation announced that its Board of Directors approved a new repurchase program (“the 2024 repurchase program”), under which the Corporation may repurchase up to an additional $ 250 million that could include repurchases of common stock or junior subordinated debentures, which it expects to execute during 2025. Under the 2023 stock repurchase program, the Corporation repurchased 5,846,872 shares of common stock through open market transactions at an average price of $ 17.10 for a total cost of approximately $ 100.0 million during 2024 and 5,080,832 shares of common stock through open market transactions at an average price of $ 14.76 for a total cost approximately $ 75.0 million during 2023. In addition, the Corporation redeemed $ 100.0 million of junior subordinated debentures. As of December 31, 2024, the Corporation has remaining authorization of approximately $ 200.0 million. Repurchases under these programs may be executed through open market purchases, accelerated share repurchases, privately negotiated transactions or plans, including plans complying with Rule 10b5-1 under the Exchange Act, and/or redemption of junior subordinated debentures, and will be conducted in accordance with applicable legal and regulatory requirements . The Corporation’s 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 repurchase programs do not obligate it to acquire any specific number of shares and do not have an expiration date. The repurchase programs may be modified, suspended, or terminated at any time at the Corporation’s discretion. Any repurchased shares of common stock are expected to be held as treasury shares. 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 years ended December 31, 2024, 2023 and 2022: Total Number of Shares 2024 2023 2022 Common stock outstanding, beginning of year 169,302,812 182,709,059 201,826,505 Common stock repurchased (1) (5,985,332) (14,340,453) (19,619,178) Common stock reissued under stock-based compensation plan 566,293 997,339 516,840 Restricted stock forfeited (14,896) (63,133) (15,108) Common stock outstanding, end of year 163,868,877 169,302,812 182,709,059 (1) For 2024, 2023 and 2022, includes 138,460 ; 289,623 and 205,807 shares, respectively, of common stock surrendered to cover plan participants' payroll and income taxes. For the years ended December 31, 2024, 2023 and 2022, total cash dividends declared on shares of common stock amounted to $ 106.0 million ($ 0.64 per share), $ 99.6 million ($ 0.56 per share) and $ 88.2 million ($ 0.46 per share), respectively. On January 21, 2025 , the Corporation’s Board of Directors declared a quarterly cash dividend of $ 0.18 per common share, which represents an increase of $ 0.02 per common share, or a 13 % increase, compared to its most recent quarterly dividend paid in December 2024. The dividend is payable on March 7, 2025 to shareholders of record at the close of business on February 21, 2025 . 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 December 31, 2024 and 2023. Treasury Stock The following table shows the changes in shares of treasury stock for the years ended December 31, 2024, 2023 and 2022: Total Number of Shares 2024 2023 2022 Treasury stock, beginning of year 54,360,304 40,954,057 21,836,611 Common stock repurchased 5,985,332 14,340,453 19,619,178 Common stock reissued under stock-based compensation plan (566,293) (997,339) (516,840) Restricted stock forfeited 14,896 63,133 15,108 Treasury stock, end of year 59,794,239 54,360,304 40,954,057 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, 2024, 2023, and 2022, the Corporation transferred $ 30.6 million, $ 31.1 million, and $ 30.9 million, respectively, 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 $ 230.2 million as of December 31, 2024 and $ 199.6 million as of December 31, 2023.

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